DIRECTORY SPOTLIGHT
The board of Procaccianti Hotel REIT Inc., a publicly registered non-traded real estate investment trust that invests in hospitality properties, has approved an updated net asset value per share for its common stock, as of March 31, 2021.
Class K shares had an NAV per share of $9.85 as of March 31, 2021, compared to $8.56 for the same period in 2020. There were 3.8 million Class K shares outstanding as of March 31, 2021.
Class K-I shares had an NAV per share of $9.77 as of March 31, 2021, compared to $8.55 for the same period last year. There were approximately 823,600 Class K-I shares outstanding as of March 31, 2021.
Class K-T shares had an NAV per share of $9.85 as of March 31, 2021, compared to $8.56 for the same period last year. There were close to 47,800 Class K-T shares outstanding as of March 31, 2021.
Class K and Class K-T shares were initially priced at $10.00 each, while Class K-I shares were initially priced at $9.50, which was lowered to $9.30 in November 2018.
The REIT’s real estate assets were valued at $95.9 million as of March 31, 2021, compared to $85.5 million in March 2020. Other assets totaled $13.7 million, compared to $9.7 million the previous year.
Mortgage notes payable totaled ($53.9 million) as of March 31, 2021, compared to ($49.9 million) for the same period in 2020. Other liabilities equaled nearly ($2.4 million) as of March 31, 2021, compared to ($2.7 million) for the same period last year.
The REIT’s primary offering is scheduled to close on August 13, 2021, and the company said it will not file a follow-on registration statement.
Procaccianti Hotel REIT’s $550 million initial public offering launched in August 2018 to invest in hospitality properties consisting primarily of select-service, extended-stay, and compact full-service hotel properties throughout the United States. As of March 31, 2021, the company owned interests in four select-service hotels.
Including its private offerings, the REIT has received total gross proceeds of approximately $54.2 million, including $38.8 million in its primary offering, as of June 8, 2021.
