Tue, May 14, 5:53 PM (73 days ago)
Stirling Hotels & Resorts, Inc. reported its financial results for the quarter ending March 31, 2024. The company reported no revenue for the quarter, with a net loss attributable to common stockholders of $168,000, translating to a loss of $1.24 per share. The balance sheet shows total assets of $9.86 million, primarily driven by an investment in Stirling REIT OP, LP, offset by a small amount of liabilities. The company issued 397 shares of Class I common stock during the quarter, raising $10,000. Operating expenses were minimal, with no significant hotel operating expenses reported. Cash flows from operating activities were neutral, while $10 million was invested in Stirling OP, funded by the issuance of common stock. The company declared dividends but did not pay them within the quarter, resulting in a dividends payable liability. The company is in the early stages of its operations, focusing on stabilizing its initial portfolio of hotel properties acquired from Ashford Hospitality Trust, Inc. The company aims to qualify as a REIT for the taxable year ending December 31, 2024. Future operations will depend on the performance of the initial hotel portfolio and further capital raising activities.