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The Parking REIT Files for Offering and Listing on NASDAQ Global Market

October 10, 2018

The Parking REIT Files for Offering and Listing on NASDAQ Global Market

October 9, 2018 | James Sprow | Blue Vault

The Parking REIT, Inc., (the Company) a nontraded REIT that invests primarily in parking facilities, has applied to list its common stock on the NASDAQ Global Market under the symbol “PARK.” In a preliminary prospectus filed with the SEC on October 9, the REIT did not give specifics regarding the size of the offering or a price per share. If its common stock is not approved for listing on the NASDAQ Global Market, the Company will not consummate the offering.

As of the date of the prospectus, the Company owned interests in 42 parking facilities located in 17 states.  The REIT is managed by MVP Realty Advisors, LLC.

On May 26, 2017, the Company announced a merger agreement for the merger of two nontraded REITs, MVP I and MVP II. On December 15, 2017, the merger was consummated.

At the effective time of the merger, and pursuant to the terms of the merger agreement, each share of MVP I common stock that was issued and outstanding immediately prior to the merger was converted into the right to receive 0.365 shares of Company common stock. A total of approximately 3.9 million shares of Company common stock were issued to former MVP I stockholders. Former MVP I stockholders, immediately following the merger, owned approximately 59.7% of the Company’s common stock.

The Company was renamed “The Parking REIT, Inc.” following the merger.

As of June 30, 2018, the Company had 6,550,199 shares of common stock issued and outstanding. On December 31, 2016, it ceased all selling efforts for its initial public offering of shares of common stock at $25.00 per share. The Company accepted additional subscriptions through March 31, 2017, the last day of the initial public offering, and raised approximately $61.3 million in the initial public offering before payment of deferred offering costs of approximately $1.1 million, contribution from an affiliate of the Advisor of approximately $1.1 million and cash distributions of approximately $1.8 million. The Company also registered $50 million in shares of common stock for issuance pursuant to a distribution reinvestment plan (the “DRIP”), under which common stockholders may elect to have their distributions reinvested in additional shares of common stock at a price equal to the NAV.

On May 29, 2018, the board of directors, including all of the independent directors, unanimously approved an estimated per common share net asset value (“NAV”) of approximately $161.2 million or $24.61 per common share as of May 29, 2018.  The estimated per share NAV was based on the estimated value of the REIT’s assets less the estimated value of its liabilities, divided by the approximate number of shares outstanding on a fully diluted basis, calculated as of May 29, 2018.

 

 

Learn more about MVP REIT on the Blue Vault Sponsor Focus page

 

 

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