Procaccianti Hotel REIT Declares Annual NAV Per Share
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.
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.
