Mobile Infrastructure (BEEP) - 2024 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2024 was $9.8 million, a 21.0$8.1 million in Q3 2023[5] - Net Operating Income (NOI) for Q3 2024 was $6.1 million, reflecting a 3.8$5.9 million in the prior-year period[8] - Adjusted EBITDA for Q3 2024 was $4.5 million, a 2.2$4.4 million in Q3 2023[8] - The company reported a net loss of $1.9 million for Q3 2024, significantly improved from a loss of$24.6 million in the prior-year period[7] - Total revenues for Q3 2024 were $9,758 million, a 21.0$8,063 million in Q3 2023[30] - Net Operating Income (NOI) for Q3 2024 was $6,094 million, up 3.8$5,871 million in Q3 2023[30] - Managed property revenue reached $7,981 million in Q3 2024, compared to$0 in Q3 2023[30] - Net loss for Q3 2024 was $(1,890) million, significantly improved from$(24,642) million in Q3 2023[30] - Basic and diluted loss per share for Q3 2024 was $(0.06), compared to$(1.77) in Q3 2023[30] - Total expenses for Q3 2024 were $8,848 million, down from$34,836 million in Q3 2023[30] Debt and Financial Position - The company secured a $40.4 million line of credit to enhance financial flexibility for future preferred stock redemptions[4] - As of September 30, 2024, total debt outstanding was$203.3 million, up from $192.9 million as of December 31, 2023[10] - The company reported a total liability of$201,223,000, which includes notes payable and revolving credit facilities[35] Operational Metrics - Same location Revenue Per Available Stall (RevPAS) was $227.60, representing a 1.6$224.00 in the prior-year period[9] - Same location RevPAS, a key performance measure for parking operations, is used to evaluate revenue fluctuations without the impact of portfolio transactions[32] Guidance and Future Outlook - The company reaffirmed its full year 2024 guidance of revenue between $38 million and$40 million and NOI between $22.5 million and$23.25 million[11] - The company is experiencing early signs of return to office trends, particularly in healthcare and professional services sectors[3] - The company anticipates considerable growth opportunities from upcoming conversions of downtown office spaces to residential rentals scheduled for completion in 2025 and 2026[3] Expenses and Impairments - Property operating expenses increased to $1,835 million in Q3 2024 from$390 million in Q3 2023[30] - Interest expense for Q3 2024 was $(3,348) million, a decrease from$(3,618) million in Q3 2023[30] - General and administrative expenses decreased to $2,684 million in Q3 2024 from$4,154 million in Q3 2023[30] - Depreciation and amortization expenses were $2,104,000 for Q3 2024, compared to$2,132,000 in Q3 2023, reflecting a minor decrease[31] - The impairment of real estate was recorded at $8,700,000 in Q3 2023, with no impairment reported in Q3 2024[31] Asset Valuation - The total estimated net asset value (NAV) attributable to the company's common stock was$332,086,000 as of June 30, 2024, with a NAV per fully diluted share of $7.25[35] - The company reported total assets of$567,091,000, which includes investments in real estate valued at $546,130,000[35] - The company emphasized that NAV is not a GAAP measure and may differ from other public companies' methodologies[36]