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The Parking REIT adopts share repurchase program

The Parking REIT Inc. adopted a share repurchase program under which the specialty real estate investment trust may repurchase shares of its common stock, subject to a two-year holding period.

The holding period restricts the company from purchasing shares until after the two-year anniversary of the initial date of the issuance of the stock.

The company also closed its private placement of roughly 39,810 shares of its series 1 convertible redeemable preferred stock and corresponding warrants, representing the right to purchase 1,382,605 shares of common stock, for total gross proceeds of around $39.8 million.

MVP REIT II Inc. changed its name to The Parking REIT after its merger with MVP REIT Inc.