Procaccianti Hotel REIT Files 8-K

TL;DR

Procaccianti Hotel REIT dropped an 8-K on 6/20 detailing 6/17 events - check for Reg FD, other events, and financials.

AI Summary

Procaccianti Hotel REIT, Inc. filed an 8-K on June 20, 2024, reporting events that occurred on June 17, 2024. The filing includes information related to Regulation FD Disclosure, Other Events, and Financial Statements and Exhibits. The company is incorporated in Maryland and its principal executive offices are located in Cranston, Rhode Island.

Why It Matters

This 8-K filing provides updates on significant company events and disclosures, which are crucial for investors to understand the current status and potential implications for Procaccianti Hotel REIT, Inc.

Risk Assessment

Risk Level: low — The filing is a standard 8-K report detailing corporate events and disclosures, not indicating immediate financial distress or significant operational changes.

Key Players & Entities

• PROCACCIANTI HOTEL REIT, INC. (company) — Registrant
• June 17, 2024 (date) — Earliest event reported
• June 20, 2024 (date) — Filing date
• 1140 Reservoir Avenue, Cranston, Rhode Island 02920-6320 (address) — Principal executive offices
• Maryland (jurisdiction) — State of incorporation

FAQ

Key Financial Figures

• $10.00 — nnum dividend rate on a stated value of $10.00 per share due to holders of K Shares, K
• $10.17 — Committee recommended to the Board: (i) $10.17 as the estimated per share NAV per K-I
• $12.23 — the "K Estimated Per Share NAV"); (iii) $12.23 as the estimated per share NAV per K-T
• $9.82 — Share Estimated Per Share NAVs"); (iv) $9.82 as the estimated per share NAV per A Sh
• $0.00 — hare Estimated Per Share NAV"); and (v) $0.00 as the estimated per share NAV per B Sh
• $10 — hares, K Shares and K-T Shares equal to $10.00, plus all accumulated, accrued, and
• $89.6 million — e of these properties was approximately $89.6 million. In addition, through the Valuation Dat
• $6.6 million — aluation Date, the Company had invested $6.6 million in capital improvements on these real e
• $108.7 million — ve ownership interest was approximately $108.7 million. This represents an approximately 13.0%
• $62.9 m — the Company's Secured Notes Payable was $62.9 million, before noncontrolling interest a

Filing Documents

• tm2417568d1_8k.htm (8-K) — 123KB
• tm2417568d1_ex99-1.htm (EX-99.1) — 11KB
• tm2417568d1_ex99-2.htm (EX-99.2) — 2KB
• 0001104659-24-073472.txt ( ) — 323KB
• tmb-20240617.xsd (EX-101.SCH) — 3KB
• tmb-20240617_lab.xml (EX-101.LAB) — 33KB
• tmb-20240617_pre.xml (EX-101.PRE) — 22KB
• tm2417568d1_8k_htm.xml (XML) — 3KB

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On June 20, 2024, Procaccianti Hotel REIT, Inc. (the "Company") issued a press release announcing the calculation of an estimated value per share for shares of the Company's common stock. A copy of the press release attached as Exhibit 99.1 to this Current Report on Form 8-K. Pursuant to the rules and regulations of the U.S. Securities and Exchange Commission, such exhibit and the information set forth therein is deemed to have been furnished and shall not be deemed to be "filed" under the Securities Exchange Act of 1934, as amended.

01 Other Events

Item 8.01 Other Events. Determination of Estimated Per Share NAVs On June 17, 2024, the board of directors (the "Board") of the Company, at the recommendation of the Audit Committee of the Board (the "Committee"), comprised solely of independent directors, unanimously approved and established an estimated per share net asset value ("NAV") for the Company's Class K-I common stock ("K-I Shares"), the Company's Class K common stock ("K Shares"), the Company's Class K-T common stock ("K-T Shares"), the Company's Class A common stock ("A Shares") and the Company's Class B capital stock ("B Shares"). The Estimated Per Share NAVs (as defined below) are based on the estimated value of the Company's assets less the estimated value of the Company's liabilities, divided by the approximate number of shares outstanding on a fully diluted basis, calculated as of March 31, 2024 (the "Valuation Date"). The Company is providing the Estimated Per Share NAVs to assist broker-dealers in connection with their obligations under Financial Industry Regulatory Authority, Inc. ("FINRA") Rule 2231, with respect to customer account statements. This valuation was performed in accordance with the provisions of Practice Guideline 2013-01, Valuations of Publicly Registered Non-Listed REITs , issued by the Institute for Portfolio Alternatives (formerly known as the Investment Program Association) in April 2013 (the "IPA Valuation Guideline"), in addition to guidance from the U.S. Securities and Exchange Commission (the "SEC"). The Company believes that there were no material changes between the Valuation Date and the date of this filing that would impact the Estimated Per Share NAVs. The Company continues to monitor the impact that inflation, prevailing interest rates and movements in capitalization rates may have on its assets, and on the U.S. and global economies. Therefore, although the Company has published an updated Estimated Per Share NAV on an annual basis, the Company may update its Es

View Full Filing

View this 8-K filing on SEC EDGAR