Procaccianti Hotel REIT to Pay Accrued Distributions for Q3 2020 and Q4 2020
September 24, 2021 | Procaccianti Hotel REIT, Inc.
On September 24, 2021, the board of directors (the “Board”) of Procaccianti Hotel REIT, Inc. 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 September 30, 2020 and December 31, 2020, to the holders of record of K Shares, K-I Shares and K-T Shares as of the close of business on September 24, 2021, as detailed below.
An Accrual Rate of 7% Per Annum
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 $409,394, $78,393, and $5,911, respectively (the “Q3 K Share Accrual,” the “Q3 K-I Share Accrual” and the “Q3 K-T Share Accrual,” respectively), or $0.0013387978 per K Share per day (the “Daily K Share Accrual Rate”), $0.0013387978 per K-I Share per day (the “Daily K-I Share Accrual Rate”), and $0.0013387978 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 Q3 K Share Accrual, Q3 K-I Share Accrual and Q3 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 December 31, 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 September 30, 2020, was $610,742, $116,199, and $8,422, respectively (the “Q4 K Share Accrual,” the “Q4 K-I Share Accrual” and the “Q4 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 Q4 K Share Accrual, Q4 K-I Share Accrual and Q4 K-T Share Accrual.
