Mobile Infrastructure (BEEP) Sidoti Small-Cap Virtual Conference summary

Company overview and growth strategy

• Operates 40 parking facilities across 20 U.S. markets, with 15,000 spaces and a focus on Midwest and Southwest regions.

• NAV is $725/share, based on trailing 2023 NOI, with assets valued above replacement cost and expectations for NAV growth.

• Significant acquisition pipeline, aiming to be the acquirer of choice for CBD parking assets, with $300 million in curated deals.

• Strategic focus on top 50 MSA populations and clustering assets for market control.

• Plans to sell non-core assets worth ~$100 million and redeploy capital into core garages, potentially reducing market count from 20 to 15 over three years.

Operational transformation and management contracts

• Transitioning from leases to management contracts, with 29 of 40 assets converted by end of 2024 and full conversion expected by 2027.

• Management contracts provide margin control, expense visibility, and data-driven revenue optimization.

• Enables flexible cost management and rapid response to demand fluctuations.

• Strategic triple-net leases retained for single-use assets.

• Management contracts support a shift to 24/7 demand cycles as urban office space converts to residential.

Technology, data, and revenue drivers

• Heavy investment in seamless, gateless parking technology and digital infrastructure upgrades.

• Uses data analytics to optimize pricing, utilization, and marketing, driving mid to high single-digit NOI growth.

• RevPass (revenue per available stall) is a key performance metric, showing continued growth.

• Technology enables dynamic pricing, pre-booking for events, and tailored rate adjustments to match inflation or demand shifts.

• Exploring additional revenue streams such as EV charging and solar energy.