LAS VEGAS, Dec. 12, 2012 (GLOBE NEWSWIRE) -- MVP REIT, Inc. today announced that, as of December 11, the publicly registered, non-traded hybrid real estate investment trust has reached its minimum offering of $3 million in shares of its common stock. The company has raised nearly $4.1 million as of December 11, 2012.
Led by Mike Shustek, Chairman and Chief Executive Officer, MVP REIT initiated the offering that includes a maximum of $500 million in shares sold at $9.00 per share. Funds, including initial subscriptions originally placed in escrow until the minimum offering was reached, are now available for the acquisition of real estate properties and real estate secured loans.
About MVP REIT, Inc.
MVP REIT intends to operate as a non-traded hybrid real estate investment trust. It is currently conducting a public offering of up to 55,555,556 shares of its common stock at $9.00 per share and up to an additional 5,555,556 shares of its common stock for issuance under its distribution reinvestment plan at $9.00 per share.
MVP REIT intends to use the proceeds from the offering to invest in a diversified portfolio of income- producing commercial real estate properties and loans secured by income-producing commercial real estate as well as to pay expenses and fees associated with the offering. MVP REIT intends to primarily focus its activities on assets located in the Western and Southwestern United States.
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "project," "should," "will," and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: volatility in the debt or equity markets affecting our ability to acquire or sell real estate assets; national and local economic, business and real estate market conditions, including the likelihood of a prolonged economic slowdown or recession; the ability to maintain sufficient liquidity and our access to capital markets; our ability to identify, successfully compete for and complete acquisitions and loans; and the performance of real estate assets and loans after they are acquired. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. The Company undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in the Company's expectations. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.