The Parking REIT Receives $20 Million Equity Investment and Acquires Two Parking Garages
November 04, 2021 | The Parking REIT, Inc.
The Parking REIT, Inc. (“The Parking REIT” or the “Company”) announced today that it has closed on a $20 million equity investment with a related party investor. The transaction terms are similar to the transaction the Company completed on August 25, 2021. The Company deployed the capital from this growth investment to acquire two parking garages in Miami, FL and Denver, CO for an aggregate purchase price of approximately $20 million. The Company expects the acquisitions to be accretive to Adjusted Funds From Operations (“AFFO”).
“We see brighter days ahead for The Parking REIT, following the close of the transaction in late-August,” Chief Executive Officer, Manuel Chavez, III stated. “Our acquisition pipeline is robust and we expect to execute on additional growth opportunities as we position The Parking REIT towards a potential public listing on a national securities exchange.”
As consideration for their cash contribution of $20 million, MVP REIT II Operating Partnership, L.P., the operating partnership of the Company (the “Operating Partnership”), issued to the investor (a) 1,702,128 newly-issued common units of limited partnership of (such units, the “OP Units”); and (b) 425,532 newly-issued Class A units of limited partnership of the Operating Partnership which entitle the investor to purchase up to 425,532 additional OP Units (the “Additional OP Units”) following a liquidity event at an exercise price of $11.75 per Additional OP Unit.
About The Parking REIT
The Parking REIT, Inc. is a publicly registered, non-traded real estate investment trust (“REIT”) that invests in a portfolio of parking facilities located throughout the United States and Canada. We focus our investments primarily on parking lots, parking garages and other parking structures. For more information, visit www.theparkingreit.com. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not part of, this press release.
Source: businesswire.com
