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PROCACCIANTI HOTEL REIT, INC. (PRXA) reported that its Board determined the funding cap under its Amended and Restated Share Repurchase Program was reached for repurchase requests relating to the quarter ended June 30, 2026, because net proceeds from the distribution reinvestment plan were insufficient to fund all requests.
The program limits annual repurchases to 5.0% of the weighted average outstanding Class K, K-I and K-T common shares, and also to available DRIP and other authorized operating funds. For this quarter, deceased stockholders’ shares will be repurchased in full, while remaining eligible repurchase requests will be filled on a pro rata basis at approximately 3% of requested shares.
Procaccianti Hotel REIT, Inc. reports for the quarter ended June 30, 2026, with total assets of $103,538,951 and total liabilities of $73,709,657. Property and equipment, net, were $91,096,660, and mortgage notes payable, net, were $66,596,987.
For the six months ended June 30, 2026, the company generated total revenues of $14,051,294 and an operating income of $1,338,227, but recorded a net loss attributable to common stockholders of $1,124,602. Net cash provided by operating activities was $2,155,375, while financing activities used $2,323,213, largely from distributions and share repurchases.
The company owns interests in five hotels with 559 rooms in four states and operates as a REIT, distributing cumulative dividends on its K, K-I and A share classes. It relies on related-party advisory, management and construction services, with deferred acquisition and asset management fees accruing interest.
Procaccianti Hotel REIT, Inc. reported that its board of directors, including all independent directors, authorized execution of a mutual consent to renew the Second Amended and Restated Advisory Agreement among the company, its operating partnership and Procaccianti Hotel Advisors, LLC for a one-year term commencing August 2, 2026.
The company also updated suitability standards for Class K and Class K-I stockholders in California who elect to participate in its distribution reinvestment plan on and after August 4, 2026. For these investors, the maximum investment in common stock cannot exceed 10% of their net worth, excluding home, home furnishings and automobiles.
Procaccianti Hotel REIT, Inc. authorized cash distributions out of legally available funds on its Class K and Class K-I common stock for the quarter ended June 30, 2026. Cumulative accruals since April 1, 2026 totaled $671,513 for Class K shares and $252,833 for Class K-I shares, accruing at $0.001917808 per share per day, which equals a 7% annual rate for each class under the charter.
The board also approved cash distributions on Class K operating partnership units held by affiliated sellers, with a cumulative accrual of $22,360 at the same $0.001917808 per unit per day rate. All approved distributions are payable in cash on or about August 4, 2026 to holders of record as of August 3, 2026.
Procaccianti Hotel REIT, Inc. updated its estimated net asset value (NAV) per share for all stock classes as of March 31, 2026. The Board set NAVs at $10.17 for K-I and K Shares, $5.91 for A Shares and $0.00 for B Shares, based on third‑party appraisals and adviser inputs.
The company owns interests in five hotel properties with a total aggregate purchase price of about $89.6 million and $9.2 million of capital improvements. These assets were appraised at approximately $109.3 million at the company’s ownership level, a 10.65% increase over cost and improvements.
Total net asset value was $58.5 million versus $59.2 million a year earlier. A Share NAV declined from $7.14 to $5.91, while K-I and K Share NAVs remained at $10.17. The Board also set new Distribution Reinvestment Plan prices of $9.66 per K and K-I Share and tied repurchase prices under the share repurchase program to the updated NAVs effective June 11, 2026.
Procaccianti Hotel REIT, Inc. announced that its board determined the funding cap under its Amended and Restated Share Repurchase Program was reached for repurchase requests related to the quarter ended March 31, 2026.
Because net proceeds from the distribution reinvestment plan were insufficient, only shares requested to be repurchased due to deceased stockholders will be repurchased in full. There were no qualifying disability or small-account repurchase requests. All other repurchase requests will be filled on a prorated basis, with approximately 1.3% of the shares requested being repurchased, and unfulfilled portions will carry over to future periods unless withdrawn.
Procaccianti Hotel REIT, Inc. amended the loan on its Hotel Indigo Traverse City property. On May 6, 2026, subsidiary PHR TCI, LLC and Beacon Bank & Trust signed a Change in Terms Agreement that reduces the Refinancing Loan’s interest rate to a fixed 6.50% per annum.
The lower fixed rate applies for the remainder of the loan’s initial term, which currently matures on June 6, 2027. The outstanding principal balance remains $15,600,000, and the agreement does not change the maturity date, collateral, corporate guaranty, or other material terms.
Procaccianti Hotel REIT, Inc. reported weaker results for the quarter ended March 31, 2026. Total revenue from rooms, food and beverage, and other operating sources was $5,111,943, down from $5,846,974 a year earlier, as room revenue declined.
Total expenses were $5,836,340, producing an operating loss of $724,397 compared with a loss of $197,174 in 2025. After $1,084,750 of net interest expense and income taxes, the company recorded a net loss attributable to common stockholders of $1,859,901 versus $1,186,320 in the prior-year quarter.
Cash and restricted cash totaled $9,723,110 at March 31, 2026, with mortgage notes payable, net, of $66,681,888 primarily secured by five hotels comprising 559 rooms. The company continued paying cumulative distributions on Class K and Class K‑I shares and OP units, including $956,800 authorized in February 2026, while also repurchasing common stock under its share repurchase program.
Procaccianti Hotel REIT, Inc. authorized payment of accrued distributions on its Class K and Class K-I common stock and related operating partnership units. For the quarter ended March 31, 2026, accrued distributions totaled $665,355 for Class K shares and $248,516 for Class K-I shares, based on 7% per annum.
These amounts reflect daily accruals of $0.001917808 per Class K share and per Class K-I share under the company’s charter. The board also approved payment of $22,115 of accrued distributions on Class K OP Units held by affiliate sellers of the Hilton Garden Inn property, at the same daily rate and annual accrual of 7%.