Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $9 million, down from $9.3 million in Q2 2024, primarily due to lower transient volumes influenced by adverse weather and fewer special events [17][19] - Net Operating Income (NOI) decreased by 3.5% year over year to $5.4 million, attributed to lower transient volumes [19] - Adjusted EBITDA was $3.8 million, down about 6% from $4.1 million in the prior year, with an adjusted EBITDA margin of 42.8% [20] Business Line Data and Key Metrics Changes - Contract parking grew, with monthly contracts increasing by 2.5% during the quarter and over 6.5% year to date, particularly strong in residential monthly contracts, which rose by 44% since year-end [7][8] - Transient pricing saw a year-over-year increase, reflecting the positioning of garages and the ability to drive rates even in a lower volume environment [6] Market Data and Key Metrics Changes - Portfolio level utilization was slightly below last year's levels, with declines concentrated in three markets due to construction and development activities [11] - In Cleveland, contract revenue increased nearly 30% year over year, driven by residential and traditional office contracts [9] Company Strategy and Development Direction - The company is focused on an asset optimization strategy aimed at unlocking $100 million from non-core assets over three years, with $20 million in active negotiations for asset sales [16] - The strategy includes redeploying proceeds into select parking assets to enhance net operating income potential [16] Management's Comments on Operating Environment and Future Outlook - Management noted that while the second quarter faced challenges, the long-term value of assets is expected to improve as construction projects conclude and demand drivers return [5][14] - The company anticipates that the second half of 2025 will see business trends similar to the first half, with potential seasonal tailwinds from increased event attendance and hotel occupancy [25] Other Important Information - The company has maintained a stable balance sheet with total debt outstanding at $214 million, flat compared to the previous year [21] - The published NAV is $7.25 per share, indicating a material discount relative to the stock price [22][23] Q&A Session Summary Question: What are the parameters of the $20 million potential dispositions? - The company is not disclosing the number of properties but expects pricing to be similar to previous asset sales at significant multiples of parking income [31] Question: How are you planning to address the line of credit maturity? - The company is evaluating refinancing options and is confident in working with supportive lenders to manage the maturity [32] Question: How does the guidance flow through to EBITDA? - The company has significant operating leverage and is focused on monthly contracts, with strong cost controls in place to drive NOI [34] Question: What is the transient performance outlook for Q3? - Transient performance in Q2 improved over Q1, but was impacted by weather and construction, with expectations for improvement as construction concludes [36][37] Question: Can you clarify the contract parking trend? - Contract parking demand is slightly slower than expected, particularly in residential areas, but long-term trends remain positive [42][43] Question: Is there significant competition for the assets in the market? - There is significant demand for parking assets, with various buyers interested, providing the company with optionality [50]

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Financial Data and Key Metrics Changes - Revenue for the first quarter of 2025 was $8,200,000, stable compared to 2024 when adjusted for accounting changes, but down 6.7% on a GAAP basis from $8,800,000 in Q1 2024 [21] - Net Operating Income (NOI) was $4,500,000, down 17% from the previous year's first quarter, primarily due to a $600,000 revenue benefit in the prior year [23] - Adjusted EBITDA was $2,700,000, down about 21% from $3,500,000 in the prior year, with an adjusted EBITDA margin of 33.4% [24] - The company maintains its 2025 revenue guidance of $37,000,000 to $40,000,000 and expects NOI to range from $23,500,000 to $25,000,000, representing year-on-year growth of 7% at the midpoint [25] Business Line Data and Key Metrics Changes - Monthly or contract parking now represents more than 35% of management contract parking revenue, providing more stable cash flow [18] - Revenue per available stall (RevPAS) was $184 per stall, slightly up from $183 in the prior year when excluding the Detroit location [22] Market Data and Key Metrics Changes - The first quarter is typically the lightest season, with adverse weather and construction impacting demand, particularly in Cincinnati [7] - Transient transactions declined compared to the prior year, but average transient rates increased, indicating pricing power despite lower volume [8] Company Strategy and Development Direction - The company is focused on converting its core portfolio into management agreements to drive increased utilization and optimize its asset portfolio by rotating out non-core assets [5][10] - A 36-month disposition program targeting approximately $100,000,000 of non-core properties is underway, with proceeds to be reinvested into higher potential income-generating assets [11] - The company is exploring additional revenue streams, including electric vehicle charging and partnerships with autonomous vehicle operators [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged seasonal headwinds and external factors that muted top-line growth but emphasized that underlying operating metrics are moving in the right direction [12] - The completion of the Cincinnati convention center renovation is expected to improve demand in the future [31] - Management remains confident in the annual plan and the trajectory of the business, despite current challenges [25] Other Important Information - The company has a cash and restricted cash balance of $16,000,000 and total debt outstanding of $214,000,000 [25] - The company is actively working on refinancing its debt to enhance flexibility and support its capital rotation strategy [16] Q&A Session Summary Question: Will the convention center remodel in Cincinnati affect the rest of the year? - Management indicated that the completion timeframe has been moved up, with an expected opening in December of this year or January of next year [31] Question: What about operating expenses in the quarter? - Management noted that security expenses have increased and some planned maintenance expenses were moved forward, but they expect these to align with guidance for the year [32] Question: Is the Renaissance Center in Detroit a drag on overall portfolio performance? - Management confirmed that the asset has moved to a revenue trough more quickly than anticipated, but redevelopment should alleviate downward pressure in the future [33][34] Question: What is the timeline for refinancing debt? - Management stated that most maturities are in 2026 and 2027, and they are working on refinancing to provide flexibility for their capital rotation strategy [36][38] Question: How sustainable are the improved contract parking demand trends? - Management indicated that transient rates are holding steady, and as downtown parking demand increases, pricing power is expected to shift towards the company [44][45] Question: Can you elaborate on the EV revenue sharing initiatives? - Management mentioned that EV charging is being implemented in several garages, but utilization will take time to build as customers need to be aware of the availability [46][47]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $8,200,000, stable compared to Q1 2024 when adjusted for accounting changes, but down 6.7% on a GAAP basis from $8,800,000 in Q1 2024 [20][25] - Net Operating Income (NOI) was $4,500,000, down 17% from the previous year's first quarter [23] - Adjusted EBITDA was $2,700,000, a decrease of about 21% from $3,500,000 in the prior year [24] - The internal Net Asset Value (NAV) remains at $7.25 per share, indicating a material discount relative to the stock price [14][15] Business Line Data and Key Metrics Changes - Monthly or contract parking now represents over 35% of management contract parking revenue, providing more stable cash flow [17] - Revenue per available stall (RevPAS) was $184 per stall, slightly up from $183 in the prior year when excluding the Detroit location [21] Market Data and Key Metrics Changes - The first quarter is typically the lightest season, and this year was impacted by severe weather and construction disruptions [7][12] - Transient transactions declined compared to the prior year, but average transient rates increased, indicating pricing power despite lower volume [8] Company Strategy and Development Direction - The company is focused on converting its core portfolio into management agreements to drive utilization and optimize its asset portfolio [5][10] - A 36-month disposition program targeting approximately $100,000,000 of non-core properties is underway to reinvest in higher potential assets [10][11] - The company is exploring complementary revenue streams, including electric vehicle charging and partnerships with autonomous vehicle operators [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged seasonal headwinds that muted top-line growth but noted that underlying operating metrics are moving in the right direction [12] - The company maintains its 2025 guidance for revenue between $37,000,000 and $40,000,000 and NOI between $23,500,000 and $25,000,000, representing year-on-year growth [25] Other Important Information - The company has a $40,000,000 credit facility in place to manage preferred stock redemptions and has reinstated dividends to preferred shareholders [13] - The company is actively evaluating debt facilities to ensure swift capital reallocation following asset sales [11][15] Q&A Session Summary Question: Will the convention center remodel in Cincinnati affect the rest of the year? - Management indicated that the convention center's completion is expected by December of this year or January of next year, with street closures also nearing completion [30] Question: Are there any one-time operating expenses in the quarter? - Management confirmed that security expenses have increased and some planned maintenance expenses were moved forward, but they expect these to align with guidance for the year [32] Question: What is the outlook for the Renaissance Center in Detroit? - Management noted that the asset has moved to a revenue trough more quickly than anticipated, but redevelopment should alleviate downward pressure on overall performance [33][34] Question: What is the timeline for refinancing debt? - Management stated that most maturities are in 2026 and 2027, and they are working on refinancing options to provide flexibility for their capital rotation strategy [36][38] Question: How sustainable are the improved contract parking demand trends? - Management indicated that transient rates are holding steady, and as downtown parking demand increases, pricing power is expected to shift towards the company [42][44] Question: Can you elaborate on the EV revenue sharing initiatives? - Management confirmed that EV charging is being implemented in several garages, with utilization expected to build over several quarters as awareness increases [45][46]

Company Overview and Strategy - Mobile Infrastructure owns a diversified portfolio of parking assets primarily in the Midwest and Southwest[6] - The company aims to improve revenue consistency and NOI margin by converting leased contracts to managed contracts[6] - Mobile Infrastructure leverages data analytics to drive revenue and NOI[6] - The company intends to become the acquirer of choice in the parking industry through a tax-efficient acquisition program[6] Financial Performance and Pipeline - Mobile Infrastructure's NAV is $725 per share[6] - The company has a $300 million pipeline of potential acquisitions[6] - For the quarter ended March 31, 2025, managed property revenue was $6545 thousand, while base rental income was $1459 thousand[51] - Net Operating Income (NOI) for the quarter ended March 31, 2025, was $4464 thousand, a 174% decrease compared to $5402 thousand for the quarter ended March 31, 2024[51] Market and Industry - The U S parking industry generates approximately $131 billion in annual revenue[31] - The U S has approximately 1 billion parking spaces[32]

Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $9.2 million, a 16% increase from $7.9 million in Q4 2023 [29] - Full year revenue reached $37 million, up 22.3% year-over-year [34] - Net operating income (NOI) for Q4 2024 was $5.5 million, a 1% increase from the previous year [33] - Adjusted EBITDA for Q4 2024 was $3.9 million, up 16% from $3.3 million in Q4 2023 [34] - Total debt outstanding at the end of 2024 was $213.2 million, compared to $192.9 million at the end of 2023 [35] Business Line Data and Key Metrics Changes - The conversion of 29 parking assets to management contracts has led to higher revenue recognition based on usage rather than cash collections [30] - Revenue per available stall (RevPAS) increased 1% year-over-year to $200.44 per stall in Q4 2024 [31] - Property operating expenses rose to $1.9 million in Q4 2024 from $0.5 million in the same quarter last year, primarily due to the shift to management contracts [32] Market Data and Key Metrics Changes - The company noted a significant increase in demand for 24x7 parking access due to the conversion of Class B downtown office spaces to residential apartments [13][14] - The company anticipates a positive impact on revenue growth from ongoing urban redevelopment projects in its markets [15][17] Company Strategy and Development Direction - The company is implementing a 36-month asset rotation strategy to divest non-core assets and reinvest in larger, more strategically located parking assets [21][22] - The management team is focused on optimizing the portfolio to enhance revenue consistency and growth [49] - The company is preparing for future market demands, including autonomous vehicles, by investing in infrastructure improvements [36][37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth in contract parking revenue and a recovery in transient volumes in 2025 [40] - The company expects revenue for 2025 to range from $37 million to $40 million, with NOI projected between $23.5 million and $25 million [38] Other Important Information - The company repurchased 420,000 shares in 2024, reflecting confidence in its long-term prospects [23] - The company completed $87.5 million in refinancings in Q4 2024, extending the maturities of its secured debt [28] Q&A Session Summary Question: Can you talk about the property capital recycling plan and expected dispositions? - The company is analyzing its portfolio to identify assets with the highest and best use, aiming to reposition it for consistent revenue growth [48][49] Question: What is the likelihood of significant transaction volume in 2025? - The objective is to be under contract for about a third of non-core assets by the end of 2025 [51] Question: How will the Detroit property impact 2025 guidance? - Disruption and stress on parking income from the Detroit property are accounted for in the 2025 guidance [56] Question: Can you discuss the revenue mix and demand expectations for 2025? - The focus is on contract leasing in the core portfolio, with expectations for growth driven by utilization and new demand drivers [64][66] Question: What is the RevPAS growth assumption for guidance? - Most RevPAS growth is expected to come from utilization rather than rate growth [88]