Tag Archives for: The Parking REIT

The Parking REIT Completes Transformative Transaction with Bombe Asset Management

August 27, 2021

 

The Parking REIT Completes Transformative Transaction with Bombe Asset Management

 

 

LAS VEGAS, Aug. 27, 2021  — The Parking REIT, Inc. (“The Parking REIT” or the “Company”) announced today that an affiliated entity of Bombe Asset Management LLC, a Cincinnati, Ohio based alternative asset management firm (“Bombe”),  has completed its $125 million investment in the Las Vegas-headquartered company. The investment, originally announced in January 2021, called for an investment of $35 million in cash plus the contribution of parking assets and other property valued at more than $90 million in exchange for operating partnership units valued at $11.75 per unit and warrants to purchase The Parking REIT common stock.

As part of the transaction, Bombe’s affiliate acquired 1,549,324 shares of common stock of The Parking REIT at $11.75 per share from Vestin Realty Mortgage I, Inc., Vestin Realty Mortgage II, Inc. and Michael V. Shustek (collectively, the “Advisor”) and the Advisor’s affiliates.

The Advisor also surrendered its claim to 400,000 shares of common stock due to the Advisor from The Parking REIT on December 31, 2021, and contributed 175,000 shares of common stock to a settlement fund. Proceeds from the purchase of the shares from the settlement fund will be used for the benefit of the Company’s common stockholders. The settlement fund was created as part of the settlement of three class action lawsuits in which The Parking REIT was named as a defendant.

Michael V. Shustek has stepped down as a director and officer of The Parking REIT, effective immediately. Manuel Chavez will serve as the Chairman of the Board and Chief Executive Officer of The Parking REIT and Stephanie Hogue will serve as President of The Parking REIT.

Effective August 25, 2021, The Parking REIT’s Board of Directors elected Jeffrey Osher, Lorrence Kellar, Damon Jones, Danica Holley, Manuel Chavez, and Stephanie Hogue as new members of the Company’s Board of Directors. Mr. Osher is the founder and Managing Member of the hedge fund No Street Capital LLC. Mr. Kellar, formerly an executive with Kmart and Kroger, is member of the board of directors of each of Acadia Realty Trust and The Spar Group. Mr. Jones serves as the Chief Communications Officer at The Procter & Gamble Company, a position he has held since March 2020. Ms. Holley has served as Global Medical REIT’s Chief Operating Officer since March 30, 2016.  Shawn Nelson, a member of The Parking REIT Board since 2017 and the independent committee that elected to move forward with the transaction, remains a member of The Parking REIT Board.

As previously announced, a tender offer will commence promptly to purchase, subject to the offer conditions, up to 900,506 of The Parking REIT’s outstanding shares of common stock for $11.75 per share in cash. Offering materials to The Parking REIT’s stockholders describing the tender offer’s terms and conditions will be distributed accordingly.

About The Parking REIT, Inc.

The Parking REIT, Inc. is an internally-managed, publicly registered, non-listed real estate company that invests primarily in parking lots and garages in the United States. Its post-transaction assets include 40 parking facilities located in 16 states. For more information, please visit TheParkingREIT.com.

About Bombe Asset Management

Bombe Asset Management is a privately-held alternative asset management company specializing in the optimization of infrastructure, transportation, and distribution real estate assets. It is headquartered in Cincinnati, Ohio.

Additional Information and Where to Find It

This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities.  Bombe will file tender offer materials with the Securities and Exchange Commission (“SEC”) and the Company will file a Solicitation/Recommendation Statement with respect to the tender offer. The tender offer materials (including an Offer to Purchase, a related Letter of Transmittal and certain other offer documents) and the Solicitation/Recommendation Statement will contain important information, which should be read carefully before any decision is made with respect to the tender offer. INVESTORS ARE URGED TO READ THE TENDER OFFER DOCUMENTS, THE SOLICITATION / RECOMMENDATION STATEMENT AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You may obtain a free copy of the tender offer materials (including an Offer to Purchase, a related Letter of Transmittal and certain other offer documents), the Solicitation/Recommendation Statement and other relevant documents filed by the Company with the SEC at the SEC’s website at www.sec.gov. Copies of the documents filed by the Company with the SEC will be available free of charge on the Company’s website at TheParkingREIT.com or by directing a written request to The Parking REIT, Inc.

The Parking REIT Appoints J. Kevin Bland as Chief Financial Officer

November 14, 2018

 

 

 

The Parking REIT Appoints J. Kevin Bland as Chief Financial Officer

 

 

 

LAS VEGAS (Nov. 13, 2018) –The Parking REIT, Inc. announced today that its board of directors has appointed industry veteran J. Kevin Bland to serve as the company’s chief financial officer.

 

 

“With more than 17 years of experience as a either a chief financial officer or a controller with both public and private real estate companies, Kevin Bland brings an exceptional level of experience and leadership to The Parking REIT,” said Mike Shustek, chief executive officer of The Parking REIT. “Kevin is an important addition to our management team as we continue to expand our portfolio and pursue our strategic plan on behalf of stockholders.”

Bland is a certified public accountant, and previously served in a series of strategic financial roles in the real estate industry, including as chief financial officer of UMTH General Services L.P. and vice president, controller and principal accounting officer for Pizza Inn, Inc. (Nasdaq: RAVE). Bland brings specific expertise managing public company GAAP accounting, including SEC reporting, regulatory compliance, audit, budgeting, and forecasting.

“This is an exciting time to take the helm as CFO of The Parking REIT,” said Bland. “I look forward to helping the company pursue long-term growth and value creation for our stockholders.”

Bland earned a bachelor’s degree in accounting from The University of Texas at Austin and an M.B.A. from Texas Christian University.

About The Parking REIT, Inc.

The Parking REIT, Inc. (formerly known as MVP REIT II, Inc.) is a publicly registered, non-listed REIT that invests primarily in parking lots and garages in the United States. Its assets include 42 parking facilities located in 17 states. The Parking REIT is managed by MVP Realty Advisors, LLC. For more information, please visit TheParkingREIT.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should,” “will,” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made.  These risks include, but are not limited to:  national and local economic, business and real estate market conditions; the ability to maintain sufficient liquidity and our access to capital markets; our ability to identify, successfully compete for and complete acquisitions and loans; the performance of real estate assets and loans after they are acquired; and our ability to provide stockholder value through sales or otherwise dispositions of our properties and other assets. Although The Parking REIT believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, they can give no assurance that the expectations will be attained or that any deviation will not be material. The Parking REIT does not undertake any obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in expectations.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.

 

The Parking REIT Sells Two Adjacent Surface Lots in Kansas City, Missouri for $4 Million

August 20, 2018

 

 

The Parking REIT Sells Two Adjacent Surface Lots in Kansas City, Missouri for $4 Million

 

 

Lots were originally purchased by MVP REIT, Inc. and The Parking REIT for a combined total of approximately $2.1 million

 

 

KANSAS CITY, Mo. (Aug. 20, 2018) –The Parking REIT, Inc. announced today its disposition of two surface parking lots in Kansas City, Missouri for a combined total of $4 million. The properties were originally purchased in August 2013 and October 2015 by MVP REIT, Inc. and MVP REIT II, Inc., respectively, for a combined total of $2.1 million. They were later acquired by The Parking REIT, Inc. for approximately $2.8 million based upon the allocation of the merger consideration for the merger of MVP REIT, Inc. and MVP REIT II, Inc. in December 2017.

“These properties were sold for approximately 94 percent higher value than their original purchase price, which provides value to the REIT and its investors,” said Mike Shustek, chief executive officer of The Parking REIT. “In addition to their location next to city hall in downtown Kansas City, the two lots benefited from their adjacency to one another, which we believe made them an attractive combined sale.”

Mr. Shustek added, “The sale further exemplifies The Parking REIT’s strategy to acquire income-producing parking facilities in well-located areas that are expected to increase in value over time through proper management and market demographics, and to ultimately sell each property at a time when it most benefits investors.”

The surface parking lots were sold to Block 66, LLC.

The sale included:

  • 1130 Holmes St., a 1.18-acre surface lot striped with 164 spaces, and
  • 1101 Cherry St., a 0.6-acre surface parking lot striped with 84 spaces.

In the last year, The Parking REIT has sold five properties consisting of 747 parking spaces situated on 4.63 acres of land, including one property sold prior to the merger of MVP REIT and MVP REIT II. The five properties sold for a total of $14.5 million, an approximately 65 percent increase in aggregate value from their original purchase price.

The Parking REIT’s portfolio currently consists of 42 parking facilities located in 17 states with a total of approximately 11,280 parking spaces.

About The Parking REIT, Inc.

The Parking REIT, Inc. (formerly known as MVP REIT II, Inc.) is a publicly registered, non-listed REIT that invests primarily in parking lots and garages in the United States. Its assets include 42 parking facilities located in 17 states. The Parking REIT is managed by MVP Realty Advisors, LLC. For more information, please visit TheParkingREIT.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should,” “will,” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made.  These risks include, but are not limited to:  volatility in the debt or equity markets affecting our ability to acquire or sell real estate assets; national and local economic, business and real estate market conditions; the ability to maintain sufficient liquidity and our access to capital markets; our ability to identify, successfully compete for and complete acquisitions and loans; the performance of real estate assets and loans after they are acquired; and our ability to provide stockholder value through sales or otherwise dispositions of our properties and other assets. Although The Parking REIT believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, they can give no assurance that the expectations will be attained or that any deviation will not be material. The Parking REIT does not undertake any obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in expectations.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.