Special Note Regarding Forward-Looking Statements [Forward-Looking Statements Disclaimer](index=5&type=section&id=Forward-Looking%20Statements%20Disclaimer) This disclaimer details forward-looking statements, their inherent risks, and the company's limited obligation to update them - Forward-looking statements are identified by terms such as 'may,' 'should,' 'expect,' 'could,' 'intend,' 'plan,' 'anticipate,' 'estimate,' 'believe,' 'continue,' 'predict,' 'potential' or their negatives[15](index=15&type=chunk) - Actual results and performance could differ materially from forward-looking statements due to factors like future economic, competitive, and market conditions, and business decisions[16](index=16&type=chunk) - The company does not undertake any obligation to publicly update or revise any forward-looking statements, except as required by law[18](index=18&type=chunk) PART I [ITEM 1. BUSINESS](index=6&type=section&id=ITEM%201.%20BUSINESS) MIC acquires and optimizes parking facilities across the U.S., owning 40 facilities with 15,100 spaces, pursuing strategic growth - Mobile Infrastructure Corporation (MIC) acquires, owns, and optimizes parking facilities and related infrastructure in top 50 U.S. Metropolitan Statistical Areas (MSAs)[20](index=20&type=chunk) Portfolio Snapshot (as of December 31, 2024) | Metric | Value | | :----- | :---- | | Parking Facilities Owned | 40 | | Markets | 20 | | Parking Spaces | ~15,100 | | Parking Facility Square Footage | ~5.2 million | | Commercial Space Square Footage (adjacent) | ~0.2 million | - Key strategic objectives for the next twelve months include optimizing the mix of transient and contract parkers, collaborating with third-party operators for expense management and data sharing, exploring ancillary revenue from tech-enabled businesses (e.g., EV charging, solar, rideshare staging), and pursuing accretive external growth through acquisitions[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) [General Business Overview](index=6&type=section&id=General) [Merger with Fifth Wall Acquisition Corp. III](index=6&type=section&id=Merger%20with%20Fifth%20Wall%20Acquisition%20Corp.%20III) [Strategic Objectives](index=7&type=section&id=Objectives) [Portfolio and Investment Strategy](index=7&type=section&id=Our%20Portfolio) [Industry Overview](index=8&type=section&id=Industry%20Overview) [Operational and Geographic Concentration](index=8&type=section&id=Concentration) [Competition](index=9&type=section&id=Competition) [Government Regulations](index=9&type=section&id=Government%20Regulations) [Human Capital](index=9&type=section&id=Human%20Capital) [Environmental, Social and Governance (ESG)](index=9&type=section&id=Environmental%2C%20Social%20and%20Governance) [Corporate Information](index=10&type=section&id=Corporate%20Information) [Available Information](index=10&type=section&id=Available%20Information) [ITEM 1A. RISK FACTORS](index=10&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section details substantial risks including limited operating history, financial challenges, debt, legal, ownership, and organizational structure - The company has a limited operating history and a history of net losses, with **$7.5 million** and **$32.5 million** losses attributable to common stockholders for fiscal years 2024 and 2023, respectively[60](index=60&type=chunk)[61](index=61&type=chunk) - Key operational risks include dependence on the management team, potential material failures in technology networks, and challenges posed by emerging technologies like AI[62](index=62&type=chunk)[63](index=63&type=chunk)[67](index=67&type=chunk) - Financial risks include potential inability to access financing on acceptable terms, failure to maintain effective internal control over financial reporting (though material weaknesses were remediated as of December 31, 2024), and adverse tax outcomes[107](index=107&type=chunk)[112](index=112&type=chunk)[114](index=114&type=chunk)[119](index=119&type=chunk) - The company has significant debt, including **$29.9 million** due within 12 months, and faces risks of non-compliance with debt covenants and potential property foreclosures[107](index=107&type=chunk)[126](index=126&type=chunk)[131](index=131&type=chunk) - Ownership risks include significant market price volatility of common stock, dilution from preferred stock and other equity issuances, and the implications of being a 'controlled company' by Mr. Osher (who owns over **50%** of voting equity)[69](index=69&type=chunk)[140](index=140&type=chunk)[145](index=145&type=chunk)[147](index=147&type=chunk)[154](index=154&type=chunk) [Summary Risk Factors](index=10&type=section&id=Summary%20Risk%20Factors) [Risks Related to Our Business and Industry](index=12&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Industry) [Risks Related to Financial, Tax and Accounting Issues](index=19&type=section&id=Risks%20Related%20to%20Financial%2C%20Tax%20and%20Accounting%20Issues) [Risks Related to Our Indebtedness and Certain Other Obligations](index=23&type=section&id=Risks%20Related%20to%20Our%20Indebtedness%20and%20Certain%20Other%20Obligations) [Risks Related to Legal and Regulatory Matters](index=24&type=section&id=Risks%20Related%20to%20Legal%20and%20Regulatory%20Matters) [Risks Related to Ownership of Our Securities](index=25&type=section&id=Risks%20Related%20to%20Ownership%20of%20Our%20Securities) [Risks Related to Our Organizational Structure and Our Constituent Documents and Policies](index=29&type=section&id=Risks%20Related%20to%20Our%20Organizational%20Structure%20and%20Our%20Constituent%20Documents%20and%20Policies) [Other Risks](index=32&type=section&id=Other%20Risks) [ITEM 1B. UNRESOLVED STAFF COMMENTS](index=32&type=section&id=ITEM%201B.%20UNRESOLVED%20STAFF%20COMMENTS) The company reports no unresolved staff comments as of the filing date - Not applicable[180](index=180&type=chunk) [ITEM 1C. CYBERSECURITY](index=32&type=section&id=ITEM%201C.%20CYBERSECURITY) The company manages cybersecurity risks through established processes and board oversight, with no material threats identified - The company has processes for assessing, identifying, and managing material cybersecurity risks, including those from third-party service providers, integrated into its overall risk management systems[181](index=181&type=chunk) - The Audit Committee of the Board oversees cybersecurity risk management, receiving reports from the Chief Financial Officer and Head of Information Technology[182](index=182&type=chunk) - A third-party managed information technology service provider (MSP) is utilized for cybersecurity services, including threat detection, vulnerability assessment, and incident response[183](index=183&type=chunk) - As of the report date, the company is not aware of any cybersecurity threats that have materially affected or are reasonably likely to materially affect its business, operations, or financial condition[184](index=184&type=chunk) [Risk Management and Strategy](index=32&type=section&id=Risk%20Management%20and%20Strategy) [Governance](index=33&type=section&id=Governance) [ITEM 2. PROPERTIES](index=33&type=section&id=ITEM%202.%20PROPERTIES) The company's headquarters are in Cincinnati, Ohio, owning 40 parking facilities with 15,100 spaces across 20 U.S. markets - The company's headquarters are located at 30 W. 4th Street, Cincinnati, Ohio 45202[185](index=185&type=chunk) Property Portfolio Summary (as of December 31, 2024) | Metric | Value | | :----- | :---- | | Parking Facilities Owned | 40 | | Markets | 20 | | Parking Spaces | ~15,100 | | Parking Facility Square Footage | ~5.2 million | | Commercial Space Square Footage (adjacent) | ~0.2 million | - The company believes its current facilities are adequate and suitable additional spaces will be available on commercially reasonable terms[185](index=185&type=chunk) [ITEM 3. LEGAL PROCEEDINGS](index=34&type=section&id=ITEM%203.%20LEGAL%20PROCEEDINGS) The company faces routine claims and litigation, with no material litigation beyond specific 2024 settlements - The company is not presently subject to any material litigation, nor is any material litigation threatened, other than routine litigation and specific cases noted in the financial statements[189](index=189&type=chunk) - A settlement was reached in September 2024 for a dispute over amounts payable with a vendor, resulting in an immaterial net impact on the Consolidated Statements of Operations[437](index=437&type=chunk) - In July 2024, the Texas Court of Appeals reversed a summary judgment against a subsidiary regarding a commission claim, remanding the case for further consideration. A settlement was reached in September 2024, resulting in a gain of approximately **$0.3 million**[436](index=436&type=chunk) [ITEM 4. MINE SAFETY DISCLOSURES](index=35&type=section&id=ITEM%204.%20MINE%2

Company Overview and Strategy - Mobile Infrastructure owns a diversified portfolio of parking assets primarily in the Midwest and Southwest, with new management since 2021[6] - The company aims to improve revenue consistency and NOI margin by converting from leased to managed contracts, leveraging data analytics[6] - Mobile Infrastructure intends to become a preferred acquirer in the parking industry through tax-efficient acquisitions and a track record of increasing revenue and profitability of acquired assets[6] - The company has a potential acquisition pipeline of $300 million, which can be pursued as financial market conditions improve[6, 41] Financial Performance and Metrics - The company's NAV is $7.25 per share, with assets having a significantly higher replacement cost[6] - Total portfolio includes 40 parking facilities, with 22 lots and 18 garages, across 20 markets, encompassing approximately 15,100 parking spaces[10] - Top ten assets account for 55.9% of total spaces and 65.4% of revenue[14] - Same Location RevPAS increased from $170.09 in 1Q22 to $200.44 in 4Q24[20] - Total revenues increased by 16.0% from $7.892 million in 4Q23 to $9.157 million in 4Q24[45] - Net Operating Income increased by 7.2% from $21.109 million YTD 2023 to $22.633 million YTD 2024[45] Market and Industry Position - The U S parking industry generates approximately $131 billion in annual revenue, representing about 1% of the U S GDP[30]

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]

Financial Performance - Total revenue for Q4 2024 was $9.2 million, a 16.0% increase from $7.9 million in Q4 2023[7] - Full year 2024 total revenue reached $37.0 million, up 22.3% from $30.3 million in 2023[13] - Total revenues for Q4 2024 reached $9,157,000, an increase from $7,892,000 in Q4 2023, representing a growth of 16.1%[35] - Managed property revenue for the year ended December 31, 2024, was $27,848,000, compared to $0 in 2023, indicating a significant new revenue stream[35] Net Loss and Income - Net loss for Q4 2024 narrowed to $1.0 million from $6.5 million in the prior-year quarter[11] - The company reported a net loss of $1,033,000 for Q4 2024, an improvement from a net loss of $6,547,000 in Q4 2023; the full year net loss decreased to $8,381,000 from $38,238,000[41] - The company reported a basic and diluted loss per share of $0.03 for Q4 2024, compared to a loss of $0.34 in Q4 2023, indicating a significant reduction in loss per share[35] Operating Income and EBITDA - Net Operating Income (NOI) for Q4 2024 was $5.5 million, a 0.6% increase year-over-year[11] - Adjusted EBITDA for Q4 2024 was $3.9 million, representing a 16.0% increase from $3.3 million in Q4 2023[12] - Net Operating Income (NOI) for Q4 2024 was $5,504,000, a slight increase of 0.6% from $5,470,000 in Q4 2023; for the full year, NOI increased by 7.2% to $22,633,000 from $21,109,000[40] - Adjusted EBITDA for Q4 2024 was $3,874,000, up from $3,341,000 in Q4 2023; for the full year, Adjusted EBITDA increased to $15,799,000 from $14,777,000[41] Debt and Financial Flexibility - Total debt outstanding as of December 31, 2024, was $213.2 million, compared to $192.9 million at the end of 2023[18] - The company completed $87.5 million in refinancings in late 2024, enhancing financial flexibility[5] - The company reported interest expenses of $4,416,000 for Q4 2024, compared to $3,017,000 in Q4 2023; total interest expenses for the year were $13,830,000[41] Assets and Liabilities - Total assets decreased to $415,062,000 in 2024 from $423,237,000 in 2023, reflecting a decline of 1.9%[33] - Total liabilities increased to $225,791,000 in 2024 from $220,282,000 in 2023, marking a rise of 2.3%[33] - Cash and cash equivalents decreased to $10,655,000 in 2024 from $11,134,000 in 2023, a decline of 4.3%[33] - The company’s accumulated deficit increased to $140,056,000 in 2024 from $134,291,000 in 2023, reflecting a rise of 4.3%[33] Share Repurchase and Non-controlling Interest - The company repurchased approximately 420,000 shares at an average price of $3.14 per share, totaling $1.3 million[19] - Non-controlling interest decreased significantly from $71,741,000 in 2023 to $19,288,000 in 2024, a decline of 73.1%[33] Key Performance Metrics - Same location Revenue Per Available Stall (RevPAS) for Q4 2024 was $200.44, a 1% increase from the prior-year quarter[12] - Same location Revenue Per Available Stall (RevPAS) is a key performance measure for evaluating parking operations, reflecting the company's ability to manage revenue effectively[42] - The estimated total Net Asset Value (NAV) attributable to common stock was $332,086,000, with a NAV per fully diluted share of $7.25[45] Real Estate and Gains - Investments in real estate were valued at $546,130,000, contributing significantly to the total assets of $567,091,000[45] - The company experienced a significant gain on the sale of real estate amounting to $2,706,000 in Q4 2024, compared to no gain in Q4 2023[41] - The company’s general and administrative expenses decreased to $2,184,000 in Q4 2024 from $3,942,000 in Q4 2023, indicating improved cost management[41]

Core Insights - Mobile Infrastructure Corporation (BEEP) experienced a 6.7% decline in shares following its third-quarter earnings report, underperforming the S&P 500, which decreased by 0.3% during the same period [1] - The company reported total revenues of $9.8 million for Q3 2024, a 21% increase from $8.1 million in the same quarter last year, driven by the conversion of 29 out of 41 assets to management contracts [2] - Managed property revenues reached $7.9 million, while base rent income fell by 23.4% to $1.5 million due to the shift towards management contracts [3] Financial Performance - The net loss for Q3 2024 improved significantly to $1.9 million from a loss of $24.6 million in the prior-year period, aided by reduced non-cash compensation and lower professional fees [3] - Loss per share narrowed to 6 cents from $1.77 in the same quarter last year [4] - Net Operating Income (NOI) rose to $6.1 million, a 3.8% increase year-over-year, supported by stable asset performance and improving occupancy trends [5] Debt and Cash Position - As of September 30, 2024, total debt increased to $203.3 million from $192.9 million at the end of 2023, with cash and cash equivalents at $14.3 million [6] Management Insights and Strategic Initiatives - CEO Manuel Chavez noted positive trends such as reduced COVID-related contract cancellations and early signs of a return-to-office trend, which are expected to support fourth-quarter results and growth in 2025 [7] - The company secured a $40.4 million line of credit to redeem preferred stock and initiated a common stock repurchase program to enhance shareholder value [8] Revenue Drivers and Cost Management - Revenue growth was primarily due to the transition from lease arrangements to management contracts, which allows for better control over revenue and expenses, although it also led to increased property taxes and operating expenses [9] - Interest expenses slightly decreased to $3.3 million from $3.6 million due to refinancing efforts [9] Financial Guidance and Market Outlook - Mobile Infrastructure reaffirmed its full-year guidance for 2024, projecting revenues between $38 million and $40 million and NOI between $22.5 million and $23.25 million [10] - The company anticipates continued strengthening of RevPAS as new residential projects near its properties come online [10] Asset Management Strategy - The company is streamlining its portfolio by selling non-core assets to provide liquidity for reinvestment in higher-growth markets [11] - A focus on data-driven asset management and cost control is expected to support future NOI growth [12]

Revenue Performance - Total revenues for the three months ended September 30, 2024, increased to $9.758 million, up from $8.063 million in the same period of 2023, representing a growth of 21%[9] - Total revenues for the nine months ended September 30, 2024, increased by 24.4% to $27.851 million compared to $22.380 million in the same period in 2023, primarily due to 29 of 41 assets converting to management contracts[154] - Managed property revenue for the quarter was $7,981,000, while base rent income decreased to $1,538,000 from $2,009,000 year-over-year[9] - Managed property revenue reached $20.708 million for the nine months ended September 30, 2024, representing a 100% increase compared to the previous year[154] - Revenue from Metropolis Technologies represented 56.2% of total revenue for the nine months ended September 30, 2024, compared to 61.6% for the same period in 2023[36] Net Loss and Financial Improvement - Net loss for the three months ended September 30, 2024, was $1.890 million, a significant improvement from a net loss of $24.642 million in the same period of 2023[9] - The company reported a net loss of $(1.890) million for September 2024, an improvement from a net loss of $(24.642) million in September 2023[171] - The net loss for the nine months ended September 30, 2024, was $6.22 million, compared to $27.89 million for the same period in 2023[99] - The company reported a basic and diluted loss per share of $0.06 for the three months ended September 30, 2024, compared to a loss of $1.77 in the same period of 2023[9] Expenses and Cost Management - Total operating expenses decreased significantly to $8,848,000, down 74.6% from $34,836,000 in the prior year, primarily due to the absence of one-time expenses related to preferred stock issuance and impairments[143] - General and administrative expenses decreased to $2.684 million for the three months ended September 30, 2024, from $4.154 million in the same period of 2023, a reduction of 35%[9] - Property operating expenses rose to $1,835,000 from $390,000 in the same quarter of 2023[9] - Interest expense decreased to $3,348,000 from $3,618,000 year-over-year, indicating improved financial management[9] Equity and Share Activity - Weighted average common shares outstanding increased to 30,615,113 for the three months ended September 30, 2024, compared to 13,089,848 in the same period of 2023[9] - The company issued 1,056,914 shares through conversions of Series 1 preferred stock during the reporting period[12] - The balance of common stock increased to 31,724,535 shares as of September 30, 2024, reflecting ongoing equity activities[12] - Approximately 8,000 shares of Series 1 Preferred Stock converted to approximately 2.8 million shares of common stock during the nine months ended September 30, 2024[83] Assets and Liabilities - Total assets as of September 30, 2024, were $418.191 million, a slight decrease from $423.237 million as of December 31, 2023[6] - Total liabilities as of September 30, 2024, were $220.910 million, slightly up from $220.282 million as of December 31, 2023[6] - As of September 30, 2024, future principal payments on notes payable total $132.779 million, with $67.151 million due in 2027[70] - The company has $111.1 million of debt due within twelve months, including $53.3 million related to the Revolving Credit Facility and $23.6 million related to the Line of Credit[178] Cash Flow and Financing - Cash and cash equivalents decreased to $8.732 million as of September 30, 2024, down from $11.134 million as of December 31, 2023[6] - Cash flows from operating activities resulted in a net cash used of $1,009 thousand, an improvement from $1,418 thousand in the prior year[14] - The company entered into a $40.4 million Line of Credit in September 2024, maturing in September 2025, with an interest rate of 15.0% per annum[181] - The company authorized a share repurchase program of up to $10 million for its outstanding common stock, funded by proceeds from the Line of Credit[188] Strategic Initiatives and Market Position - The company owns 41 parking facilities across 20 markets in the U.S., totaling approximately 15,300 parking spaces[17] - The company anticipates a hybrid work structure will continue to impact asset performance, particularly in urban centers[139] - The company has identified a pipeline of acquisition opportunities for parking facilities but is unlikely to proceed until more favorable financial market conditions are realized[184] - The company aims to convert the remaining assets to asset management contracts by the end of 2027[140] Legal and Compliance Matters - A settlement in September 2024 resulted in a gain of approximately $0.3 million related to a legal dispute[113] - The company continues to record a full valuation allowance against deferred tax assets due to cumulative losses over the past three years[42]

Financial Data and Key Metrics Changes - Net operating income (NOI) increased by 3.8% year-over-year, bringing year-to-date NOI growth to 9.5% [7] - Revenue grew by 21% year-over-year, reaching $9.8 million in Q3 2024, up from $8.1 million in Q3 2023 [24] - Adjusted EBITDA was $4.5 million, a 2.2% increase from $4.4 million in the previous year, with an adjusted EBITDA margin of 46.2% [30] - Property operating expenses rose to $1.8 million from $400,000 in the previous year, primarily due to the shift to management contracts [27] - General and administrative expenses decreased to $2.7 million from $4.2 million year-over-year [29] Business Line Data and Key Metrics Changes - The conversion of 29 out of 41 parking assets to managed contracts contributed significantly to revenue growth [8][24] - Revenue Per Available Stall (RevPAS) showed year-on-year growth for the first time in 2024, indicating improved asset performance [11][26] Market Data and Key Metrics Changes - Early indications of return to office trends were noted, particularly in healthcare, professional services, and food and beverage sectors [12] - The conversion of Class B downtown commercial offices to residential apartments is expected to drive demand for parking, particularly in Midwestern markets [14][52] Company Strategy and Development Direction - The company is focused on operational improvements and strengthening its asset portfolio, aiming to become the acquirer of choice in the fragmented parking industry [32] - A $40 million line of credit was established to enhance capital flexibility for share repurchases and other strategic initiatives [20] - The company is actively engaged in discussions with developers regarding parking space requirements for new residential projects [15][54] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's positioning and potential upside from new residential projects and consistent parking demand [17] - The company reaffirmed its 2024 revenue guidance in the range of $38 million to $40 million, alongside NOI guidance of $22.5 million to $23.25 million [31] Other Important Information - The company sold a parking lot in Indianapolis for over $4.6 million, highlighting the potential for higher asset values beyond net asset value [16] - The company is exploring opportunities for ancillary revenue, including EV charging and self-storage [59] Q&A Session Summary Question: Can you quantify the replacement cost being higher than NAV? - Replacement costs include a combination of land value and construction costs, and the company monitors these across its portfolio [34][35] Question: What are the risks of competitors acquiring properties in your pipeline? - The acquisition pipeline is dynamic, and the company is patient and disciplined in its buying strategy [36][37] Question: What is the preference for lot versus garage transactions? - The company values both asset types but primarily underwrites to parking income [38] Question: Was the Indianapolis property sold through marketing or an unsolicited offer? - The property was sold after receiving an unsolicited offer that was significantly lower than the eventual sale price [39] Question: Can you elaborate on the RevPAS measure? - RevPAS is driven by utilization and average rate, with year-over-year growth reflecting improved performance despite previous COVID-related cancellations [41][42] Question: How does seasonality affect revenue? - Seasonality impacts revenue, with the third quarter typically being the peak for events and parking asset usage [46] Question: What are the trends in return to office? - Stronger return to office trends are observed in the Southwest and Midwest, with Tuesdays being peak days for office attendance [50] Question: Where are conversions of office space to residential rentals happening? - Conversions are occurring across various markets, with immediate impacts noted in Cincinnati and potential in Fort Worth and Indianapolis [52] Question: What updates are there on technology use and ancillary revenue? - The company is exploring partnerships for technology and ancillary revenue opportunities, including EV charging and self-storage [58][59]

M = B I L E INVESTOR PRESENTATION 3rd Quarter 2024 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 ...

Financial Performance - Total revenue for Q3 2024 was $9.8 million, a 21.0% increase from $8.1 million in Q3 2023[5] - Net Operating Income (NOI) for Q3 2024 was $6.1 million, reflecting a 3.8% increase from $5.9 million in the prior-year period[8] - Adjusted EBITDA for Q3 2024 was $4.5 million, a 2.2% increase compared to $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% increase from $8,063 million in Q3 2023[30] - Net Operating Income (NOI) for Q3 2024 was $6,094 million, up 3.8% from $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% increase from $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]

Core Viewpoint - Mobile Infrastructure Corporation (BEEP) reported improved financial performance in Q2 2024, with a narrower loss per share and significant revenue growth driven by the conversion of assets to management contracts [1][9]. Revenue Details - Total revenues for Q2 2024 were $9.3 million, reflecting a year-over-year increase of 28.4% [2]. - The revenue growth was primarily due to 27 out of 42 assets converting to management contracts, allowing the company to recognize revenues from all parking transactions at those locations [2]. Segment Details - Revenue breakdown for Q2 2024 included Managed property revenues of $7.2 million, with contributions from Transient Parkers ($4.7 million), Contract Parkers ($2.5 million), and Ancillary Revenue ($0.1 million) [3]. - Base rent income was $17.6 million, down 21.9% year over year, while Percentage rental income was $0.5 million, down 90.2% year over year [4]. Operating Expenses - Property operating expenses surged 242.2% year over year to $1.8 million, while general and administrative expenses rose 19% year over year to $2.9 million [5]. - Total operating expenses increased 22.6% year over year to $8.9 million [5]. Profitability - Operating profit for Q2 2024 was $0.4 million, compared to an operating loss of $0.1 million in the prior-year quarter [6]. - The net loss narrowed to $2.5 million from $3.7 million in the year-ago quarter [6]. - Net Operating Income (NOI) was $5.6 million, representing a year-over-year increase of 14.1% [6]. - Adjusted EBITDA for the quarter was $4.2 million, up 16.3% from the previous year [6]. Liquidity & Debt Management - Cash at the end of Q2 2024 was $8.7 million, down from $9.1 million at the end of Q1 2024 [7]. - Total debt outstanding was $191.5 million, slightly down from $192.1 million at the end of Q1 2024 [7]. - Cumulative net cash used in operating activities was $1 million, compared to $2.2 million a year ago [7]. Guidance - The company reiterated its full-year guidance for 2024, expecting total revenues between $38 million and $40 million, and NOI projected between $22.5 million and $23.25 million [8]. Market Insights - The conversion of downtown office space to residential rentals is accelerating, which is expected to increase parking needs [10]. - Early signs of increased return-to-office mandates in several markets may strengthen the utilization of downtown assets over time [10]. - Despite the positive developments, lower revenues from Base rent income and Percentage rental income were noted as discouraging [11].