Lodging Fund REIT III, Inc. was formed on April 9, 2018, as a Maryland corporation for the principal purpose of acquiring a diversified portfolio of limited-service, select-service and extended-stay hotel properties located primarily in “America’s Heartland,” which the Company defines as the geographic area from North Dakota to Texas and the Appalachian Mountains to the Rocky Mountains. We have elected to be taxed as a real estate investment trust, or REIT, beginning with the taxable year ended December 31, 2018, and we intend to continue to operate in such a manner. Where applicable in this Form 10‑K, “we,” “our,” “us,” and “the Company” refers to Lodging Fund REIT III, Inc., Lodging Fund REIT III OP, LP, a Delaware limited partnership and our operating partnership (the “Operating Partnership”), and their subsidiaries except where the context otherwise requires. We conduct substantially all of our business and own substantially all real estate investments through the Operating Partnership. We are the sole general partner (the “General Partner”) of the Operating Partnership. We and the Operating Partnership are advised by Legendary Capital REIT III, LLC, a Delaware limited liability company (the “Advisor”) pursuant to an advisory agreement, as amended, under which the Advisor performs advisory services regarding acquisition, financing and disposition of the hotel properties, and is responsible for managing, operating and maintaining the hotel properties and day-to-day management of the Company. The Advisor may, in its sole discretion, perform these duties through one or more affiliates.
Company profile
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Corporate docs
Subsidiaries
Lodging Fund REIT III OP, LP • Lodging Fund REIT III TRS, Inc. • LF3 Cedar Rapids, LLC • LF3 Cedar Rapids TRS, LLC • LF3 Pineville, LLC • LF3 Pineville TRS, LLC • LF3 Eagan, LLC • LF3 Eagan TRS, LLC • LF3 Prattville, LLC • LF3 Prattville TRS, LLC ...
IRS number
830556111
Latest filings (excl ownership)
8-K/A
Entry into a Material Definitive Agreement
5 Apr 24
NT 10-K
Notice of late annual filing
2 Apr 24
8-K
Entry into a Material Definitive Agreement
2 Apr 24
10-K
2022 FY
Annual report
27 Mar 24
10-Q
2022 Q3
Quarterly report
27 Mar 24
D/A
$150.00 mm in equity, sold $89.01 mm, 1387 investors
22 Mar 24
8-K
Entry into a Material Definitive Agreement
3 Jan 24
NT 10-Q
Notice of late quarterly filing
15 Nov 23
8-K
Changes in Registrant's Certifying Accountant
27 Oct 23
8-K
Entry into a Material Definitive Agreement
10 Oct 23
Latest ownership filings
Financial summary
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Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | |
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Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 13.86 mm | 13.86 mm | 13.86 mm | 13.86 mm | 13.86 mm | 13.86 mm |
Cash burn (monthly) | 444.17 k | (no burn) | 972.56 k | 886.06 k | (no burn) | 323.49 k |
Cash used (since last report) | 9.69 mm | n/a | 21.22 mm | 19.34 mm | n/a | 7.06 mm |
Cash remaining | 4.17 mm | n/a | -7.36 mm | -5.48 mm | n/a | 6.80 mm |
Runway (months of cash) | 9.4 | n/a | -7.6 | -6.2 | n/a | 21.0 |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
31 Mar 24 | Jeffrey T. Leighton | Common Stock | Grant | Acquire A | No | No | 0 | 500 | 0.00 | 16,412.5 |
31 Mar 24 | Perry M. Rynders | Common Stock | Grant | Acquire A | Yes | No | 0 | 500 | 0.00 | 4,757.2 |
31 Dec 23 | Jeffrey T. Leighton | Common Stock | Grant | Acquire A | No | No | 0 | 500 | 0.00 | 15,823.8 |
31 Dec 23 | Perry M. Rynders | Common Stock | Grant | Acquire A | Yes | No | 0 | 500 | 0.00 | 4,235.5 |
21 Dec 23 | Norman H. Leslie | Series GO II Limited Units Common Stock | Buy | Acquire P | No | No | 7.37 | 44,082.3 | 324.89 k | 44,082.3 |