NRI Real Estate Investment and Technology, Inc. Announces First Quarter Calendar 2022 Financial Results

CORAL GABLES, Fla., May 16, 2022 (GLOBE NEWSWIRE) — NRI Real Estate Investment and Technology, Inc., a Maryland company and formerly known as NRI Real Token, Inc. (“the Company”), today announced financial results and operating results for the first quarter of 2022. The Company’s complete financial results were filed today in an quarterly report on Form 10-Q with the Securities and Exchange Commission (“SEC”).

Below are the Company’s key business and operational highlights for the first quarter of 2022.

Calendar for the first quarter of 2022 Business and operational highlights

  • Average hotel occupancy at approximately 62.7% and Hotel Average Daily Rate (“ADR”) of $232.35 compared to the CrowdStreet platform’s original projections for Q1 occupancy and ADR of 59.0% and $203.98.

  • The Food & Beverage component within the hotel exceeded the CrowdStreet platform’s expectations for the first quarter, generating $3.1 million in revenue compared to an estimate of $1.5 million for the first quarter.

  • The multi-family rental component of the property remains 99.5% occupied, with current rental average rents in excess of $3.50/sf and a current waiting list of over 70 potential residents. The company will continue to seek to increase rents in line with the current market for new leases and renewals.

  • Retail component highlights include:

    • signed a new lease with Legends Hospitality, a University of Miami affiliate, for approximately 8,500 square feet

    • signed a memorandum of understanding with a breakfast and coffee restaurant for about 2,600 square meters

    • signed letter of intent for the remaining approximately 5,600 SF with doctor’s office use

  • The company generates a positive cash flow. Our loan agreements permit distributions once the Company exceeds a 5.75% debt yield threshold, the calculation of which is defined in the loan agreements and relies on trailing income and expenses for the hotel, retail and parking components to determine net cash flow. Although cash flow has improved, meeting the threshold requirement will depend in part on leasing commencement under the signed lease with our largest retail tenant and further ramping up hotel operations towards stabilized occupancy and ADR. The Company currently anticipates exceeding that threshold towards the end of 2022 or in the first half of 2023, at which time we will assess the payouts.

  • Filing of Form 10 and amendment with the SEC in connection with the registration of the Company’s securities and the Company’s conversion into a public reporting company. Filing Form 10 is a necessary step to facilitate trading of the Company’s securities on Alternative Trading Systems (ATS).

  • At this time no formal market appraisal or appraisal of the property has been commissioned.

About NRI Real Estate Investment and Technology, Inc.

NRI Real Estate Investment and Technology, Inc. is a Maryland corporation incorporated on June 2, 2021 with the original purpose of owning, developing and managing THEsis Miami, located at 1350 S Dixie Highway, Coral Gables, Florida 33146 was designated as a property, includes a hotel, apartments, retail units (restaurants and shopping) and a parking garage. NRI Real Estate Investment and Technology, Inc. intends to elect for taxation as a real estate investment trust (REIT) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, beginning on December 31 Tax year ending 2022.

Warnings

This press release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that are not purely historical or current facts are forward-looking and can be qualified by the use of words such as “anticipate”, “estimate”, “could”, “would”, “should”, “will”, “may” , “forecast”, “approximate”, “expect”, “predict”, “aim”, “predict”, “potential”, “intend”, “plan”, “believe”, the negative of such terms and other words of similar meaning Meaning. Without limiting the generality of the foregoing, the forward-looking statements contained in this press release include statements about the Company and its industry with respect to matters such as expected future financial and operating performance, business prospects, expected distributions, and occupancy and rental expectations.

The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The company has made these forward-looking statements based on current expectations and assumptions about future events, considering all information currently known to the company. While the Company believes these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and are beyond the Company’s control. These risks and uncertainties include the risks discussed in “Item 1A. Risk Factors” of the company’s Form 10 filing with the SEC, as updated by the company’s subsequent filings with the SEC. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

WILL UELK
Director Capital Markets
C +1 314.707.6804
E wuelk@nrinternational.com

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