Ÿ | our acquisitions of additional investments through March 31, 2016; |
Ÿ | an update on our indebtedness through March 31, 2016; |
Ÿ | our funds from operations and modified funds from operations; |
Ÿ | information regarding our distributions; |
Ÿ | information on experts; and |
Ÿ | incorporation of certain information by reference. |
Property
|
Location
|
Date Acquired
|
Property Type
|
Investment Amount
|
Size / Acreage
|
# Spaces
|
Retail /Office Square Ft.
|
Ownership %
|
|||||||||||||||
Ft. Lauderdale
|
208 SE 6th St,
Ft Lauderdale, FL
|
7/31/2013
|
Parking Lot /
Office Bldg.
|
$
|
3,409,000
|
.75 acre
|
66
|
4,061
|
100
|
%
|
|||||||||||||
Memphis Court
|
216 Court St,
Memphis, TN
|
8/28/2013
|
Parking Lot
|
$
|
194,000
|
.41 acre
|
37
|
N/A
|
100
|
%
|
|||||||||||||
Memphis Poplar
|
212 Poplar Ave,
Memphis, TN
|
8/28/2013
|
Parking Lot
|
$
|
2,693,000
|
.86 acre
|
125
|
N/A
|
100
|
%
|
|||||||||||||
Kansas City
|
1130 Holmes St,
Kansas City, MO
|
8/28/2013
|
Parking Lot
|
$
|
1,550,000
|
1.18 acres
|
164
|
N/A
|
100
|
%
|
|||||||||||||
St. Louis
|
1300 Spruce St,
St. Louis, MO
|
9/4/2013
|
Parking Lot
|
$
|
4,137,000
|
1.22 acres
|
179
|
N/A
|
100
|
%
|
|||||||||||||
Mabley Place
|
400 Race Street,
Cincinnati, OH
|
12/9/2014
|
Parking Facility
|
$
|
14,700,000
|
.91 acre
|
775
|
8,400
|
70
|
%
|
|||||||||||||
Denver Sherman
|
1963 Sherman Street,
Denver, CO
|
1/26/2015
|
Parking Lot
|
$
|
585,000
|
.14 acre
|
28
|
N/A
|
100
|
%
|
|||||||||||||
Ft. Worth
|
814 Taylor Street,
Fort Worth, Texas
|
3/16/2015
|
Parking Facility
|
$
|
23,336,000
|
1.18 acres
|
1,013
|
11,828
|
100
|
%
|
|||||||||||||
Milwaukee Old World
|
822 N. Old World Third Street,
Milwaukee, WI
|
3/31/2015
|
Parking Lot
|
$
|
1,000,000
|
.27 acre
|
54
|
N/A
|
100
|
%
|
|||||||||||||
St. Louis Convention
|
1010 Convention Plaza,
St. Louis, MO
|
5/31/2015
|
Parking Lot
|
$
|
2,575,000
|
1.26 acres
|
221
|
N/A
|
100
|
%
|
|||||||||||||
Houston Saks Garage
|
611 Fannin Street,
Houston, Tx
|
5/28/2015
|
Parking Facility
|
$
|
8,380,000
|
.36 acre
|
265
|
5,000
|
100
|
%
|
|||||||||||||
St. Louis Lucas
|
Lucas Ave, St.
Louis, MO
|
6/29/2015
|
Parking Lot
|
$
|
3,463,000
|
1.07 acres
|
217
|
N/A
|
100
|
%
|
|||||||||||||
Milwaukee Wells
|
215 W. Wells Street,
Milwaukee, WI
|
6/30/2015
|
Parking Lot
|
$
|
3,900,000
|
.95 acre
|
100
|
N/A
|
100
|
%
|
|||||||||||||
Wildwood NJ Lot I
|
400 East Magnolia Ave,
Wildwood, NJ
|
7/10/2015
|
Parking Lot
|
$
|
970,000
|
.29 acre
|
29
|
N/A
|
100
|
%
|
|||||||||||||
Indy City Parking Garage
|
120 E. Washington Street,
Indianapolis, IN
|
10/5/15
|
Parking Facility
|
$
|
10,500,000
|
.44 acre
|
370
|
N/A
|
100
|
%
|
|||||||||||||
KC Cherry Lot
|
1109 Cherry Street,
Kansas City, MO
|
10/9/15
|
Parking Lot
|
$
|
515,000
|
.60 acre
|
84
|
N/A
|
100
|
%
|
|||||||||||||
Indy WA Street
|
301 E. Washington Street,
Indianapolis, IN
|
10/29/15
|
Parking Lot
|
$
|
4,995,000
|
1.07 acres
|
150
|
N/A
|
100
|
%
|
|||||||||||||
Wildwood NJ Lot II
|
401 E. Glenwood Ave.,
Wildwood, NJ
|
12/16/15
|
Parking Lot
|
$
|
615,000
|
.31 acre
|
450
|
N/A
|
100
|
%
|
|||||||||||||
Minneapolis Venture
|
10h avenue and Hennepin,
Minneapolis, MN
|
1/06/16
|
Parking Lot
|
$
|
15,495,000
|
4.46 acres
|
270
|
N/A
|
87
|
%
|
|||||||||||||
Indianapolis Meridian
|
239 S. Meridian Street,
Indianapolis, IN
|
1/15/16
|
Parking Lot
|
$
|
1,550,000
|
.24 acre
|
39
|
N/A
|
100
|
%
|
|||||||||||||
Milwaukee Clybourn
|
412 E. Clybourn Street,
Milwaukee, WI
|
1/20/16
|
Parking Lot
|
$
|
205,000
|
.055 acre
|
15
|
N/A
|
100
|
%
|
|||||||||||||
Milwaukee Arena
|
1124 North Old World Third Street,
Milwaukee, WI
|
2/01/16
|
Parking Lot
|
$
|
3,900,000
|
1.10 acres
|
75
|
N/A
|
100
|
%
|
|||||||||||||
Clarksburg Lot
|
327 Washington Avenue,
Clarksburg, WV
|
2/09/16
|
Parking Lot
|
$
|
620,000
|
.81 acres
|
94
|
N/A
|
100
|
%
|
|||||||||||||
Denver 1935 Sherman
|
1935 Sherman Street,
Denver, CO
|
2/12/16
|
Parking Lot
|
$
|
2,438,000
|
.43 acres
|
72
|
N/A
|
76
|
%
|
|||||||||||||
Bridgeport Fairfield
|
314 Fairfield Avenue,
Bridgeport, Connecticut
|
03/30/16
|
Parking Facility
|
$
|
7,800,000
|
1.01 acres
|
878
|
N/A
|
90
|
%
|
|||||||||||||
Fixed Assets
|
$
|
88,000
|
|||||||||||||||||||||
Total | $ | 119,613,000 |
Property
|
Location
|
Zoning
|
Height Restriction
|
Parking Tenant
|
Lease Commencement Date
|
Lease Term
|
||||||
Ft. Lauderdale
|
208 SE 6th St,
Ft Lauderdale, FL
|
RAC-CC
|
150 Feet
|
SP+
|
02/01/14
|
5 yr. w/2 5 yr. ext.
|
||||||
Memphis Court
|
216 Court St,
Memphis, TN
|
CBD
|
Unlimited
|
SP+
|
03/14/12
|
2 Years remaining
|
||||||
Memphis Poplar
|
212 Poplar Ave,
Memphis, TN
|
CBD
|
Unlimited
|
Best Park
|
03/01/14
|
5 yr. w/2 5 yr. ext.
|
||||||
Kansas City
|
1130 Holmes St,
Kansas City, MO
|
B4-5
|
Unlimited
|
SP+
|
03/14/12
|
15 Years
|
||||||
St. Louis
|
1300 Spruce St,
St. Louis, MO
|
I (CBD)
|
200 Feet
|
SP+
|
12/01/13
|
5 yr. w/2 5 yr. ext.
|
||||||
Mabley Place
|
400 Race Street,
Cincinnati, OH
|
DD-A
|
510 Feet
|
SP+
|
12/09/14
|
10 Years
|
||||||
Denver Sherman
|
1963 Sherman Street,
Denver, CO
|
CMX-16
|
200 Feet
|
Denver SD
|
07/01/14
|
10 Years w/1 5 yr. ext.
|
||||||
Ft. Worth
|
814 Taylor Street,
Fort Worth, Texas
|
CBD-H
|
Unlimited
|
SP+
|
03/16/15
|
10 Years
|
||||||
Milwaukee Old World
|
822 N. Old World Third Street,
Milwaukee, WI
|
C9-E
|
40 Feet
|
SP+
|
03/31/15
|
5 yr. w/1 5 yr. ext.
|
||||||
St. Louis Convention
|
1010 Convention Plaza,
St. Louis, MO
|
I (CBD)
|
200 Feet
|
SP+
|
05/13/15
|
5 yr. w/1 5 yr. ext.
|
||||||
Houston Saks Garage
|
611 Fannin Street,
Houston, Tx
|
N/A
|
Unlimited
|
iPark
|
05/28/15
|
10 yr. w/1 5 yr. ext.
|
||||||
St. Louis Lucas
|
Lucas Ave, St.
Louis, MO
|
I (CBD)
|
200 Feet
|
SP+
|
06/29/15
|
5 yr. w/1 5 yr. ext.
|
||||||
Milwaukee Wells
|
215 W. Wells Street,
Milwaukee, WI
|
C9-E
|
40 Feet
|
SP+
|
06/30/15
|
10 Years
|
||||||
Wildwood NJ Lot
|
400 East Magnolia Ave,
Wildwood, NJ
|
T/E
|
35 feet
|
SP+
|
1/1/16
|
5 yr. w/1 5 yr. ext.
|
||||||
Indy City Parking Garage
|
120 E. Washington Street,
Indianapolis, IN
|
CDB-1 RC
|
5 Stories
|
ABM
|
10/5/15
|
5 yr. w/1 5 yr. ext.
|
||||||
KC Cherry Lot
|
1109 Cherry Street,
Kansas City, MO
|
UR
|
Per Plan
|
SP+
|
10/9/15
|
5 yr. w/1 5 yr. ext.
|
||||||
Indy WA Street
|
301 E. Washington Street,
Indianapolis, IN
|
CBD-2
|
Unlimited
|
Denison
|
10/30/15
|
10 Years
|
||||||
Wildwood NJ Lot II
|
401 E. Glenwood Ave.,
Wildwood, NJ
|
T/E
|
35 feet
|
SP+
|
1/01/16
|
5 yr. w/1 5 yr. ext.
|
||||||
Minneapolis Venture
|
10h avenue and Hennepin,
Minneapolis, MN
|
B4C-1
|
Unlimited
|
SP+
|
1/15/2016
|
5 yr. w/1 5 yr. ext.
|
||||||
Indianapolis Meridian
|
239 S. Meridian Street,
Indianapolis, IN
|
CBD-2/RC
|
Unlimited
|
Denison Parking
|
1/20/2016
|
10 Years
|
||||||
Milwaukee Clybourn
|
412 E. Clybourn Street,
Milwaukee, WI
|
C9F(A)
|
30 Feet
|
Secure Parking USA
|
2/1/2016
|
5 Years
|
||||||
Milwaukee Arena
|
1124 North Old World Third Street,
Milwaukee, WI
|
RED
|
Unlimited
|
SP+
|
2/9/2016
|
5 yr. w/1 5 yr. ext.
|
||||||
Clarksburg Lot
|
327 Washington Avenue,
Clarksburg, WV
|
BPO
|
60 Feet
|
ABM
|
2/12/2016
|
5 Years
|
||||||
Denver 1935 Sherman
|
1935 Sherman Street,
Denver, CO
|
CMX-16
|
200 Feet
|
SP+
|
3/30/2016
|
10 Years
|
||||||
Bridgeport Fairfield
|
314 Fairfield Avenue,
Bridgeport, Connecticut
|
DVD-CORE
|
65 Feet
|
SP+
|
1/15/2016
|
10 Years
|
|
Assets
|
Liabilities
|
||||||||||||||||||
|
Land and
Improvements
|
Building and
improvements
|
Total assets
acquired
|
Notes
Payable
Assumed
|
Net assets
and
liabilities acquired
|
|||||||||||||||
|
||||||||||||||||||||
Minneapolis Venture
|
$
|
15,495,000
|
--
|
$
|
15,495,000
|
$
|
--
|
$
|
15,495,000
|
|||||||||||
Indianapolis Meridian
|
1,550,000
|
--
|
1,550,000
|
--
|
1,550,000
|
|||||||||||||||
Milwaukee Clybourn
|
205,000
|
--
|
205,000
|
--
|
205,000
|
|||||||||||||||
Milwaukee Arena
|
3,900,000
|
--
|
3,900,000
|
--
|
3,900,000
|
|||||||||||||||
Clarksburg Lot
|
620,000
|
--
|
620,000
|
--
|
620,000
|
|||||||||||||||
Denver 1935 Sherman
|
2,438,000
|
--
|
2,438,000
|
--
|
2,438,000
|
|||||||||||||||
Bridgeport Fairfield
|
972,000
|
6,828,000
|
7,800,000
|
--
|
7,800,000
|
|||||||||||||||
|
$
|
25,180,000
|
$
|
6,828,000
|
$
|
32,008,000
|
$
|
--
|
$
|
32,008,000
|
2016
|
$
|
717,000
|
||
2017
|
908,000
|
|||
2018
|
952,000
|
|||
2019
|
4,711,000
|
|||
2020
|
930,000
|
|||
Thereafter
|
31,972,000
|
|||
Total
|
$
|
40,190,000
|
Property
|
Location
|
Current Loan Balance
|
Interest Rate
|
Loan Maturity
|
||||||||||
D&O Policy
|
$
|
93,000
|
2.99
|
%
|
||||||||||
Ft. Lauderdale
|
208 SE 6th St, Ft Lauderdale, FL
|
$
|
1,481,000
|
4.94
|
%
|
2/1/2019
|
||||||||
Memphis Court
|
216 Court St, Memphis, TN
|
$
|
139,000
|
4.94
|
%
|
2/1/2019
|
||||||||
Memphis Poplar
|
212 Poplar Ave, Memphis, TN
|
$
|
1,247,000
|
4.94
|
%
|
2/1/2019
|
||||||||
Kansas City
|
1130 Holmes St, Kansas City, MO
|
N/A
|
N/A
|
N/A
|
||||||||||
St. Louis
|
1300 Spruce St, St. Louis, MO
|
$
|
1,242,000
|
4.94
|
%
|
2/1/2019
|
||||||||
Mabley Place
|
400 Race Street, Cincinnati, OH
|
$
|
8,804,000
|
4.25
|
%
|
12/26/2024
|
||||||||
Denver Sherman
|
1963 Sherman Street, Denver, CO
|
N/A
|
N/A
|
N/A
|
||||||||||
Ft. Worth
|
814 Taylor Street, Fort Worth, Texas
|
$
|
11,921,000
|
5.59
|
%
|
8/1/2021
|
||||||||
Milwaukee Old World
|
822 N. Old World Third Street, Milwaukee, WI
|
N/A
|
N/A
|
N/A
|
||||||||||
St. Louis Convention
|
1010 Convention Plaza , St. Louis, MO
|
N/A
|
N/A
|
N/A
|
||||||||||
Houston Saks Garage
|
611 Fannin Street, Houston, TX
|
$
|
3,596,000
|
4.25
|
%
|
N/A
|
||||||||
St. Louis Lucas
|
Lucas Ave, St. Louis, MO
|
$
|
3,483,000
|
4.59
|
%
|
2/1/2026
|
||||||||
Milwaukee Wells
|
215 W. Wells Street, Milwaukee, WI
|
N/A
|
N/A
|
N/A
|
||||||||||
Wildwood NJ Lot
|
400 East Magnolia Ave, Wildwood, NJ
|
N/A
|
N/A
|
N/A
|
||||||||||
Indy Garage
|
120 E. Washington Street, Indianapolis, IN
|
$
|
8,184,000
|
4.59
|
%
|
2/1/2026
|
||||||||
KC Cherry Lot
|
1109 Cherry Street, Kansas City, MO
|
N/A
|
N/A
|
N/A
|
||||||||||
Indy Lot
|
301 E. Washington Street, Indianapolis, IN
|
N/A
|
N/A
|
N/A
|
||||||||||
Wildwood NJ Lot II
|
401 E. Glenwood Ave., Wildwood, NJ
|
N/A
|
N/A
|
N/A
|
||||||||||
Minneapolis Venture
|
10h avenue and Hennepin, Minneapolis, MN
|
N/A
|
N/A
|
N/A
|
||||||||||
Indianapolis Meridian
|
239 S. Meridian Street, Indianapolis, IN
|
N/A
|
N/A
|
N/A
|
||||||||||
Milwaukee Clybourn
|
412 E. Clybourn Street, Milwaukee, WI
|
N/A
|
N/A
|
N/A
|
||||||||||
Milwaukee Arena
|
1124 N. Old World Third Street, Milwaukee, WI
|
N/A
|
N/A
|
N/A
|
||||||||||
Clarksburg Lot
|
327 Washington Ave., Clarksburg WV
|
N/A
|
N/A
|
N/A
|
||||||||||
Denver 1935 Sherman
|
1935 Sherman Street, Denver, CO
|
N/A
|
N/A
|
N/A
|
||||||||||
Bridgeport Fairfield
|
314 Fairfield Ave., Bridgeport, CT
|
N/A
|
N/A
|
N/A
|
||||||||||
Less loan issuance costs
|
$
|
(806,000
|
)
|
|||||||||||
Total
|
$
|
39,384,000
|
· | Straight-line rent. Most of our 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 our 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 our portfolio. |
· | Acquisition-related costs. We were organized primarily with the purpose of acquiring or investing in income-producing real property and loans secured by real estate in order to generate operational income and cash flow that will allow us to provide regular cash distributions to our stockholders. In the process, we incur non-reimbursable affiliated and non-affiliated acquisition-related costs, which in accordance with GAAP, are expensed as incurred and are included in the determination of income (loss) from operations and net income (loss). These costs have been and will continue to be funded with cash proceeds from the offering or included as a component of the amount borrowed to acquire such real estate. If we acquire a property after all offering proceeds from the offering have been invested, there will not be any offering proceeds to pay the corresponding acquisition-related costs. Accordingly, unless our advisor determines to waive the payment of any then-outstanding acquisition-related costs otherwise payable to our advisor, such costs will be paid from additional debt, operational earnings or cash flow, net proceeds from the sale of properties, or ancillary cash flows. In evaluating the performance of our portfolio over time, management employs business models and analyses that differentiate the costs to acquire investments from the investments’ revenues and expenses. Acquisition-related costs may negatively affect our operating results, cash flows from operating activities and cash available to fund distributions during periods in which properties are acquired, as the proceeds to fund these costs would otherwise be invested in other real estate related assets. By excluding acquisition-related costs, MFFO may not provide an accurate indicator of our operating performance during periods in which acquisitions are made. However, it can provide an indication of our on-going ability to generate cash flow from operations and continue as a going concern after we cease to acquire properties on a frequent and regular basis, which can be compared to the MFFO of other non-listed REITs that have completed their acquisition activity and have similar operating characteristics to ours. Management believes that excluding these costs from MFFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management. |
Net Loss attributable to MVP REIT, Inc. common shareholders
|
$
|
(1,540,000
|
)
|
|
Subtract:
|
||||
Deferred rental assets
|
(19,000
|
)
|
||
Add:
|
||||
Depreciation and amortization of real estate assets
|
282,000
|
|||
FFO
|
(1,277,000
|
)
|
||
Add:
|
||||
Acquisition fees and expenses to non-affiliates
|
207,000
|
|||
Acquisition fees and expenses to affiliates
|
1,326,000
|
|||
MFFO
|
$
|
256,000
|
|
Distributions
paid in Cash
|
Distributions
paid through
DRIP
|
Total
Distributions
Paid
|
Cash Flows
Used in
Operations
(GAAP basis)
|
||||||||||||
1st Quarter, 2016
|
$
|
1,041,000
|
$
|
621,000
|
$
|
1,662,000
|
$
|
(1,179,000
|
)
|
|||||||
2nd Quarter, 2016
|
--
|
--
|
--
|
--
|
||||||||||||
3rd Quarter, 2016
|
--
|
--
|
--
|
--
|
||||||||||||
4th Quarter, 2016
|
--
|
--
|
--
|
--
|
||||||||||||
Total 2016
|
$
|
1,041,000
|
$
|
621,000
|
$
|
1,662,000
|
$
|
(1,179,000
|
)
|
|
Distributions
paid in Cash
|
Distributions
paid through
DRIP
|
Total
Distributions
Paid
|
Cash Flows
Used in
Operations
(GAAP basis)
|
||||||||||||
1st Quarter, 2015
|
$
|
535,000
|
$
|
148,000
|
$
|
683,000
|
$
|
(911,000
|
)
|
|||||||
2nd Quarter, 2015
|
623,000
|
265,000
|
888,000
|
(436,000
|
)
|
|||||||||||
3rd Quarter, 2015
|
751,000
|
388,000
|
1,139,000
|
(394,000
|
)
|
|||||||||||
4th Quarter, 2015
|
1,015,000
|
590,000
|
1,605,000
|
(717,000
|
)
|
|||||||||||
Total 2015
|
$
|
2,924,000
|
$
|
1,391,000
|
$
|
4,315,000
|
$
|
(2,458,000
|
)
|
Ÿ | Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on March 30, 2016; |
Ÿ | Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2016 filed with the SEC on May 16, 2016; |
Ÿ | Current Report on Form 8-K filed with the SEC on June 28, 2016; |
Ÿ | Current Report on Form 8-K filed with the SEC on June 16, 2016; |
Ÿ | Current Report on Form 8-K filed with the SEC on June 3, 2016; |
Ÿ | Current Report on Form 8-K filed with the SEC on May 9, 2016; |
Ÿ | Current Report on Form 8-K filed with the SEC on April 11, 2016; |
Ÿ | Current Report on Form 8-K filed with the SEC on: April 1, 2016; |
Ÿ | Current Report on Form 8-K filed with the SEC on March 25, 2016; |
Ÿ | Current Report on Form 8-K filed with the SEC on March 11, 2016; |
Ÿ | Current Report on Form 8-K filed with the SEC on February 24, 2016; |
Ÿ | Current Report on Form 8-K filed with the SEC on February 16, 2016; |
Ÿ | Current Report on Form 8-K filed with the SEC on February 4, 2016; |
Ÿ | Current Report on Form 8-K filed with the SEC on January 22, 2016; and |
Ÿ | Current Report on Form 8-K filed with the SEC on January 7, 2016; |