Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 12, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001642985 | |
Entity Registrant Name | Mobile Infrastructure Corp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-55760 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 47-3945882 | |
Entity Address, Address Line One | 250 E. 5th STREET, SUITE 2110 | |
Entity Address, City or Town | CINCINNATI | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45202 | |
City Area Code | 513 | |
Local Phone Number | 834-5110 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,762,375 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Investments in real estate | ||
Land and improvements | $ 166,224,000 | $ 166,224,000 |
Buildings and improvements | 254,482,000 | 254,379,000 |
Construction in progress | 222,000 | 89,000 |
Intangible assets | 9,808,000 | 9,756,000 |
Real Estate Investment Property, at Cost, Total | 430,736,000 | 430,448,000 |
Accumulated depreciation and amortization | (24,835,000) | (22,873,000) |
Total investments in real estate, net | 405,901,000 | 407,575,000 |
Fixed Assets, net of accumulated depreciation of $99,000 and $94,000 as of March 31, 2022 and December 31, 2021, respectively | 56,000 | 61,000 |
Cash | 9,418,000 | 11,805,000 |
Cash – restricted | 5,043,000 | 4,891,000 |
Prepaid expenses | 462,000 | 676,000 |
Accounts receivable, net allowance of doubtful accounts of $0.1 million as of March 31, 2022 and December 31, 2021, respectively | 3,312,000 | 4,031,000 |
Deposits | 340,000 | 0 |
Other assets | 103,000 | 108,000 |
Total assets | 424,635,000 | 429,147,000 |
Liabilities | ||
Notes payable and paycheck protection program loan, net | 205,965,000 | 207,153,000 |
Accounts payable and accrued expenses | 15,589,000 | 13,849,000 |
Indemnification liability | 2,000,000 | 2,000,000 |
Security deposits | 166,000 | 166,000 |
Due to related parties | 20,000 | 0 |
Deferred revenue | 99,000 | 155,000 |
Total liabilities | 223,839,000 | 223,323,000 |
Mobile Infrastructure Corporation Stockholders’ Equity | ||
Preferred stock | 0 | 0 |
Common stock, $0.0001 par value, 98,999,000 shares authorized, 7,762,375 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 0 | 0 |
Warrants issued and outstanding – 1,702,128 warrants as of March 31, 2022 and December 31, 2021, respectively | 3,319,000 | 3,319,000 |
Additional paid-in capital | 195,426,000 | 196,176,000 |
Accumulated deficit | (102,855,000) | (101,049,000) |
Total Mobile Infrastructure Corporation Stockholders’ Equity | 95,890,000 | 98,446,000 |
Non-controlling interest | 104,906,000 | 107,378,000 |
Total equity | 200,796,000 | 205,824,000 |
Total liabilities and equity | 424,635,000 | 429,147,000 |
Series A Preferred Stock [Member] | ||
Mobile Infrastructure Corporation Stockholders’ Equity | ||
Preferred stock | 0 | 0 |
Nonvoting Preferred Stock [Member] | ||
Mobile Infrastructure Corporation Stockholders’ Equity | ||
Preferred stock | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Accumulated depreciation | $ 99,000 | $ 94,000 |
Allowance of doubtful accounts | $ 100,000 | $ 100,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 98,999,000 | 98,999,000 |
Common stock, shares issued (in shares) | 7,762,375 | 7,762,375 |
Common stock, shares outstanding (in shares) | 7,762,375 | 7,762,375 |
Warrant issued (in shares) | 1,702,128 | 1,702,128 |
Warrant outstanding (in shares) | 1,702,128 | 1,702,128 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 50,000 | 50,000 |
Preferred stock, shares issued (in shares) | 2,862 | 2,862 |
Preferred stock, shares outstanding (in shares) | 2,862 | 2,862 |
Preferred stock, liquidation preference | $ 2,862,000 | $ 2,862,000 |
Series1 Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 97,000 | 97,000 |
Preferred stock, shares issued (in shares) | 39,811 | 39,811 |
Preferred stock, shares outstanding (in shares) | 39,811 | 39,811 |
Preferred stock, liquidation preference | $ 39,811,000 | $ 39,811,000 |
Nonvoting Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000 | 1,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | ||
Management income | $ 0 | $ 341,000 |
Total revenues | 6,380,000 | 3,711,000 |
Operating expenses | ||
Property taxes | 1,836,000 | 1,129,000 |
Property operating expense | 837,000 | 282,000 |
General and administrative | 1,506,000 | 1,432,000 |
Professional fees, net of reimbursement of insurance proceeds | 1,988,000 | 1,774,000 |
Depreciation and amortization | 1,967,000 | 1,258,000 |
Total operating expenses | 8,134,000 | 5,875,000 |
Other income (expense) | ||
Interest expense | (2,539,000) | (2,204,000) |
Other Income | 15,000 | 0 |
Total other income (expense) | (2,524,000) | (2,204,000) |
Net income | (4,278,000) | (4,368,000) |
Less net loss attributable to non-controlling interest | (2,472,000) | 0 |
Net loss attributable to Mobile Infrastructure Corporation’s stockholders | (1,806,000) | (4,368,000) |
Net loss attributable to Mobile Infrastructure Corporation’s common stockholders | $ (2,556,000) | $ (5,118,000) |
Basic and diluted loss per weighted average common share: | ||
Net loss per share attributable to Mobile Infrastructure Corporation’s common stockholders - basic and diluted (in dollars per share) | $ (0.33) | $ (0.66) |
Weighted average common shares outstanding, basic and diluted (in shares) | 7,762,375 | 7,731,781 |
Series A Preferred Stock [Member] | ||
Other income (expense) | ||
Preferred stock distributions declared | $ (54,000) | $ (54,000) |
Series1 Preferred Stock [Member] | ||
Other income (expense) | ||
Preferred stock distributions declared | (696,000) | (696,000) |
Base Rent Income [Member] | ||
Revenues | ||
Rent income | 2,051,000 | 3,223,000 |
Percentage Rent Income [Member] | ||
Revenues | ||
Rent income | $ 4,329,000 | $ 147,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) | Preferred Stock [Member]Series A Preferred Stock [Member] | Preferred Stock [Member]Series1 Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member]Series A Preferred Stock [Member] | Common Stock [Member]Series1 Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member]Series A Preferred Stock [Member] | Additional Paid-in Capital [Member]Series1 Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member]Series A Preferred Stock [Member] | Retained Earnings [Member]Series1 Preferred Stock [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member]Series A Preferred Stock [Member] | Noncontrolling Interest [Member]Series1 Preferred Stock [Member] | Noncontrolling Interest [Member] | Warrants [Member] | Series A Preferred Stock [Member] | Series1 Preferred Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 42,673 | 7,727,696 | |||||||||||||||||
Balance at Dec. 31, 2020 | $ 0 | $ 0 | $ 198,769,000 | $ (89,985,000) | $ 2,034,000 | $ 110,818,000 | |||||||||||||
Distributions | $ 0 | $ 0 | $ 0 | $ 0 | $ (54,000) | $ (696,000) | $ 0 | $ 0 | $ 0 | $ 0 | $ (54,000) | $ (696,000) | |||||||
Net loss | $ 0 | $ 0 | 0 | (4,368,000) | 0 | (4,368,000) | |||||||||||||
Stock Awards (in shares) | 0 | 12,255 | |||||||||||||||||
Stock Awards | $ 0 | $ 0 | 144,000 | 0 | 0 | 144,000 | |||||||||||||
Balance (in shares) at Mar. 31, 2021 | 42,673 | 7,739,951 | |||||||||||||||||
Balance at Mar. 31, 2021 | $ 0 | $ 0 | 198,163,000 | (94,353,000) | 2,034,000 | 105,844,000 | |||||||||||||
Balance (in shares) at Dec. 31, 2021 | 42,673 | 7,762,375 | |||||||||||||||||
Balance at Dec. 31, 2021 | $ 0 | $ 0 | 196,176,000 | (101,049,000) | 107,378,000 | $ 3,319,000 | 205,824,000 | ||||||||||||
Distributions | $ 0 | $ 0 | $ 0 | $ 0 | $ (54,000) | $ (696,000) | $ 0 | $ 0 | $ 0 | $ 0 | $ (54,000) | $ (696,000) | |||||||
Net loss | $ 0 | $ 0 | 0 | (1,806,000) | (2,472,000) | (4,278,000) | |||||||||||||
Balance (in shares) at Mar. 31, 2022 | 42,673 | 7,762,375 | |||||||||||||||||
Balance at Mar. 31, 2022 | $ 0 | $ 0 | $ 195,426,000 | $ (102,855,000) | $ 104,906,000 | $ 3,319,000 | $ 200,796,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net Loss | $ (4,278,000) | $ (4,368,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 1,967,000 | 1,258,000 |
Amortization of loan costs | 100,000 | 77,000 |
Amortization of right of use lease asset | 0 | 28,000 |
Changes in operating assets and liabilities | ||
Due to/from related parties | 20,000 | 0 |
Construction in progress | 0 | (138,000) |
Accounts payable | 990,000 | 494,000 |
Deposits | (340,000) | 0 |
Right of use lease liability | 0 | (28,000) |
Security deposits | 0 | 16,000 |
Other assets | 5,000 | 56,000 |
Deferred revenue | (56,000) | (38,000) |
Accounts receivable | 719,000 | 204,000 |
Prepaid expenses | 214,000 | 750,000 |
Net cash used in operating activities | (659,000) | (1,689,000) |
Cash flows from investing activities: | ||
Building improvements | (236,000) | 0 |
Additions to intangible assets | (52,000) | 0 |
Net cash (used in) investing activities | (288,000) | 0 |
Cash flows from financing activities | ||
Proceeds from notes payable | 0 | 1,745,000 |
Payments on notes payable | (821,000) | (818,000) |
Loan fees | (467,000) | (21,000) |
Net cash (used in) provided by financing activities | (1,288,000) | 906,000 |
Net change in cash and cash equivalents and restricted cash | (2,235,000) | (783,000) |
Cash and cash equivalents and restricted cash, beginning of period | 16,696,000 | 7,895,000 |
Cash and cash equivalents and restricted cash, end of period | 14,461,000 | 7,112,000 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||
Cash and cash equivalents at beginning of period | 11,805,000 | 4,235,000 |
Restricted cash at beginning of period | 4,891,000 | 3,660,000 |
Cash and cash equivalents and restricted cash, beginning of period | 16,696,000 | 7,895,000 |
Cash and cash equivalents at end of period | 9,418,000 | 4,034,000 |
Restricted cash at end of period | 5,043,000 | 3,078,000 |
Cash and cash equivalents and restricted cash, end of period | 14,461,000 | 7,112,000 |
Supplemental disclosures of cash flow information: | ||
Interest Paid | 2,439,000 | 2,127,000 |
Non-cash investing and financing activities: | ||
Dividends declared not yet paid | $ 750,000 | $ 750,000 |
Note A - Organization and Busin
Note A - Organization and Business Operations | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note A Organization and Business Operations Mobile Infrastructure Corporation (formerly known as The Parking REIT, Inc.) (the “Company,” “we,” “us” or “our”), is a Maryland corporation formed on May 4, 2015. y in top 50 As of March 31, 2022, 22 The Company is the sole general partner of Mobile Infra Operating Partnership, L.P., formerly known as MVP REIT II Operating Partnership, LP, a Maryland limited partnership (the “Operating Partnership”). The Company owns substantially all of its assets and conducts substantially all of its operations through the Operating Partnership, is the sole general partner of the Operating Partnership and owns approximately 45.8% of the common units of the Operating Partnership (the “OP Units”). Color Up, LLC, a Delaware limited liability company (“Color Up” or “Purchaser”) and HSCP Strategic III, LP, a Delaware limited partnership ( “HS3” HS3 The Company previously elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes and operated in a manner that allowed the Company to qualify as a REIT through December 31, 2019. 19 not not December 31, 2020. not 2020 2020 not Recapitalization On January 8, 2021, On August 25, 2021, three three not Management assessed the potential accounting treatment for the Transaction by applying Accounting Standards Codification ("ASC") 805 not three |
Note B - Summary of Significant
Note B - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note B Summary of Significant Accounting Policies Basis of Accounting The accompanying condensed consolidated financial statements of the Company are prepared on the accrual basis of accounting and in accordance with principles generally accepted in the United States of America (“GAAP”) for interim financial information as contained in the Financial Accounting Standards Board (“FASB”) ASC, and in conjunction with rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the condensed consolidated financial statements do not three March 31, 2022 not may December 31, 2022. no three March 31, 2022 2021 10 March 30, 2022. Consolidation The condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, each of their wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest. For entities that meet the definition of a variable interest entity (“VIE”), the Company consolidates those entities when the Company is the primary beneficiary of the entity. The Company is determined to be the primary beneficiary when it possesses both the unilateral power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company continually evaluates whether it qualifies as the primary beneficiary and reconsiders its determination of whether an entity is a VIE upon reconsideration events. All intercompany activity is eliminated in consolidation. Equity investments in which the Company exercises significant influence but does not not Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding asset impairment and purchase price allocations to record investments in real estate, as applicable. Concentration The Company had fourteen parking tenants/operators during the three March 31, 2022 2021 ted 56.1% three March 31, 2022 2021, ed 15.0 % and 10.0% o three March 31, 2022 2021, In addition, the Company had concentrations in Cincinnati ( 19.9% and 8.1%), Detroit (13.2% and 19.0%), Chicago (9.1% and 0.0%), and March 31, 2022 2021, For the three March 31, 2022 , 56.7% three March 31, 2021, 38.6 %, 16.8% and 12.5% Premier Parking Service, LLC Acquisitions All assets acquired and liabilities assumed in an acquisition of real estate accounted for as a business combination are measured at their acquisition date fair values. For acquisitions of real estate accounted for as an asset acquisition, the fair value of consideration transferred by the Company (including transaction costs) is allocated to all assets acquired and liabilities assumed on a relative fair value basis. The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired based on their relative fair values. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Amounts allocated to land, land improvements, buildings and fixtures are based on valuations performed by independent third Above-market and below-market in-place lease values for owned properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market and below-market lease intangibles are amortized as a decrease or increase, respectively, to rental income over the remaining term of the lease. In determining the amortization period for lease intangibles, the Company initially will consider the likelihood that a lessee will execute the renewal option. The likelihood that a lessee will execute the renewal option is determined by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. The value of in-place leases is amortized to expense over the initial term of the respective leases. The value of intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no In making estimates of fair values for purposes of allocating purchase price, the Company will utilize several sources, including independent appraisals that may Impairment of Long-Lived Assets When circumstances indicate the carrying value of a property may not Immaterial Correction The Company determined that the reimbursable property tax related to certain of its properties should have been recorded on a gross basis in the Statement of Operations. An adjustment has been made to the Consolidated Statements of Operations for the three March 31, 2021. 842. no Reportable Segments Our principal business is the ownership and operation of parking facilities. We do not |
Note C - Commitments and Contin
Note C - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note C Commitments and Contingencies Litigation The nature of the Company’s business exposes our properties, the Company, the Operating Partnership and its other subsidiaries to the risk of claims and litigation in the normal course of business. Other than as noted below, or routine litigation arising out of the ordinary course of business, the Company is not The Company has previously disclosed pending class action legal proceedings facing the Company and the Former Advisor and/or Mr. Shustek prior to the completion of the Transaction. As a result of the Transaction, the Settlement Agreement (as defined in the Purchase Agreement) was entered into subject to completion of Color Up’s Tender Offer (as defined in the Purchase Agreement) for up to 900,506 shares of the Company’s outstanding Common Stock at $11.75 per share. Color Up launched the Tender Offer on October 5, 2021 November 5, 2021. The Company has previously disclosed that the SEC was conducting an investigation relating to the Company. On March 11, 2021, not The SEC investigation also related to the conduct of the Company’s former chairman and chief executive officer, Michael V. Shustek. On July 29, 2021, 2 21 01416 not On August 25, 2021, may may Environmental Matters Investments in real property create the potential for environmental liability on the part of the owner or operator of such real property. If hazardous substances are discovered on or emanating from a property, the owner or operator of the property may The Company believes that it complies, in all material respects, with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Furthermore, as of March 31, 2022, not not may |
Note D - Acquisitions and Dispo
Note D - Acquisitions and Dispositions of Investments in Real Estate | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Asset Acquisition [Text Block] | Note D Acquisitions and Dispositions of Investments in Real Estate There were no three March 31, 2022. 2021 The following table is a summary of the parking asset acquisitions for the year ended December 31, 2021. Property Location Date Acquired Property Type # Spaces Size / Acreage Retail Sq. Ft. Purchase Price 1W7 Carpark, LLC, LLC Cincinnati, OH 8/25/2021 Garage 765 1.21 18,385 $ 32,122,000 222W7, LLC Cincinnati, OH 8/25/2021 Garage 1,625 1.84 — $ 28,314,000 322 Streeter, LLC Chicago, IL 8/25/2021 Garage 1,154 2.81 — $ 38,483,000 2nd Street, LLC Miami, FL 9/9/2021 Contract 118 N/A — $ 3,253,000 Denver 1725 Champa Street Garage, LLC Denver, CO 11/3/2021 Garage 450 0.72 — $ 16,274,000 The following table is a summary of the allocated acquisition value of all properties acquired by the Company for the year ended December 31, 2021. Assets Land and Improvements Building and improvements In-Place Lease Value Contract Value Total assets acquired 1W7 Carpark (a) $ 2,995,000 $ 28,819,000 $ 308,000 $ — $ 32,122,000 222W7 4,391,000 23,923,000 — — 28,314,000 322 Streeter 11,387,000 27,096,000 — — 38,483,000 2nd Street (a) 93,000 — — 3,160,000 3,253,000 Denver 1725 Champa Street Garage, LLC 7,414,000 8,860,000 — — 16,274,000 $ 26,280,000 $ 88,698,000 $ 308,000 $ 3,160,000 $ 118,446,000 a. The value of in-place lease assets and the 2 nd 1W7 2 nd There were no March 31, 2022 December 31, 2021. |
Note E - Related Party Transact
Note E - Related Party Transactions and Arrangements | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note E — Related Party Transactions and Arrangements Two of the Company’s Cincinnati assets, 1W7 222W7, four three March 31, 2022, 133,00 0 The Company has an investment in MVP St. Louis Cardinal Lot, DST, a Delaware Statutory Trust (“MVP St. Louis”). Pursuant to the Closing, the Former Advisor and Mr. Shustek, were replaced as manager of MVP Parking, DST, LLC, the entity that manages MVP St. Louis, by the Company's CEO. During 2021, March 31, 2022, As of March 31, 2022, In March 2022, three March 31, 2022, License Agreement On August 25, 2021, Tax Matters Agreement On August 25, 2021, 1 tenth 2 tenth 20% |
Note F - Stock-based Compensati
Note F - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note F Stock-Based Compensation On October 14, 2020, four December 31, 2020 March 1, 2021 January 2021. not No share-based compensation awards were outstanding as of March 31, 2022 2021. |
Note G - Intangible Assets
Note G - Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note G - Intangible Assets A schedule of the Company’s intangible assets and related accumulated amortization and accretion as of March 31, 2022 December 31, 2021 As of March 31, 2022 As of December 31, 2021 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Value of in-place leases $ 2,397,000 1,384,000 $ 2,398,000 1,311,000 Value of lease commissions 152,000 87,000 152,000 82,000 Value of indefinite lived contract (1) 3,160,000 -- 3,160,000 -- Value of technology 4,099,000 237,000 4,046,000 133,000 Total intangible assets $ 9,808,000 1,708,000 $ 9,756,000 1,526,000 ( 1 2nd November 3, 2021. Note D - Acquisitions and Dispositions of Investments in Real Estate Amortization of the acquired in-place leases and lease commissions are included in depreciation and amortization in the accompanying consolidated statements of operations. Amortization expense associated with intangible assets totaled $176,000 and $74,000 for the three March 31, 2022 2021, A schedule of future amortization and accretion of acquired intangible assets for the three March 31, 2022 Three Months Ended March 31, 2022 Acquired in-place leases Lease commissions Technology 2022 (Remainder) $ 216,000 $ 16,000 $ 326,000 2023 287,000 21,000 418,000 2024 270,000 19,000 418,000 2025 156,000 8,000 418,000 2026 68,000 1,000 418,000 Thereafter 16,000 -- 1,864,000 $ 1,013,000 $ 65,000 $ 3,862,000 |
Note H - Earnings Per Share
Note H - Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note H - Earnings Per Share Basic and diluted loss per weighted average common share (“EPS”) is calculated by dividing net income (loss) attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. Outstanding warrants were antidilutive as a result of the net loss for the three March 31, 2022 not three March 31, 2022 2021. The following table reconciles the numerator and denominator used in computing the Company’s basic and diluted per-share amounts for net loss attributable to common stockholders for the three March 31, 2022 2021: For the three months ended March 31, 2022 For the three months ended March 31, 2021 Numerator: Net loss attributable to common stockholders $ (2,556,000 ) $ (5,118,000 ) Denominator: Basic and dilutive weighted average shares of Common Stock outstanding 7,762,375 7,731,781 Basic and diluted loss per weighted average common share: Basic and dilutive $ (0.33 ) $ (0.66 ) |
Note I - Notes Payable and Payc
Note I - Notes Payable and Paycheck Protection Program Loan | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note I Notes Payable and Paycheck Protection Program Loan As of March 31, 2022 Loan Original Debt Amount Monthly Payment Balance as of 3/31/22 Lender Term (in years) Interest Rate Loan Maturity Corporate D&O Insurance (6) $ 450,000 $ 38,000 $ 114,000 MetaBank 1 3.95 % 7/31/2022 MVP Clarksburg Lot $ 476,000 Interest Only $ 476,000 Vestin Realty Mortgage I 1 7.00 % 8/25/2022 MCI 1372 Street $ 574,000 Interest Only $ 574,000 Vestin Realty Mortgage I 1 7.00 % 8/25/2022 MVP Milwaukee Old World $ 771,000 Interest Only $ 1,871,000 Vestin Realty Mortgage I 1 7.00 % 8/25/2022 MVP Milwaukee Clybourn $ 191,000 Interest Only $ 191,000 Vestin Realty Mortgage I 1 7.00 % 8/25/2022 MVP Wildwood NJ Lot, LLC $ 1,000,000 Interest Only $ 1,000,000 Vestin Realty Mortgage I 1 7.00 % 8/25/2022 MVP Cincinnati Race Street, LLC $ 2,550,000 Interest Only $ 3,450,000 Vestin Realty Mortgage II 1 7.00 % 8/25/2022 Minneapolis Venture $ 2,000,000 Interest Only $ 4,000,000 Vestin Realty Mortgage I 1 7.00 % 8/25/2022 SBA PPP Loan $ 328,000 *** $ 328,000 Small Business Administration 5 1.00 % 10/22/2022 1W7 Carpark, LLC (5) $ 11,000,000 $ 19,000 $ 10,207,000 Associated Bank 1 Variable 4/1/2023 222W7th Holdco, LLC (5) $ 8,250,000 $ 15,000 $ 8,097,000 Associated Bank 1 Variable 4/1/2023 MVP Raider Park Garage, LLC (4)(5) $ 7,400,000 Interest Only $ 6,932,000 LoanCore 1 Variable 4/1/2023 MVP New Orleans Rampart, LLC (4)(5) $ 5,300,000 Interest Only $ 4,965,000 LoanCore 1 Variable 4/1/2023 MVP Hawaii Marks Garage, LLC (4)(5) $ 13,500,000 Interest Only $ 12,646,000 LoanCore 1 Variable 4/1/2023 MVP Milwaukee Wells, LLC (4)(5) $ 2,700,000 Interest Only $ 2,529,000 LoanCore 1 Variable 4/1/2023 MVP Indianapolis City Park, LLC (4)(5) $ 7,200,000 Interest Only $ 6,744,000 LoanCore 1 Variable 4/1/2023 MVP Indianapolis WA Street, LLC (4)(5) $ 3,400,000 Interest Only $ 3,185,000 LoanCore 1 Variable 4/1/2023 MVP Memphis Poplar (3) $ 1,800,000 Interest Only $ 1,800,000 LoanCore 5 5.38 % 3/6/2024 MVP St. Louis (3) $ 3,700,000 Interest Only $ 3,700,000 LoanCore 5 5.38 % 3/6/2024 Mabley Place Garage, LLC $ 9,000,000 $ 44,000 $ 7,767,000 Barclays 10 4.25 % 12/6/2024 322 Streeter Holdco LLC $ 25,900,000 Interest Only $ 25,846,000 American National Insurance Co. 5 * 3.50 % 3/1/2025 MVP Houston Saks Garage, LLC $ 3,650,000 $ 20,000 $ 3,034,000 Barclays Bank PLC 10 4.25 % 8/6/2025 Minneapolis City Parking, LLC $ 5,250,000 $ 29,000 $ 4,479,000 American National Insurance, of NY 10 4.50 % 5/1/2026 MVP Bridgeport Fairfield Garage, LLC $ 4,400,000 $ 23,000 $ 3,750,000 FBL Financial Group, Inc. 10 4.00 % 8/1/2026 West 9th Properties II, LLC $ 5,300,000 $ 30,000 $ 4,596,000 American National Insurance Co. 10 4.50 % 11/1/2026 MVP Fort Worth Taylor, LLC $ 13,150,000 $ 73,000 $ 11,434,000 American National Insurance, of NY 10 4.50 % 12/1/2026 MVP Detroit Center Garage, LLC $ 31,500,000 $ 194,000 $ 28,131,000 Bank of America 10 5.52 % 2/1/2027 MVP St. Louis Washington, LLC (1) $ 1,380,000 $ 8,000 $ 1,295,000 KeyBank 10 * 4.90 % 5/1/2027 St. Paul Holiday Garage, LLC (1) $ 4,132,000 $ 24,000 $ 3,877,000 KeyBank 10 * 4.90 % 5/1/2027 Cleveland Lincoln Garage, LLC (1) $ 3,999,000 $ 23,000 $ 3,752,000 KeyBank 10 * 4.90 % 5/1/2027 MVP Denver Sherman, LLC (1) $ 286,000 $ 2,000 $ 268,000 KeyBank 10 * 4.90 % 5/1/2027 MVP Milwaukee Arena Lot, LLC (1) $ 2,142,000 $ 12,000 $ 2,010,000 KeyBank 10 * 4.90 % 5/1/2027 MVP Denver 1935 Sherman, LLC (1) $ 762,000 $ 4,000 $ 715,000 KeyBank 10 * 4.90 % 5/1/2027 MVP Louisville Broadway Station, LLC (2) $ 1,682,000 Interest Only $ 1,682,000 Cantor Commercial Real Estate 10 ** 5.03 % 5/6/2027 MVP Whitefront Garage, LLC (2) $ 6,454,000 Interest Only $ 6,454,000 Cantor Commercial Real Estate 10 ** 5.03 % 5/6/2027 MVP Houston Preston Lot, LLC (2) $ 1,627,000 Interest Only $ 1,627,000 Cantor Commercial Real Estate 10 ** 5.03 % 5/6/2027 MVP Houston San Jacinto Lot, LLC (2) $ 1,820,000 Interest Only $ 1,820,000 Cantor Commercial Real Estate 10 ** 5.03 % 5/6/2027 St. Louis Broadway, LLC (2) $ 1,671,000 Interest Only $ 1,671,000 Cantor Commercial Real Estate 10 ** 5.03 % 5/6/2027 St. Louis Seventh & Cerre, LLC (2) $ 2,057,000 Interest Only $ 2,057,000 Cantor Commercial Real Estate 10 ** 5.03 % 5/6/2027 MVP Indianapolis Meridian Lot, LLC (2) $ 938,000 Interest Only $ 938,000 Cantor Commercial Real Estate 10 ** 5.03 % 5/6/2027 St Louis Cardinal Lot DST, LLC (7) $ 6,000,000 Interest Only $ 6,000,000 Cantor Commercial Real Estate 10 ** 5.25 % 5/31/2027 MVP Preferred Parking, LLC $ 11,330,000 Interest Only $ 11,330,000 Key Bank 10 ** 5.02 % 8/1/2027 Less unamortized loan issuance costs $ (1,377,000 ) $ 205,965,000 ( 1 The Company issued a promissory note to KeyBank for $12.7 million secured by the pool of properties. ( 2 The Company issued a promissory note to Cantor Commercial Real Estate Lending, L.P. (“CCRE”) for $16.25 million secured by the pool of properties. ( 3 On February 8, 2019, 2013, 2013” 2013, February 8, 2019, 2013 2013 ( 4 On November 30, 2018, November 30, 2018 ( August 25, 2021, ( 5 On March 29, 2022, April 1, 2023. may October 1, 2023 no 120 60 may no The Credit Agreement is secured by the pool of properties and requires compliance with certain financial covenants. not not The loans April 15, 2022 April 21, 2022, first $75,000,000 ( 6 On September 30, 2021, July 31, 2022. ( 7 Pursuant to the Closing of the Transaction, the Company recorded the $6.0 million loan with Cantor Commercial Real Estate upon the consolidation of its investment in MVP St. Louis Cardinal Lot, DST. See Note I for further information. * 2 ** 10 *** Forgiveness was approved by the Small Business Administration (SBA) on May 2, 2022 Reserve funds are generally required for repairs and replacements, real estate taxes, and insurance premiums. Some notes contain various terms and conditions including debt service coverage ratios and debt yield limits. Borrowers for seven seven March 31, 2022 December 31, 2021 549 ,00 0 March 31, 2022 December 31, 2021 two As of March 31, 2022 2022 (remainder) $ 21,867,000 2023 57,803,000 2024 15,282,000 2025 30,958,000 2026 22,630,000 Thereafter 66,932,000 Total $ 215,472,000 There were no three March 31, 2022 |
Note J - Fair Value
Note J - Fair Value | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note J Fair Value A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 2. Level 2 not 3. Level 3 In certain cases, the inputs used to measure fair value may The Company's financial instruments include cash and cash equivalents, restricted cash, accounts receivable and accounts payable. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. The estimated fair value of the Company’s debt was approximately $211.3 million and $161.2 million as of March 31, 2022 and December 31, 2021 , respectively, which is considered a Level 2 Our real estate assets are measured and recognized at fair value, less costs to sell held-for-sale properties, on a nonrecurring basis dependent upon when we determine an impairment has occurred. When the Company impairs assets that have operational impairment indicators, management uses an independent third 2 |
Note K - Variable Interest Enti
Note K - Variable Interest Entities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | Note K Variable Interest Entities The Company, through a wholly owned subsidiary of its Operating Partnership, owns a 51.0% beneficial interest in MVP St. Louis Cardinal Lot, DST, a Delaware Statutory Trust (“MVP St. Louis”). MVP St. Louis is the owner of a 2.56-acre, 376-vehicle commercial parking lot, known as the Cardinal Lot. At the time of the initial investment, the Company conducted an analysis and concluded that the 51% not not August 25, 2021. In connection with the Closing, the former advisor of the Company, MVP Realty Advisors, LLC ("MVPRA”) transferred ownership of the Manager to Manuel Chavez, III, the Chief Executive Officer of the Company. This change in structure was deemed a reconsideration event and therefore the Company reevaluated whether it had control. Based on the Company's evaluation, the Company began consolidating the investment in MVP St. Louis and MVP St. Louis Cardinal Lot Master Tenant, LLC, which had total assets and liabilities of approximately $12.0 million and approximately $6.2 million, respectively, as of August 25, 2021. Amounts related to MVP St. Louis included in the consolidated balance sheet are as follows: March 31, 2022 (Unaudited) ASSETS Investments in real estate $ 11,808,000 Cash 165,000 Cash – restricted 239,000 Accounts receivable 146,000 Prepaid expenses 11,000 Total assets $ 12,369,000 LIABILITIES Notes payable $ 5,963,000 Accounts payable and accrued liabilities 223,000 Total liabilities $ 6,186,000 Summarized Statements of Operations Unconsolidated Real Estate Affiliates Equity Method Investments For the three months ended March 31, 2021 Revenue $ 182,000 Expenses (199,000 ) Net income $ (17,000 ) |
Note L - Leases
Note L - Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note L Leases The Company accounts for rental income and percentage rent income in accordance with ASC 842 three March 31, 2022 2021 Three Months Ended March 31, Lease revenue 2022 2021 Fixed contractual payments $ 1,748,000 $ 2,398,000 Variable lease payments 4,636,000 489,000 Straight-line rental income 4,000 48,000 Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of March 31, 2022, no For the year ended, Future lease payments due 2022 (Remainder) $ 4,199,000 2023 4,816,000 2024 4,312,000 2025 3,345,000 2026 2,480,000 Thereafter 416,000 |
Note M - Income Taxes
Note M - Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note M - Income Taxes The Company previously elected to be taxed as a REIT for federal income tax purposes and operated in a manner that allowed the Company to qualify as a REIT through December 31, 2019. 19 not not December 31, 2020. not 2020 2020 A full valuation allowance for deferred tax assets was historically provided each year since the Company believed that as a REIT it was more likely than not not three March 31, 2022, three March 31, 2022. 19 three March 31, 2022. may not |
Note N - Equity
Note N - Equity | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note N Equity Series A Preferred Stock On November 1, 2016, 506 March 24, 2017 The holders of the Series A Preferred Stock are entitled to receive, when and as authorized by the Board of Directors and declared by the Company out of funds legally available for the payment of dividends, cash dividends at the rate of 5.75% per annum of the initial stated value of $1,000 per share. Since a Listing Event, as defined in the charter, did not March 31, 2018, 5.75% Each investor in the Series A offering received, for every $1,000 no not fifth On March 24, 2020, March 31, 2022 December 31, 2021, Series 1 On March 29, 2017, 1 1 April 7, 2017, 506 1 The holders of the Series 1 not April 7, 2018, 1 1 December 31, 2021, 1 Each investor in the Series 1 no not fifth 1 January 31, 2023, five five 90 th third March 31, 2022 March 31, 2022, may 90th March 31, 2022 On March 24, 2020, 1 1 1 March 31, 2022 December 31, 2021, 1 Warrants On August 25, 2021, one five The Company assesses its warrants as either equity or a liability based upon the characteristics and provisions of each instrument. Warrants classified as equity are recorded at fair value as of the date of issuance on the Company’s balance sheet and no As of March 31, 2022, Tender Offer On October 5, 2021, 5:00 November 5, 2021. not Effective November 8, 2021, not $11.75 Securities Purchase Agreement On November 2, 2021, “HS3” HS3 HS3 HS3 two Convertible Noncontrolling Interests As of March 31, 2022, may March 31, 2022 March 31, 2021. Dividend Reinvestment Plan The Dividend Reinvestment Plan (“DRIP”) allows stockholders to invest distributions in additional shares of our Common Stock, subject to certain limits. Stockholders who elect to participate in the DRIP may March 22, 2018 no Share Repurchase Program On May 29, 2018, 100% 100% March 24, 2020, |
Note D - Acquisitions and Dis_2
Note D - Acquisitions and Dispositions of Investments in Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Property Location Date Acquired Property Type # Spaces Size / Acreage Retail Sq. Ft. Purchase Price 1W7 Carpark, LLC, LLC Cincinnati, OH 8/25/2021 Garage 765 1.21 18,385 $ 32,122,000 222W7, LLC Cincinnati, OH 8/25/2021 Garage 1,625 1.84 — $ 28,314,000 322 Streeter, LLC Chicago, IL 8/25/2021 Garage 1,154 2.81 — $ 38,483,000 2nd Street, LLC Miami, FL 9/9/2021 Contract 118 N/A — $ 3,253,000 Denver 1725 Champa Street Garage, LLC Denver, CO 11/3/2021 Garage 450 0.72 — $ 16,274,000 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Assets Land and Improvements Building and improvements In-Place Lease Value Contract Value Total assets acquired 1W7 Carpark (a) $ 2,995,000 $ 28,819,000 $ 308,000 $ — $ 32,122,000 222W7 4,391,000 23,923,000 — — 28,314,000 322 Streeter 11,387,000 27,096,000 — — 38,483,000 2nd Street (a) 93,000 — — 3,160,000 3,253,000 Denver 1725 Champa Street Garage, LLC 7,414,000 8,860,000 — — 16,274,000 $ 26,280,000 $ 88,698,000 $ 308,000 $ 3,160,000 $ 118,446,000 |
Note G - Intangible Assets (Tab
Note G - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Finite and Indefinite Intangible Assets [Table Text Block] | As of March 31, 2022 As of December 31, 2021 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization Value of in-place leases $ 2,397,000 1,384,000 $ 2,398,000 1,311,000 Value of lease commissions 152,000 87,000 152,000 82,000 Value of indefinite lived contract (1) 3,160,000 -- 3,160,000 -- Value of technology 4,099,000 237,000 4,046,000 133,000 Total intangible assets $ 9,808,000 1,708,000 $ 9,756,000 1,526,000 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Three Months Ended March 31, 2022 Acquired in-place leases Lease commissions Technology 2022 (Remainder) $ 216,000 $ 16,000 $ 326,000 2023 287,000 21,000 418,000 2024 270,000 19,000 418,000 2025 156,000 8,000 418,000 2026 68,000 1,000 418,000 Thereafter 16,000 -- 1,864,000 $ 1,013,000 $ 65,000 $ 3,862,000 |
Note H - Earnings Per Share (Ta
Note H - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended March 31, 2022 For the three months ended March 31, 2021 Numerator: Net loss attributable to common stockholders $ (2,556,000 ) $ (5,118,000 ) Denominator: Basic and dilutive weighted average shares of Common Stock outstanding 7,762,375 7,731,781 Basic and diluted loss per weighted average common share: Basic and dilutive $ (0.33 ) $ (0.66 ) |
Note I - Notes Payable and Pa_2
Note I - Notes Payable and Paycheck Protection Program Loan (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Loan Original Debt Amount Monthly Payment Balance as of 3/31/22 Lender Term (in years) Interest Rate Loan Maturity Corporate D&O Insurance (6) $ 450,000 $ 38,000 $ 114,000 MetaBank 1 3.95 % 7/31/2022 MVP Clarksburg Lot $ 476,000 Interest Only $ 476,000 Vestin Realty Mortgage I 1 7.00 % 8/25/2022 MCI 1372 Street $ 574,000 Interest Only $ 574,000 Vestin Realty Mortgage I 1 7.00 % 8/25/2022 MVP Milwaukee Old World $ 771,000 Interest Only $ 1,871,000 Vestin Realty Mortgage I 1 7.00 % 8/25/2022 MVP Milwaukee Clybourn $ 191,000 Interest Only $ 191,000 Vestin Realty Mortgage I 1 7.00 % 8/25/2022 MVP Wildwood NJ Lot, LLC $ 1,000,000 Interest Only $ 1,000,000 Vestin Realty Mortgage I 1 7.00 % 8/25/2022 MVP Cincinnati Race Street, LLC $ 2,550,000 Interest Only $ 3,450,000 Vestin Realty Mortgage II 1 7.00 % 8/25/2022 Minneapolis Venture $ 2,000,000 Interest Only $ 4,000,000 Vestin Realty Mortgage I 1 7.00 % 8/25/2022 SBA PPP Loan $ 328,000 *** $ 328,000 Small Business Administration 5 1.00 % 10/22/2022 1W7 Carpark, LLC (5) $ 11,000,000 $ 19,000 $ 10,207,000 Associated Bank 1 Variable 4/1/2023 222W7th Holdco, LLC (5) $ 8,250,000 $ 15,000 $ 8,097,000 Associated Bank 1 Variable 4/1/2023 MVP Raider Park Garage, LLC (4)(5) $ 7,400,000 Interest Only $ 6,932,000 LoanCore 1 Variable 4/1/2023 MVP New Orleans Rampart, LLC (4)(5) $ 5,300,000 Interest Only $ 4,965,000 LoanCore 1 Variable 4/1/2023 MVP Hawaii Marks Garage, LLC (4)(5) $ 13,500,000 Interest Only $ 12,646,000 LoanCore 1 Variable 4/1/2023 MVP Milwaukee Wells, LLC (4)(5) $ 2,700,000 Interest Only $ 2,529,000 LoanCore 1 Variable 4/1/2023 MVP Indianapolis City Park, LLC (4)(5) $ 7,200,000 Interest Only $ 6,744,000 LoanCore 1 Variable 4/1/2023 MVP Indianapolis WA Street, LLC (4)(5) $ 3,400,000 Interest Only $ 3,185,000 LoanCore 1 Variable 4/1/2023 MVP Memphis Poplar (3) $ 1,800,000 Interest Only $ 1,800,000 LoanCore 5 5.38 % 3/6/2024 MVP St. Louis (3) $ 3,700,000 Interest Only $ 3,700,000 LoanCore 5 5.38 % 3/6/2024 Mabley Place Garage, LLC $ 9,000,000 $ 44,000 $ 7,767,000 Barclays 10 4.25 % 12/6/2024 322 Streeter Holdco LLC $ 25,900,000 Interest Only $ 25,846,000 American National Insurance Co. 5 * 3.50 % 3/1/2025 MVP Houston Saks Garage, LLC $ 3,650,000 $ 20,000 $ 3,034,000 Barclays Bank PLC 10 4.25 % 8/6/2025 Minneapolis City Parking, LLC $ 5,250,000 $ 29,000 $ 4,479,000 American National Insurance, of NY 10 4.50 % 5/1/2026 MVP Bridgeport Fairfield Garage, LLC $ 4,400,000 $ 23,000 $ 3,750,000 FBL Financial Group, Inc. 10 4.00 % 8/1/2026 West 9th Properties II, LLC $ 5,300,000 $ 30,000 $ 4,596,000 American National Insurance Co. 10 4.50 % 11/1/2026 MVP Fort Worth Taylor, LLC $ 13,150,000 $ 73,000 $ 11,434,000 American National Insurance, of NY 10 4.50 % 12/1/2026 MVP Detroit Center Garage, LLC $ 31,500,000 $ 194,000 $ 28,131,000 Bank of America 10 5.52 % 2/1/2027 MVP St. Louis Washington, LLC (1) $ 1,380,000 $ 8,000 $ 1,295,000 KeyBank 10 * 4.90 % 5/1/2027 St. Paul Holiday Garage, LLC (1) $ 4,132,000 $ 24,000 $ 3,877,000 KeyBank 10 * 4.90 % 5/1/2027 Cleveland Lincoln Garage, LLC (1) $ 3,999,000 $ 23,000 $ 3,752,000 KeyBank 10 * 4.90 % 5/1/2027 MVP Denver Sherman, LLC (1) $ 286,000 $ 2,000 $ 268,000 KeyBank 10 * 4.90 % 5/1/2027 MVP Milwaukee Arena Lot, LLC (1) $ 2,142,000 $ 12,000 $ 2,010,000 KeyBank 10 * 4.90 % 5/1/2027 MVP Denver 1935 Sherman, LLC (1) $ 762,000 $ 4,000 $ 715,000 KeyBank 10 * 4.90 % 5/1/2027 MVP Louisville Broadway Station, LLC (2) $ 1,682,000 Interest Only $ 1,682,000 Cantor Commercial Real Estate 10 ** 5.03 % 5/6/2027 MVP Whitefront Garage, LLC (2) $ 6,454,000 Interest Only $ 6,454,000 Cantor Commercial Real Estate 10 ** 5.03 % 5/6/2027 MVP Houston Preston Lot, LLC (2) $ 1,627,000 Interest Only $ 1,627,000 Cantor Commercial Real Estate 10 ** 5.03 % 5/6/2027 MVP Houston San Jacinto Lot, LLC (2) $ 1,820,000 Interest Only $ 1,820,000 Cantor Commercial Real Estate 10 ** 5.03 % 5/6/2027 St. Louis Broadway, LLC (2) $ 1,671,000 Interest Only $ 1,671,000 Cantor Commercial Real Estate 10 ** 5.03 % 5/6/2027 St. Louis Seventh & Cerre, LLC (2) $ 2,057,000 Interest Only $ 2,057,000 Cantor Commercial Real Estate 10 ** 5.03 % 5/6/2027 MVP Indianapolis Meridian Lot, LLC (2) $ 938,000 Interest Only $ 938,000 Cantor Commercial Real Estate 10 ** 5.03 % 5/6/2027 St Louis Cardinal Lot DST, LLC (7) $ 6,000,000 Interest Only $ 6,000,000 Cantor Commercial Real Estate 10 ** 5.25 % 5/31/2027 MVP Preferred Parking, LLC $ 11,330,000 Interest Only $ 11,330,000 Key Bank 10 ** 5.02 % 8/1/2027 Less unamortized loan issuance costs $ (1,377,000 ) $ 205,965,000 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2022 (remainder) $ 21,867,000 2023 57,803,000 2024 15,282,000 2025 30,958,000 2026 22,630,000 Thereafter 66,932,000 Total $ 215,472,000 |
Note K - Variable Interest En_2
Note K - Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | March 31, 2022 (Unaudited) ASSETS Investments in real estate $ 11,808,000 Cash 165,000 Cash – restricted 239,000 Accounts receivable 146,000 Prepaid expenses 11,000 Total assets $ 12,369,000 LIABILITIES Notes payable $ 5,963,000 Accounts payable and accrued liabilities 223,000 Total liabilities $ 6,186,000 |
Equity Method Investments [Table Text Block] | For the three months ended March 31, 2021 Revenue $ 182,000 Expenses (199,000 ) Net income $ (17,000 ) |
Note L - Leases (Tables)
Note L - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended March 31, Lease revenue 2022 2021 Fixed contractual payments $ 1,748,000 $ 2,398,000 Variable lease payments 4,636,000 489,000 Straight-line rental income 4,000 48,000 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | For the year ended, Future lease payments due 2022 (Remainder) $ 4,199,000 2023 4,816,000 2024 4,312,000 2025 3,345,000 2026 2,480,000 Thereafter 416,000 |
Note A - Organization and Bus_2
Note A - Organization and Business Operations (Details Textual) $ / shares in Units, a in Millions | Aug. 25, 2021USD ($)ft²$ / sharesshares | Mar. 31, 2022USD ($)ft²a | Dec. 31, 2021USD ($) |
Number of Parking Facilities | 44 | ||
Number of Parking Spaces | 15,263 | ||
Area of Real Estate Property (Square Foot) | ft² | 5,300,000 | ||
Warrants and Rights Outstanding | $ 3,319,000 | $ 3,319,000 | |
Color Up to Purchase Common Stock Warrants [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 1,702,128 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 11.75 | ||
Class of Warrant or Right, Maximum Aggregate Cash Purchase Price Allowed | $ 20,000,000 | ||
Warrants and Rights Outstanding | 3,300,000 | ||
Acquisition of Three Parking Garages [Member] | |||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 35,000,000 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 98,800,000 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 4,000,000 | ||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt | 44,500,000 | ||
Business Acquisition,Transaction Expenses | 12,200,000 | ||
Settlement of Deferred Management Internalization | $ 10,000,000 | ||
OP Units [Member] | Acquisition of Three Parking Garages [Member] | |||
Asset Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 7,495,090 | ||
Asset Acquisition, Share Price (in dollars per share) | $ / shares | $ 11.75 | ||
Asset Acquisition, Consideration Transferred, Total | $ 84,100,000 | ||
Multi-level Parking Garage in Cincinnati Ohio 1 [Member] | |||
Number of Parking Spaces | 765 | ||
Multi-level Parking Garage in Cincinnati Ohio 2 [Member] | |||
Number of Parking Spaces | 1,625 | ||
Multi-level Parking Garage in Chicago Illinois [Member] | |||
Number of Parking Spaces | 1,154 | ||
Multi-level Parking Garage [Member] | |||
Area of Real Estate Property (Square Foot) | ft² | 1,201,000 | ||
Mobile Infra Operating Partnership, L.P [Member] | OP Units [Member] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 45.80% | ||
OP Units [Member] | Color Up, LLC Loan [Member] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 44.20% | ||
OP Units [Member] | HSCP Strategic III, LP [Member] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 10.00% | ||
Retail Site [Member] | |||
Area of Real Estate Property (Square Foot) | a | 0.2 |
Note B - Summary of Significa_2
Note B - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021USD ($) | |
Number of Parking Tenants or Operators | 14 | |
Immaterial Error Correction to the Consolidated Statements of Operations For Property Taxes [Member] | ||
Increase (Decrease) in Property and Other Taxes Payable | $ 255,000 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Parking Facilities, Operator, SP+Corporation [Member] | ||
Concentration Risk, Percentage | 56.10% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | SP + Corporation [Member] | ||
Concentration Risk, Percentage | 70.40% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Parking Facilities, Operator, Premier Parking Service, LLC [Member] | ||
Concentration Risk, Percentage | 15.00% | 10.00% |
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Cincinnati [Member] | ||
Concentration Risk, Percentage | 19.90% | 8.10% |
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Detroit [Member] | ||
Concentration Risk, Percentage | 13.20% | 19.00% |
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Chicago [Member] | ||
Concentration Risk, Percentage | 9.10% | 0.00% |
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Houston [Member] | ||
Concentration Risk, Percentage | 8.10% | 11.70% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Parking Facilities, Operator, SP+Corporation [Member] | ||
Concentration Risk, Percentage | 56.70% | 38.60% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Parking Facilities, Operator, Premier Parking Service, LLC [Member] | ||
Concentration Risk, Percentage | 16.80% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Parking Facilities, Operator, ABM Parking Services Inc [Member] | ||
Concentration Risk, Percentage | 12.50% |
Note C - Commitments and Cont_2
Note C - Commitments and Contingencies (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Mar. 31, 2022 | Nov. 05, 2021 | Nov. 02, 2021 |
Loss Contingency, Maximum Amount of Indemnification Limit | $ 2 | ||
Purchase Agreement With Company, Operating Partnership, and HSCP Strategic III, L.P. [Member] | OP Units [Member] | |||
Limited Partners' Capital Account, Units Issued (in shares) | 900,506 | 1,702,128 | |
Limited Partner, Option to Purchase Units, Price Per Share (in dollars per share) | $ 11.75 | $ 11.75 |
Note D - Acquisitions and Dis_3
Note D - Acquisitions and Dispositions of Investments in Real Estate (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Leases, Acquired-in-Place [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years |
Note D - Acquisitions and Dis_4
Note D - Acquisitions and Dispositions of Investments in Real Estate - Parking Asset Acquisitions (Details) | 12 Months Ended |
Dec. 31, 2021USD ($)ft²a | |
One W7 Carpark [Member] | |
Number of space | 765 |
Property size (Acre) | a | 1.21 |
Retail size (Square Foot) | ft² | 18,385 |
Purchase price | $ 32,122,000 |
Two2 W7 [Member] | |
Number of space | 1,625 |
Property size (Acre) | a | 1.84 |
Purchase price | $ 28,314,000 |
Three22 Streeter [Member] | |
Number of space | 1,154 |
Property size (Acre) | a | 2.81 |
Purchase price | $ 38,483,000 |
Second Street [Member] | |
Number of space | 118 |
Purchase price | $ 3,253,000 |
Denver 1725 Champa Street Garage, LLC [Member] | |
Number of space | 450 |
Property size (Acre) | a | 0.72 |
Purchase price | $ 16,274,000 |
Note D - Acquisitions and Dis_5
Note D - Acquisitions and Dispositions of Investments in Real Estate - Allocated Acquisition Value of All Properties Acquired (Details) | Dec. 31, 2021USD ($) | |
Total asset acquired | $ 118,446,000 | |
Contract value | 3,160,000 | |
Leases, Acquired-in-Place [Member] | ||
Intangible asset | 308,000 | |
Land and Land Improvements [Member] | ||
PPE | 26,280,000 | |
Building and Building Improvements [Member] | ||
PPE | 88,698,000 | |
One W7 Carpark [Member] | ||
Total asset acquired | 32,122,000 | [1] |
One W7 Carpark [Member] | Leases, Acquired-in-Place [Member] | ||
Intangible asset | 308,000 | [1] |
One W7 Carpark [Member] | Land and Land Improvements [Member] | ||
PPE | 2,995,000 | [1] |
One W7 Carpark [Member] | Building and Building Improvements [Member] | ||
PPE | 28,819,000 | [1] |
Two2 W7 [Member] | ||
Total asset acquired | 28,314,000 | |
Two2 W7 [Member] | Land and Land Improvements [Member] | ||
PPE | 4,391,000 | |
Two2 W7 [Member] | Building and Building Improvements [Member] | ||
PPE | 23,923,000 | |
Three22 Streeter [Member] | ||
Total asset acquired | 38,483,000 | |
Three22 Streeter [Member] | Land and Land Improvements [Member] | ||
PPE | 11,387,000 | |
Three22 Streeter [Member] | Building and Building Improvements [Member] | ||
PPE | 27,096,000 | |
Second Street [Member] | ||
Total asset acquired | 3,253,000 | [1] |
Contract value | 3,160,000 | [1] |
Second Street [Member] | Land and Land Improvements [Member] | ||
PPE | 93,000 | [1] |
Denver 1725 Champa Street Garage, LLC [Member] | ||
Total asset acquired | 16,274,000 | |
Denver 1725 Champa Street Garage, LLC [Member] | Land and Land Improvements [Member] | ||
PPE | 7,414,000 | |
Denver 1725 Champa Street Garage, LLC [Member] | Building and Building Improvements [Member] | ||
PPE | $ 8,860,000 | |
[1] | The value of in-place lease assets and the 2nd Street contract are included in intangible assets on the consolidated balance sheet. The life of the in-place lease at 1W7 is 5 years. The life of the contract at 2nd Street is indefinite. |
Note E - Related Party Transa_2
Note E - Related Party Transactions and Arrangements (Details Textual) - USD ($) | Aug. 25, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Notes Payable, Total | $ 205,965,000 | $ 207,153,000 | |
Due to Related Parties, Total | 20,000 | 0 | |
Park Place Parking [Member] | |||
Due from Related Parties, Total | 133,000 | ||
VRMI and VRMII [Member] | |||
Notes Payable, Total | $ 11,500,000 | ||
Interest Expense, Debt, Total | 200,000 | ||
VRMI [Member] | |||
Due to Related Parties, Total | 20,000 | ||
Affiliate of Bombe Asset Management LLC [Member] | |||
Costs and Expenses, Related Party | $ 1,000,000 | ||
Affiliate of Bombe Asset Management LLC [Member] | License Agreement [Member] | |||
License Fee, Monthly | $ 5,000 |
Note F - Stock-based Compensa_2
Note F - Stock-based Compensation (Details Textual) - Non-restricted Shares [Member] - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 01, 2021 | |
Share-based Payment Arrangement, Expense | $ 144,000 | |||
Shares Issued, Price Per Share (in dollars per share) | $ 11.75 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 0 | 0 |
Note G - Intangible Assets (Det
Note G - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization of Intangible Assets | $ 176,000 | $ 74,000 |
Note G - Intangible Assets - Sc
Note G - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 | |
Finite-lived intangible assets, accumulated amortization | $ 1,708,000 | $ 1,526,000 | |
Total intangible assets | 9,808,000 | 9,756,000 | |
Contract [Member] | |||
Indefinite-lived intangible assets | [1] | 3,160,000 | |
Leases, Acquired-in-Place [Member] | |||
Finite-lived intangible assets | 2,397,000 | 2,398,000 | |
Finite-lived intangible assets, accumulated amortization | 1,384,000 | 1,311,000 | |
Lease Commissions [Member] | |||
Finite-lived intangible assets | 152,000 | 152,000 | |
Finite-lived intangible assets, accumulated amortization | 87,000 | $ 82,000 | |
Technology-Based Intangible Assets [Member] | |||
Finite-lived intangible assets | 4,099,000 | ||
Finite-lived intangible assets, accumulated amortization | $ 237,000 | ||
[1] | Indefinite-Lived in-place contract includes the 2nd Street, LLC property in Miami, FL acquired on November 3, 2021. Refer to Note D - Acquisitions and Dispositions of Investments in Real Estate. |
Note G - Intangible Assets - _2
Note G - Intangible Assets - Schedule Of Future Amortization And Accretion Of Acquired Intangible Assets (Details) | Mar. 31, 2022USD ($) |
Leases, Acquired-in-Place [Member] | |
2022 (Remainder) | $ 216,000 |
2023 | 287,000 |
2024 | 270,000 |
2025 | 156,000 |
2026 | 68,000 |
Thereafter | 16,000 |
Finite-Lived Intangible Assets, Net, Ending Balance | 1,013,000 |
Lease Commissions [Member] | |
2022 (Remainder) | 16,000 |
2023 | 21,000 |
2024 | 19,000 |
2025 | 8,000 |
2026 | 1,000 |
Finite-Lived Intangible Assets, Net, Ending Balance | 65,000 |
Technology-Based Intangible Assets [Member] | |
2022 (Remainder) | 326,000 |
2023 | 418,000 |
2024 | 418,000 |
2025 | 418,000 |
2026 | 418,000 |
Thereafter | 1,864,000 |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 3,862,000 |
Note H - Earnings Per Share - S
Note H - Earnings Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net loss attributable to common stockholders | $ (2,556,000) | $ (5,118,000) |
Basic and dilutive weighted average shares of Common Stock outstanding (in shares) | 7,762,375 | 7,731,781 |
Basic and dilutive (in dollars per share) | $ (0.33) | $ (0.66) |
Note I - Notes Payable and Pa_3
Note I - Notes Payable and Paycheck Protection Program Loan (Details Textual) - USD ($) | Mar. 29, 2022 | Aug. 25, 2021 | Apr. 21, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Feb. 08, 2019 | Nov. 30, 2018 | May 31, 2017 | May 06, 2017 | May 01, 2017 |
Restricted Cash and Cash Equivalents, Total | $ 5,043,000 | $ 4,891,000 | $ 3,078,000 | $ 3,660,000 | |||||||||
Promissory Note to KeyBank [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 12,700,000 | ||||||||||||
Promissory Note to Cantor Commercial Real Estate Lending, LP [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 16,250,000 | ||||||||||||
Loan to MVP St. Louis and MVP Memphis Poplar [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 5,500,000 | ||||||||||||
Loan With LoanCore Capital [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 39,500,000 | ||||||||||||
Loan Modification Agreement With LoanCore Capital Credit [Member] | |||||||||||||
Debt Instrument, Principal Payments | $ 2,500,000 | ||||||||||||
Credit Agreement [Member] | KeyBanc Capital Markets [Member] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000,000 | ||||||||||||
Line of Credit Facility, Additional Maximum Borrowing Capacity | $ 75,000,000 | ||||||||||||
Debt Instrument, Covenant, Maximum Leverage Ratio | 65.00% | ||||||||||||
Credit Agreement [Member] | KeyBanc Capital Markets [Member] | Subsequent Event [Member] | |||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 18,900,000 | ||||||||||||
Credit Agreement [Member] | KeyBanc Capital Markets [Member] | Base Rate [Member] | Minimum [Member] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||||
Credit Agreement [Member] | KeyBanc Capital Markets [Member] | Base Rate [Member] | Maximum [Member] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||||
Credit Agreement [Member] | KeyBanc Capital Markets [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||||||
Credit Agreement [Member] | KeyBanc Capital Markets [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||||||
Loan With Meta Bank [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 337,500 | ||||||||||||
Loan With Cantor Commercial Real Estate [Member][ | |||||||||||||
Debt Instrument, Face Amount | $ 6,000,000 | ||||||||||||
Loan Covenant Not Being Met [Member] | |||||||||||||
Loans and Leases Receivable, Net Amount | 95,800,000 | 96,000,000 | |||||||||||
Restricted Cash and Cash Equivalents, Total | $ 549,000 | $ 359,000 |
Note I - Notes Payable and Pa_4
Note I - Notes Payable and Paycheck Protection Program Loan - Principal Balances on Notes Payable (Details) | 3 Months Ended | |
Mar. 31, 2022USD ($) | ||
Debt balance, net | $ 215,472,000 | |
Notes Payable [Member] | ||
Less unamortized loan issuance costs | (1,377,000) | |
Notes Payable and Paycheck Protection Program Loan [Member] | ||
Debt balance, net | 205,965,000 | |
Corporate D and O Insurance [Member] | Notes Payable [Member] | ||
Original debt amount | 450,000 | [1] |
Monthly payment | 38,000 | [1] |
Debt balance | $ 114,000 | [1] |
Term (Year) | 1 year | [1] |
interest rate | 3.95% | [1] |
MVP Clarksburg Lot [Member] | Notes Payable [Member] | ||
Original debt amount | $ 476,000 | |
Debt balance | $ 476,000 | |
Term (Year) | 1 year | |
interest rate | 7.00% | |
MCI 1372 Street [Member] | Notes Payable [Member] | ||
Original debt amount | $ 574,000 | |
Debt balance | $ 574,000 | |
Term (Year) | 1 year | |
interest rate | 7.00% | |
MVP Milwaukee Old World [Member] | Notes Payable [Member] | ||
Original debt amount | $ 771,000 | |
Debt balance | $ 1,871,000 | |
Term (Year) | 1 year | |
interest rate | 7.00% | |
MVP Milwaukee Clybourn [Member] | Notes Payable [Member] | ||
Original debt amount | $ 191,000 | |
Debt balance | $ 191,000 | |
Term (Year) | 1 year | |
interest rate | 7.00% | |
MVP Wildwood NJ Lot LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 1,000,000 | |
Debt balance | $ 1,000,000 | |
Term (Year) | 1 year | |
interest rate | 7.00% | |
MVP Cincinnati Race Street LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 2,550,000 | |
Debt balance | $ 3,450,000 | |
Term (Year) | 1 year | |
interest rate | 7.00% | |
Minneapolis Venture [Member] | Notes Payable [Member] | ||
Original debt amount | $ 2,000,000 | |
Debt balance | $ 4,000,000 | |
Term (Year) | 1 year | |
interest rate | 7.00% | |
SBA PPP Loan [Member] | Notes Payable [Member] | ||
Original debt amount | $ 328,000 | |
Debt balance | $ 328,000 | |
Term (Year) | 5 years | |
interest rate | 1.00% | |
One W7 Carpark LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 11,000,000 | [2] |
Monthly payment | 19,000 | [2] |
Debt balance | $ 10,207,000 | [2] |
Term (Year) | 1 year | [2] |
The 222W7th Holdco, LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 8,250,000 | [2] |
Monthly payment | 15,000 | [2] |
Debt balance | $ 8,097,000 | [2] |
Term (Year) | 1 year | [2] |
MVP Raider Park Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 7,400,000 | [2],[3] |
Debt balance | $ 6,932,000 | [2],[3] |
Term (Year) | 1 year | [2],[3] |
MVP New Orleans Rampart LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 5,300,000 | [2],[3] |
Debt balance | $ 4,965,000 | [2],[3] |
Term (Year) | 1 year | [2],[3] |
MVP Hawaii Marks Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 13,500,000 | [2],[3] |
Debt balance | $ 12,646,000 | [2],[3] |
Term (Year) | 1 year | [2],[3] |
MVP Milwaukee Wells LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 2,700,000 | [2],[3] |
Debt balance | $ 2,529,000 | [2],[3] |
Term (Year) | 1 year | [2],[3] |
MVP Indianapolis City Park LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 7,200,000 | [2],[3] |
Debt balance | $ 6,744,000 | [2],[3] |
Term (Year) | 1 year | [2],[3] |
MVP Indianapolis WA Street LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 3,400,000 | [2],[3] |
Debt balance | $ 3,185,000 | [2],[3] |
Term (Year) | 1 year | [2],[3] |
MVP Memphis Poplar [Member] | Notes Payable [Member] | ||
Original debt amount | $ 1,800,000 | [4] |
Debt balance | $ 1,800,000 | [4] |
Term (Year) | 5 years | [4] |
interest rate | 5.38% | [4] |
MVP St Louis [Member] | Notes Payable [Member] | ||
Original debt amount | $ 3,700,000 | [4] |
Debt balance | $ 3,700,000 | [4] |
Term (Year) | 5 years | [4] |
interest rate | 5.38% | [4] |
Mabley Place Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 9,000,000 | |
Monthly payment | 44,000 | |
Debt balance | $ 7,767,000 | |
Term (Year) | 10 years | |
interest rate | 4.25% | |
The 322 Streeter Holdco LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 25,900,000 | |
Debt balance | $ 25,846,000 | |
Term (Year) | 5 years | [5] |
interest rate | 3.50% | |
MVP Houston Saks Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 3,650,000 | |
Monthly payment | 20,000 | |
Debt balance | $ 3,034,000 | |
Term (Year) | 10 years | |
interest rate | 4.25% | |
Minneapolis City Parking LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 5,250,000 | |
Monthly payment | 29,000 | |
Debt balance | $ 4,479,000 | |
Term (Year) | 10 years | |
interest rate | 4.50% | |
MVP Bridgeport Fairfield Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 4,400,000 | |
Monthly payment | 23,000 | |
Debt balance | $ 3,750,000 | |
Term (Year) | 10 years | |
interest rate | 4.00% | |
West 9th Properties II LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 5,300,000 | |
Monthly payment | 30,000 | |
Debt balance | $ 4,596,000 | |
Term (Year) | 10 years | |
interest rate | 4.50% | |
MVP Fort Worth Taylor LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 13,150,000 | |
Monthly payment | 73,000 | |
Debt balance | $ 11,434,000 | |
Term (Year) | 10 years | |
interest rate | 4.50% | |
MVP Detroit Center Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 31,500,000 | |
Monthly payment | 194,000 | |
Debt balance | $ 28,131,000 | |
Term (Year) | 10 years | |
interest rate | 5.52% | |
MVP St Louis Washington LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 1,380,000 | [6] |
Monthly payment | 8,000 | [6] |
Debt balance | $ 1,295,000 | [6] |
Term (Year) | 10 years | [5],[6] |
interest rate | 4.90% | [6] |
St Paul Holiday Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 4,132,000 | [6] |
Monthly payment | 24,000 | [6] |
Debt balance | $ 3,877,000 | [6] |
Term (Year) | 10 years | [5],[6] |
interest rate | 4.90% | [6] |
Cleveland Lincoln Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 3,999,000 | [6] |
Monthly payment | 23,000 | [6] |
Debt balance | $ 3,752,000 | [6] |
Term (Year) | 10 years | [5],[6] |
interest rate | 4.90% | [6] |
MVP Denver Sherman LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 286,000 | [6] |
Monthly payment | 2,000 | [6] |
Debt balance | $ 268,000 | [6] |
Term (Year) | 10 years | [5],[6] |
interest rate | 4.90% | [6] |
MVP Milwaukee Arena Lot LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 2,142,000 | [6] |
Monthly payment | 12,000 | [6] |
Debt balance | $ 2,010,000 | [6] |
Term (Year) | 10 years | [5],[6] |
interest rate | 4.90% | [6] |
MVP Denver 1935 Sherman LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 762,000 | [6] |
Monthly payment | 4,000 | [6] |
Debt balance | $ 715,000 | [6] |
Term (Year) | 10 years | [5],[6] |
interest rate | 4.90% | [6] |
MVP Louisville Broadway Station LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 1,682,000 | [7] |
Debt balance | $ 1,682,000 | [7] |
Term (Year) | 10 years | [7],[8] |
interest rate | 5.03% | [7] |
MVP Whitefront Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 6,454,000 | [7] |
Debt balance | $ 6,454,000 | [7] |
Term (Year) | 10 years | [7],[8] |
interest rate | 5.03% | [7] |
MVP Houston Preston Lot LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 1,627,000 | [7] |
Debt balance | $ 1,627,000 | [7] |
Term (Year) | 10 years | [7],[8] |
interest rate | 5.03% | [7] |
MVP Houston San Jacinto Lot LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 1,820,000 | [7] |
Debt balance | $ 1,820,000 | [7] |
Term (Year) | 10 years | [7],[8] |
interest rate | 5.03% | [7] |
St Louis Broadway LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 1,671,000 | [7] |
Debt balance | $ 1,671,000 | [7] |
Term (Year) | 10 years | [7],[8] |
interest rate | 5.03% | [7] |
St Louis Seventh Cerre LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 2,057,000 | [7] |
Debt balance | $ 2,057,000 | [7] |
Term (Year) | 10 years | [7],[8] |
interest rate | 5.03% | [7] |
MVP Indianapolis Meridian Lot LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 938,000 | [7] |
Debt balance | $ 938,000 | [7] |
Term (Year) | 10 years | [7],[8] |
interest rate | 5.03% | [7] |
St Louis Cardinal Lot DST LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 6,000,000 | [9] |
Debt balance | $ 6,000,000 | [9] |
Term (Year) | 10 years | [8],[9] |
interest rate | 5.25% | [9] |
MVP Preferred Parking LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 11,330,000 | |
Debt balance | $ 11,330,000 | |
Term (Year) | 10 years | [8] |
interest rate | 5.02% | |
[1] | On September 30, 2021, the Company entered into a loan with Meta Bank to finance $337,500 of the Directors & Officers insurance policy premium. The loan matures on July 31, 2022. | |
[2] | On March 29, 2022, the Company entered into a Credit Agreement (the "Credit Agreement") with KeyBanc Capital Markets, as lead arranger, and KeyBank, National Association, as administrative agent. The Credit Agreement refinances the Company’s current loan agreements for these properties. The Credit Agreement will provide for, among other things, a $75,000,000 revolving credit facility, maturing on April 1, 2023. Credit Agreement may be extended to October 1, 2023 if no event of default is in existence upon receipt of written request 120 – 60 days prior to maturity date and payment of an extension fee pursuant to the terms of the Credit Agreement (the “Revolving Facility”). The Revolving Facility may be increased by up to an additional $75,000,000 provided that no event of default has occurred and is continuing and certain other conditions are satisfied. Borrowings under the Revolving Facility bear interest at a SOFR benchmark rate or Alternate Base Rate, plus a margin of between 1.75% and 2.25%, with respect to SOFR loans, or 0.75% to 1.25%, with respect to base rate loans, based on the Company’s leverage ratio as calculated under the Credit Agreement. The Credit Agreement is secured by the pool of properties and requires compliance with certain financial covenants. The Credit Agreement also includes financial covenants that require the Company to (i) maintain a total leverage ratio not to exceed 65.0%, (ii) not to exceed certain fixed charge coverage ratios, and (iii) maintain a certain tangible net worth. The loans held with LoanCore and Associated Bank were paid off on April 15, 2022 and April 21, 2022, respectively, resulting in $1.3 million remaining available on the credit line of the first $75,000,000 tranche. | |
[3] | On November 30, 2018, subsidiaries of the Company, consisting of MVP Hawaii Marks Garage, LLC, MVP Indianapolis City Park, LLC, MVP Indianapolis WA Street Lot, LLC, MVP New Orleans Rampart, LLC, MVP Raider Park Garage, LLC, and MVP Milwaukee Wells LLC (the “Borrowers”) entered into a loan agreement, dated as of November 30, 2018 (the “Loan Agreement”), with LoanCore Capital Credit REIT LLC (the “LoanCore”). Under the terms of the Loan Agreement, LoanCore agreed to loan the Borrowers $39.5 million to repay and discharge the outstanding KeyBank Revolving Credit Facility. On August 25, 2021, pursuant to the Closing of the Transaction, the Company made a $2.5 million principal payment. | |
[4] | On February 8, 2019, subsidiaries of the Company, consisting of MVP PF St. Louis 2013, LLC (“MVP St. Louis”), and MVP PF Memphis Poplar 2013 (“MVP Memphis Poplar”), LLC entered into a loan agreement, dated as of February 8, 2019, with LoanCore Capital Credit REIT LLC (“LoanCore”). Under the terms of the Loan Agreement, LoanCore agreed to loan MVP St. Louis and MVP Memphis Poplar $5.5 million to repay and discharge the outstanding KeyBank loan agreement. The loan is secured by a Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing on each of the properties owned by MVP St. Louis and MVP Memphis Poplar. | |
[5] | 2 Year Interest Only | |
[6] | The Company issued a promissory note to KeyBank for $12.7 million secured by a pool of properties, including (i) MVP Denver Sherman, LLC, (ii) MVP Denver 1935 Sherman, LLC, (iii) MVP Milwaukee Arena, LLC, (iv) MVP St. Louis Washington, LLC, (v) St. Paul Holiday Garage, LLC and (vi) Cleveland Lincoln Garage, LLC. | |
[7] | The Company issued a promissory note to Cantor Commercial Real Estate Lending, L.P. (“CCRE”) for $16.25 million secured by a pool of properties, including (i) MVP Indianapolis Meridian Lot, LLC, (ii) MVP Louisville Station Broadway, LLC, (iii) MVP White Front Garage Partners, LLC, (iv) MVP Houston Preston Lot, LLC, (v) MVP Houston San Jacinto Lot, LLC, (vi) St. Louis Broadway Group, LLC, and (vii) St. Louis Seventh & Cerre, LLC. | |
[8] | 10 Year Interest Only | |
[9] | Pursuant to the Closing of the Transaction, the Company recorded the $6.0 million loan with Cantor Commercial Real Estate upon the consolidation of its investment in MVP St. Louis Cardinal Lot, DST. Company recorded the $6.0 million loan with Cantor Commercial Real Estate upon the consolidation of its investment in MVP St. Louis Cardinal Lot, DST. See Note I for further information. |
Note I - Notes Payable and Pa_5
Note I - Notes Payable and Paycheck Protection Program Loan - Future Principal Payments (Details) | Mar. 31, 2022USD ($) |
2022 (remainder) | $ 21,867,000 |
2023 | 57,803,000 |
2024 | 15,282,000 |
2025 | 30,958,000 |
2026 | 22,630,000 |
Thereafter | 66,932,000 |
Total | $ 215,472,000 |
Note J - Fair Value (Details Te
Note J - Fair Value (Details Textual) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Inputs, Level 2 [Member] | ||
Debt Instrument, Fair Value Disclosure, Total | $ 211.3 | $ 161.2 |
Note K - Variable Interest En_3
Note K - Variable Interest Entities (Details Textual) ft² in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($)ft²a | Dec. 31, 2021USD ($) | Aug. 25, 2021USD ($) | |
Area of Real Estate Property (Square Foot) | ft² | 5.3 | ||
Number of Parking Spaces | 15,263 | ||
Assets, Total | $ 424,635,000 | $ 429,147,000 | |
Liabilities, Total | $ 223,839,000 | $ 223,323,000 | |
Cardinal Lot [Member] | |||
Area of Real Estate Property (Square Foot) | a | 2.56 | ||
Number of Parking Spaces | 376 | ||
MVP St. Louise [Member] | |||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 51.00% | ||
Assets, Total | $ 12,000,000 | ||
Liabilities, Total | $ 6,200,000 | ||
Gain (Loss) on Consolidation of VIE | $ 360,000 |
Note K - Variable Interest En_4
Note K - Variable Interest Entities - MVP St. Louis Balance Sheet Amounts (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Investments in real estate | $ 405,901,000 | $ 407,575,000 |
Cash | 9,418,000 | 11,805,000 |
Cash – restricted | 5,043,000 | 4,891,000 |
Accounts receivable, net allowance of doubtful accounts of $0.1 million as of March 31, 2022 and December 31, 2021, respectively | 3,312,000 | 4,031,000 |
Prepaid expenses | 462,000 | 676,000 |
Total assets | 424,635,000 | 429,147,000 |
Notes payable and paycheck protection program loan, net | 205,965,000 | 207,153,000 |
Accounts payable and accrued expenses | 15,589,000 | 13,849,000 |
Total liabilities | 223,839,000 | $ 223,323,000 |
MVP St Louis [Member] | ||
Investments in real estate | 11,808,000 | |
Cash | 165,000 | |
Cash – restricted | 239,000 | |
Accounts receivable, net allowance of doubtful accounts of $0.1 million as of March 31, 2022 and December 31, 2021, respectively | 146,000 | |
Prepaid expenses | 11,000 | |
Total assets | 12,369,000 | |
Notes payable and paycheck protection program loan, net | 5,963,000 | |
Accounts payable and accrued expenses | 223,000 | |
Total liabilities | $ 6,186,000 |
Note K - Variable Interest En_5
Note K - Variable Interest Entities - MVP St. Louis Income Statement Amounts (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | $ 6,380,000 | $ 3,711,000 |
Net income | (4,278,000) | $ (4,368,000) |
MVP St Louis [Member] | ||
Revenue | 182,000 | |
Expenses | (199,000) | |
Net income | $ (17,000) |
Note L - Leases - Lease Revenue
Note L - Leases - Lease Revenue (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fixed contractual payments | $ 1,748,000 | $ 2,398,000 |
Variable lease payments | 4,636,000 | 489,000 |
Straight-line rental income | $ 4,000 | $ 48,000 |
Note L - Leases - Future Contra
Note L - Leases - Future Contractual Lease Payments (Details) | Mar. 31, 2022USD ($) |
2022 (Remainder) | $ 4,199,000 |
2023 | 4,816,000 |
2024 | 4,312,000 |
2025 | 3,345,000 |
2026 | 2,480,000 |
Thereafter | $ 416,000 |
Note N - Equity (Details Textua
Note N - Equity (Details Textual) - USD ($) | Nov. 05, 2021 | Nov. 02, 2021 | Mar. 29, 2019 | Mar. 31, 2018 | Mar. 24, 2017 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | Aug. 25, 2021 | Mar. 31, 2021 | Mar. 24, 2020 | Apr. 07, 2019 | Nov. 01, 2016 |
Class of Warrant or Right, Outstanding (in shares) | 1,702,128 | 1,702,128 | 1,702,128 | ||||||||||
Dividends Payable | $ 750,000 | $ 750,000 | $ 750,000 | ||||||||||
Common Stock, Shares, Issued (in shares) | 7,762,375 | 7,762,375 | 7,762,375 | ||||||||||
Purchase Agreement With Company, Operating Partnership, and HSCP Strategic III, L.P. [Member] | |||||||||||||
Limited Partnership Purchase Agreement, Consideration Transferred | $ 20,000,000 | ||||||||||||
Tender Offer [Member] | |||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 11.75 | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 878,082 | ||||||||||||
Proceeds from Issuance of Common Stock | $ 10,300,000 | ||||||||||||
Subscription Agreement [Member] | |||||||||||||
Common Stock, Shares, Issued (in shares) | 22,424 | ||||||||||||
Maximum [Member] | Tender Offer [Member] | |||||||||||||
Common Stock, Shares, Issued (in shares) | 900,506 | ||||||||||||
Series A Warrants Issued Per $1,000 of Shares Subscribed [Member] | |||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 30 | ||||||||||||
Warrants or Rights, Exercise Price, Percent of Stock Price | 110.00% | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 25 | ||||||||||||
Series 1 Warrants Issued Per $1,000 of Shares Subscribed [Member] | |||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 35 | ||||||||||||
Warrants or Rights, Exercise Price, Percent of Stock Price | 110.00% | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 25 | $ 25 | $ 25 | ||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,382,675 | 1,382,675 | |||||||||||
Proceeds from Warrant Exercises | $ 34,600,000 | ||||||||||||
Color Up to Purchase Common Stock Warrants [Member] | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.75 | ||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,702,128 | ||||||||||||
Class of Warrant or Right, Maximum Aggregate Cash Purchase Price Allowed | $ 20,000,000 | ||||||||||||
Series A Convertible Redeemable Preferred Stock [Member] | |||||||||||||
Stock Offering, Shares, Value | $ 50,000,000 | ||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | ||||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 2,500,000 | ||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.50% | 5.75% | |||||||||||
Preferred Stock, Stated Value (in dollars per share) | $ 1,000 | ||||||||||||
Series A Preferred Stock [Member] | |||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||
Preferred Stock, Distributions Declared, Value | $ 1,044,000 | ||||||||||||
Dividends, Preferred Stock, Total | $ 597,000 | ||||||||||||
Dividends Payable | $ 447,000 | $ 393,000 | $ 447,000 | ||||||||||
Preferred Stock, Shares Authorized (in shares) | 50,000 | 50,000 | 50,000 | ||||||||||
Series 1 Convertible Redeemable Preferred Stock [Member] | |||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | ||||||||||||
Preferred Stock, Distributions Declared, Value | $ 12,200,000 | ||||||||||||
Dividends, Preferred Stock, Total | $ 6,400,000 | ||||||||||||
Dividends Payable | $ 5,800,000 | $ 5,100,000 | $ 5,800,000 | ||||||||||
Preferred Stock, Shares Authorized (in shares) | 97,000 | ||||||||||||
Increased Dividend Rate Costs Per Quarter | $ 150,000 | ||||||||||||
Preferred Stock, Conversion, Initial Amount | $ 1,000 | ||||||||||||
Series 1 Convertible Redeemable Preferred Stock [Member] | Minimum [Member] | |||||||||||||
Preferred Stock, Dividend Rate, Percentage | 5.50% | 5.50% | |||||||||||
Series 1 Convertible Redeemable Preferred Stock [Member] | Maximum [Member] | |||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.00% | ||||||||||||
OP Units [Member] | |||||||||||||
Equity Units, Outstanding, Total (in shares) | 17,000,000 | 0 | |||||||||||
OP Units [Member] | Purchase Agreement With Company, Operating Partnership, and HSCP Strategic III, L.P. [Member] | |||||||||||||
Limited Partners' Capital Account, Units Issued (in shares) | 900,506 | 1,702,128 | |||||||||||
Limited Partners, Option to Purchase Units (in shares) | 425,532 | ||||||||||||
Limited Partner, Option to Purchase Units, Price Per Share (in dollars per share) | $ 11.75 | $ 11.75 | |||||||||||
Class A Units [Member] | Purchase Agreement With Company, Operating Partnership, and HSCP Strategic III, L.P. [Member] | |||||||||||||
Limited Partners' Capital Account, Units Issued (in shares) | 425,532 |