The Parking REIT Provides Share Valuation Update
The board of The Parking REIT Inc., a publicly registered non-traded real estate investment trust formed by the December 2017 merger of MVP REIT and MVP REIT II, will further delay calculating its net asset value per share, citing impacts of the global COVID-19 pandemic.
The board of The Parking REIT Inc., a publicly registered non-traded real estate investment trust formed by the December 2017 merger of MVP REIT and MVP REIT II, will further delay calculating its net asset value per share, citing impacts of the global COVID-19 pandemic.
The company typically values its shares in May but notified the Securities and Exchange Commission at that time, claiming that it would not conduct an updated valuation until “circumstances permit.”
“Due largely to the severe and continuing impact of the global COVID-19 pandemic and related governmental orders and in light of the extreme uncertainty, volatility and lack of liquidity in the market, which make values difficult to discern, the board is still unable to determine an NAV estimate at this time,” the REIT stated in yesterday’s SEC filing. “The company cannot provide any assurance as to when the board will be able to determine an estimated NAV in the future but intends to do so when circumstances permit.”
In April, the company suspended distributions paid on its Series A and Series 1 Preferred Stock until further notice, citing the potential economic disruption caused by the coronavirus (COVID-19). The company suspended distributions and share repurchases for holders of its common stock in 2018.
The Parking REIT is managed by MVP Realty Advisors and invests primarily in parking lots and garages in the United States and oversees a $279.4 million property portfolio. The company commenced operations in December 2015 and raised approximately $61.3 million in the initial public offering until closing in March 2017.
