LAS VEGAS, March 23, 2018 /PRNewswire/ -- The Parking
REIT, Inc. (the "Company") announced today that, on March 22, 2018, the board of directors of the
Company (the "Board") unanimously authorized a suspension of the
Company's cash distributions and stock dividends to holders of its
common stock, effective immediately.
The Board is focused on preserving capital in order to maintain
sufficient liquidity to continue to operate the business and
maintain compliance with debt covenants, including minimum
liquidity covenants, and to seek to enhance the value of the
Company for stockholders through potential future acquisitions.
The Company has a pipeline of investment opportunities that the
Board believes, if executed, will position the Company for
potential future growth and value creation. The Company expects
that cash retained by the suspension of cash distributions will
allow the Company to continue to pursue investment opportunities
while also preparing for a possible liquidity event in the future.
The Board took into consideration the Company's business, financial
condition, liquidity and the potential investment opportunities
when considering this change in distribution policy.
The Board will continue to evaluate the Company's performance
and expects to assess the Company's distribution policy
quarterly. There can be no assurance that the Company will
resume payment of distributions to common stockholders at any time
in the future, that any acquisitions will be completed on an
attractive basis, or at all, or that any liquidity event will occur
or when such event may occur.
About The Parking REIT, Inc.
The Parking REIT, Inc.
(formerly known as MVP REIT II, Inc.) is a publicly registered,
non-listed REIT that invests primarily in parking lots and garages
in the United States. Its assets include 44 parking
facilities located in 15 states. The Parking REIT is managed
by MVP Realty Advisors, LLC. For more information, please
visit TheParkingREIT.com.
Forward-Looking Statements
The statements in this
press release include statements regarding the intent, belief or
current expectations of the Company, the Board and members of its
management team, as well as the assumptions on which such
statements are based, and generally are identified by the use of
words such as "may," "will," "seeks," "strives," "anticipates,"
"believes," "estimates," "expects," "plans," "intends," "should" or
similar expressions. These risks include, but are not limited to:
national and local economic, business and real estate market
condition; the ability to maintain sufficient liquidity and the
Company's access to capital markets; the Company's ability to
maintain compliance with covenants imposed on the Company by
agreements governing the Company's indebtedness; the Company's
ability to identify, successfully compete for and complete
investment opportunities; and the performance of assets after they
are acquired. Although the Company believes the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, the Company can give no assurance that the
expectations will be attained or that any deviation will not be
material. Actual results may differ materially from those
contemplated by such forward-looking statements, including as a
result of those factors set forth in the Risk Factors section of
the Company's most recent annual report on Form 10-K and subsequent
quarterly reports on Form 10-Q. Forward-looking statements speak
only as of the date they are made, and the Company undertakes no
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time, unless required
by law.
Contacts
|
|
Julie
Leber
|
Damon
Elder
|
Spotlight Marketing
Communications
|
Spotlight Marketing
Communications
|
949.427.5172, ext.
703
|
949.427.5172, ext.
702
|
julie@spotlightmarcom.com
|
damon@spotlightmarcom.com
|
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SOURCE The Parking REIT, Inc.