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Non-Tech : Income Investing -- Ignore unavailable to you. Want to Upgrade?

To: E_K_S who wrote (46958)	11/30/2021 4:11:39 PM
From: Jerrymac	1 Recommendation Recommended By E_K_S Respond to of 52143

Re: Broken preferred Was curious what they paid for the property so nice find. The language suggest that pref divies may soon be in play. Back napkin math suggests ~$8 million in back divvy due before reinstatement between the three outstanding pref's... Purchase price of hotel suggests the repayment of mtg would be < $21mil unless refinanced.

To: E_K_S who wrote (46958)	12/1/2021 8:42:19 AM
From: FL_Guy	Read Replies (1) \| Respond to of 52143

Re: Broken preferred Curious how much they need to distribute on their preferred's to maintain their REIT status. Seems to be an important driver for them. As they bought for $21M, may need to look to see if any indication as to how much they had on the mortgage for this property. Could be they borrowed against it and owe more than their original purchase price. The Company intends to use any net cash proceeds from the sale of the Hotel to repay the existing mortgage on the property, repay a portion of the secured notes with Kemmons Wilson, to make any required distribution on the Company's preferred stock related to maintaining the Company's REIT status, and for general corporate purposes. Any idea how much in total they owe for preferred arrearage? Still holding the line as thought bluer sky's were coming, but market and world spooked by a new C-19 variant and travel related stocks got slapped.... not sure why as there's been many variants and it's been long mentioned we'd see many mutating variants. Will still hold as opportunity for when things get back to "normal". Thanks for sharing.