MVP REIT Increases Net Asset Value

The board of MVP REIT Inc., a publicly registered non-traded real estate investment trust, has approved an estimated net asset value of its common stock of $9.32 per share, as of March 30, 2017. MVP REIT sold shares in its initial public offering at $9.00 per share.

The estimated value per share is based on the estimated value of MVP REIT’s assets less the estimated value of its liabilities, divided by the number of outstanding shares of the company’s common stock.

“We are pleased with the performance of MVP REIT and the continued growth in the underlying value of its portfolio, up from $9.14 per share one year ago, and from the initial investment cost of $9.00 per share,” said Mike Shustek, chairman and chief executive officer of MVP REIT.

At the recommendation of its advisor, MVP REIT engaged Parking Property Advisors LLC, an independent third-party valuation firm, to provide a valuation analysis on 29 of the 31 properties in its portfolio. The remaining two properties were acquired within the past six months and their estimated value was based on information gathered at the time of purchase and management’s internal estimate.

After engaging Appraisal Institute members CBRE, Colliers International Valuation & Advisors Services, Integra Realty Resources, JLL Valuation & Advisory Services and Valbridge, Parking Property Advisors provided MVP REIT with its estimate of the fair value of MVP REIT’s parking assets as of March 30, 2017.

Based on this information, MVP REIT’s board of directors determined the fair value of the company’s investments to be $158.1 million. The board then reviewed with its advisor its other assets and liabilities, and determined the estimated value per share.

MVP REIT’s advisor performed the valuation of its common stock in compliance with the Investment Program Association’s practice guideline regarding valuations of publicly registered non-listed REITs.

As of April 11, 2017, the NAV of $9.32 per common share will be used for purposes of effectuating permitted redemptions of MVP REIT’s common stock and issuing shares pursuant to its distribution reinvestment plan.

MVP REIT, which invests in parking and self-storage facilities located throughout the United States, completed its initial public offering in September 2015 after raising $97.3 million from the sale of its common stock.

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