Procaccianti Hotels Reduces Distributions for Q3 2020
October 28, 2020
On October 27, 2020, the board of directors (the “Board”) of Procaccianti Hotel REIT, Inc. (the “Company”) authorized the payment of distributions out of legally available funds with respect to each share of Class K common stock (“K Share”), Class K-I common stock (“K-I Share”) and Class K-T common stock (“K-T Share”) outstanding as of June 30, 2020 and September 30, 2020, to the holders of record of K Shares, K-I Shares and K-T Shares as of the close of business on October 30, 2020, as detailed below.
With respect to the K Shares, K-I Shares and K-T Shares outstanding as of and during the quarter ended June 30, 2020, the cumulative amount of distributions that had accrued on a daily basis with respect to each K Share, K-I Share and K-T Share outstanding since March 31, 2020, was $571,861, $109,943, and $8,352, respectively (the “Q2 K Share Accrual,” the “Q2 K-I Share Accrual” and the “Q2 K-T Share Accrual,” respectively), or $0.0019125683 per K Share per day (the “Daily K Share Accrual Rate”), $0.0019125683 per K-I Share per day (the “Daily K-I Share Accrual Rate”), and $0.0019125683 per K-T Share per day (the “Daily K-T Share Accrual Rate”), which reflects an accrual rate of seven percent per annum for each share class under the Company’s charter. The Board authorized the payment of distributions in an aggregate amount equal to the Q2 K Share Accrual, Q2 K-I Share Accrual and Q2 K-T Share Accrual.
With respect to the K Shares, K-I Shares and K-T Shares outstanding as of and during the quarter ended September 30, 2020, the cumulative amount of distributions that had accrued on a daily basis with respect to each K Share, K-I Share and K-T Share outstanding since June 30, 2020, was $584,848, $111,990, and $8,444, respectively (the “Q3 K Share Accrual,” the “Q3 K-I Share Accrual” and the “Q3 K-T Share Accrual,” respectively). The Board authorized the payment of distributions in an aggregate amount representing approximately 30% of each of the Q3 K Share Accrual, Q3 K-I Share Accrual and Q3 K-T Share Accrual.
Source: SEC
