Legal Disclaimer FORWARD-LOOKING STATEMENTS THIS PRESENTATION INCLUDES FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ALL STATEMENTS, OTHER THAN STATEMENTS OF PRESENT OR HISTORICAL FACT, THAT ADDRESS THE FUTURE FINANCIAL PERFORMANCE OF MOBILE INFRASTRUCTURE CORPORATION (THE "COMPANY"), AS WELL AS THE COMPANY'S STRATEGY, FUTURE OPERATIONS, FUTURE OPERATING RESULTS, FINANCIAL POSITION, ESTIMATED REVENUES, AND LOSSES, PROJECTED COSTS, PROSPECTS, PLANS AND ...

Financial Data and Key Metrics Changes - Adjusted EBITDA grew 26.1% year over year in Q2 2025, with same store net operating income (NOI) increasing 1.8% year over year and nearly 4% sequentially [7][18] - Total portfolio NOI improved 5% sequentially, while year over year NOI growth was slower due to challenging comparisons from Q2 2024 [7][20] - Year over year occupancy grew 40 basis points from 86.1% to 86.5% on a same store basis, with annualized same store revenues increasing by $12 million or 5.1% [17][18] Business Line Data and Key Metrics Changes - The acquisition portfolio saw an 8.1% sequential increase in revenues, reflecting a strong annual rate increase and contributions from newly acquired communities [19] - Same store direct labor increased approximately $1.5 million year over year, with revenues growing at approximately double this rate [26] - The company maintained a flat G&A level while investing in sales and marketing capabilities, resulting in a net zero impact on G&A despite personnel restructuring [28] Market Data and Key Metrics Changes - The company achieved a record high occupancy of 88.2% for its same store portfolio in July 2025, positioning for strong growth in the latter half of the year [10] - Nearly half of the communities remain over 90% occupied, with eight communities operating at 100% occupancy [14] - The company reported a 4% year over year increase in quarterly same store move ins, indicating strong lead volume and demand [8][12] Company Strategy and Development Direction - The company is focused on disciplined capital deployment in accretive opportunities, particularly in non-stabilized assets [33] - A strategic inorganic growth plan remains on track, with two acquisitions completed in Q2 and a third announced for Q3 [11][33] - The company aims to enhance operational integration and capitalize on high-quality assets coming to market [34] Management's Comments on Operating Environment and Future Outlook - Management noted an unusually high uptick in resident deaths impacting occupancy growth, but improvements in clinical response processes are expected to mitigate this in the future [7][8] - The company is optimistic about future revenue and margin growth, with significant opportunities for occupancy, rate, and margin improvements [35] - Management emphasized the importance of culture and team development in sustaining growth and operational success [35] Other Important Information - The company successfully closed a restated financing agreement with Ally Bank, extending the term and improving the balance sheet [29][30] - The weighted average interest rate for the portfolio is 5.6%, with 59% of total debt being fixed rate [30] - The company is in compliance with all financial covenants required under its mortgages and credit facility [31] Q&A Session Summary Question: Can you provide more detail on move out and move in activity? - Management noted that move outs increased due to higher deaths in April, but saw a decrease in the latter half of the quarter and a strong uptick in July driven by improved digital marketing efforts [38][39] Question: What are the occupancy and stabilized yields for acquisitions? - Management indicated that acquisitions typically have occupancy in the mid-70s to low 80s and are expected to benefit from enhanced sales and marketing capabilities [42][43] Question: How does the labor cost increase compare to RevPAR growth? - Management confirmed that labor costs increased due to targeted wage increases for nursing staff, but overall turnover has decreased, allowing for better expense management [48][49]

Financial Data and Key Metrics Changes - The company reported net income of $18.3 million or $0.17 per share and FFO of $97.7 million or $0.89 per share for the quarter [24] - The midpoint of the 2025 FFO outlook has been raised by $0.02 to a range of $3.37 to $3.45 per share, reflecting a nearly 2% increase since the beginning of the year [11][27] - The debt to EBITDA ratio was 6.3 times at quarter end, with $106 million left to fund on the development pipeline and over $700 million of available liquidity [26] Business Line Data and Key Metrics Changes - The company achieved 920,000 square feet of second-generation leasing in the quarter, including 370,000 square feet of new leasing [5][10] - The occupancy rate remained flat at 85.6%, while the leased rate increased by 80 basis points to 88.9% [10] - The company has forecasted $25 million of annual NOI upside from stabilizing its core four assets, with 50% of this upside already secured through signed leases [6][30] Market Data and Key Metrics Changes - The company noted strong demand in its key markets, particularly in Charlotte, Dallas, and Nashville, which are outperforming the national average [72] - Nashville reported the highest dollar-weighted average lease term at nine years, with GAAP rent growth of 23.8% and cash rent spreads of 12.4% [19] - The Tampa market has seen its fifth consecutive quarter of positive net absorption, with a healthy pipeline of future tenant move-ins [22] Company Strategy and Development Direction - The company aims to upgrade its portfolio quality by rotating out of slower growth properties into higher growth, more capital-efficient assets [4] - The development pipeline includes significant NOI growth potential, with over $10 million at Glenlake III and Granite Park VI, and over $20 million at 23 Springs and Midtown East [7][30] - The company is confident in the Ovation mixed-use development project, which is expected to create significant value for shareholders [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the leasing environment, noting a return to office trends and a reduction in competitive supply [14] - The company anticipates steady occupancy growth through 2026, supported by signed leases and a strong development pipeline [85] - Management highlighted the importance of maintaining a strong balance sheet and liquidity to capitalize on future opportunities [12] Other Important Information - The company received $3 million from the Florida Department of Transportation for roadway improvements, which was included in the FFO outlook [24] - The company wrote off nearly $1 million of predevelopment costs at sites where office use is no longer deemed optimal [25] Q&A Session Summary Question: Insights on guidance and other income items - Management indicated that there were $0.03 of headwinds in the updated outlook due to higher G&A and pushed interest income into future years, offset by $0.05 of NOI upside [34][35] Question: Acquisition opportunities in current markets - Management noted that capital markets are opening up, with more high-quality assets coming to market and narrowing bid-ask spreads [40][41] Question: Expectations for concessions and tenant improvements - Management stated that concessions have generally peaked, with net effective rents increasing, although variability exists by submarket [44][46] Question: Future leasing commissions and tenant improvements - Management expects elevated levels of leasing commissions and tenant improvements to continue, likely higher than previous years [50][52] Question: Factors affecting guidance range - Management highlighted expense timing and potential lease renewals as swing factors affecting the guidance range [56] Question: Competitive landscape for large RFPs - Management noted strong competition for headquarter space, with demand coming from various industries, including financial services and manufacturing [90][92]

Financial Data and Key Metrics Changes - The company's same store portfolio NOI grew by 19.3% year over year, while the acquisition portfolio NOI increased by 31.3% sequentially from Q4 2024, resulting in a total portfolio NOI growth of 37.6% year over year [7][8] - The average renewal rate increased by 6.6%, impacting nearly 70% of the resident base, supported by high resident satisfaction [8] - Total company occupancy improved by 100 basis points year over year to 84.7%, with a 7% increase in lead volume across the same store portfolio [9][10] Business Line Data and Key Metrics Changes - The repositioning portfolio was introduced for assets undergoing significant renovations, with five assets identified for strategic repositioning to capture a higher rate private pay customer base [12][25] - Same store revenues increased by $16 million or 7.4%, with 65% of the increased revenues flowing through to NOI, resulting in a same store NOI margin of 27.6%, a 280 basis point increase from the previous year [13][17] - The acquisition communities delivered a 31.3% NOI growth with a 26.3% NOI margin, reflecting strong sequential growth [15] Market Data and Key Metrics Changes - The company continues to expand its level of care revenues with a year-over-year increase of $1.8 million or 13.6% on its same store portfolio, driven by the adoption of a new software system for tracking clinical staff resources [18] - The company is focused on reducing its Medicaid exposure, currently at 9% of total revenue, by repositioning communities to align with a private pay model [25][26] Company Strategy and Development Direction - The company aims to drive community performance through tailored operating plans and detailed execution, with a focus on operational discipline to improve occupancy and margins [6][7] - The strategic inorganic growth plan remains on track, with two new acquisitions expected to close in Q2, reflecting a focus on deploying capital accretively [7][30] - The company is committed to maintaining a disciplined approach to capital allocation, targeting high-quality assets at a discount to replacement cost [27][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving $100 million of NOI based on 2024's pro forma NOI, with a successful annual rate increase campaign contributing to this growth [22][31] - The current investment landscape is characterized by liquidity-seeking sellers, providing a steady pipeline of attractive investment opportunities [26][30] Other Important Information - The company has invested in employee retention strategies, resulting in the lowest turnover percentage for a quarter since tracking began [10] - The total debt composition includes 61% fixed-rate debt, with a weighted average interest rate of 5.4% [21] Q&A Session Summary Question: Can you provide more details on the repositioning portfolio and timeline? - Management indicated that the repositioning portfolio represents an opportunity to invest in communities to align with a private pay model, with capital investments planned to enhance these assets [36][38] Question: Are there other assets that could be repositioned? - Management noted that the five identified assets are the most immediate opportunities, with no large-scale transitions expected in the near term [40] Question: Can you elaborate on the two acquisitions mentioned? - The acquisitions are in strong southern markets, consistent with previous purchases, and are expected to stabilize with low double-digit yields [42]

Financial Data and Key Metrics Changes - The company reported a Core FFO of $14.4 million for Q1 2025, an increase of $3.7 million compared to $10.7 million in Q1 2024 [15] - On a per share basis, Core FFO was $0.46 in Q1 2025 compared to $0.48 in Q1 2024, primarily due to reduced leverage and downtime from re-leasing anchor spaces [16] - The net debt to EBITDA ratio was 6.6 times at the end of the quarter, slightly elevated from the previous quarter but a full turn lower than one year ago [15] Business Line Data and Key Metrics Changes - The company signed over 112,000 square feet of new leases, renewals, and extensions at an average rent of $24.14 per square foot, nearly 25% higher than the in-place portfolio average of $19.41 per square foot [7] - The portfolio was 93.8% leased and 91% occupied at quarter end [9] - The signed but not opened leasing pipeline stands at $4 million of annual base rent, representing 4% of cash rents at quarter end [10] Market Data and Key Metrics Changes - The company acquired Ashley Park for $79.8 million, with a cash cap rate near the high end of guidance, indicating strong market interest [5] - There is active tenant interest for nearly half of the 40,000 square feet of vacancy at Ashley Park, with 200,000 square feet of shop space paying below market rent [6] Company Strategy and Development Direction - The company continues to focus on acquiring properties in growth markets in the Southeast and Southwest, with a strong pipeline of potential acquisitions [6] - The management is optimistic about the leasing outlook for anchor spaces previously leased to tenants that filed for bankruptcy, expecting a positive cash leasing spread of 40% to 60% [9] - The company is also considering recycling assets into higher yielding properties as market conditions improve [32] Management's Comments on Operating Environment and Future Outlook - Management noted that despite tariff uncertainties, the company is well-positioned with high-quality properties and a diversified tenant base [10] - The management reaffirmed full-year 2025 guidance for Core FFO per share of $1.80 to $1.86 and AFFO of $1.93 to $1.98, with consistent underlying assumptions [18] Other Important Information - The company executed two SOFR swaps, fixing SOFR for $100 million of principal at a weighted average rate of 3.32% for five years, reducing the applicable interest rate significantly [12] - The company extinguished $51 million of convertible notes, resulting in a charge of approximately $20.5 million to be recorded in Q2 [14] Q&A Session Summary Question: Can you provide more detail on the anchor space negotiations? - Management indicated that leasing activity has been strong and consistent, with no pauses in discussions despite market volatility [21] Question: What drove the new lease spreads? - The increase in lease spreads was primarily due to two significant leases that accounted for a large portion of new leasing activity, driving spreads over 80% [23] Question: What is the expected CapEx for bankrupt tenant spaces? - The expected CapEx for re-leasing is in the range of $9 million to $12 million, with little spent so far as tenants need to complete their work before reimbursements [30][58] Question: How does the company plan to fund new investments? - The company plans to handle funding internally with liquidity and is considering selling remaining office properties to enhance capital [32] Question: Have cap rates changed since the tariff announcement? - Management noted that cap rates for core assets have remained stable or decreased, with strong demand in the shopping center market [49] Question: What is the timeline for marking to market on recent acquisitions? - Management expects to see movement in lease rates for recent acquisitions by mid-next year as they work through tenant transitions [52]