Mobile Infrastructure (BEEP) Proxy filing summary

Executive summary

• 2025 saw a 37% stock price decline, but asset sales achieved cap rates near 2%, indicating a disconnect between public market valuation and private asset values.

• Management contract conversions were nearly completed, enhancing operational visibility and data-driven decision-making.

• A $100 million ABS refinancing brought new institutional investors and improved lending terms.

• $30+ million in non-core asset sales were executed as part of a three-year, $100 million asset rotation strategy.

• Contract volumes grew 10%, with residential contracts up 60% year-over-year, benefiting from downtown office-to-apartment conversions.

• 2026 guidance projects revenue of $35.0–$38.0 million, NOI of $21.5–$23.0 million, and Adjusted EBITDA of $15.0–$16.5 million.

Voting matters and shareholder proposals

• Shareholders will vote to elect six directors, ratify Grant Thornton LLP as auditor, and approve the Amended and Restated 2023 Incentive Award Plan.

• Each share of common stock is entitled to one vote; voting can be done online, by phone, mail, or during the virtual meeting.

• Board recommends voting FOR all proposals.

Board of directors and corporate governance

• Board consists of six members, four of whom are independent; directors are elected annually.

• Board leadership is separated between CEO, Executive Chairman, and independent Co-Chair.

• Committees include audit, compensation, and nominating/governance, each with independent chairs.

• Stock ownership guidelines require significant equity holdings by directors and executives.

• Code of Ethics, insider trading policy, and anti-hedging rules are in place.