MVP REIT II Reports Exponential MFFO Growth During the Second Quarter 2017

MVP REIT II, a publicly registered non-traded real estate investment trust that invests in parking-related properties, released its financial results for the second quarter of 2017.

• Total net investments in real estate totaled $138 million as of June 30, 2017, compared to $53.5 million as of December 31, 2016.

• Total revenues were $2.5 million during the second quarter of 2017, compared to $69,000 for the same period last year.

• Modified funds from operations totaled $540,000 for the second quarter of 2017, compared to MFFO of ($154,000) for the same period last year.

• Funds from operations totaled ($976,000) for the second quarter of 2017, compared to FFO of ($679,000) for the same period last year.

• Distributions to common stockholders totaled $474,000 in the second quarter of 2017, compared to distributions of $113,000, year-over-year.

• Total operating expenses for the company were $2.7 million during the second quarter, compared to $753,000 year-over-year.

• Net loss attributable to MVP REIT II common stockholders totaled ($1.5 million) during the second quarter of 2017, compared to $682,000 for the same period last year.

• Net loss per share attributable to common stockholders was ($0.57) per basic and diluted share in the second quarter 2017, compared to ($0.94) per basic and undiluted share in the second quarter of 2016.

In other company news, affiliate MVP REIT is planning to merge with and into a subsidiary of MVP REIT II, with the subsidiary continuing as the surviving entity. The combined company will be renamed “The Parking REIT Inc.” with chairman and chief executive officer of the MVP REITs, Michael Shustek, continuing as chairman, CEO, and secretary of the new entity.

The special meeting of stockholders will be held on September 27th at 8:00 a.m. at the Red Rock Casino & Resort in Las Vegas. Only MVP I stockholders of record on August 11th are entitled to vote on the proposed merger.

MVP REIT II closed its $500 million offering in December 2016 and has raised $63 million in investor equity, as of June 30, 2017. The company owns interests in 15 properties with an investment cost of $148 million.

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