MVP REIT Reports 94 Percent Increase in Year-Over-Year Revenues
MVP REIT Inc., a publicly registered non-traded real estate investment trust, released its earnings results for the second quarter ended June 30, 2016.
During the second quarter, revenues were $2.05 million as compared to $1.06 million for the same three-month period in 2015, equal to a 94 percent increase in total revenue. For the first six months of 2016, total revenue increased by 126 percent to $3.95 million compared to $1.75 million for the first six months of 2015.
During the first six months of 2016, MVP REIT completed eight acquisitions valued at approximately $32 million, bringing its total investment in real estate to approximately $116 million in 26 properties.
“We are pleased with MVP REIT’s results over the last six months, and are excited to see the growth in our portfolio of properties,” said Mike Shustek, chairman and chief executive officer of MVP REIT. “Aggregate rental revenues from properties we have held for more than one year also increased on a year-over-year basis. We believe we have deployed a successful strategy for growing revenues at our parking locations and look forward to capitalizing on this strategy in future quarters.”
MVP’s board of directors determined an estimated net asset value of approximately $100.8 million or $9.14 per common share as of March 30, 2016. Shares in the initial public offering were sold at $9.00 per share.
According to the company’s filing with the Securities and Exchange Commission, total operating expenses for the second quarter totaled $1.88 million, compared to $1.72 million at the same time last year.
Income from operations for the three months ended June 30th was $176,000, compared to ($656,000), year-over-year.
Net loss was ($551,000) during the second quarter, compared to ($650,000) during the second quarter of 2015.
For the six months ended June 30th, funds from operations totaled ($1.53 million), while modified funds from operations was $220,000.
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.