NORTH KANSAS CITY, MO – Maxus Realty Trust, Inc. (“MRTI”), a real estate investment trust with corporate headquarters located in North Kansas City, MO, has appointed a special committee (the "Special Committee") of the Board of Trustees (the "Board") to evaluate a transaction that is being contemplated whereby MRTI may acquire Maxus Properties, Inc. (“MPI”).
MPI is a property management company and performs property management services for all of the apartment communities controlled by MRTI. MPI is wholly owned by David L. Johnson, the Chairman, Chief Executive Officer and President of MRTI and beneficial owner of more than 10% of the outstanding shares of MRTI.
The Special Committee consists of three independent trustees that will act on behalf of the Board and the other shareholders of MRTI in determining whether to proceed with that transaction, and if so, the terms and conditions thereof. The Special Committee will be advised by independent legal and financial advisors that it will select and engage. MRTI is a REIT that is in the business of acquiring, investing, developing and redeveloping multifamily and commercial properties in Missouri, Arkansas, Oklahoma, Texas, Florida, Kansas, Mississippi, North Carolina, Louisiana and Georgia.
MRTI has ownership interests in 28 multifamily properties (7,314 apartment homes) and has approximately 92,000 square feet of retail space. MRTI’s common stock is quoted on the OTC Pink market tier of the OTC market, which operates an interdealer quotation system and electronic messaging service, called OTC Link®, for broker-dealers to trade OTC equity securities. Additional information about MRTI may be found at www.otcmarkets.com (symbol “MRTI”).
Media contact: Kelly Johnson, 816-805-5659, kjohnson@maxusprop.com Investors contact: DeAnn Totta, 816-877-0812, dtotta@maxusprop.com