[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
SECURITIES EXCHANGE ACT OF 1934 |
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
SECURITIES EXCHANGE ACT OF 1934 |
(Exact name of registrant as specified in its charter) |
MARYLAND | 47-3945882 | |
(State or Other Jurisdiction of | (I.R.S. Employer | |
Incorporation or Organization) | Identification No.) |
Trading Symbol(s) | ||
N/A | N/A | N/A |
(Title of class) |
Large accelerated filer [ ] | Accelerated filer [ ] |
Non-accelerated filer [ ] | Smaller reporting company [ X ] Emerging growth company [ X ] |
Class | Market Value as of June 30, 2016 | ||
Common Stock, $0.0001 Par Value | $ | 24,359,590 | |
Class | Number of Shares Outstanding As of March | ||
Common Stock, $0.0001 Par Value | |||
7,330,071 |
risks inherent in the real estate business, including ability to secure leases or parking management contracts at favorable terms, tenant defaults, potential liability relating to environmental matters and the lack of liquidity of real estate investments; |
For the Years Ended December 31, | ||||||||
Parking Tenant | 2019 | 2018 | ||||||
SP + | 60.8 | % | 57.3 | % | ||||
Premier Parking | 14.8 | % | 17.1 | % | ||||
ISOM Mgmt | 3.9 | % | 4.3 | % | ||||
ABM | 3.9 | % | 4.6 | % | ||||
Interstate Parking | 2.9 | % | 2.8 | % | ||||
342 N. Rampart | 2.9 | % | 2.6 | % | ||||
Denison | 2.7 | % | 2.5 | % | ||||
Lanier | 2.4 | % | 2.4 | % | ||||
St. Louis Parking | 2.0 | % | 2.2 | % | ||||
Premium Parking | 1.2 | % | -- | |||||
TNSH, LLC | 1.1 | % | 0.6 | % | ||||
Riverside Parking | 0.9 | % | 1.0 | % | ||||
BEST PARK | 0.2 | % | 1.5 | % | ||||
Denver School | 0.2 | % | 0.2 | % | ||||
Secure | 0.1 | % | 0.1 | % | ||||
PCAM, LLC | -- | 0.8 | % |
City Concentration for Parking Rental Revenue | ||||||||
For the Years Ended December 31, | ||||||||
2019 | 2018 | |||||||
Detroit | 22.6 | % | 18.2 | % | ||||
Houston | 11.7 | % | 13.3 | % | ||||
Cincinnati | 9.3 | % | 9.2 | % | ||||
Fort Worth | 7.0 | % | 8.1 | % | ||||
Indianapolis | 6.1 | % | 6.5 | % | ||||
Cleveland | 5.8 | % | 5.3 | % | ||||
St. Louis | 5.0 | % | 5.4 | % | ||||
Honolulu | 4.3 | % | 2.6 | % | ||||
Lubbock | 3.9 | % | 4.2 | % | ||||
Milwaukee | 3.7 | % | 3.7 | % | ||||
Minneapolis | 3.6 | % | 4.3 | % | ||||
Nashville | 3.1 | % | 3.5 | % | ||||
St Paul | 2.9 | % | 2.7 | % | ||||
New Orleans | 2.9 | % | 2.7 | % | ||||
San Jose | 2.0 | % | 2.4 | % | ||||
Bridgeport | 1.9 | % | 2.3 | % | ||||
Memphis | 1.4 | % | 1.6 | % | ||||
Louisville | 0.9 | % | 1.0 | % | ||||
Denver | 0.7 | % | 0.8 | % | ||||
Ft. Lauderdale | 0.4 | % | 0.6 | % | ||||
Wildwood | 0.3 | % | 0.4 | % | ||||
Clarksburg | 0.3 | % | 0.3 | % | ||||
Canton | 0.2 | % | 0.3 | % | ||||
Kansas City | -- | 0.6 | % | |||||
Real Estate Investment Concentration by City | ||||||||
As of December 31, | ||||||||
2019 | 2018 | |||||||
Detroit | 17.7 | % | 17.6 | % | ||||
Houston | 12.1 | % | 11.9 | % | ||||
Fort Worth | 8.8 | % | 8.8 | % | ||||
Cincinnati | 8.8 | % | 8.7 | % | ||||
Honolulu | 6.8 | % | 6.7 | % | ||||
Cleveland | 6.3 | % | 6.2 | % | ||||
Indianapolis | 5.8 | % | 5.8 | % | ||||
St Louis | 4.4 | % | 4.4 | % | ||||
Minneapolis | 4.3 | % | 4.4 | % | ||||
Lubbock | 4.3 | % | 3.5 | % | ||||
Milwaukee | 3.9 | % | 3.8 | % | ||||
Nashville | 3.7 | % | 3.7 | % | ||||
St Paul | 2.7 | % | 2.7 | % | ||||
Bridgeport | 2.6 | % | 2.6 | % | ||||
New Orleans | 2.6 | % | 2.6 | % | ||||
Memphis | 1.3 | % | 1.5 | % | ||||
San Jose | 1.1 | % | 1.2 | % | ||||
Denver | 1.0 | % | 1.0 | % | ||||
Louisville | 1.0 | % | 1.0 | % | ||||
Wildwood | 0.4 | % | 0.4 | % | ||||
Clarksburg | 0.2 | % | 0.2 | % | ||||
Canton | 0.2 | % | 0.2 | % | ||||
Fort Lauderdale | -- | 1.1 | % |
limitations on capital structure; |
Property Name | Location | Acquisition Date | Property Type | # Spaces | Property Size (Acres) | Retail Sq. Ft | Investment Amount | % Owned | |||||||||||||||
MVP Cleveland West 9th (1) | Cleveland, OH | 5/11/2016 | Lot | 260 | 2.00 | N/A | $ | 5,845,000 | 100 | % | |||||||||||||
33740 Crown Colony (1) | Cleveland, OH | 5/17/2016 | Lot | 82 | 0.54 | N/A | $ | 3,049,000 | 100 | % | |||||||||||||
MVP San Jose 88 Garage | San Jose, CA | 6/15/2016 | Garage | 328 | 1.33 | N/A | $ | 3,500,000 | 100 | % | |||||||||||||
MCI 1372 Street | Canton, OH | 7/8/2016 | Lot | 66 | 0.44 | N/A | $ | 700,000 | 100 | % | |||||||||||||
MVP Cincinnati Race Street Garage | Cincinnati, OH | 7/8/2016 | Garage | 350 | 0.63 | N/A | $ | 6,331,000 | 100 | % | |||||||||||||
MVP St. Louis Washington | St Louis, MO | 7/18/2016 | Lot | 63 | 0.39 | N/A | $ | 2,957,000 | 100 | % | |||||||||||||
MVP St. Paul Holiday Garage | St Paul, MN | 8/12/2016 | Garage | 285 | 0.85 | N/A | $ | 8,396,000 | 100 | % | |||||||||||||
MVP Louisville Station Broadway | Louisville, KY | 8/23/2016 | Lot | 165 | 1.25 | N/A | $ | 3,107,000 | 100 | % | |||||||||||||
White Front Garage Partners | Nashville, TN | 9/30/2016 | Garage | 155 | 0.26 | N/A | $ | 11,673,000 | 100 | % | |||||||||||||
Cleveland Lincoln Garage Owners | Cleveland, OH | 10/19/2016 | Garage | 536 | 1.14 | 45,272 | $ | 10,649,000 | 100 | % | |||||||||||||
MVP Houston Preston Lot | Houston, TX | 11/22/2016 | Lot | 46 | 0.23 | N/A | $ | 2,820,000 | 100 | % | |||||||||||||
MVP Houston San Jacinto Lot | Houston, TX | 11/22/2016 | Lot | 85 | 0.65 | 240 | $ | 3,250,000 | 100 | % | |||||||||||||
MVP Detroit Center Garage | Detroit, MI | 1/10/2017 | Garage | 1,275 | 1.28 | N/A | $ | 55,476,000 | 100 | % | |||||||||||||
St. Louis Broadway | St Louis, MO | 2/1/2017 | Lot | 161 | 0.96 | N/A | $ | 2,400,000 | 100 | % | |||||||||||||
St. Louis Seventh & Cerre | St Louis, MO | 2/1/2017 | Lot | 174 | 1.06 | N/A | $ | 3,300,000 | 100 | % | |||||||||||||
MVP Preferred Parking (3) | Houston, TX | 6/29/2017 | Garage/Lot | 528 | 0.98 | 784 | $ | 21,210,000 | 100 | % | |||||||||||||
MVP Raider Park Garage | Lubbock, TX | 11/21/2017 | Garage | 1,495 | 2.15 | 20,536 | $ | 13,517,000 | 100 | % | |||||||||||||
MVP PF Memphis Poplar | Memphis, TN | 12/15/2017 | Lot | 127 | 0.87 | N/A | $ | 3,747,000 | 100 | % | |||||||||||||
MVP PF St. Louis 2013 | St Louis, MO | 12/15/2017 | Lot | 183 | 1.22 | N/A | $ | 5,145,000 | 100 | % | |||||||||||||
Mabley Place Garage | Cincinnati, OH | 12/15/2017 | Garage | 775 | 0.9 | 8,400 | $ | 21,185,000 | 83 | % | |||||||||||||
MVP Denver Sherman | Denver, CO | 12/15/2017 | Lot | 28 | 0.14 | N/A | $ | 705,000 | 100 | % | |||||||||||||
MVP Fort Worth Taylor | Fort Worth, TX | 12/15/2017 | Garage | 1,013 | 1.18 | 11,828 | $ | 27,663,000 | 100 | % | |||||||||||||
MVP Milwaukee Old World | Milwaukee, WI | 12/15/2017 | Lot | 54 | 0.26 | N/A | $ | 2,044,000 | 100 | % | |||||||||||||
MVP Houston Saks Garage | Houston, TX | 12/15/2017 | Garage | 265 | 0.36 | 5,000 | $ | 10,423,000 | 100 | % |
MVP Milwaukee Wells | Milwaukee, WI | 12/15/2017 | Lot | 148 | 1.07 | N/A | $ | 5,083,000 | 100 | % | |||||||||||||
MVP Wildwood NJ Lot 1 (2) | Wildwood, NJ | 12/15/2017 | Lot | 29 | 0.26 | N/A | $ | 545,000 | 100 | % | |||||||||||||
MVP Wildwood NJ Lot 2 (2) | Wildwood, NJ | 12/15/2017 | Lot | 45 | 0.31 | N/A | $ | 686,000 | 100 | % | |||||||||||||
MVP Indianapolis City Park | Indianapolis, IN | 12/15/2017 | Garage | 370 | 0.47 | N/A | $ | 10,934,000 | 100 | % | |||||||||||||
MVP Indianapolis WA Street | Indianapolis, IN | 12/15/2017 | Lot | 141 | 1.07 | N/A | $ | 5,749,000 | 100 | % | |||||||||||||
MVP Minneapolis Venture | Minneapolis, MN | 12/15/2017 | Lot | 195 | 1.65 | N/A | $ | 4,013,000 | 100 | % | |||||||||||||
MVP Indianapolis Meridian | Indianapolis, IN | 12/15/2017 | Lot | 36 | 0.24 | N/A | $ | 1,601,000 | 100 | % | |||||||||||||
MVP Milwaukee Clybourn | Milwaukee, WI | 12/15/2017 | Lot | 15 | 0.06 | N/A | $ | 262,000 | 100 | % | |||||||||||||
MVP Milwaukee Arena Lot | Milwaukee, WI | 12/15/2017 | Lot | 75 | 1.11 | N/A | $ | 4,631,000 | 100 | % | |||||||||||||
MVP Clarksburg Lot | Clarksburg, WV | 12/15/2017 | Lot | 94 | 0.81 | N/A | $ | 715,000 | 100 | % | |||||||||||||
MVP Denver Sherman 1935 | Denver, CO | 12/15/2017 | Lot | 72 | 0.43 | N/A | $ | 2,533,000 | 100 | % | |||||||||||||
MVP Bridgeport Fairfield | Bridgeport, CT | 12/15/2017 | Garage | 878 | 1.01 | 4,349 | $ | 8,256,000 | 100 | % | |||||||||||||
Minneapolis City Parking | Minneapolis, MN | 12/15/2017 | Lot | 268 | 1.98 | N/A | $ | 9,338,000 | 100 | % | |||||||||||||
MVP New Orleans Rampart | New Orleans, LA | 2/1/2018 | Lot | 78 | 0.44 | N/A | $ | 8,105,000 | 100 | % | |||||||||||||
MVP Hawaii Marks Garage | Honolulu, HI | 6/21/2018 | Garage | 311 | 0.77 | 16,205 | $ | 21,127,000 | 100 | % |
Property Name | Location | Purchase Date | Property Type | # Spaces | Property Size (Acres) | Retail Sq Ft | Initial Aggregate Purchase Price | % Owned |
Minneapolis City Parking, LLC | Minneapolis, MN | 1/6/2016 | Lot | 270 | 4.36 | N/A | $9,395,000 | 13.0% |
MVP Denver Sherman 1935, LLC | Denver, CO | 2/12/2016 | Lot | 72 | 0.43 | N/A | $2,437,500 | 24.0% |
MVP Cleveland West 9th, LLC (1) | Cleveland, OH | 5/11/2016 | Lot | 254 | 2.16 | N/A | $5,675,000 | 51.0% |
33740 Crown Colony, LLC (1) | Cleveland, OH | 5/17/2016 | Lot | 82 | 0.54 | N/A | $3,030,000 | 51.0% |
MCI 1372 Street, LLC | Canton, OH | 7/8/2016 | Lot | 68 | 0.44 | N/A | $700,000 | 100.0% |
MVP St. Louis Washington, LLC | St Louis, MO | 7/18/2016 | Lot | 63 | 0.39 | N/A | $3,000,000 | 100.0% |
MVP Louisville Station Broadway, LLC | Louisville, KY | 8/23/2016 | Lot | 165 | 1.25 | N/A | $3,050,000 | 100.0% |
MVP Houston Jefferson Lot, LLC (2) | Houston, TX | 11/22/2016 | For Sale | 76 | 0.52 | N/A | $700,000 | 100.0% |
MVP Houston Preston Lot, LLC | Houston, TX | 11/22/2016 | Lot | 46 | 0.23 | N/A | $2,800,000 | 20.0% |
MVP Houston San Jacinto Lot, LLC | Houston, TX | 11/22/2016 | Lot | 85 | 0.65 | 240 | $3,200,000 | 100.0% |
MVP Bridgeport Fairfield Garage, LLC | Bridgeport, CT | 3/30/2016 | Garage | 878 | 1.01 | 4,349 | $7,800,000 | 10.0% |
MVP San Jose 88 Garage, LLC | San Jose, CA | 6/15/2016 | Garage | 328 | 1.33 | N/A | $3,575,500 | 100.0% |
MVP Cincinnati Race Street Garage, LLC | Cincinnati, OH | 7/8/2016 | Garage | 350 | 0.63 | N/A | $4,500,000 | 100.0% |
MVP St. Paul Holiday Garage, LLC | St Paul, MN | 8/12/2016 | Garage | 285 | 0.85 | N/A | $8,200,000 | 100.0% |
White Front Garage Partners, LLC | Nashville, TN | 9/30/2016 | Garage | 155 | 0.26 | N/A | $11,496,000 | 80.0% |
Cleveland Lincoln Garage Owners, LLC | Cleveland, OH | 10/19/2016 | Garage | 536 | 1.20 | 45,272 | $7,316,950 | 100.0% |
MVP Minneapolis Venture, LLC | Minneapolis, MN | 1/6/2016 | For Sale | 185 | 4.36 | N/A | $6,100,000 | 13.0% |
Type | Number of Shares - Common | Value | Number of Shares Preferred | Number of Shares Common | Value | |||||||||||||||
Issuance of common stock | 2,254,253 | 56,356,000 | -- | 3,251,238 | $ | 75,281,000 | ||||||||||||||
Redeemed shares | -- | (43,203 | ) | (1,057,000 | ) | |||||||||||||||
DRIP shares | 18,311 | -- | -- | 83,437 | 2,086,000 | |||||||||||||||
Issuance of Series A preferred stock | 2,862 | -- | 2,544,000 | |||||||||||||||||
Issuance of Series 1 preferred stock | 39,811 | -- | 35,981,000 | |||||||||||||||||
Dividend shares | 29,264 | -- | -- | 153,826 | 3,845,000 | |||||||||||||||
Distributions | -- | (274,000 | ) | -- | -- | (10,305,000 | ) | |||||||||||||
Deferred offering costs | -- | (1,086,000 | ) | -- | -- | (1,086,000 | ) | |||||||||||||
Contribution from Advisor | 1,147,000 | |||||||||||||||||||
Contribution from advisor | -- | -- | 1,147,000 | |||||||||||||||||
Shares added for merger | -- | 3,887,513 | 85,701,000 | |||||||||||||||||
Total | 2,301,828 | $ | 56,143,000 | 42,673 | 7,332,811 | $ | 194,137,000 |
Property | Location | Date Sold | Property Type | # Spaces | Size / Acreage | Retail Sq. Ft. | Property Sale Price | ||||||||||||
MVP PF Ft Lauderdale 2013, LLC | Ft Lauderdale, FL | 9/23/2019 | Lot | 66 | 0.75 | 4,000 | $ | 6,100,000 | |||||||||||
MVP PF Memphis Court, LLC | Memphis, TN | 10/29/2019 | Lot | 37 | 0.41 | N/A | $ | 675,000 |
For the Years Ended December 31 | ||||||||
2019 | 2018 | |||||||
Revenues | ||||||||
Base rent income | $ | 20,151,000 | $ | 19,534,000 | ||||
Management agreement | -- | -- | ||||||
Percentage rent income | 2,643,000 | 2,566,000 | ||||||
Total revenues | $ | 22,794,000 | $ | 22,100,000 |
For the Years Ended December 31 | ||||||||
2019 | 2018 | |||||||
Percentage rent income | ||||||||
MVP PF Ft. Lauderdale (a) | $ | 32,000 | -- | |||||
MVP St Louis 2013 (b) | 57,000 | $ | 166,000 | |||||
Mabley Place Garage | 316,000 | 309,000 | ||||||
MVP Ft Worth Taylor (c) | 8,000 | 22,000 | ||||||
MVP St Louis Convention (d) | -- | 63,000 | ||||||
MVP St Louis Lucas (d) | -- | 65,000 | ||||||
MVP Indianapolis Washington | 116,000 | 115,000 | ||||||
MVP Indianapolis Meridian Lot | 9,000 | 9,000 | ||||||
MVP Milwaukee Arena (e) | 173,000 | 130,000 | ||||||
MVP Denver 1935 Sherman | 9,000 | 16,000 | ||||||
MVP Cleveland West 9th (f) | 11,000 | -- | ||||||
MVP San Jose 88 Garage (g) | -- | 24,000 | ||||||
MVP St Paul Holiday | 82,000 | 76,000 | ||||||
MVP Louisville Station Broadway | -- | 6,000 | ||||||
White Front Garage | -- | 2,000 | ||||||
MVP Houston Preston | 17,000 | 4,000 | ||||||
MVP Houston San Jacinto | 57,000 | 47,000 | ||||||
MVP Detroit Center Garage (h) | 1,574,000 | 1,489,000 | ||||||
MVP Raider Park Garage | 62,000 | 14,000 | ||||||
St. Louis Broadway | 31,000 | -- | ||||||
MVP New Orleans Rampart | 89,000 | 9,000 | ||||||
Total revenues | $ | 2,643,000 | $ | 2,566,000 |
a) | New lease terms with addition of percentage rent. |
b) | New lease terms with increase to monthly base rent and higher break point for percentage rent. |
c) | Timing of tenant’s collections. |
d) | Property sold during June 2018. |
e) | The new Fiserv Forum Arena became fully operational in late August 2018, which had a positive impact on operations, a trend expected to continue. |
f) | Increased volume in area due to additional multi-tenant apartment complex and decrease in competing surface lots. |
g) | Due to construction on the property the new revenue control system experienced some technical difficulties which have been repaired and are not anticipated to impede percentage rent in the future. |
h) | Heavy snow in the first quarter had impact on transient parking offset by increase in collections by tenant on monthly parking contracts. |
For the Years Ended December 31 | ||||||||
2019 | 2018 | |||||||
Operating expenses | ||||||||
Property taxes | $ | 3,023,000 | $ | 2,918,000 | ||||
Property operating expense | 1,701,000 | 1,404,000 | ||||||
Asset management expense – related party | 854,000 | 2,000,000 | ||||||
General and administrative | 5,601,000 | 3,620,000 | ||||||
Professional fees | 8,528,000 | 3,625,000 | ||||||
Management internalization | 32,004,000 | 618,000 | ||||||
Acquisition expenses | 251,000 | 412,000 | ||||||
Acquisition expenses – related party | -- | -- | ||||||
Depreciation and amortization | 5,172,000 | 4,938,000 | ||||||
Impairment on investment in real estate | 1,452,000 | 600,000 | ||||||
Total operating expenses | 58,586,000 | 20,135,000 | ||||||
Income (loss) from operations | $ | (35,792,000 | ) | $ | 1,965,000 |
For the Years Ended December 31 | ||||||||
2019 | 2018 | |||||||
Other income (expense) | ||||||||
Interest expense | $ | (9,513,000 | ) | (9,449,000 | ) | |||
Gain from sale of investment in real estate | 2,509,000 | 2,276,000 | ||||||
Other income | 82,000 | 81,000 | ||||||
Income from DST | 218,000 | 205,000 | ||||||
Total other expense | $ | (6,704,000 | ) | $ | (6,887,000 | ) |
Property Name | MVP REIT II % | MVP REIT % | Total Purchase Price | Purchase Date | Parking Lease is with | Tenant Portion of Property Tax | Term in Years | Annual Base Rent | Revenue Sharing Starting Point $ |
Consolidated Properties listed as investments in real estate | |||||||||
MVP San Jose 88 Garage | 100.00% | 0.00% | $3,575,500 | 6/15/2016 | ABM | N/A | 1 | N/A | Management Agreement |
MCI 1372 Street | 100.00% | 0.00% | $700,000 | 7/8/2016 | ABM | $3,034 | 5 | $50,000 | 70% > $100,000 |
MVP Cincinnati Race Street Garage | 100.00% | 0.00% | $4,500,000 | 7/8/2016 | SP + | $120,000 | 5 | $330,000 | 70%> 610,000 |
MVP St. Louis Washington | 100.00% | 0.00% | $3,000,000 | 7/18/2016 | SP + | N/A | 5 | $162,500 | 70%> $245,000 |
MVP St. Paul Holiday Garage | 100.00% | 0.00% | $8,200,000 | 8/12/2016 | Interstate Parking | $150,000 | 10 | $534,500 | 75% > $900,000 |
MVP Louisville Station Broadway | 100.00% | 0.00% | $3,050,000 | 8/23/2016 | Riverside Parking | $25,000 | 5 | $200,000 | 75% > $275,000 |
Cleveland Lincoln Garage Owners | 100.00% | 0.00% | $7,316,950 | 10/19/2016 | SP + | $125,000 | 5 | $500,000 | 80% > $900,000 |
MVP Houston Jefferson Lot | 100.00% | 0.00% | $700,000 | 11/22/2016 | iPark Services | N/A | 10 | $87,000 | 65% > $154,000 |
MVP Houston San Jacinto Lot | 100.00% | 0.00% | $3,200,000 | 11/22/2016 | iPark Services | N/A | 10 | $264,000 | 65% > $325,000 |
White Front Garage Partners | 80.00% | 20.00% | $11,496,000 | 9/30/2016 | Premier Parking | ALL | 10 | $700,000 | 70% > $850,000 |
MVP Cleveland West 9th (1) | 51.00% | 49.00% | $5,675,000 | 5/11/2016 | SP + | $120,000 | 5 | $330,000 | 70% >650,000 |
33740 Crown Colony (1) | 51.00% | 49.00% | $3,030,000 | 5/17/2016 | SP + | $40,000 | 5 | $185,000 | 70% >$325,000 |
Investment in equity method investee | |||||||||
MVP Denver Sherman 1935 | 24.00% | 76.00% | $2,437,500 | 2/12/2016 | SP + | N/A | 10 | $120,000 | 70% > $160,000 |
MVP Houston Preston Lot | 20.00% | 80.00% | $2,800,000 | 11/22/2016 | iPark Services | N/A | 10 | $228,000 | 65% > $300,000 |
Investment in cost method investees | |||||||||
Minneapolis City Parking | 13.00% | 87.00% | $9,395,000 | 1/6/2016 | SP + | N/A | 5 | $800,000 | 0% > $1,032,000 |
MVP Bridgeport Fairfield Garage | 10.00% | 90.00% | $7,800,000 | 3/30/2016 | SP + | $100,000 | 10 | $400,000 | 65%> $775,000 |
Assets held for sale | |||||||||
MVP Minneapolis Venture | 13.00% | 87.00% | $6,100,000 | 1/6/2016 | N/A | N/A | N/A | N/A | N/A |
MVP Houston Jefferson Lot | 100.00% | 0.00% | $700,000 | 11/22/2016 | iPark Services | N/A | 10 | $87,000 | 65% > $154,000 |
Rental revenues (by property) | 2016 | ||||
MVP Cleveland West 9th, LLC (b) | $ | 211,000 | |||
33740 Crown Colony, LLC (b) | 115,000 | ||||
MVP San Jose 88 Garage, LLC | (a) | 423,000 | |||
MCI 1372 Street, LLC | 24,000 | ||||
MVP Cincinnati Race Street Garage, LLC | 189,000 | ||||
MVP St. Louis Washington, LLC | 72,000 | ||||
MVP St. Paul Holiday Garage, LLC | 206,000 |
MVP Louisville Station Broadway, LLC | 72,000 | |||
White Front Garage Partners, LLC | 175,000 | |||
Cleveland Lincoln Garage Owners, LLC | 93,000 | |||
MVP Houston San Jacinto Lot, LLC | 22,000 | |||
Total revenues | $ | 1,602,000 |
For the Year ended | For the Period from May 4, 2015 (Date of Inception) to | |||||||
December 31, 2016 | December 31, 2015 | |||||||
Revenues | ||||||||
Rental revenue | $ | 1,602,000 | $ | -- | ||||
Total revenues | 1,602,000 | |||||||
Operating expenses | ||||||||
General and administrative | 1,049,000 | 119,000 | ||||||
Acquisition expenses | 2,472,000 | -- | ||||||
Acquisition expenses – related party | 1,229,000 | -- | ||||||
Operation and maintenance | 460,000 | -- | ||||||
Operation and maintenance – related party | 197,000 | -- | ||||||
Seminar | 16,000 | -- | ||||||
Organizational costs | -- | 6,000 | ||||||
Depreciation | 195,000 | |||||||
Total operating expenses | 5,618,000 | 125,000 | ||||||
Loss from operations | (4,016,000 | ) | (125,000 | ) | ||||
Other income (expense) | ||||||||
Interest expense | (154,000 | ) | (1,000 | ) | ||||
Distribution income – related party | 34,000 | -- | ||||||
Income from investment in equity method investee | 3,000 | -- | ||||||
Total other income | (117,000 | ) | (1,000 | ) | ||||
Loss from continuing operations | $ | (4,133,000 | ) | $ | (126,000 | ) | ||
Discontinued operations, net of income taxes | 2016 | |||
Loss from assets held for sale, net of income taxes | $ | (19,000 | ) | |
Total loss from discontinued operations | $ | (19,000 | ) |
Straight-line rent. Most of the Company’s leases provide for periodic minimum rent payment increases throughout the term of the lease. In accordance with GAAP, these periodic minimum rent payment increases during the term of a lease are recorded to rental revenue on a straight-line basis in order to reconcile the difference between accrual and cash basis accounting. As straight-line rent is a GAAP non-cash adjustment and is included in historical earnings, it is added back to FFO to arrive at MFFO as a means of determining operating results of the Company’s portfolio. |
Amortization of in-place lease valuation. As this item is a cash flow adjustment made to net income in calculating the cash flows provided by (used in) operating activities, it is added back to FFO to arrive at MFFO as a means of determining operating results of the Company’s portfolio. |
For the year ended December 31, 2016 | For the period from May 4, 2015 (Inception) through December 31, 2015 | |||||||
Net loss attributable to MVP REIT II, Inc. common shareholders | $ | (4,268,000 | ) | $ | (126,000 | ) | ||
Add: | ||||||||
Depreciation and amortization of real estate assets | 195,000 | -- | ||||||
Discontinued operations loss | 19,000 | |||||||
FFO | $ | (4,054,000 | ) | $ | (126,000 | ) | ||
Add: | ||||||||
Acquisition fees and expenses to non-affiliates | 2,472,000 | -- | ||||||
Acquisition fees and expenses to affiliates | 1,229,000 | -- | ||||||
MFFO attributable to MVP REIT II, Inc. common shareholders | $ | (353,000 | ) | $ | (126,000 | ) |
For the Years Ended December 31, | ||||||||
2019 | 2018 | |||||||
Net loss attributable to The Parking REIT, Inc. common shareholders | $ | (45,558,000 | ) | $ | (7,773,000 | ) | ||
Add (Subtract): | ||||||||
(Gain) on Sale of investment in real estate | (2,509,000 | ) | (2,276,000 | ) | ||||
Provision for impairment of investment in real estate | 1,452,000 | 600,000 | ||||||
Depreciation and Amortization of real estate assets | 5,172,000 | 4,938,000 | ||||||
FFO | $ | (41,443,000 | ) | $ | (4,511,000 | ) | ||
Add: | ||||||||
Acquisition fees and expenses | 251,000 | 412,000 | ||||||
Loan defeasance costs | -- | 643,000 | ||||||
Loan fee costs due to loan defeasance | -- | 210,000 | ||||||
Subtract: | ||||||||
(Increase) in Deferred Rental Assets | (31,000 | ) | (70,000 | ) | ||||
MFFO attributable to The Parking REIT, Inc. shareholders | $ | (41,223,000 | ) | $ | (3,316,000 | ) | ||
Distributions paid to Common Shareholders | $ | -- | $ | 807,000 |
For the Years Ended December 31, | ||||||||
2019 | 2018 | |||||||
Net cash used in operating activities | $ | (1,767,000 | ) | $ | (1,671,000 | ) | ||
Net cash provided by (used in) investing activities | 2,811,000 | (24,460,000 | ) | |||||
Net cash provided by financing activities | 1,165,000 | 18,836,000 |
For the year ended December 31, 2016 | For the Period from May 4, 2015 (Date of Inception) through December 31, 2015 | For the Years Ended December 31, | ||||||||||||||
Acquisition Fees – related party | $ | 1,229,000 | $ | -- | ||||||||||||
2019 | 2018 | |||||||||||||||
Asset Management Fees | 197,000 | -- | 854,000 | 2,000,000 | ||||||||||||
Total | $ | 1,426,000 | $ | -- | $ | 854,000 | $ | 2,000,000 |
Distributions paid in Cash | Distributions paid through DRIP | Total Distributions Paid | Cash Flows Used in Operations (GAAP basis) | |||||||||||||
1st Quarter, 2016 | $ | 10,000 | $ | 14,000 | $ | 24,000 | $ | (134,000 | ) | |||||||
2nd Quarter, 2016 | 47,000 | 67,000 | 114,000 | (435,000 | ) | |||||||||||
3rd Quarter, 2016 | 85,000 | 136,000 | 221,000 | (1,181,000 | ) | |||||||||||
4th Quarter, 2016 | 132,000 | 241,000 | 373,000 | (1,894,000 | ) | |||||||||||
Total 2016 | $ | 274,000 | $ | 458,000 | $ | 732,000 | $ | (3,644,000 | ) |
Distributions Paid in Cash | Distributions Paid through DRIP | Total Distributions Paid | Cash Flows provided by (used in) Operations (GAAP basis) | |||||||||||||
1st Quarter, 2019 | $ | -- | $ | -- | $ | -- | $ | (1,272,000 | ) | |||||||
2nd Quarter, 2019 | -- | -- | -- | (942,000 | ) | |||||||||||
3rd Quarter, 2019 | -- | -- | -- | (989,000 | ) | |||||||||||
4th Quarter, 2019 | -- | -- | -- | 1,436,000 | ||||||||||||
Total 2019 | $ | -- | $ | -- | $ | -- | $ | (1,767,000 | ) |
Distributions Paid in Cash | Distributions Paid through DRIP | Total Distributions Paid | Cash Flows Generated from (used in) Operations (GAAP basis) | |||||||||||||
1st Quarter, 2018 | $ | 806,000 | $ | 418,000 | $ | 1,224,000 | $ | (1,015,000 | ) | |||||||
2nd Quarter, 2018 | -- | -- | -- | (506,000 | ) | |||||||||||
3rd Quarter, 2018 | -- | -- | -- | 663,000 | ||||||||||||
4th Quarter, 2018 | -- | -- | -- | (813,000 | ) | |||||||||||
Total 2018 | $ | 806,000 | $ | 418,000 | $ | 1,224,000 | $ | (1,671,000 | ) |
Total Series A Distributions Paid | Cash Flows provided by (used in) Operations (GAAP basis) | |||||||
1st Quarter, 2019 | $ | 54,000 | $ | (1,272,000 | ) | |||
2nd Quarter, 2019 | 54,000 | (942,000 | ) | |||||
3rd Quarter, 2019 | 54,000 | (989,000 | ) | |||||
4th Quarter, 2019 | 54,000 | 1,436,000 | ||||||
Total 2019 | $ | 216,000 | $ | (1,767,000 | ) |
Total Series A Distributions Paid | Cash Flows Generated from (used in) Operations (GAAP basis) | |||||||
1st Quarter, 2018 | $ | 41,000 | $ | (1,015,000 | ) | |||
2nd Quarter, 2018 | 51,000 | (506,000 | ) | |||||
3rd Quarter, 2018 | 54,000 | 663,000 | ||||||
4th Quarter, 2018 | 54,000 | (813,000 | ) | |||||
Total 2018 | $ | 200,000 | $ | (1,671,000 | ) |
Total Series 1 Distributions Paid | Cash Flows provided by (used in) Operations (GAAP basis) | |||||||
1st Quarter, 2019 | $ | 697,000 | $ | (1,272,000 | ) | |||
2nd Quarter, 2019 | 695,000 | (942,000 | ) | |||||
3rd Quarter, 2019 | 696,000 | (989,000 | ) | |||||
4th Quarter, 2019 | 696,000 | 1,436,000 | ||||||
Total 2019 | $ | 2,784,000 | $ | (1,767,000 | ) |
Total Series 1 Distributions Paid | Cash Flows Provided by (used in) Operations (GAAP basis) | |||||||
1st Quarter, 2018 | $ | 477,000 | $ | (1,015,000 | ) | |||
2nd Quarter, 2018 | 639,000 | (506,000 | ) | |||||
3rd Quarter, 2018 | 697,000 | 663,000 | ||||||
4th Quarter, 2018 | 697,000 | (813,000 | ) | |||||
Total 2018 | $ | 2,510,000 | $ | (1,671,000 | ) |
Contractual Obligations | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | ||||||||||||||||||||||||||||||
Long-term debt obligations | $ | 5,393,000 | $ | 231,000 | $ | 253,000 | $ | 277,000 | $ | 4,632,000 | $ | 160,948,000 | $ | 50,183,000 | $ | 4,310,000 | $ | 17,781,000 | $ | 88,674,000 | ||||||||||||||||||||
Capital and Operating Lease Obligations | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||||||
Line of credit: | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||||||
Lines of credit: | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||||||
Interest | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||||
Principle | 8,190,000 | 8,190,000 | -- | -- | -- | |||||||||||||||||||||||||||||||||||
Purchase Obligations | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||||||
Principal | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||||||||||
Total | $ | 13,583,000 | $ | 8,421,000 | $ | 253,000 | $ | 277,000 | $ | 4,632,000 | $ | 160,948,000 | $ | 50,183,000 | $ | 4,310,000 | $ | 17,781,000 | $ | 88,674,000 |
For the Years Ending December 31 | ||||||||||||||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | Fair Value | |||||||||||||||||||||||||
Fixed rate debt | $ | 50,183,000 | $ | 2,058,000 | $ | 2,252,000 | $ | 2,498,000 | $ | 15,283,000 | $ | 88,674,000 | $ | 160,948,000 | $ | 149,943,000 | ||||||||||||||||
Average interest rate | 5.87 | % | 4.87 | % | 4.88 | % | 4.89 | % | 4.77 | % | 5.00 | % |
Page | |
As of December 31, | ||||||||
2019 | 2018 | |||||||
ASSETS | ||||||||
Investments in real estate | ||||||||
Land and improvements | $ | 136,607,000 | $ | 142,607,000 | ||||
Buildings and improvements | 170,276,000 | 170,206,000 | ||||||
Construction in progress | 714,000 | 1,872,000 | ||||||
Intangible assets | 2,288,000 | 2,288,000 | ||||||
309,885,000 | 316,973,000 | |||||||
Accumulated depreciation | (12,049,000 | ) | (7,110,000 | ) | ||||
Total investments in real estate, net | 297,836,000 | 309,863,000 | ||||||
Fixed Assets, net of accumulated depreciation of $42,000 and $21,000 as of December 31, 2019 and 2018, respectively | 21,000 | 42,000 | ||||||
Assets held for sale, net of accumulated depreciation of $212,000 | 3,288,000 | -- | ||||||
Cash | 7,707,000 | 5,106,000 | ||||||
Cash – restricted | 3,937,000 | 4,329,000 | ||||||
Prepaid expenses | 1,679,000 | 616,000 | ||||||
Accounts receivable | 929,000 | 712,000 | ||||||
Investment in DST | 2,836,000 | 2,821,000 | ||||||
Accounts receivable related parties | -- | 3,000 | ||||||
Other assets | 111,000 | 79,000 | ||||||
Total assets | $ | 318,344,000 | $ | 323,571,000 | ||||
LIABILITIES AND EQUITY | ||||||||
Liabilities | ||||||||
Notes payable, net of unamortized loan issuance costs of approximately $1.8 million and $2.4 million as of December 31, 2019 and 2018, respectively | $ | 159,120,000 | $ | 155,961,000 | ||||
Accounts payable and accrued liabilities | 10,883,000 | 4,605,000 | ||||||
Accounts payable and accrued liabilities – related party | -- | 653,000 | ||||||
Deferred management internalization | 17,800,000 | -- | ||||||
Security deposits | 138,000 | 139,000 | ||||||
Due to related parties | 54,000 | -- | ||||||
Deferred revenue | 104,000 | 93,000 | ||||||
Total liabilities | 188,099,000 | 161,451,000 | ||||||
Commitments and contingencies | -- | -- | ||||||
Equity | ||||||||
The Parking REIT, Inc. Stockholders’ Equity | ||||||||
Preferred stock Series A, $0.0001 par value, 50,000 shares authorized, 2,862 shares issued and outstanding (stated liquidation value of $2,862,000 as of December 31, 2019 and 2018) | -- | -- | ||||||
Preferred stock Series 1, $0.0001 par value, 97,000 shares authorized, 39,811 shares issued and outstanding (stated liquidation value of $39,811,000 as of December 31, 2019 and 2018) | -- | -- | ||||||
Non-voting, non-participating convertible stock, $0.0001 par value, 1,000 shares authorized, no shares issued and outstanding | -- | -- | ||||||
Common stock, $0.0001 par value, 98,999,000 shares authorized, 7,332,811 and 6,542,797 shares issued and outstanding as of December 31, 2019 and 2018, respectively | -- | -- | ||||||
Additional paid-in capital | 194,137,000 | 183,382,000 | ||||||
Accumulated deficit | (66,511,000 | ) | (23,953,000 | ) | ||||
Total The Parking REIT, Inc. Shareholders’ Equity | 127,626,000 | 159,429,000 | ||||||
Non-controlling interest | 2,619,000 | 2,691,000 | ||||||
Total equity | 130,245,000 | 162,120,000 | ||||||
Total liabilities and equity | $ | 318,344,000 | $ | 323,571,000 |
December 31, 2016 | December 31, 2015 | |||||||
ASSETS | ||||||||
Cash | $ | 4,885,000 | $ | 2,268,000 | ||||
Cash - restricted | 100,000 | -- | ||||||
Prepaid expenses | 283,000 | 180,000 | ||||||
Accounts receivable | 208,000 | -- | ||||||
Investments in MVP REIT, Inc. | 3,034,000 | |||||||
Land and improvements | 28,854,000 | -- | ||||||
Buildings and improvements | 24,889,000 | -- | ||||||
Investments in real estate and fixed assets | 53,743,000 | -- | ||||||
Accumulated depreciation | (195,000 | ) | -- | |||||
Total investments in real estate and fixed assets, net | 53,548,000 | -- | ||||||
Other assets | 4,575,000 | -- | ||||||
Assets held for sale | 700,000 | |||||||
Investment in equity method investee | 1,150,000 | -- | ||||||
Investments in cost method investee – held for sale | 836,000 | -- | ||||||
Investments in cost method investee | 936,000 | -- | ||||||
Total assets | $ | 70,255,000 | $ | 2,448,000 | ||||
LIABILITIES AND EQUITY | ||||||||
Liabilities | ||||||||
Accounts payable and accrued liabilities | $ | 485,000 | $ | 6,000 | ||||
Security Deposit | 2,000 | -- | ||||||
Due to related parties | 575,000 | 32,000 | ||||||
Line of credit, net of unamortized loan issuance costs of approximately $0.2 million | 7,957,000 | -- | ||||||
Deferred revenue | 45,000 | -- | ||||||
Notes payable, net of unamortized loan issuance costs of approximately $0.1 million | 5,318,000 | 106,000 | ||||||
Total liabilities | 14,382,000 | 144,000 | ||||||
Commitments and contingencies | -- | -- | ||||||
Equity | ||||||||
MVP REIT II, Inc. Stockholders' Equity | ||||||||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized, none outstanding | -- | -- | ||||||
Preferred stock Series A, $0.0001 par value, 50,000 shares authorized, none outstanding | ||||||||
Non-voting, non-participating convertible stock, $0.0001 par value, no shares issued and outstanding | -- | -- | ||||||
Common stock, $0.0001 par value, 98,999,000 shares authorized, 2,301,828 and 94,749 shares issued and outstanding as of December 31, 2016 and 2015, respectively | -- | -- | ||||||
Additional paid-in capital | 56,143,000 | 2,430,000 | ||||||
Accumulated deficit | (4,394,000 | ) | (126,000 | ) | ||||
Total MVP REIT II, Inc. Shareholders' Equity | 51,749,000 | 2,304,000 | ||||||
Non-controlling interest – related party | 4,124,000 | -- | ||||||
Total equity | 55,873,000 | 2,304,000 | ||||||
Total liabilities and equity | $ | 70,255,000 | $ | 2,448,000 | ||||
For the Years Ended December 31, | ||||||||
2019 | 2018 | |||||||
Revenues | ||||||||
Base rent income | $ | 20,151,000 | $ | 19,534,000 | ||||
Percentage rent income | 2,643,000 | 2,566,000 | ||||||
Total revenues | 22,794,000 | 22,100,000 | ||||||
Operating expenses | ||||||||
Property taxes | 3,023,000 | 2,918,000 | ||||||
Property operating expense | 1,701,000 | 1,404,000 | ||||||
Asset management fee – related party | 854,000 | 2,000,000 | ||||||
General and administrative | 5,601,000 | 3,620,000 | ||||||
Professional fees | 8,528,000 | 4,243,000 | ||||||
Management internalization | 32,004,000 | -- | ||||||
Acquisition expenses | 251,000 | 412,000 | ||||||
Provision for impairment of investments in real estate | 1,452,000 | 600,000 | ||||||
Depreciation and amortization | 5,172,000 | 4,938,000 | ||||||
Total operating expenses | 58,586,000 | 20,135,000 | ||||||
Income (loss) from operations | (35,792,000 | ) | 1,965,000 | |||||
Other income (expense) | ||||||||
Interest expense | (9,513,000 | ) | (9,449,000 | ) | ||||
Gain on sale of investments in real estate | 2,509,000 | 2,276,000 | ||||||
Other Income | 82,000 | 81,000 | ||||||
Income from DST | 218,000 | 205,000 | ||||||
Total other expense | (6,704,000 | ) | (6,887,000 | ) | ||||
Net loss | (42,496,000 | ) | (4,922,000 | ) | ||||
Net income attributable to non-controlling interest | 62,000 | 41,000 | ||||||
Net loss attributable to The Parking REIT, Inc.’s stockholders | $ | (42,558,000 | ) | $ | (4,963,000 | ) | ||
Preferred stock distributions declared - Series A | (216,000 | ) | (205,000 | ) | ||||
Preferred stock distributions declared - Series 1 | (2,784,000 | ) | (2,605,000 | ) | ||||
Net loss attributable to The Parking REIT, Inc.’s common stockholders | (45,558,000 | ) | (7,773,000 | ) | ||||
Basic and diluted loss per weighted average common share: | ||||||||
Net loss per share attributable to The Parking REIT, Inc.’s common stockholders - basic and diluted | $ | (6.66 | ) | $ | (1.19 | ) | ||
Distributions declared per common share | $ | -- | $ | 0.12 | ||||
Weighted average common shares outstanding, basic and diluted | 6,836,693 | 6,550,099 |
Preferred stock | Common stock | |||||||||||||||||||||||||||||||
Number of Shares | Par Value | Number of Shares | Par Value | Additional Paid-in Capital | Accumulated Deficit | Non-controlling interest | Total | |||||||||||||||||||||||||
Balance, December 31, 2017 | 32,651 | -- | 6,532,000 | -- | 177,598,000 | (18,173,000 | ) | 2,751,000 | 162,176,000 | |||||||||||||||||||||||
Distributions to non-controlling interest | -- | -- | -- | -- | -- | -- | (101,000 | ) | (101,000 | ) | ||||||||||||||||||||||
Issuance of common stock – DRIP | -- | -- | 11,326 | -- | 307,000 | -- | -- | 307,000 | ||||||||||||||||||||||||
Issuance of preferred Series 1 | 10,022 | -- | -- | -- | 9,089,000 | -- | -- | 9,089,000 | ||||||||||||||||||||||||
Redeemed Shares | -- | -- | (33,217 | ) | -- | (812,000 | ) | -- | -- | (812,000 | ) | |||||||||||||||||||||
Distributions - Common | -- | -- | -- | -- | (807,000 | ) | -- | -- | (807,000 | ) | ||||||||||||||||||||||
Distributions – Series A | -- | -- | -- | -- | (205,000 | ) | -- | -- | (205,000 | ) | ||||||||||||||||||||||
Distributions – Series 1 | -- | -- | -- | -- | (2,605,000 | ) | -- | -- | (2,605,000 | ) | ||||||||||||||||||||||
Stock dividend | -- | -- | 32,679 | -- | 817,000 | (817,000 | ) | -- | -- | |||||||||||||||||||||||
Net income (loss) | -- | -- | -- | -- | -- | (4,963,000 | ) | 41,000 | (4,922,000 | ) | ||||||||||||||||||||||
Balance, December 31, 2018 | 42,673 | $ | -- | 6,542,797 | $ | -- | $ | 183,382,000 | $ | (23,953,000 | ) | $ | 2,691,000 | $ | 162,120,000 | |||||||||||||||||
Distributions to non-controlling interest | -- | -- | -- | -- | -- | -- | (134,000 | ) | (134,000 | ) | ||||||||||||||||||||||
Issuance of common stock | -- | -- | 800,000 | -- | 14,000,000 | -- | -- | 14,000,000 | ||||||||||||||||||||||||
Redeemed Shares | -- | -- | (9,986 | ) | -- | (245,000 | ) | -- | -- | (245,000 | ) | |||||||||||||||||||||
Distributions – Series A | -- | -- | -- | -- | (216,000 | ) | -- | -- | (216,000 | ) | ||||||||||||||||||||||
Distributions – Series 1 | -- | -- | -- | -- | (2,784,000 | ) | -- | -- | (2,784,000 | ) | ||||||||||||||||||||||
Net income (loss) | -- | -- | -- | -- | -- | (42,558,000 | ) | 62,000 | (42,496,000 | ) | ||||||||||||||||||||||
Balance, December 31, 2019 | 42,673 | $ | -- | 7,332,811 | $ | -- | $ | 194,137,000 | $ | (66,511,000 | ) | $ | 2,619,000 | $ | 130,245,000 |
For the Years Ended December 31 | ||||||||
2019 | 2018 | |||||||
Cash flows from operating activities: | ||||||||
Net Loss | $ | (42,496,000 | ) | $ | (4,922,000 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization expense | 5,172,000 | 4,938,000 | ||||||
Gain from acquisition of real estate | (2,509,000 | ) | (2,276,000 | ) | ||||
Management internalization | 31,800,000 | -- | ||||||
Income from DST | (218,000 | ) | (205,000 | ) | ||||
Impairment on real estate | 1,452,000 | 600,000 | ||||||
Amortization of loan costs | 902,000 | 1,658,000 | ||||||
Changes in operating assets and liabilities | ||||||||
Due to/from related parties | 57,000 | (388,000 | ) | |||||
Accounts payable | 6,286,000 | 1,343,000 | ||||||
Accounts payable – related party | (653,000 | ) | -- | |||||
Loan Fees | (287,000 | ) | (1,750,000 | ) | ||||
Deferred revenue | 40,000 | 198,000 | ||||||
Other assets | (32,000 | ) | (69,000 | ) | ||||
Security deposits | (1,000 | ) | (63,000 | ) | ||||
Accounts receivable | (217,000 | ) | (303,000 | ) | ||||
Prepaid expenses | (1,063,000 | ) | (432,000 | ) | ||||
Net cash used in operating activities | (1,767,000 | ) | (1,671,000 | ) | ||||
Cash flows from investing activities: | -- | |||||||
Purchase of investment in real estate | -- | (28,939,000 | ) | |||||
Building and land improvements | (1,696,000 | ) | (6,405,000 | ) | ||||
Fixed Asset Purchase | (41,000 | ) | (63,000 | ) | ||||
Distributions from Investments | 203,000 | 205,000 | ||||||
Proceeds from sale of investments in real estate | 4,345,000 | 10,067,000 | ||||||
Payment of deposit for purchase of investment in real estate or debt | (97,000 | ) | (4,003,000 | ) | ||||
Return of deposit for purchase of investment in real estate or debt | -- | 1,788,000 | ||||||
Deposits applied to purchase of investment in real estate or debt | 97,000 | 2,890,000 | ||||||
Net cash provided by (used in) investing activities | 2,811,000 | (24,460,000 | ) | |||||
Cash flows from financing activities | ||||||||
Proceeds from notes payable | 11,181,000 | 45,843,000 | ||||||
Payments on notes payable | (6,637,000 | ) | (2,013,000 | ) | ||||
Proceeds from line of credit | -- | 29,500,000 | ||||||
Payments on line of credit | -- | (59,360,000 | ) | |||||
Distribution to non-controlling interest | (118,000 | ) | (101,000 | ) | ||||
Proceeds from issuance of preferred stock | -- | 9,089,000 | ||||||
Redeemed shares | (245,000 | ) | (812,000 | ) | ||||
Dividends paid to stockholders | (3,016,000 | ) | (3,310,000 | ) | ||||
Net cash provided by financing activities | 1,165,000 | 18,836,000 | ||||||
Net change in cash, cash equivalents and restricted cash | 2,209,000 | (7,295,000 | ) | |||||
Cash, cash equivalents and restricted cash, beginning of period | 9,435,000 | 16,730,000 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ | 11,644,000 | $ | 9,435,000 |
For the Year Ended December 31, 2016 | For the period from May 4, 2015 (Date of Inception) through December 31, 2015 | |||||||
Revenues | ||||||||
Rental revenue | $ | 1,602,000 | $ | -- | ||||
Total revenues | 1,602,000 | -- | ||||||
Operating expenses | ||||||||
General and administrative | 1,049,000 | 119,000 | ||||||
Acquisition expenses | 2,472,000 | -- | ||||||
Acquisition expenses – related party | 1,229,000 | -- | ||||||
Operation and maintenance | 460,000 | -- | ||||||
Operation and maintenance – related party | 197,000 | -- | ||||||
Seminar | 16,000 | -- | ||||||
Organizational costs | -- | 6,000 | ||||||
Depreciation and amortization | 195,000 | -- | ||||||
Total operating expenses | 5,618,000 | 125,000 | ||||||
Loss from operations | (4,016,000 | ) | (125,000 | ) | ||||
Other income (expense) | ||||||||
Interest expense | (154,000 | ) | (1,000 | ) | ||||
Distribution income – related party | 34,000 | -- | ||||||
Income from investment in equity method investee | 3,000 | -- | ||||||
Total other expense | (117,000 | ) | (1,000 | ) | ||||
Loss from continuing operations | (4,133,000 | ) | (126,000 | ) | ||||
Discontinued operations, net of income taxes | ||||||||
Loss from assets held for sale, net of income taxes | (19,000 | ) | -- | |||||
Total loss from discontinued operations | (19,000 | ) | -- | |||||
Provision for income taxes | -- | -- | ||||||
Net loss | (4,152,000 | ) | (126,000 | ) | ||||
Net income attributable to non-controlling interest – related party | 116,000 | -- | ||||||
Net loss attributable to MVP REIT II, Inc.'s common stockholders | $ | (4,268,000 | ) | $ | (126,000 | ) | ||
Basic and diluted loss per weighted average common share: | ||||||||
Loss from continuing operations attributable to MVP REIT II, Inc.'s common stockholders – basic and diluted | $ | (3.85 | ) | $ | (15.01 | ) | ||
Loss from discontinued operations – basic and diluted | $ | (0.02 | ) | $ | -- | |||
Net loss attributable to MVP REIT II, Inc.'s common stockholders - basic and diluted | $ | (3.87 | ) | $ | (15.01 | ) | ||
Distributions declared per common share | $ | 0.66 | $ | -- | ||||
Weighted average common shares outstanding, basic and diluted | 1,102,459 | 8,396 |
Common stock | ||||||||||||||||||||||||
Number of Shares | Par Value | Additional Paid-in Capital | Accumulated Deficit | Non-controlling interest | Total | |||||||||||||||||||
Balance, May 4, 2015 | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||||||
Issuance of common stock – purchase | 94,749 | 2,369,000 | 2,369,000 | |||||||||||||||||||||
Deferred offering costs | (1,086,000 | ) | (1,086,000 | ) | ||||||||||||||||||||
Contributions from the Sponsor (unreimbursed expenditures) | 1,147,000 | 1,147,000 | ||||||||||||||||||||||
Net loss | (126,000 | ) | (126,000 | ) | ||||||||||||||||||||
Balance, December 31, 2015 | 94,749 | -- | 2,430,000 | (126,000 | ) | -- | 2,304,000 | |||||||||||||||||
Issuance of common stock – Purchase | 2,159,504 | -- | 53,987,000 | -- | -- | 53,987,000 | ||||||||||||||||||
Issuance of common stock – DRIP | 18,311 | -- | 458,000 | -- | -- | 458,000 | ||||||||||||||||||
Issuance of common stock – Dividend | 29,264 | -- | -- | -- | -- | -- | ||||||||||||||||||
Investment from non-controlling interest | -- | -- | -- | -- | 6,584,000 | 6,584,000 | ||||||||||||||||||
Distributions to non-controlling interest | -- | -- | -- | -- | (2,576,000 | ) | (2,576,000 | ) | ||||||||||||||||
Distributions to stockholders | -- | -- | (732,000 | ) | -- | -- | (732,000 | ) | ||||||||||||||||
Net (loss) income | -- | -- | -- | (4,268,000 | ) | 116,000 | (4,152,000 | ) | ||||||||||||||||
Balance, December 31, 2016 | 2,301,828 | $ | -- | $ | 56,143,000 | $ | (4,394,000 | ) | $ | 4,124,000 | $ | 55,873,000 |
For the Years Ended December 31, | ||||||||
2019 | 2018 | |||||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | ||||||||
Cash, cash equivalents at beginning of period | $ | 5,106,000 | $ | 8,501,000 | ||||
Restricted cash at beginning of period | 4,329,000 | 8,229,000 | ||||||
Cash, cash equivalents and restricted at beginning of period | $ | 9,435,000 | $ | 16,730,000 | ||||
Cash and cash equivalents at end of period | $ | 7,707,000 | 5,106,000 | |||||
Restricted cash at end of period | 3,937,000 | 4,329,000 | ||||||
Cash, cash equivalents and restricted at end of period | $ | 11,644,000 | 9,435,000 | |||||
Supplemental disclosures of cash flow information: | ||||||||
Interest Paid | $ | 8,611,000 | $ | 7.791,000 | ||||
Non-cash investing and financing activities: | ||||||||
Distributions - DRIP | $ | -- | $ | 307,000 | ||||
Dividend shares | $ | -- | $ | 817,000 | ||||
Dividends declared not yet paid | $ | 250,000 | $ | 250,000 | ||||
Payment of deposit for purchase of investment in real estate or debt | $ | (97,000 | ) | $ | (4,003,000 | ) | ||
Return of deposit for purchase of investment in real estate or debt | $ | -- | $ | 1,788,000 | ||||
Deposits applied to purchase of investment in real estate or debt | $ | 97,000 | $ | 2,890,000 | ||||
Issuance of common stock – internalization | $ | 14,000,000 | $ | -- | ||||
Deferred management internalization | $ | 24,800,000 | $ | -- | ||||
Payments on note payable through sale of investment in real estate | $ | (2,000,000 | ) | $ | (11,092,000 | ) | ||
Proceeds from line of credit through sale of investment in real estate | $ | -- | $ | 7,103,000 |
For the Year Ended December 31, 2016 | For the period from May 4, 2015 (Inception) through December 31, 2015 | |||||||
Cash flows from operating activities: | ||||||||
Net Loss | $ | (4,152,000 | ) | $ | (126,000 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: Income from investment in equity method investee | (3,000 | ) | -- | |||||
Distribution from MVP REIT | (34,000 | ) | -- | |||||
Amortization | 40,000 | -- | ||||||
Depreciation expense | 195,000 | -- | ||||||
Contribution from Sponsor for unreimbursed organizational expenses | -- | 61,000 | ||||||
Changes in operating assets and liabilities | ||||||||
Cash - Restricted | (100,000 | ) | -- | |||||
Due to related parties | 543,000 | 32,000 | ||||||
Accounts payable | 479,000 | 6,000 | ||||||
Loan fees | (348,000 | ) | -- | |||||
Security deposits | 2,000 | -- | ||||||
Deferred revenue | 45,000 | -- | ||||||
Accounts receivable | (208,000 | ) | -- | |||||
Prepaid expenses | (103,000 | ) | (180,000 | ) | ||||
Net cash used in operating activities | (3,644,000 | ) | (207,000 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchase of investment in real estate | (53,743,000 | ) | -- | |||||
Investment in assets held for sale | (700,000 | ) | -- | |||||
Investment in cost method investee – held for sale | (836,000 | ) | -- | |||||
Investment in cost method investee | (1,994,000 | ) | -- | |||||
Investment in equity method investee | (1,160,000 | ) | -- | |||||
Investment in MVP REIT, Inc. | (3,000,000 | ) | -- | |||||
Proceeds from non-controlling interest | 6,584,000 | -- | ||||||
Payment of deposits on future acquisitions | (4,575,000 | ) | -- | |||||
Net cash used in investing activities | (59,424,000 | ) | -- | |||||
Cash flows from financing activities | ||||||||
Proceeds from note payable – investment in equity method investee | 6,498,000 | 151,000 | ||||||
Payments on note payable | (153,000 | ) | (45,000 | ) | ||||
Proceeds from of line of credit | 8,190,000 | -- | ||||||
Distribution to non-controlling interest | (2,576,000 | ) | -- | |||||
Distribution received from investment in equity method investee | 13,000 | -- | ||||||
Proceeds from issuance of common stock - Sponsor | -- | 200,000 | ||||||
Proceeds from issuance of common stock | 53,987,000 | 2,169,000 | ||||||
Distribution made to common stockholders | (274,000 | ) | -- | |||||
Net cash provided by financing activities | 65,685,000 | 2,475,000 | ||||||
Net change in cash | 2,617,000 | 2,268,000 | ||||||
Cash, beginning of period | 2,268,000 | -- | ||||||
Cash, end of period | $ | 4,885,000 | $ | 2,268,000 | ||||
Supplemental disclosures of cash flow information: | -- | |||||||
Interest Paid | $ | 154,000 | $ | -- | ||||
Non-cash investing and financing activities: | ||||||||
Distributions - DRIP | $ | (458,000 | ) | $ | -- | |||
Contribution from Sponsor for unreimbursed deferred offering expenses | $ | -- | $ | 1,147,000 |
MVP PF Ft. Lauderdale 2013, LLC | Minneapolis City Parking, LLC | MVP St. Paul Holiday Garage, LLC |
MVP PF Memphis Poplar 2013, LLC | MVP Minneapolis Venture, LLC | MVP Louisville Station Broadway, LLC |
MVP PF Memphis Court 2013, LLC | MVP Indianapolis Meridian Lot, LLC | White Front Garage Partners, LLC |
MVP PF St. Louis 2013, LLC | MVP Milwaukee Clybourn, LLC | Cleveland Lincoln Garage, LLC |
Mabley Place Garage, LLC | MVP Milwaukee Arena Lot, LLC | MVP Houston Preston, LLC |
MVP Denver Sherman, LLC | MVP Clarksburg Lot, LLC | MVP Houston San Jacinto Lot, LLC |
MVP Fort Worth Taylor, LLC | MVP Denver Sherman 1935, LLC | MVP Detroit Center Garage, LLC |
MVP Milwaukee Old World, LLC | MVP Bridgeport Fairfield Garage, LLC | St. Louis Broadway, LLC |
MVP Houston Saks Garage, LLC | West 9th Street Properties II, LLC | St. Louis Seventh & Cerre, LLC |
MVP Milwaukee Wells, LLC | MVP San Jose 88 Garage, LLC | MVP Preferred Parking, LLC |
MVP Wildwood NJ Lot, LLC | MCI 1372 Street, LLC | MVP Raider Park Garage, LLC |
MVP Indianapolis City Park, LLC | MVP Cincinnati Race Street, LLC | MVP New Orleans Rampart, LLC |
MVP Indianapolis WA Street Lot, LLC | MVP St. Louis Washington, LLC | MVP Hawaii Marks Garage, LLC |
For the Years Ended December 31, | ||||||||
Parking Tenant | 2019 | 2018 | ||||||
SP + | 60.8 | % | 57.3 | % | ||||
Premier Parking | 14.8 | % | 17.1 | % | ||||
ISOM Mgmt | 3.9 | % | 4.3 | % | ||||
ABM | 3.9 | % | 4.6 | % | ||||
Interstate Parking | 2.9 | % | 2.8 | % | ||||
342 N. Rampart | 2.9 | % | 2.6 | % | ||||
Denison | 2.7 | % | 2.5 | % | ||||
Lanier | 2.4 | % | 2.4 | % | ||||
St. Louis Parking | 2.0 | % | 2.2 | % | ||||
Premium Parking | 1.2 | % | -- | |||||
TNSH, LLC | 1.1 | % | 0.6 | % | ||||
Riverside Parking | 0.9 | % | 1.0 | % | ||||
BEST PARK | 0.2 | % | 1.5 | % | ||||
Denver School | 0.2 | % | 0.2 | % | ||||
Secure | 0.1 | % | 0.1 | % | ||||
PCAM, LLC | -- | 0.8 | % |
City Concentration for Parking Rental Revenue | ||||||||
For the Years Ended December 31, | ||||||||
2019 | 2018 | |||||||
Detroit | 22.6 | % | 18.2 | % | ||||
Houston | 11.7 | % | 13.3 | % | ||||
Cincinnati | 9.3 | % | 9.2 | % | ||||
Fort Worth | 7.0 | % | 8.1 | % | ||||
Indianapolis | 6.1 | % | 6.5 | % | ||||
Cleveland | 5.8 | % | 5.3 | % | ||||
St. Louis | 5.0 | % | 5.4 | % | ||||
Honolulu | 4.3 | % | 2.6 | % | ||||
Lubbock | 3.9 | % | 4.2 | % | ||||
Milwaukee | 3.7 | % | 3.7 | % | ||||
Minneapolis | 3.6 | % | 4.3 | % | ||||
Nashville | 3.1 | % | 3.5 | % | ||||
St Paul | 2.9 | % | 2.7 | % | ||||
New Orleans | 2.9 | % | 2.7 | % | ||||
San Jose | 2.0 | % | 2.4 | % | ||||
Bridgeport | 1.9 | % | 2.3 | % | ||||
Memphis | 1.4 | % | 1.6 | % | ||||
Louisville | 0.9 | % | 1.0 | % | ||||
Denver | 0.7 | % | 0.8 | % | ||||
Ft. Lauderdale | 0.4 | % | 0.6 | % | ||||
Wildwood | 0.3 | % | 0.4 | % | ||||
Clarksburg | 0.3 | % | 0.3 | % | ||||
Canton | 0.2 | % | 0.3 | % | ||||
Kansas City | -- | 0.6 | % |
Real Estate Investment Concentration by City | ||||||||
As of December 31, | ||||||||
2019 | 2018 | |||||||
Detroit | 17.7 | % | 17.6 | % | ||||
Houston | 12.1 | % | 11.9 | % | ||||
Fort Worth | 8.8 | % | 8.8 | % | ||||
Cincinnati | 8.8 | % | 8.7 | % | ||||
Honolulu | 6.8 | % | 6.7 | % | ||||
Cleveland | 6.3 | % | 6.2 | % | ||||
Indianapolis | 5.8 | % | 5.8 | % | ||||
St Louis | 4.4 | % | 4.4 | % | ||||
Minneapolis | 4.3 | % | 4.4 | % | ||||
Lubbock | 4.3 | % | 3.5 | % | ||||
Milwaukee | 3.9 | % | 3.8 | % | ||||
Nashville | 3.7 | % | 3.7 | % | ||||
St Paul | 2.7 | % | 2.7 | % | ||||
Bridgeport | 2.6 | % | 2.6 | % | ||||
New Orleans | 2.6 | % | 2.6 | % | ||||
Memphis | 1.3 | % | 1.5 | % | ||||
San Jose | 1.1 | % | 1.2 | % | ||||
Denver | 1.0 | % | 1.0 | % | ||||
Louisville | 1.0 | % | 1.0 | % | ||||
Wildwood | 0.4 | % | 0.4 | % | ||||
Clarksburg | 0.2 | % | 0.2 | % | ||||
Canton | 0.2 | % | 0.2 | % | ||||
Fort Lauderdale | -- | 1.1 | % |
Property | Location | Date Acquired | Property Type | Investment Amount | Size / Acreage | # Spaces | Retail /Office Square Ft. | Ownership % |
MVP San Jose 88 Garage, LLC | San Jose, CA | 6/15/2016 | Garage | $3,575,500 | 1.33 | 328 | N/A | 100.0% |
MCI 1372 Street, LLC | Canton, OH | 7/8/2016 | Lot | $700,000 | 0.44 | 68 | N/A | 100.0% |
MVP Cincinnati Race Street Garage, LLC | Cincinnati, OH | 7/8/2016 | Garage | $4,500,000 | 0.63 | 350 | N/A | 100.0% |
MVP St. Louis Washington, LLC | St Louis, MO | 7/18/2016 | Lot | $3,000,000 | 0.39 | 63 | N/A | 100.0% |
MVP St. Paul Holiday Garage, LLC | St Paul, MN | 8/12/2016 | Garage | $8,200,000 | 0.85 | 285 | N/A | 100.0% |
MVP Louisville Station Broadway, LLC | Louisville, KY | 8/23/2016 | Lot | $3,050,000 | 1.25 | 165 | N/A | 100.0% |
Cleveland Lincoln Garage Owners, LLC | Cleveland, OH | 10/19/2016 | Garage | $7,316,950 | 1.20 | 536 | 45,272 | 100.0% |
MVP Houston Jefferson Lot, LLC | Houston, TX | 11/22/2016 | Lot | $700,000 | 0.52 | 76 | N/A | 100.0% |
MVP Houston San Jacinto Lot, LLC | Houston, TX | 11/22/2016 | Lot | $3,200,000 | 0.65 | 85 | 240 | 100.0% |
White Front Garage Partners, LLC | Nashville, TN | 9/30/2016 | Garage | $9,196,800 | 0.26 | 155 | N/A | 80.0% |
MVP Cleveland West 9th, LLC | Cleveland, OH | 5/11/2016 | Lot | $2,894,250 | 2.16 | 254 | N/A | 51.0% |
33740 Crown Colony, LLC | Cleveland, OH | 5/17/2016 | Lot | $1,545,300 | 0.54 | 82 | N/A | 51.0% |
Property Name | Location | Date Acquired | Property Type | # Spaces | Property Size (Acres) | Retail Sq. Ft | Investment Amount | Parking Tenant | ||||||||||||
MVP Cleveland West 9th (1) | Cleveland, OH | 5/11/2016 | Lot | 260 | 2 | N/A | $ | 5,845,000 | SP + | |||||||||||
33740 Crown Colony (1) | Cleveland, OH | 5/17/2016 | Lot | 82 | 0.54 | N/A | $ | 3,050,000 | SP + | |||||||||||
MCI 1372 Street | Canton, OH | 7/8/2016 | Lot | 66 | 0.44 | N/A | $ | 700,000 | ABM | |||||||||||
MVP Cincinnati Race Street Garage | Cincinnati, OH | 7/8/2016 | Garage | 350 | 0.63 | N/A | $ | 6,331,000 | SP + | |||||||||||
MVP St. Louis Washington | St Louis, MO | 7/18/2016 | Lot | 63 | 0.39 | N/A | $ | 2,957,000 | SP + | |||||||||||
MVP St. Paul Holiday Garage | St Paul, MN | 8/12/2016 | Garage | 285 | 0.85 | N/A | $ | 8,396,000 | Interstate Parking | |||||||||||
MVP Louisville Station Broadway | Louisville, KY | 8/23/2016 | Lot | 165 | 1.25 | N/A | $ | 3,107,000 | Riverside Parking | |||||||||||
White Front Garage Partners | Nashville, TN | 9/30/2016 | Garage | 155 | 0.26 | N/A | $ | 11,673,000 | Premier / iPark | |||||||||||
Cleveland Lincoln Garage Owners | Cleveland, OH | 10/19/2016 | Garage | 536 | 1.14 | 45,272 | $ | 10,649,000 | SP + | |||||||||||
MVP Houston Preston Lot | Houston, TX | 11/22/2016 | Lot | 46 | 0.23 | N/A | $ | 2,820,000 | Premier / iPark | |||||||||||
MVP Houston San Jacinto Lot | Houston, TX | 11/22/2016 | Lot | 85 | 0.65 | 240 | $ | 3,250,000 | Premier / iPark | |||||||||||
MVP Detroit Center Garage | Detroit, MI | 2/1/2017 | Garage | 1,275 | 1.28 | N/A | $ | 55,476,000 | SP + | |||||||||||
St. Louis Broadway | St Louis, MO | 5/6/2017 | Lot | 161 | 0.96 | N/A | $ | 2,400,000 | St. Louis Parking | |||||||||||
St. Louis Seventh & Cerre | St Louis, MO | 5/6/2017 | Lot | 174 | 1.06 | N/A | $ | 3,300,000 | St. Louis Parking | |||||||||||
MVP Preferred Parking (4) | Houston, TX | 8/1/2017 | Garage/Lot | 528 | 0.98 | 784 | $ | 21,210,000 | Premier / iPark | |||||||||||
MVP Raider Park Garage | Lubbock, TX | 11/21/2017 | Garage | 1,495 | 2.15 | 20,536 | $ | 13,517,000 | ISOM Management | |||||||||||
MVP PF Memphis Poplar | Memphis, TN | 12/15/2017 | Lot | 127 | 0.87 | N/A | $ | 3,747,000 | Best Park | |||||||||||
MVP PF St. Louis | St Louis, MO | 12/15/2017 | Lot | 183 | 1.22 | N/A | $ | 5,145,000 | SP + | |||||||||||
Mabley Place Garage (2) | Cincinnati, OH | 12/15/2017 | Garage | 775 | 0.9 | 8,400 | $ | 21,185,000 | SP + | |||||||||||
MVP Denver Sherman | Denver, CO | 12/15/2017 | Lot | 28 | 0.14 | N/A | $ | 705,000 | Denver School | |||||||||||
MVP Fort Worth Taylor | Fort Worth, TX | 12/15/2017 | Garage | 1,013 | 1.18 | 11,828 | $ | 27,663,000 | SP + | |||||||||||
MVP Milwaukee Old World | Milwaukee, WI | 12/15/2017 | Lot | 54 | 0.26 | N/A | $ | 2,044,000 | SP + | |||||||||||
MVP Houston Saks Garage | Houston, TX | 12/15/2017 | Garage | 265 | 0.36 | 5,000 | $ | 10,423,000 | Premier / iPark | |||||||||||
MVP Milwaukee Wells | Milwaukee, WI | 12/15/2017 | Lot | 148 | 1.07 | N/A | $ | 5,083,000 | Symphony | |||||||||||
MVP Wildwood NJ Lot 1 (3) | Wildwood, NJ | 12/15/2017 | Lot | 29 | 0.26 | N/A | $ | 545,000 | SP + | |||||||||||
MVP Wildwood NJ Lot 2 (3) | Wildwood, NJ | 12/15/2017 | Lot | 45 | 0.31 | N/A | $ | 686,000 | SP+ | |||||||||||
MVP Indianapolis City Park | Indianapolis, IN | 12/15/2017 | Garage | 370 | 0.47 | N/A | $ | 10,934,000 | ABM | |||||||||||
MVP Indianapolis WA Street | Indianapolis, IN | 12/15/2017 | Lot | 141 | 1.07 | N/A | $ | 5,749,000 | Denison | |||||||||||
MVP Minneapolis Venture | Minneapolis, MN | 12/15/2017 | Lot | 195 | 1.65 | N/A | $ | 4,013,000 | N/A | |||||||||||
Minneapolis City Parking | Minneapolis, MN | 12/15/2017 | Lot | 268 | 1.98 | N/A | $ | 9,338,000 | SP + | |||||||||||
MVP Indianapolis Meridian | Indianapolis, IN | 12/15/2017 | Lot | 36 | 0.24 | N/A | $ | 1,601,000 | Denison | |||||||||||
MVP Milwaukee Clybourn | Milwaukee, WI | 12/15/2017 | Lot | 15 | 0.06 | N/A | $ | 262,000 | Secure | |||||||||||
MVP Milwaukee Arena Lot | Milwaukee, WI | 12/15/2017 | Lot | 75 | 1.11 | N/A | $ | 4,631,000 | SP + | |||||||||||
MVP Clarksburg Lot | Clarksburg, WV | 12/15/2017 | Lot | 94 | 0.81 | N/A | $ | 715,000 | ABM |
MVP Denver Sherman 1935 | Denver, CO | 12/15/2017 | Lot | 72 | 0.43 | N/A | $ | 2,533,000 | SP + | |||||||||||
MVP Bridgeport Fairfield | Bridgeport, CT | 12/15/2017 | Garage | 878 | 1.01 | 4,349 | $ | 8,256,000 | SP + | |||||||||||
MVP New Orleans Rampart | New Orleans, LA | 2/1/2018 | Lot | 78 | 0.44 | N/A | $ | 8,105,000 | 342 N. Rampart | |||||||||||
MVP Hawaii Marks Garage | Honolulu, HI | 6/21/2018 | Garage | 311 | 0.77 | 16,205 | 21,127,000 | SP + | ||||||||||||
Construction in progress | $ | 714,000 | ||||||||||||||||||
Total Investment in real estate and fixed assets | $ | 309,885,000 |
(1) | These properties are held by West 9th St. Properties II, LLC. |
(2) | The Company holds an 83.3% undivided interest in the Mabley Place Garage pursuant to a tenancy-in-common agreement and is the Managing Co-Owner of the property. |
(3) | These properties are held by MVP Wildwood NJ Lot, LLC. |
(4) | MVP Preferred Parking, LLC holds a Garage and a Parking Lot. |
Property Name | Location | Date Acquired | Property Type | # Spaces | Property Size (Acres) | Retail Sq. Ft | Investment Amount | Parking Tenant | ||||||||||||
MVP Cleveland West 9th (1) | Cleveland, OH | 5/11/2016 | Lot | 260 | 2 | N/A | $ | 5,845,000 | SP + | |||||||||||
33740 Crown Colony (1) | Cleveland, OH | 5/17/2016 | Lot | 82 | 0.54 | N/A | $ | 3,050,000 | SP + | |||||||||||
MVP San Jose 88 Garage | San Jose, CA | 6/15/2016 | Garage | 328 | 1.33 | N/A | $ | 3,844,000 | Lanier | |||||||||||
MCI 1372 Street | Canton, OH | 7/8/2016 | Lot | 66 | 0.44 | N/A | $ | 700,000 | ABM | |||||||||||
MVP Cincinnati Race Street Garage | Cincinnati, OH | 7/8/2016 | Garage | 350 | 0.63 | N/A | $ | 6,300,000 | SP + | |||||||||||
MVP St. Louis Washington | St Louis, MO | 7/18/2016 | Lot | 63 | 0.39 | N/A | $ | 3,007,000 | SP + | |||||||||||
MVP St. Paul Holiday Garage | St Paul, MN | 8/12/2016 | Garage | 285 | 0.85 | N/A | $ | 8,396,000 | Interstate Parking | |||||||||||
MVP Louisville Station Broadway | Louisville, KY | 8/23/2016 | Lot | 165 | 1.25 | N/A | $ | 3,107,000 | Riverside Parking | |||||||||||
White Front Garage Partners | Nashville, TN | 9/30/2016 | Garage | 155 | 0.26 | N/A | $ | 11,672,000 | Premier Parking | |||||||||||
Cleveland Lincoln Garage Owners | Cleveland, OH | 10/19/2016 | Garage | 536 | 1.14 | 45,272 | $ | 10,541,000 | SP + | |||||||||||
MVP Houston Preston Lot | Houston, TX | 11/22/2016 | Lot | 46 | 0.23 | N/A | $ | 2,820,000 | iPark Services | |||||||||||
MVP Houston San Jacinto Lot | Houston, TX | 11/22/2016 | Lot | 85 | 0.65 | 240 | $ | 3,250,000 | iPark Services | |||||||||||
MVP Detroit Center Garage | Detroit, MI | 2/1/2017 | Garage | 1,275 | 1.28 | N/A | $ | 55,476,000 | SP + | |||||||||||
St. Louis Broadway | St Louis, MO | 5/6/2017 | Lot | 161 | 0.96 | N/A | $ | 2,400,000 | St. Louis Parking | |||||||||||
St. Louis Seventh & Cerre | St Louis, MO | 5/6/2017 | Lot | 174 | 1.06 | N/A | $ | 3,300,000 | St. Louis Parking | |||||||||||
MVP Preferred Parking (4) | Houston, TX | 8/1/2017 | Garage/Lot | 528 | 0.98 | 784 | $ | 21,115,000 | iPark Services | |||||||||||
MVP Raider Park Garage | Lubbock, TX | 11/21/2017 | Garage | 1,495 | 2.15 | 20,536 | $ | 11,029,000 | ISOM Management | |||||||||||
MVP PF Ft. Lauderdale | Ft. Lauderdale, FL | 12/15/2017 | Lot | 66 | 0.75 | 4,017 | $ | 3,423,000 | SP + | |||||||||||
MVP PF Memphis Court | Memphis, TN | 12/15/2017 | Lot | 37 | 0.41 | N/A | $ | 1,008,000 | SP + | |||||||||||
MVP PF Memphis Poplar | Memphis, TN | 12/15/2017 | Lot | 127 | 0.87 | N/A | $ | 3,735,000 | Best Park | |||||||||||
MVP PF St. Louis | St Louis, MO | 12/15/2017 | Lot | 183 | 1.22 | N/A | $ | 5,145,000 | SP + | |||||||||||
Mabley Place Garage (2) | Cincinnati, OH | 12/15/2017 | Garage | 775 | 0.9 | 8,400 | $ | 21,185,000 | SP + | |||||||||||
MVP Denver Sherman | Denver, CO | 12/15/2017 | Lot | 28 | 0.14 | N/A | $ | 705,000 | Denver School |
MVP Fort Worth Taylor | Fort Worth, TX | 12/15/2017 | Garage | 1,013 | 1.18 | 11,828 | $ | 27,663,000 | SP + | ||||||||||||||
MVP Milwaukee Old World | Milwaukee, WI | 12/15/2017 | Lot | 54 | 0.26 | N/A | $ | 2,044,000 | SP + | ||||||||||||||
MVP Houston Saks Garage | Houston, TX | 12/15/2017 | Garage | 265 | 0.36 | 5,000 | $ | 10,391,000 | iPark Services | ||||||||||||||
MVP Milwaukee Wells | Milwaukee, WI | 12/15/2017 | Lot | 148 | 1.07 | N/A | $ | 5,083,000 | Symphony | ||||||||||||||
MVP Wildwood NJ Lot 1 (3) | Wildwood, NJ | 12/15/2017 | Lot | 29 | 0.26 | N/A | $ | 545,000 | SP + | ||||||||||||||
MVP Wildwood NJ Lot 2 (3) | Wildwood, NJ | 12/15/2017 | Lot | 45 | 0.31 | N/A | $ | 686,000 | SP+ | ||||||||||||||
MVP Indianapolis City Park | Indianapolis, IN | 12/15/2017 | Garage | 370 | 0.47 | N/A | $ | 10,934,000 | ABM | ||||||||||||||
MVP Indianapolis WA Street | Indianapolis, IN | 12/15/2017 | Lot | 141 | 1.07 | N/A | $ | 5,749,000 | Denison | ||||||||||||||
MVP Minneapolis Venture | Minneapolis, MN | 12/15/2017 | Lot | 195 | 1.65 | N/A | $ | 4,012,000 | N/A | ||||||||||||||
Minneapolis City Parking | Minneapolis, MN | 12/15/2017 | Lot | 268 | 1.98 | N/A | $ | 9,838,000 | SP + | ||||||||||||||
MVP Indianapolis Meridian | Indianapolis, IN | 12/15/2017 | Lot | 36 | 0.24 | N/A | $ | 1,601,000 | Denison | ||||||||||||||
MVP Milwaukee Clybourn | Milwaukee, WI | 12/15/2017 | Lot | 15 | 0.06 | N/A | $ | 262,000 | Secure | ||||||||||||||
MVP Milwaukee Arena Lot | Milwaukee, WI | 12/15/2017 | Lot | 75 | 1.11 | N/A | $ | 4,631,000 | SP + | ||||||||||||||
MVP Clarksburg Lot | Clarksburg, WV | 12/15/2017 | Lot | 94 | 0.81 | N/A | $ | 715,000 | ABM | ||||||||||||||
MVP Denver Sherman 1935 | Denver, CO | 12/15/2017 | Lot | 72 | 0.43 | N/A | $ | 2,533,000 | SP + | ||||||||||||||
MVP Bridgeport Fairfield | Bridgeport, CT | 12/15/2017 | Garage | 878 | 1.01 | 4,349 | $ | 8,256,000 | SP + | ||||||||||||||
MVP New Orleans Rampart | New Orleans, LA | 2/1/2018 | Lot | 78 | 0.44 | N/A | $ | 8,105,000 | 342 N. Rampart | ||||||||||||||
MVP Hawaii Marks Garage | Honolulu, HI | 6/21/2018 | Garage | 311 | 0.77 | 16,205 | 21,000,000 | SP + | |||||||||||||||
Construction in progress | $ | 1,872,000 | |||||||||||||||||||||
Total Investment in real estate and fixed assets | $ | 316,973,000 |
These properties are held by West 9th | ||||||
(2) | The Company owns an 83.3% undivided interest in the Mabley Place Garage pursuant to a tenancy-in-common agreement and is the Managing Co-Owner of the property. |
(3) | These properties are owned by MVP Wildwood NJ Lot, LLC. |
(4) | MVP Preferred Parking, LLC owns a Garage and a Parking Lot. |
Property | Location | Date Acquired | Property Type | # Spaces | Size / Acreage | Retail /Office Square Ft. | Investment Amount | Ownership % |
MVP Cleveland West 9th, LLC | Cleveland, OH | 5/11/2016 | Lot | 254 | 2.16 | N/A | $2,894,250 | 51.00% |
33740 Crown Colony, LLC | Cleveland, OH | 5/17/2016 | Lot | 82 | 0.54 | N/A | $1,545,300 | 51.00% |
MVP San Jose 88 Garage, LLC | San Jose, CA | 6/15/2016 | Garage | 328 | 1.33 | N/A | $3,575,500 | 100.00% |
MCI 1372 Street, LLC | Canton, OH | 7/8/2016 | Lot | 68 | 0.44 | N/A | $700,000 | 100.00% |
MVP Cincinnati Race Street Garage, LLC | Cincinnati, OH | 7/8/2016 | Garage | 350 | 0.63 | N/A | $4,500,000 | 100.00% |
MVP St. Louis Washington, LLC | St Louis, MO | 7/18/2016 | Lot | 63 | 0.39 | N/A | $3,000,000 | 100.00% |
MVP St. Paul Holiday Garage, LLC | St Paul, MN | 8/12/2016 | Garage | 285 | 0.85 | N/A | $8,200,000 | 100.00% |
MVP Louisville Station Broadway, LLC | Louisville, KY | 8/23/2016 | Lot | 165 | 1.25 | N/A | $3,050,000 | 100.00% |
White Front Garage Partners, LLC | Nashville, TN | 9/30/2016 | Garage | 155 | 0.26 | N/A | $9,196,800 | 80.00% |
Cleveland Lincoln Garage Owners, LLC | Cleveland, OH | 10/19/2016 | Garage | 536 | 1.2 | 45,272 | $7,316,950 | 100.00% |
MVP Houston Jefferson Lot, LLC | Houston, TX | 11/22/2016 | Lot | 76 | 0.52 | N/A | $700,000 | 100.00% |
MVP Houston San Jacinto Lot, LLC | Houston, TX | 11/22/2016 | Lot | 85 | 0.65 | 240 | $3,200,000 | 100.00% |
Property | Location | Date Acquired | Property Type | # Spaces | Size / Acreage | Retail Sq. Ft. | Property Purchase Price | ||||||||||||
MVP New Orleans Rampart, LLC | New Orleans, LA | 2/1/2018 | Lot | 78 | 0.44 | N/A | $ | 8,105,000 | |||||||||||
MVP Hawaii Marks Garage, LLC | Honolulu, HI | 6/21/2018 | Garage | 311 | 0.77 | 16,205 | $ | 20,834,000 |
Assets | Liabilities | |||||||||||||||||||
Land and Improvements | Building and improvements | Total assets acquired | Notes Payable Assumed | Net assets and liabilities acquired | ||||||||||||||||
West 9th Properties II | $ | 5,675,000 | -- | $ | 5,675,000 | $ | -- | $ | 5,675,000 | |||||||||||
33740 Crown Colony | 3,030,000 | -- | 3,030,000 | -- | 3,030,000 | |||||||||||||||
San Jose 88 Garage | 1,073,000 | 2,503,000 | 3,576,000 | -- | 3,576,000 | |||||||||||||||
MCI 1372 Street | 700,000 | -- | 700,000 | -- | 700,000 | |||||||||||||||
Cincinnati Race Street | 2,142,000 | 2,358,000 | 4,500,000 | -- | 4,500,000 | |||||||||||||||
St. Louis Washington | 3,000,000 | -- | 3,000,000 | -- | 3,000,000 | |||||||||||||||
St. Paul Holiday Garage | 1,673,000 | 6,527,000 | 8,200,000 | -- | 8,200,000 | |||||||||||||||
Louisville Station Broadway | 3,050,000 | -- | 3,050,000 | -- | 3,050,000 | |||||||||||||||
White Front Garage | 3,116,000 | 8,379,000 | 11,495,000 | -- | 11,495,000 | |||||||||||||||
Cleveland Lincoln Garage | 2,195,000 | 5,122,000 | 7,317,000 | 7,317,000 | ||||||||||||||||
Houston Jefferson * | 700,000 | -- | 700,000 | -- | 700,000 | |||||||||||||||
Houston San Jacinto | 3,200,000 | -- | 3,200,000 | -- | 3,200,000 | |||||||||||||||
$ | 29,554,000 | $ | 24,889,000 | $ | 54,443,000 | $ | -- | $ | 54,443,000 |
Assets | ||||||||||||
Land and Improvements | Building and improvements | Total assets acquired | ||||||||||
MVP New Orleans | $ | 8,105,000 | $ | -- | $ | 8,105,000 | * | |||||
MVP Hawaii Marks Garage | $ | 9,118,000 | $ | 11,716,000 | $ | 20,834,000 | * | |||||
$ | 17,223,000 | $ | 11,716,000 | $ | 28,939,000 |
For the Year Ended December 31, 2018 | ||||||||
Total Revenues | Net Income | |||||||
2018 acquisitions | $ | 1,241,000 | $ | 745,000 |
For the year ended December 31, 2018 | ||||
Revenues from continuing operations | $ | 22,593,000 | ||
Net income (loss) from continuing operations | $ | (4,508,000 | ) | |
Net income (loss) from continuing operations per share – basic | $ | (0.69 | ) | |
Net income (loss) from continuing operations per share – diluted | $ | (0.69 | ) |
December 31, 2016 | December 31, 2015 | |||||||
Revenues from continuing operations | $ | 4,081,000 | $ | 1,695,000 | ||||
Net loss available to common stockholders | $ | (2,081,000 | ) | $ | (1,273,000 | ) | ||
Net loss available to common stockholders per share – basic | $ | (1.89 | ) | $ | 152.11 | |||
Net loss available to common stockholders per share – diluted | $ | (1.89 | ) | $ | 152.11 |
December 31, 2019 | December 31, 2018 | |||||||
Assets: | ||||||||
Prepaid expenses | $ | 42,000 | $ | 8,000 | ||||
Property and equipment, net of accumulated depreciation | 3,288,000 | 3,844,000 | ||||||
Total assets | $ | 3,330,000 | $ | 3,852,000 | ||||
Liabilities: | ||||||||
Notes payable | $ | 2,500,000 | $ | 2,500,000 | ||||
Accounts payable and accrued liabilities | 47,000 | 195,000 | ||||||
Total liabilities | 2,547,000 | 2,695,000 | ||||||
Net assets held for sale | $ | 783,000 | $ | 1,157,000 |
2019 | 2018 | |||||||
Revenue | $ | 450,000 | $ | 474,000 | ||||
Expenses * | 842,000 | 419,000 | ||||||
Income/(loss) from assets held for sale, net of income taxes | $ | (392,000 | ) | $ | 55,000 |
Ownership | |||||||||||||
Property Name | Purchase Date | Purchase Price | MVP REIT II | MVP REIT | |||||||||
MVP Denver 1935 Sherman | 02/12/2016 | $ | 600,000 | 24.49 | % | 75.51 | % | ||||||
MVP Houston Preston | 11/22/2016 | 560,000 | 20.00 | % | 80.00 | % | |||||||
Total | $ | 1,160,000 |
For the Years Ended December 13, | ||||||||
2019 | 2018 | |||||||
Revenue | $ | 136,000 | $ | 130,000 | ||||
Expenses | (116,000 | ) | (167,000 | ) | ||||
Income (loss) from disposed assets, net of income taxes | $ | 20,000 | $ | (37,000 | ) |
For the Years Ended December 31, | ||||||||
2019 | 2018 | |||||||
Revenue | $ | 4,000 | $ | 12,000 | ||||
Expenses * | 563,000 | 3,000 | ||||||
Income/(loss) from assets held for sale, net of income taxes | $ | (559,000 | ) | $ | 9,000 |
Ownership | |||||||||||||
Property Name | Purchase Date | Purchase Price | MVP REIT | MVP REIT II | |||||||||
MVP Bridgeport Fairfield | 03/30/2016 | 792,000 | 90.00 | % | 10.00 | % | |||||||
Minneapolis City Parking | 01/06/2016 | 1,178,000 | 87.09 | % | 12.91 | % | |||||||
Total | $ | 1,970,000 |
For the Year Ended December 31, 2018 | ||||
Revenue | $ | 312,000 | ||
Expenses | (52,000 | ) | ||
Income from disposed assets, net of income taxes | $ | 260,000 |
Ownership | |||||||||||||
Property Name | Purchase Date | Purchase Price | MVP REIT | MVP REIT II | |||||||||
MVP Minneapolis Venture | 01/06/2016 | $ | 822,000 | 87.09 | % | 12.91 | % | ||||||
Total | $ | 822,000 |
For the Year Ended December 31, 2018 | ||||
Revenue | $ | 107,000 | ||
Expenses | (24,000 | ) | ||
Income from disposed assets, net of income taxes | $ | 83,000 |
For the Year Ended December 31, 2018 | ||||
Revenue | $ | -- | ||
Expenses | (270,000 | ) | ||
Gain/(Loss) from disposed assets, net of income taxes | $ | (270,000 | ) |
Property | Original Debt Amount | Monthly Payment | Balance as of 12/31/2019 | Lender | Term | Interest Rate | Loan Maturity | ||||||||||||
MVP San Jose 88 Garage, LLC (5) | $ | 1,645,000 | Interest Only | $ | 2,500,000 | Multiple | 1 Year | 7.50 | % | 6/30/2020 | |||||||||
MVP Cincinnati Race Street, LLC | $ | 2,550,000 | Interest Only | $ | 2,550,000 | Multiple | 1 Year | 7.50 | % | 4/19/2020 | |||||||||
MVP Wildwood NJ Lot, LLC | $ | 1,000,000 | Interest Only | $ | 1,000,000 | Tigges Construction Co. | 1 Year | 7.50 | % | 4/29/2020 | |||||||||
The Parking REIT D&O Insurance | $ | 1,681,000 | $ | 171,000 | $ | 679,000 | MetaBank | 1 Year | 3.60 | % | 4/30/2020 | ||||||||
Minneapolis Venture | $ | 2,000,000 | Interest Only | $ | 2,000,000 | Multiple | 1 Year | 8.00 | % | 10/22/2020 | |||||||||
MVP Raider Park Garage, LLC (4) | $ | 7,400,000 | Interest Only | $ | 7,400,000 | LoanCore | 2 Year | Variable | 12/9/2020 | ||||||||||
MVP New Orleans Rampart, LLC (4) | $ | 5,300,000 | Interest Only | $ | 5,300,000 | LoanCore | 2 Year | Variable | 12/9/2020 | ||||||||||
MVP Hawaii Marks Garage, LLC (4) | $ | 13,500,000 | Interest Only | $ | 13,500,000 | LoanCore | 2 Year | Variable | 12/9/2020 | ||||||||||
MVP Milwaukee Wells, LLC (4) | $ | 2,700,000 | Interest Only | $ | 2,700,000 | LoanCore | 2 Year | Variable | 12/9/2020 | ||||||||||
MVP Indianapolis City Park, LLC (4) | $ | 7,200,000 | Interest Only | $ | 7,200,000 | LoanCore | 2 Year | Variable | 12/9/2020 | ||||||||||
MVP Indianapolis WA Street, LLC (4) | $ | 3,400,000 | Interest Only | $ | 3,400,000 | LoanCore | 2 Year | Variable | 12/9/2020 | ||||||||||
MVP Memphis Poplar (3) | $ | 1,800,000 | Interest Only | $ | 1,800,000 | LoanCore | 5 Year | 5.38 | % | 3/6/2024 | |||||||||
MVP St. Louis (3) | $ | 3,700,000 | Interest Only | $ | 3,700,000 | LoanCore | 5 Year | 5.38 | % | 3/6/2024 | |||||||||
Mabley Place Garage, LLC | $ | 9,000,000 | $ | 44,000 | $ | 8,188,000 | Barclays | 10 year | 4.25 | % | 12/6/2024 | ||||||||
MVP Houston Saks Garage, LLC | $ | 3,650,000 | $ | 20,000 | $ | 3,262,000 | Barclays Bank PLC | 10 year | 4.25 | % | 8/6/2025 | ||||||||
Minneapolis City Parking, LLC | $ | 5,250,000 | $ | 29,000 | $ | 4,797,000 | American National Insurance, of NY | 10 year | 4.50 | % | 5/1/2026 | ||||||||
MVP Bridgeport Fairfield Garage, LLC | $ | 4,400,000 | $ | 23,000 | $ | 4,025,000 | FBL Financial Group, Inc. | 10 year | 4.00 | % | 8/1/2026 | ||||||||
West 9th Properties II, LLC | $ | 5,300,000 | $ | 30,000 | $ | 4,909,000 | American National Insurance Co. | 10 year | 4.50 | % | 11/1/2026 | ||||||||
MVP Fort Worth Taylor, LLC | $ | 13,150,000 | $ | 73,000 | $ | 12,208,000 | American National Insurance, of NY | 10 year | 4.50 | % | 12/1/2026 | ||||||||
MVP Detroit Center Garage, LLC | $ | 31,500,000 | $ | 194,000 | $ | 29,717,000 | Bank of America | 10 year | 5.52 | % | 2/1/2027 | ||||||||
MVP St. Louis Washington, LLC (1) | $ | 1,380,000 | $ | 8,000 | $ | 1,362,000 | KeyBank | 10 year * | 4.90 | % | 5/1/2027 | ||||||||
St. Paul Holiday Garage, LLC (1) | $ | 4,132,000 | $ | 24,000 | $ | 4,078,000 | KeyBank | 10 year * | 4.90 | % | 5/1/2027 | ||||||||
Cleveland Lincoln Garage, LLC (1) | $ | 3,999,000 | $ | 23,000 | $ | 3,946,000 | KeyBank | 10 year * | 4.90 | % | 5/1/2027 | ||||||||
MVP Denver Sherman, LLC (1) | $ | 286,000 | $ | 2,000 | $ | 282,000 | KeyBank | 10 year * | 4.90 | % | 5/1/2027 | ||||||||
MVP Milwaukee Arena Lot, LLC (1) | $ | 2,142,000 | $ | 12,000 | $ | 2,114,000 | KeyBank | 10 year * | 4.90 | % | 5/1/2027 | ||||||||
MVP Denver Sherman 1935, LLC (1) | $ | 762,000 | $ | 4,000 | $ | 752,000 | KeyBank | 10 year * | 4.90 | % | 5/1/2027 | ||||||||
MVP Louisville Broadway Station, LLC (2) | $ | 1,682,000 | Interest Only | $ | 1,682,000 | Cantor Commercial Real Estate | 10 year ** | 5.03 | % | 5/6/2027 | |||||||||
MVP Whitefront Garage, LLC (2) | $ | 6,454,000 | Interest Only | $ | 6,454,000 | Cantor Commercial Real Estate | 10 year ** | 5.03 | % | 5/6/2027 | |||||||||
MVP Houston Preston Lot, LLC (2) | $ | 1,627,000 | Interest Only | $ | 1,627,000 | Cantor Commercial Real Estate | 10 year ** | 5.03 | % | 5/6/2027 | |||||||||
MVP Houston San Jacinto Lot, LLC (2) | $ | 1,820,000 | Interest Only | $ | 1,820,000 | Cantor Commercial Real Estate | 10 year ** | 5.03 | % | 5/6/2027 | |||||||||
St. Louis Broadway, LLC (2) | $ | 1,671,000 | Interest Only | $ | 1,671,000 | Cantor Commercial Real Estate | 10 year ** | 5.03 | % | 5/6/2027 | |||||||||
St. Louis Seventh & Cerre, LLC (2) | $ | 2,057,000 | Interest Only | $ | 2,057,000 | Cantor Commercial Real Estate | 10 year ** | 5.03 | % | 5/6/2027 | |||||||||
MVP Indianapolis Meridian Lot, LLC (2) | $ | 938,000 | Interest Only | $ | 938,000 | Cantor Commercial Real Estate | 10 year ** | 5.03 | % | 5/6/2027 | |||||||||
MVP Preferred Parking, LLC | $ | 11,330,000 | Interest Only | $ | 11,330,000 | Key Bank | 10 year ** | 5.02 | % | 8/1/2027 | |||||||||
Less unamortized loan issuance costs | $ | (1,828,000 | ) | ||||||||||||||||
$ | 159,120,000 |
(1) | The Company issued a promissory note to KeyBank for $12.7 million secured by a pool of properties, including (i) MVP Denver Sherman, LLC, (ii) MVP Denver Sherman 1935, LLC, (iii) MVP Milwaukee Arena, LLC, (iv) MVP St. Louis Washington, LLC, (v) St. Paul Holiday Garage, LLC and (vi) Cleveland Lincoln Garage Owners, LLC. |
(2) | The Company issued a promissory note to Cantor Commercial Real Estate Lending, L.P. (“CCRE”) for $16.25 million secured by a pool of properties, including (i) MVP Indianapolis Meridian Lot, LLC, (ii) MVP Louisville Station Broadway, LLC, (iii) MVP White Front Garage Partners, LLC, (iv) MVP Houston Preston Lot, LLC, (v) MVP Houston San Jacinto Lot, LLC, (vi) St. Louis Broadway Group, LLC, and (vii) St. Louis Seventh & Cerre, LLC. |
(3) | On February 8, 2019, subsidiaries of the Company, consisting of MVP PF St. Louis 2013, LLC (“MVP St. Louis”), and MVP PF Memphis Poplar 2013 (“MVP Memphis Poplar”), LLC entered into a loan agreement, dated as of February 8, 2019, with LoanCore Capital Credit REIT LLC (“LoanCore”). Under the terms of the Loan Agreement, LoanCore agreed to loan MVP St. Louis and MVP Memphis Poplar $5.5 million to repay and discharge the outstanding KeyBank loan agreement. The loan is secured by a Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing on each of the properties owned by MVP St. Louis and MVP Memphis Poplar. |
(4) | On November 30, 2018, subsidiaries of the Company, consisting of MVP Hawaii Marks Garage, LLC, MVP Indianapolis City Park Garage, LLC, MVP Indianapolis Washington Street Lot, LLC, MVP New Orleans Rampart, LLC, MVP Raider Park Garage, LLC, and MVP Milwaukee Wells LLC (the “Borrowers”) entered into a loan agreement, dated as of November 30, 2018 (the “Loan Agreement”), with LoanCore Capital Credit REIT LLC (the “LoanCore”). Under the terms of the Loan Agreement, LoanCore agreed to loan the Borrowers $39.5 million to repay and discharge the outstanding KeyBank Revolving Credit Facility. The loan is secured by a Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing on each of the properties owned by the Borrowers (the “Properties”). The loan bears interest at a floating rate equal to the sum of one-month LIBOR plus 3.65%, subject to a LIBOR minimum of 1.95%. Additionally, the Borrowers were required to purchase an Interest Rate Protection Agreement which caps its maximum LIBOR at 3.50% for the duration of the loan. Payments are interest-only for the duration of the loan, with the $39.5 million principal repayment due in a balloon payment due on December 9, 2020, with an option to extend the term until December 9, 2021 subject to certain conditions and payment obligations. The Borrowers have the right to prepay all or any part of the loan, subject to payment of any applicable Spread Maintenance Premium and Exit Fee (as defined in the Loan Agreement). The loan is also subject to mandatory prepayment upon certain events of Insured Casualty or Condemnation (as defined in the Loan Agreement). The Borrowers made customary representations and warranties to LoanCore and agreed to maintain certain covenants under the Loan Agreement, including but not limited to, covenants involving their existence; property taxes and other charges; access to properties, repairs, maintenance and alterations; performance of other agreements; environmental matters; title to properties; leases; estoppel statements; management of the Properties; special purpose bankruptcy remote entity status; change in business or operation of the Properties; debt cancellation; affiliate transactions; indebtedness of the Borrowers limited to Permitted Indebtedness (as defined in the Loan Agreement); ground lease reserve relating to MVP New Orleans’ Property; property cash flow allocation; liens on the Properties; ERISA matters; approval of major contracts; payments upon a sale of a Property; and insurance, notice and reporting obligations as set forth in the loan agreement. The Loan Agreement contains customary events of default and indemnification obligations. The loan proceeds were used to repay and discharge the KeyBank Credit Agreement, dated as of December 29, 2017, as amended, per the terms outlined in the third amendment to the Credit Agreement dated September 28, 2018, as previously filed on Form 8-K on October 2, 2018 and incorporated herein by reference. |
(5) | Loan in the amount of $2,500,000 was originated on June 5, 2018 of which $1,645,000 was funded. Remaining balance available of $855,000 was funded on December 11, 2018. |
Property | Original Debt Amount | Monthly Payment | Balance as of 12/31/2019 | Lender | Term | Interest Rate | Loan Maturity | ||||||||||||
MVP PF Ft. Lauderdale 2013, LLC | $ | 2,000,000 | -- | -- | Multiple | 1 Year | 8.00 | % | 6/24/2020 | ||||||||||
MVP PF Ft. Lauderdale 2013, LLC (1) | $ | 4,300,000 | $ | 25,000 | -- | Key Bank | 5 Year | 4.94 | % | 2/1/2019 | |||||||||
The Parking REIT D&O Insurance | $ | 390,000 | $ | 29,000 | -- | First Insurance Funding | 1 Year | 3.70 | % | 4/30/2019 |
(1) | Secured by four properties, including (i) MVP PF Ft. Lauderdale 2013, LLC, (ii) MVP PF Memphis Court 2013, LLC, (iii) MVP PF Memphis Poplar 2013, LLC and (iv) MVP PF St. Louis 2013, LLC |
2020 | $ | 50,183,000 | ||
2021 | 2,058,000 | |||
2022 | 2,252,000 | |||
2023 | 2,498,000 | |||
2024 | 15,283,000 | |||
Thereafter | 88,674,000 | |||
Less unamortized loan issuance costs | (1,828,000 | ) | ||
Total | $ | 159,120,000 |
Property | Original Debt Amount | Monthly Payment | Balance as of 12/31/2018 | Lender | Term | Interest Rate | Loan Maturity | ||||||||||||
MVP PF Ft. Lauderdale 2013, LLC (3) | $ | 4,300,000 | $ | 25,000 | $ | 3,830,000 | KeyBank | 5 Year | 4.94 | % | 2/1/2019 | ||||||||
MVP Cincinnati Race Street, LLC | $ | 2,550,000 | Interest Only | $ | 2,550,000 | Multiple | 1 Year | 7.50 | % | 3/25/2019 | |||||||||
MVP Wildwood NJ Lot, LLC | $ | 1,000,000 | Interest Only | $ | 1,000,000 | Tigges Construction Co. | 1 Year | 7.50 | % | 4/1/2019 | |||||||||
The Parking REIT D&O Insurance | $ | 390,000 | $ | 28,000 | $ | 30,000 | First Insurance Funding | 1 Year | 3.70 | % | 4/30/2019 | ||||||||
MVP San Jose 88 Garage, LLC(5) | $ | 1,645,000 | Interest Only | $ | 2,500,000 | Multiple | 1 Year | 7.50 | % | 6/3/2019 | |||||||||
MVP Raider Park Garage, LLC (4) | $ | 7,400,000 | Interest Only | $ | 7,400,000 | LoanCore | 2 Year | Variable | 12/9/2020 | ||||||||||
MVP New Orleans Rampart, LLC (4) | $ | 5,300,000 | Interest Only | $ | 5,300,000 | LoanCore | 2 Year | Variable | 12/9/2020 | ||||||||||
MVP Hawaii Marks Garage, LLC (4) | $ | 13,500,000 | Interest Only | $ | 13,500,000 | LoanCore | 2 Year | Variable | 12/9/2020 | ||||||||||
MVP Milwaukee Wells, LLC (4) | $ | 2,700,000 | Interest Only | $ | 2,700,000 | LoanCore | 2 Year | Variable | 12/9/2020 | ||||||||||
MVP Indianapolis City Park, LLC (4) | $ | 7,200,000 | Interest Only | $ | 7,200,000 | LoanCore | 2 Year | Variable | 12/9/2020 | ||||||||||
MVP Indianapolis WA Street, LLC (4) | $ | 3,400,000 | Interest Only | $ | 3,400,000 | LoanCore | 2 Year | Variable | 12/9/2020 | ||||||||||
Mabley Place Garage, LLC | $ | 9,000,000 | $ | 44,000 | $ | 8,362,000 | Barclays | 10 year | 4.25 | % | 12/6/2024 |
MVP Houston Saks Garage, LLC | $ | 3,650,000 | $ | 20,000 | $ | 3,357,000 | Barclays Bank PLC | 10 year | 4.25 | % | 8/6/2025 | ||||||||
Minneapolis City Parking, LLC | $ | 5,250,000 | $ | 29,000 | $ | 4,928,000 | American National Insurance, of NY | 10 year | 4.50 | % | 5/1/2026 | ||||||||
MVP Bridgeport Fairfield Garage, LLC | $ | 4,400,000 | $ | 23,000 | $ | 4,140,000 | FBL Financial Group, Inc. | 10 year | 4.00 | % | 8/1/2026 | ||||||||
West 9th Properties II, LLC | $ | 5,300,000 | $ | 30,000 | $ | 5,039,000 | American National Insurance Co. | 10 year | 4.50 | % | 11/1/2026 | ||||||||
MVP Fort Worth Taylor, LLC | $ | 13,150,000 | $ | 73,000 | $ | 12,528,000 | American National Insurance, of NY | 10 year | 4.50 | % | 12/1/2026 | ||||||||
MVP Detroit Center Garage, LLC | $ | 31,500,000 | $ | 194,000 | $ | 30,360,000 | Bank of America | 10 year | 5.52 | % | 2/1/2027 | ||||||||
MVP St Louis Washington, LLC (1) | $ | 1,380,000 | Interest Only | $ | 1,380,000 | KeyBank | 10 year * | 4.90 | % | 5/1/2027 | |||||||||
St Paul Holiday Garage, LLC (1) | $ | 4,132,000 | Interest Only | $ | 4,132,000 | KeyBank | 10 year * | 4.90 | % | 5/1/2027 | |||||||||
Cleveland Lincoln Garage, LLC (1) | $ | 3,999,000 | Interest Only | $ | 3,999,000 | KeyBank | 10 year * | 4.90 | % | 5/1/2027 | |||||||||
MVP Denver Sherman, LLC (1) | $ | 286,000 | Interest Only | $ | 286,000 | KeyBank | 10 year * | 4.90 | % | 5/1/2027 | |||||||||
MVP Milwaukee Arena Lot, LLC (1) | $ | 2,142,000 | Interest Only | $ | 2,142,000 | KeyBank | 10 year * | 4.90 | % | 5/1/2027 | |||||||||
MVP Denver Sherman 1935, LLC (1) | $ | 762,000 | Interest Only | $ | 762,000 | KeyBank | 10 year * | 4.90 | % | 5/1/2027 | |||||||||
MVP Louisville Broadway Station, LLC (2) | $ | 1,682,000 | Interest Only | $ | 1,682,000 | Cantor Commercial Real Estate | 10 year ** | 5.03 | % | 5/6/2027 | |||||||||
MVP Whitefront Garage, LLC (2) | $ | 6,454,000 | Interest Only | $ | 6,454,000 | Cantor Commercial Real Estate | 10 year ** | 5.03 | % | 5/6/2027 | |||||||||
MVP Houston Preston Lot, LLC (2) | $ | 1,627,000 | Interest Only | $ | 1,627,000 | Cantor Commercial Real Estate | 10 year ** | 5.03 | % | 5/6/2027 | |||||||||
MVP Houston San Jacinto Lot, LLC (2) | $ | 1,820,000 | Interest Only | $ | 1,820,000 | Cantor Commercial Real Estate | 10 year ** | 5.03 | % | 5/6/2027 | |||||||||
St. Louis Broadway, LLC (2) | $ | 1,671,000 | Interest Only | $ | 1,671,000 | Cantor Commercial Real Estate | 10 year ** | 5.03 | % | 5/6/2027 | |||||||||
St. Louis Seventh & Cerre, LLC (2) | $ | 2,057,000 | Interest Only | $ | 2,057,000 | Cantor Commercial Real Estate | 10 year ** | 5.03 | % | 5/6/2027 | |||||||||
MVP Indianapolis Meridian Lot, LLC (2) | $ | 938,000 | Interest Only | $ | 938,000 | Cantor Commercial Real Estate | 10 year ** | 5.03 | % | 5/6/2027 | |||||||||
MVP Preferred Parking, LLC | $ | 11,330,000 | Interest Only | $ | 11,330,000 | Key Bank | 10 year ** | 5.02 | % | 8/1/2027 | |||||||||
Less unamortized loan issuance costs | $ | (2,443,000 | ) | ||||||||||||||||
$ | 155,961,000 |
(1) | The Company issued a promissory note to KeyBank for $12.7 million secured by a pool of properties, including (i) MVP Denver Sherman, LLC, (ii) MVP Denver Sherman 1935, LLC, (iii) MVP Milwaukee Arena, LLC, (iv) MVP St. Louis Washington, LLC, (v) St Paul Holiday Garage, LLC and (vi) Cleveland Lincoln Garage Owners, LLC. |
(2) | The Company issued a promissory note to Cantor Commercial Real Estate Lending, L.P. (“CCRE”) for $16.25 million secured by a pool of properties, including (i) MVP Indianapolis Meridian Lot, LLC, (ii) MVP Louisville Station Broadway, LLC, (iii) MVP White Front Garage Partners, LLC, (iv) MVP Houston Preston Lot, LLC, (v) MVP Houston San Jacinto Lot, LLC, (vi) St. Louis Broadway Group, LLC, and (vii) St. Louis Seventh & Cerre, LLC. |
(3) | Secured by four properties, including (i) MVP PF Ft. Lauderdale 2013, LLC, (ii) MVP PF Memphis Court 2013, LLC, (iii) MVP PF Memphis Poplar 2013, LLC and (iv) MVP PF St. Louis 2013, LLC). |
(4) | On November 30, 2018, subsidiaries of the Company, consisting of MVP Hawaii Marks Garage, LLC, MVP Indianapolis City Park Garage, LLC, MVP Indianapolis Washington Street Lot, LLC, MVP New Orleans Rampart, LLC, MVP Raider Park Garage, LLC, and MVP Milwaukee Wells LLC (the “Borrowers”) entered into a loan agreement, dated as of November 30, 2018 (the “Loan Agreement”), with LoanCore Capital Credit REIT LLC (the “LoanCore”). Under the terms of the Loan Agreement, LoanCore agreed to loan the Borrowers $39.5 million to repay and discharge the outstanding KeyBank Revolving Credit Facility. The loan is secured by a Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing on each of the properties owned by the Borrowers (the “Properties”). The loan bears interest at a floating rate equal to the sum of one-month LIBOR plus 3.65%, subject to a LIBOR minimum of 1.95%. Additionally, the Borrowers were required to purchase an Interest Rate Protection Agreement which caps its maximum LIBOR at 3.50% for the duration of the loan. Payments are interest-only for the duration of the loan, with the $39.5 million principal repayment due in a balloon payment due on December 9, 2020, with an option to extend the term until December 9, 2021 subject to certain conditions and payment obligations. The Borrowers have the right to prepay all or any part of the loan, subject to payment of any applicable Spread Maintenance Premium and Exit Fee (as defined in the Loan Agreement). The loan is also subject to mandatory prepayment upon certain events of Insured Casualty or Condemnation (as defined in the Loan Agreement). The Borrowers made customary representations and warranties to LoanCore and agreed to maintain certain covenants under the Loan Agreement, including but not limited to, covenants involving their existence; property taxes and other charges; access to properties, repairs, maintenance and alterations; performance of other agreements; environmental matters; title to properties; leases; estoppel statements; management of the Properties; special purpose bankruptcy remote entity status; change in business or operation of the Properties; debt cancellation; affiliate transactions; indebtedness of the Borrowers limited to Permitted Indebtedness (as defined in the Loan Agreement); ground lease reserve relating to MVP New Orleans’ Property; property cash flow allocation; liens on the Properties; ERISA matters; approval of major contracts; payments upon a sale of a Property; and insurance, notice and reporting obligations as set forth in the loan agreement. The Loan Agreement contains customary events of default and indemnification obligations. The loan proceeds were used to repay and discharge the KeyBank Credit Agreement, dated as of December 29, 2017, as amended, per the terms outlined in the third amendment to the Credit Agreement dated September 28, 2018, as previously filed on Form 8-K on October 2, 2018 and incorporated herein by reference. |
(5) | Loan in the amount of $2,500,000 was originated on June 5, 2018 of which $1,645,000 was funded. Remaining balance available of $855,000 was funded on December 11, 2018. |
Property | Original Debt Amount | Monthly Payment | Balance as of 12/31/2018 | Lender | Term | Interest Rate | Loan Maturity | ||||||||||||
St. Louis Lucas (1)(3) | $ | 3,490,000 | $ | 20,000 | -- | Key Bank | 10 year | 4.59 | % | 2/1/2026 | |||||||||
Indianapolis Garage (2)(3) | $ | 8,200,000 | $ | 46,000 | -- | Key Bank | 10 year | 4.59 | % | 2/1/2026 |
(1) | Secured by three properties, including (i) MVP St. Louis Convention, (ii) MVP St. Louis Lucas and (iii) MVP KC Cherry. |
(2) | Secured by two properties, including (i) MVP Indianapolis City Park and (ii) MVP Indianapolis Washington Street. |
(3) | Loans were defeased through the sale of St Louis Lucas and Indianapolis Garage loans. MVP Indianapolis City Park and MVP Indianapolis Washington Street were added to the KeyBank Borrowing Base revolving credit facility, drawing approximately $8.7 million, of which approximately $1.6 million was used to pay down the KeyBank Working Capital revolving credit facility. |
2017 | $ | 231,000 | ||||||
2018 | 124,000 | |||||||
2019 | 129,000 | $ | 11,691,000 | |||||
2020 | 135,000 | 41,454,000 | ||||||
2021 | 142,000 | 2,058,000 | ||||||
2022 | 2,252,000 | |||||||
2023 | 2,499,000 | |||||||
Thereafter | 4,632,000 | 98,450,000 | ||||||
Less unamortized loan issuance costs | (2,443,000 | ) | ||||||
Total | $ | 5,393,000 | $ | 155,961,000 |
Property | Location | Current Loan Balance | Interest Rate | Loan Maturity |
D&O Financing | N/A | $ 112,000 | 3.81% | 8/3/2017 |
West 9th Properties II, LLC | Cleveland, OH | 5,281,000 | 4.50% | 10/25/2026 |
Less unamortized loan issuance costs | (75,000) | |||
Total | $ 5,318,000 |
1. | Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. |
2. | Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. |
3. | Level 3 – Model-derived valuations with unobservable inputs. |
Quoted Prices in Active Markets For Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at 12/31/16 | Carrying Value on Balance Sheet at 12/31/16 | ||||||||||||||||
Assets Investment in equity method investee | $ | -- | $ | -- | $ | 1,150,000 | $ | 1,150,000 | $ | 1,150,000 | ||||||||||
Investment in cost method investee – held for sale | $ | -- | $ | 836,000 | $ | 836,000 | $ | 836,000 | ||||||||||||
Investment in cost method investee | $ | -- | $ | -- | $ | 936,000 | $ | 936,000 | $ | 936,000 |
December 31, 2019 | December 31, 2018 | |||||||
(Unaudited) | (Unaudited) | |||||||
ASSETS | ||||||||
Investments in real estate and fixed assets | $ | 11,512,000 | $ | 11,512,000 | ||||
Cash | 28,000 | 32,000 | ||||||
Cash – restricted | 24,000 | 15,000 | ||||||
Accounts receivable | -- | 141,000 | ||||||
Prepaid expenses | 10,000 | 8,000 | ||||||
Total assets | $ | 11,574,000 | $ | 11,708,000 | ||||
LIABILITIES AND EQUITY | ||||||||
Liabilities | ||||||||
Notes payable, net of unamortized loan issuance costs of approximately $62,000 and $65,000 as of December 31, 2019 and 2018, respectively | $ | 5,954,000 | $ | 5,945,000 | ||||
Accounts payable and accrued liabilities | 93,000 | 63,000 | ||||||
Due to related party | 57,000 | 181,000 | ||||||
Total liabilities | 6,104,000 | 6,189,000 | ||||||
Equity | ||||||||
Member’s equity | 6,129,000 | 6,129,000 | ||||||
Offering costs | (574,000 | ) | (574,000 | ) | ||||
Accumulated earnings | 952,000 | 606,000 | ||||||
Distributions to members | (1,037,000 | ) | (642,000 | ) | ||||
Total equity | 5,470,000 | 5,519,000 | ||||||
Total liabilities and equity | $ | 11,574,000 | $ | 11,708,000 |
For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | |||||||
Revenue | $ | 738,000 | $ | 729,000 | ||||
Expenses | (392,000 | ) | (348,000 | ) | ||||
Net income | $ | 346,000 | $ | 381,000 |
For period of November 22, 2016 (acquisition) to December 31, 2016 | ||||
Revenue | $ | 5,000 | ||
Expenses | (22,000 | ) | ||
Net loss | $ | (19,000 | ) |
2019 | 2018 | |||||||
Return of Capital - Preferred | $ | 3,001,000 | $ | 2,709,000 | ||||
Capital Gain | -- | -- | ||||||
Return of Capital - Common | -- | 1,224,000 | ||||||
$ | 3,001,000 | $ | 3,933,000 |
Number of shares | Internalization Contribution | |||||||||||
Internalization consideration in common stock at $17.50 | 1,100,000 | (1 | ) | $ | 19,250,000 | |||||||
Internalization consideration in common stock at $25.10 | 500,000 | (2 | ) | 12,550,000 | ||||||||
Total internalization consideration | 1,600,000 | $ | 31,800,000 | |||||||||
Internalization consideration issued April 1, 2019 at $17.50 | (400,000 | ) | (7,000,000 | ) | ||||||||
Shares issued December 31, 2019 at $17.50 | (400,000 | ) | (7,000,000 | ) | ||||||||
Deferred management internalization at December 31, 2019 | 800,000 | $ | 17,800,000 |
2016 | 2015 | |||||||
Ordinary | $ | -- | $ | -- | ||||
Capital Gain | - | - | ||||||
Return of Capital | 732,000 | -- | ||||||
$ | 732,000 | $ | -- |
Initial Cost | Cost Capitalized Subsequent to Acquisition | Gross Carrying Amount at December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Description | ST | Encumbrance | Land | Buildings and Improvements | Improvements | Carrying Costs | Land | Building and Improvements | Total | Accumulated Depreciation (1) | Date Acquired | Life on which depr in latest statement is computed | |||||||||||||||||||||||||||||||||
West 9th Street (2) | OH | $ | 4,909,000 | $ | 5,675,000 | $ | -- | $ | 170,000 | $ | -- | $ | 5,845,000 | $ | -- | $ | 5,845,000 | $ | 24,000 | 2016 | 15 | ||||||||||||||||||||||||
Crown Colony (2) | OH | -- | 3,030,000 | -- | 18,000 | -- | 3,048,000 | -- | 3,048,000 | 4,000 | 2016 | 15 | |||||||||||||||||||||||||||||||||
San Jose(4) | CA | 2,500,000 | 1,073,000 | 2,503,000 | 268,000 | -- | 977,000 | 2,523,000 | 3,500,000 | 212,000 | 2016 | 39,15 | |||||||||||||||||||||||||||||||||
MCI 1372 Street | OH | -- | 700,000 | -- | -- | -- | 700,000 | -- | 700,000 | -- | 2016 | N/A | |||||||||||||||||||||||||||||||||
Cincinnati Race Street | OH | 2,550,000 | 2,142,000 | 2,358,000 | 1,832,000 | -- | 2,142,000 | 4,190,000 | 6,332,000 | 411,000 | 2016 | 39,15 | |||||||||||||||||||||||||||||||||
St Louis Washington | MO | 1,362,000 | 3,000,000 | -- | 7,000 | -- | 2,957,000 | -- | 2,957,000 | 1,000 | 2016 | 15 | |||||||||||||||||||||||||||||||||
St Paul Holiday Garage | MN | 4,077,000 | 1,673,000 | 6,527,000 | 196,000 | -- | 1,673,000 | 6,723,000 | 8,396,000 | 593,000 | 2016 | 39,15 | |||||||||||||||||||||||||||||||||
Louisville Station | KY | 1,682,000 | 3,050,000 | -- | -- | -- | 3,107,000 | -- | 3,107,000 | 10,000 | 2016 | 15 | |||||||||||||||||||||||||||||||||
Whitefront Garage | TN | 6,454,000 | 3,116,000 | 8,380,000 | -- | -- | 3,116,000 | 8,556,000 | 11,672,000 | 727,000 | 2016 | 39,15 | |||||||||||||||||||||||||||||||||
Cleveland Lincoln Garage | OH | 3,946,000 | 2,195,000 | 5,122,000 | 3,332,000 | -- | 2,195,000 | 8,454,000 | 10,649,000 | 664,000 | 2016 | 39,15 | |||||||||||||||||||||||||||||||||
Houston Preston | TX | 1,627,000 | 2,800,000 | -- | -- | -- | 2,820,000 | -- | 2,820,000 | 3,000 | 2016 | 15 | |||||||||||||||||||||||||||||||||
Houston San Jacinto | TX | 1,820,000 | 3,200,000 | -- | -- | -- | 3,250,000 | -- | 3,250,000 | 8,000 | 2016 | 15 | |||||||||||||||||||||||||||||||||
MVP Detroit Center Garage | MI | 29,717,000 | 7,000,000 | 48,000,000 | 477,000 | -- | 7,000,000 | 48,476,000 | 55,476,000 | 3,699,000 | 2017 | 39,15 | |||||||||||||||||||||||||||||||||
St. Louis Broadway | MO | 1,671,000 | 2,400,000 | -- | -- | -- | 2,400,000 | -- | 2,400,000 | -- | 2017 | N/A | |||||||||||||||||||||||||||||||||
St. Louis Seventh & Cerre | MO | 2,057,000 | 3,300,000 | -- | -- | -- | 3,300,000 | -- | 3,300,000 | -- | 2017 | N/A | |||||||||||||||||||||||||||||||||
MVP Preferred Parking | TX | 11,330,000 | 15,800,000 | 4,700,000 | 710,000 | -- | 15,800,000 | 5,410,000 | 21,210,000 | 362,000 | 2017 | 39,15 | |||||||||||||||||||||||||||||||||
MVP Raider Park Garage | TX | 7,400,000 | 1,960,000 | 9,040,000 | 2,517,000 | -- | 2,006,000 | 11,511,000 | 13,517,000 | 534,000 | 2017 | 39,15 | |||||||||||||||||||||||||||||||||
MVP PF Memphis Poplar 2013 | TN | 1,800,000 | 3,735,000 | -- | 13,000 | -- | 3,748,000 | -- | 3,748,000 | 83,000 | 2017 | 15 | |||||||||||||||||||||||||||||||||
MVP PF St. Louis 2013 | MO | 3,700,000 | 5,145,000 | -- | -- | -- | 5,145,000 | -- | 5,145,000 | 118,000 | 2017 | 15 | |||||||||||||||||||||||||||||||||
Mabley Place Garage | OH | 8,188,000 | 1,585,000 | 19,557,000 | 43,000 | -- | 1,592,000 | 19,593,000 | 21,185,000 | 1,168,000 | 2017 | 39,15 | |||||||||||||||||||||||||||||||||
MVP Denver Sherman | CO | 282,000 | 705,000 | -- | -- | -- | 705,000 | -- | 705,000 | -- | 2017 | N/A | |||||||||||||||||||||||||||||||||
MVP Fort Worth Taylor | TX | 12,208,000 | 2,845,000 | 24,813,000 | 5,000 | -- | 2,845,000 | 24,818,000 | 27,663,000 | 1,397,000 | 2017 | 39,15 | |||||||||||||||||||||||||||||||||
MVP Milwaukee Old World | WI | -- | 2,044,000 | -- | -- | -- | 2,044,000 | -- | 2,044,000 | 46,000 | 2017 | 15 | |||||||||||||||||||||||||||||||||
MVP Houston Saks Garage | TX | 3,262,000 | 4,931,000 | 5,460,000 | 37,000 | -- | 4,931,000 | 5,492,000 | 10,423,000 | 341,000 | 2017 | 39,15 | |||||||||||||||||||||||||||||||||
MVP Milwaukee Wells | WI | 2,700,000 | 4,873,000 | -- | -- | -- | 5,083,000 | -- | 5,083,000 | 57,000 | 2017 | 15 | |||||||||||||||||||||||||||||||||
MVP Wildwood NJ Lot | NJ | 1,000,000 | 1,631,000 | -- | -- | -- | 1,231,000 | -- | 1,231,000 | -- | 2017 | N/A | |||||||||||||||||||||||||||||||||
MVP Indianapolis City Park | IN | 7,200,000 | 2,055,000 | 8,764,000 | 114,000 | -- | 2,056,000 | 8,878,000 | 10,934,000 | 612,000 | 2017 | 39,15 | |||||||||||||||||||||||||||||||||
MVP Indianapolis WA Street Lot | IN | 3,400,000 | 5,749,000 | -- | -- | -- | 5,749,000 | -- | 5,749,000 | 45,000 | 2017 | 15 | |||||||||||||||||||||||||||||||||
MVP Minneapolis Venture | MN | 2,000,000 | 6,543,000 | -- | -- | -- | 4,012,000 | -- | 4,012,000 | -- | 2017 | N/A | |||||||||||||||||||||||||||||||||
MVP Indianapolis Meridian Lot | IN | 938,000 | 1,601,000 | -- | -- | -- | 1,601,000 | -- | 1,601,000 | 10,000 | 2017 | 15 | |||||||||||||||||||||||||||||||||
MVP Milwaukee Clybourn | WI | -- | 262,000 | -- | -- | -- | 262,000 | -- | 262,000 | 5,000 | 2017 | 15 | |||||||||||||||||||||||||||||||||
MVP Milwaukee Arena | WI | 2,114,000 | 4,632,000 | -- | -- | -- | 4,631,000 | -- | 4,631,000 | -- | 2017 | N/A | |||||||||||||||||||||||||||||||||
MVP Clarksburg Lot | WV | -- | 715,000 | -- | -- | -- | 715,000 | -- | 715,000 | 10,000 | 2017 | 15 | |||||||||||||||||||||||||||||||||
MVP Denver Sherman 1935 | CO | 752,000 | 2,534,000 | -- | -- | -- | 2,533,000 | -- | 2,533,000 | -- | 2017 | N/A | |||||||||||||||||||||||||||||||||
MVP Bridgeport Fairfield Garage | CT | 4,025,000 | 498,000 | 7,758,000 | -- | -- | 498,000 | 7,758,000 | 8,256,000 | 465,000 | 2017 | 39,15 | |||||||||||||||||||||||||||||||||
Minneapolis City Parking | MN | 4,797,000 | 9,838,000 | -- | -- | -- | 9,338,000 | -- | 9,338,000 | 178,000 | 2017 | 15 | |||||||||||||||||||||||||||||||||
MVP New Orleans Rampart | LA | 5,300,000 | 8,105,000 | -- | -- | -- | 8,105,000 | -- | 8,105,000 | -- | 2018 | N/A | |||||||||||||||||||||||||||||||||
MVP Hawaii Marks | HI | 13,500,000 | 9,118,000 | 11,716,000 | 294,000 | -- | 9,118,000 | 12,010,000 | 21,128,000 | 475,000 | 2018 | 39,15 | |||||||||||||||||||||||||||||||||
$ | 160,268,000 | $ | 141,258,000 | $ | 164,698,000 | $ | 10,033,000 | $ | -- | $ | 138,278,000 | $ | 174,392,000(3 | ) | $ | 312,670,000(4 | ) | $ | 12,262,000 |
(1) | The initial costs of buildings are depreciated over 39 years using a straight-line method of accounting; improvements capitalized subsequent to acquisition are depreciated over the shorter of the lease term or useful life, generally ranging from one to 20 years. |
Initial Cost | Gross Carrying Amount at December 31, 2016 | ||||||||||||
Description | ST | Encumbrance | Land | Buildings and Improvements | Total | Cost Capitalized Subsequent to Acquisition | Land | Building and Improvements | Total | Accumulated Depreciation (1) | Date Acquired | Rentable Square Feet | |
West 9th Street | -- | $5,675,000 | -- | $5,675,000 | -- | $5,675,000 | -- | $5,675,000 | -- | 2016 | n/a | ||
Crown Colony | -- | $3,030,000 | -- | $3,030,000 | -- | $3,030,000 | -- | $3,030,000 | -- | 2016 | n/a | ||
San Jose | -- | $1,073,000 | $2,503,000 | $3,576,000 | -- | $1,073,000 | $2,503,000 | $3,576,000 | 35,000 | 2016 | n/a | ||
MCI 1372 Street | -- | $700,000 | -- | $700,000 | -- | $700,000 | -- | $700,000 | -- | 2016 | n/a | ||
Cincinnati Race Street | -- | $2,142,000 | $2,358,000 | $4,500,000 | -- | $2,142,000 | $2,358,000 | $4,500,000 | 29,000 | 2016 | n/a | ||
St Louis Washington | -- | $3,000,000 | -- | $3,000,000 | -- | $3,000,000 | -- | $3,000,000 | -- | 2016 | n/a | ||
St Paul Holiday Garage | -- | $1,673,000 | $6,527,000 | $8,200,000 | -- | $1,673,000 | $6,527,000 | $8,200,000 | 62,000 | 2016 | n/a | ||
Louisville Station | -- | $3,050,000 | -- | $3,050,000 | -- | $3,050,000 | -- | $3,050,000 | -- | 2016 | n/a | ||
Whitefront Garage | -- | $3,116,000 | $8,379,000 | $11,495,000 | -- | $3,116,000 | $8,379,000 | $11,495,000 | 45,000 | 2016 | n/a | ||
Cleveland Lincoln Garage | -- | $2,195,000 | $5,122,000 | $7,317,000 | -- | $2,195,000 | $5,122,000 | $7,317,000 | 24,000 | 2016 | n/a | ||
Houston San Jacinto | -- | $3,200,000 | -- | $3,200,000 | -- | $3,200,000 | -- | $3,200,000 | -- | 2016 | n/a | ||
-- | $28,854,000 | $24,889,000 | $53,743,000 | $- | $28,854,000 | $24,889,000 | $53,743,000 | $195,000 | |||||
(1) | The initial costs of buildings are depreciated over 39 years using a straight-line method of accounting; improvements capitalized subsequent to acquisition are depreciated over the shorter of the lease term or useful life, generally ranging from one to 20 years. |
(2) | These properties are held by West 9th St. Properties II, LLC |
(3) | This amount does not include CIP of approximately $0.7 million. |
(4) | San Jose is listed as Held for Sale and includes approximately $0.2 million of accumulated depreciation. |
(5) |
2019 | 2018 | |||||||
Total real estate held for investment, inception (prior) | $ | 315,101,000 | $ | 287,052,000 | ||||
Additions during period: | ||||||||
Acquisitions | -- | 33,166,000 | ||||||
Improvements | 2,895,000 | 5,068,000 | ||||||
Deductions during period: | ||||||||
Dispositions | (3,874,000 | ) | -- | |||||
Impairments | (1,452,000 | ) | (10,185,000 | ) | ||||
Total real estate held for investment, end of year (1) | $ | 312,670,000 | $ | 315,101,000 |
2016 | 2015 | |||||||
Total real estate held for investment, inception (prior) | $ | -- | $ | -- | ||||
Additions during period: | -- | -- | ||||||
Acquisitions | 53,743,000 | -- | ||||||
Total real estate held for investment, end of year | $ | 53,743,000 | $ | -- |
(1) | This amount does not include investments in software and construction in progress totaling approximately $0.7 million as of December 31, 2019 and approximately $1.9 million as of December 31, 2018. |
2019 | 2018 | |||||||
Accumulated depreciation, inception (prior) | $ | 7,110,000 | $ | 2,231,000 | ||||
Deductions during period: | -- | (38,000 | ) | |||||
Depreciation and amortization of real estate | 5,152,000 | 4,917,000 | ||||||
Accumulated depreciation, end of year (1) | $ | 12,262,000 | $ | 7,110,000 |
2016 | 2015 | |||||||
Accumulated depreciation, inception (prior) | $ | -- | $ | -- | ||||
Additions during period: | -- | -- | ||||||
Depreciation of real estate | 195,000 | -- | ||||||
Accumulated depreciation, end of year | $ | 195,000 | $ | -- |
(1) | San Jose is listed as Held for Sale and includes approximately $0.2 million of accumulated depreciation. |
Name | Age | Title |
Michael V. Shustek | 61 | Chief Executive Officer and Director |
J. Kevin Bland | 56 | Chief Financial Officer |
Dan Huberty | 51 | President& Chief Operating Officer |
John E. Dawson (1) | 62 | Independent Director |
Robert J. Aalberts | 68 | Independent Director |
Nicholas Nilsen (1) | 83 | Independent Director |
Shawn Nelson | 53 | Independent Director |
(1) | Member of the audit committee |
Name | Age | Title |
Michael V. Shustek | ||
Chief Financial Officer |
Name | Audit | Compensation | Nominating and Corporate Governance | |||
John Dawson | Chair | |||||
Robert J. Aalberts | Chair | |||||
Nicholas Nilsen | X | Chair | X | |||
Shawn Nelson | X | X |
Name and Principal Position | Fiscal Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($) | Change in Pension Value And Nonqualified Deferred Compensation Earnings ($) | All Other Compensation ($) (1) | Total ($) | ||||||||||||||||||||||||
Michael V. Shustek | 2019 | $ | 275,000 | - | - | - | - | - | - | $ | 275,000 | ||||||||||||||||||||||
Chief Executive Officer | 2018 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Daniel Huberty | 2019 | $ | 150,000 | - | - | - | - | - | - | $ | 150,000 | ||||||||||||||||||||||
President and Chief | 2018 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Operating Officer | |||||||||||||||||||||||||||||||||
James Kevin Bland | 2019 | $ | 125,000 | $ | 90,000 | - | - | - | - | - | $ | 215,000 | |||||||||||||||||||||
Chief Financial Officer | 2018 | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Name | Fees Earned or Paid in Cash | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($) | Change in Pension Value and Nonqualified Deferred Compensation Earnings | All Other Compensation (1)($) | Total ($) | Fees Earned or Paid in Cash | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($) | Change in Pension Value and Nonqualified Deferred Compensation Earnings | All Other Compensation ($) | Total ($) | ||||||||||||||||||||||||||||||||||||||||||
Allen Wolff | $ | 48,500 | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | 48,500 | ||||||||||||||||||||||||||||||||||||||||||
David Chavez | $ | 47,500 | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | 47,500 | ||||||||||||||||||||||||||||||||||||||||||
Erik Hart | $ | 46,500 | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | 46,500 | ||||||||||||||||||||||||||||||||||||||||||
David Chavez (1) | $ | 11,250 | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | 11,250 | ||||||||||||||||||||||||||||||||||||||||||
John Dawson | $ | 54,750 | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | 54,750 | 60,333 | -- | -- | -- | -- | -- | 60,333 | |||||||||||||||||||||||||||||||||||
Robert J. Aalberts | 56,292 | -- | -- | -- | -- | -- | 56,292 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nicholas Nilsen | 39,167 | -- | -- | -- | -- | -- | 39,167 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shawn Nelson | 63,821 | -- | -- | -- | -- | -- | 63,821 | |||||||||||||||||||||||||||||||||||||||||||||||||
William Wells (1) | 11,250 | -- | -- | -- | -- | -- | 11,250 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 197,250 | -- | -- | -- | -- | -- | $ | 197,250 | $ | 242,113 | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | 242,113 |
(1) |
Name and Address of Beneficial Owner | Amount and Nature of Beneficial Ownership | Percent of Class | ||
Vestin Realty Mortgage II, Inc. 9130 W. Post Rd Suite 130 Las Vegas, NV 89148 | Sole voting and investment power of 844,960 shares | 11.52% | ||
Vestin Realty Mortgage I, Inc. 9130 W Post Rd Suite 130 Las Vegas, NV 89148 | Sole voting and investment power of 456,834 shares | 6.23% |
Common Shares Beneficially Owned | Preferred Shares Beneficially Owned | |||||||||
Beneficial Owner | Address | Number | Percent | Number | Percent | |||||
Michael V. Shustek | 8880 W. Sunset Rd Las Vegas, NV 89148 | 8,579 | <1% | -- | -- | |||||
Ed Bentzen | 8880 W. Sunset Rd Las Vegas, NV 89148 | -- | -- | -- | -- | |||||
Allen Wolff | 7275 Sitio Lima Carlsbad, CA 92009 | -- | -- | *26.5 | 1.32% | |||||
David Chavez | 28 Strada Prinicipale Henderson, NV 89011 | -- | -- | -- | -- | |||||
Erik Hart | 4004 Murphy Rd. Memphis, IN 47143 | -- | -- | -- | -- | |||||
John E. Dawson | 1321 Imperia Drive Henderson, NV 89052 | ** 4,390 | <1% | -- | -- | |||||
All directors and executive officers as a group | 12,969 | <1% | 26.5 | 1.32% |
Common Shares Beneficially Owned | Preferred Shares Beneficially Owned | ||||||||||||||||
Beneficial Owner | Address | Number | Percent | Number | Percent | ||||||||||||
Michael V. Shustek | 9130 W. Post Rd Suite 200, Las Vegas, NV 89148 | 13,423 | <1% | -- | -- | ||||||||||||
Dan Huberty | 9130 W. Post Rd Suite 200, Las Vegas, NV 89148 | 3,599 | <1% | -- | -- | ||||||||||||
John E. Dawson | 8925 W. Post Rd Suite 210, Las Vegas, NV 89148 | 2,570 | <1% | *54 | <1% | ||||||||||||
Robert J. Aalberts | 311 Vallarte Dr. Henderson NV 89014 | -- | -- | -- | -- | ||||||||||||
Nicholas Nilsen | 3074 Soft Horizon Way Las Vegas, NV 89135 | 2,141 | <1% | -- | -- | ||||||||||||
Shawn Nelson | Hall of Administration 333 W. Santa Ana Blvd. Santa Ana, CA 92701 | -- | -- | -- | -- | ||||||||||||
All directors and officers | 21,733 | <1% | 54 | <1% |
December 31, 2016 | For the period May 4, 2015 (date of inception) December 31, 2015 | |||||||
Audit Fees | $ | 61,000 | $ | -- | ||||
Audit Related Fees | $ | 7,500 | $ | 34,000 | ||||
Tax Fees | $ | -- | $ | -- | ||||
All Other Fees | $ | -- | $ | -- |
RBSM 12/31/2019 | RBSM 12/31/2018 | RSM 12/31/2019 | RSM 12/31/2018 | Armanino 12/31/2019 | HCVT 12/31/2018 | |||||||||||||||||||
Audit Fees | $ | 405,000 | $ | 495,000 | $ | -- | $ | 343,000 | $ | -- | $ | -- | ||||||||||||
Audit Related Fees | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||
Tax Fees | $ | -- | $ | -- | $ | -- | $ | -- | $ | 98,000 | $ | 219,000 | ||||||||||||
All Other Fees | $ | -- | $ | 25,000 | $ | -- | $ | 100,000 | $ | -- | $ | -- | ||||||||||||
Total | $ | 405,000 | $ | 520,000 | $ | -- | $ | 443,000 | $ | 98,000 | $ | 219,000 |
By: | /s/ Michael V. Shustek | |
Michael V. Shustek | ||
Chief Executive Officer | ||
Date: | March | |
By: | /s/ | |
Chief Financial Officer | ||
Date: | March |
Signature | Capacity | Date | ||
/s/ Michael V. Shustek | Chief Executive Officer and Director | March | ||
Michael V. Shustek | (Principal Executive Officer) | |||
/s/ | Chief Financial Officer | March | ||
J. Kevin Bland | (Principal Financial and Accounting Officer) | |||
/s/ John E. Dawson | Director | March | ||
John E. Dawson | ||||
/s/ | Director | March | ||
Robert J. Aalberts | ||||
/s/ | Director | March | ||
Nicholas Nilsen | ||||
/s/ | Director | March | ||
Shawn Nelson |