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MVP REIT II Launches $50 Million Preferred Stock Offering

November 11, 2016

MVP REIT II Launches $50 Million Preferred Stock Offering

Nov 07 2016 | by DI Wire

MVP REIT II Inc., a non-traded real estate investment trust that invests in parking lots and facilities, has commenced a private placement offering for up to $50 million in shares of convertible redeemable preferred stock.

Accredited investors may purchase one share of preferred stock for $1,000. MVP REIT II will also issue warrants to acquire 30 shares of its common stock for each share of preferred stock. The minimum purchase is $10,000, equal to 10 shares of preferred stock plus 300 warrants to purchase an equivalent shares of common stock “upon listing on a public stock exchange.”

While the offering is for up to $50 million, according to a filing with the U.S. Securities and Exchange Commission, the size of the offering “shall not exceed 60 percent of the total value of the then issued and outstanding shares of the REIT’s common stock.”

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