BEEP

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved 12% same-location NOI growth by prioritizing volume over rate, allowing pricing power to naturally follow as assets reach stabilized occupancy levels. Portfolio utilization on a trailing 12-month basis was 70%, representing the highest average utilization since 2021., the highest level since the company took control in 2021, driven by broad-based demand across transient and monthly segments. Contract parking volumes grew 12% year-over-year, signaling structural tailwinds from return-to-office momentum and the absorption of new downtown residential units. Strategic conversion of assets from leases to management contracts has provided greater visibility and control over operating performance and expense management. Market recoveries in Cincinnati and Nashville, previously hindered by construction and redevelopment, are now firmly back online and contributing to volume growth. Management continues to hold operating partners accountable to specific KPIs, replacing those who fail to meet metrics for utilization, RevPAS, and partner mix. The asset rotation program has generated over $30 million in proceeds at a 2% weighted average implied cap rate, highlighting the disconnect between private market value and public share price. Reaffirmed full-year 2026 guidance, projecting 8% same-location revenue growth and 10% same-location NOI growth based on current momentum. Anticipates the third quarter will be the seasonally strongest period for NOI, supported by a full events calendar and high baseline contract parking levels. The forward strategy remains focused on converting high utilization into rate expansion once garages reach stabilized levels between 80% and 100%. Actively negotiating approximately $25 million in additional asset sales, targeting sub-3% cap rates to further deleverage the balance sheet. Guidance excludes potential impacts from future asset sales or acquisitions, focusing strictly on the organic performance of the existing portfolio. A special committee is currently reviewing a take-private proposal from BOM Asset Management; management declined to provide further commentary on the matter. Property taxes decreased by $300 thousand on a same-location basis due to an active and successful property tax appeal management process. Repaid $22.6 million of total debt year-to-date, utilizing proceeds from the asset rotation strategy to reduce the company's cost of capital. Identified adaptive reuse of urban land—including EV charging, last-mile logistics, and residential—as a long-term value driver beyond traditional parking. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed these transactions are under active negotiation and could close by year-end, though they will not sacrifice price for speed. The take-private proposal has not changed the 'business as usual' approach to selling non-core assets at premium valuations. Rate expansion is asset-specific; stabilized garages (80-100% occupancy) allow for pricing power, while surface lots can exceed 300% utilization before reaching that point. Current revenue expansion is predominantly driven by volume, with only modest rate expansion in specific markets like Cincinnati. Management expects operating expenses to moderate downward in the second half of the year following a slightly higher-than-anticipated Q2. Parking assets have high fixed costs, meaning increased utilization does not require a corresponding increase in labor or variable operating expenses. The revenue mix is approximately two-thirds transient and one-third contract parking. Third-quarter performance is historically the strongest due to the convergence of sports, concerts, conventions, and summer travel.

Same-Location Revenue Growth in the Second Quarter on Continued Utilization Gains Contract Parking Volumes Grew Approximately 12% Year-over-Year Transient Inflected to Revenue Growth with Reopening of Key Markets Cash Flow Funded Line of Credit Paydown in Second Quarter Conference Call Will be Held on August 11, 2026, at 4:30 PM Eastern Time CINCINNATI, Aug. 11, 2026 (GLOBE NEWSWIRE) -- Mobile Infrastructure Corporation (Nasdaq: BEEP), (“Mobile”, “Mobile Infrastructure” or the “Company”), the nation’s only publicly traded owner of parking infrastructure, today reported results for the three and six months ended June 30, 2026. “Our second quarter results reflect additional progress against our 2026 plan and initiatives,” noted Stephanie Hogue, Chief Executive Officer. “We are seeing the benefits of our plan to grow revenue by increasing utilization via growth in contract and transient parking, followed by rate. Same-Location Revenue grew 5.6% and Same-Location NOI grew 12.0% year-over-year, showing strong continued momentum throughout the second quarter. Contract parking volumes grew approximately 12.0% year-over-year, benefitting from return-to-office momentum and residential demand. Importantly, transient revenue inflected to growth, increasing 4% year to year. “Transient revenue grew portfolio-wide as several key markets moved toward stabilization following disruptions related to construction and redevelopment projects. This included strength in Cincinnati following the reopening of the Cincinnati Convention Center. Portfolio utilization ended up approximately five percentage points year-over-year on a trailing twelve-month basis. Consistent with our “volume first, rate second” strategy, we prioritized occupancy, and with those gains now established, we are beginning to increase rates across much of the portfolio. We believe this is a clear indication that our strategy is working. “We remained focused on our capital allocation strategy during the second quarter, using $4.5 million to paydown our credit line. We continue to work to sell assets under our 36-month plan for $100 million of asset rotation. To date, we have completed roughly one-third of the program, yielding $33 million of proceeds at a weighted average capitalization rate of about 2%. We believe that these private market values highlight the true value of our assets and the implicit worth of our portfolio, which we believe significantly exceeds the current share price for Mobile Infrastructure shares. We will continue to seek opportunities to strategically rotate assets in an accretive manner.” Second Quarter 2026 Highlights Total revenue was $8.9 million as compared to $9.0 million in the prior-year period and $7.9 million in Q1. Same-Location Revenue was $8.9 million as compared to $8.4 million in the prior-year period and $7.7 million in Q1. Net loss was $3.2 million as compared to $4.7 million in the prior-year period and $7.8 million in Q1. NOI* was $5.8 million as compared to $5.4 million in the prior-year period, an increase of 7.5% year-over-year. Same-Location NOI* was $5.9 million as compared to $5.2 million in the prior-year period, an increase of 12.0% year-over-year, reflecting strong continued momentum. Adjusted EBITDA* was $4.1 million as compared to $3.8 million in the prior-year period, an increase of 5.5% year-over-year. Contract parking volumes grew approximately 12% year-over-year, supported by continued strength in residential and return-to-office momentum. Asset rotation progress remained on track, with cumulative proceeds from non-core asset sales of $33 million toward the Company’s $100 million, three-year strategic asset rotation program. * Explanations of these non-GAAP financial measures and reconciliation to the most comparable GAAP financial measures are presented later in this press release. Q2 2026 Financial Results Total revenue of $8.9 million decreased by 1.1% from $9.0 million in the prior-year quarter, primarily due to the sale of assets in 2025 and 2026. Same-Location Revenue was $8.9 million, an increase of 5.6% compared to $8.4 million in second quarter of 2025. Total property taxes and operating expenses were $3.0 million, as compared to $3.6 million during the second quarter of 2025. General and administrative expenses were $2.6 million, which included $0.8 million of non-cash compensation, compared to $2.4 million during the second quarter of 2025, which included $0.8 million of non-cash compensation. Interest expense was $4.8 million compared to $4.7 million in the second quarter of 2025. Net loss was $3.2 million, an improvement from $4.7 million in the prior-year period. Same-Location Net Operating Income (“Same-Location NOI”), defined by the Company as total revenues less property taxes and operating expenses for the 35 properties owned both reported periods, was $5.9 million, up 12.0% from $5.2 million in the prior-year period, reflecting strong continued momentum across the portfolio. Growth was driven by continued contract and utilization gains – led by the Cincinnati and Cleveland markets – together with active property tax appeal management and disciplined operating expense control. Adjusted EBITDA was $4.1 million compared to $3.8 million in the prior-year period. Revenue Per Available Stall (“RevPAS”) was $224.96, compared to $212.14 in the second quarter of 2025 and $184.23 in the first quarter of 2026. Portfolio utilization was up approximately five percentage points year-over-year on a trailing twelve-month basis, reflecting continued contract growth and the reopening of several demand-driving venues across the portfolio. Balance Sheet, Cash Flow, and Liquidity At June 30, 2026, the Company had $10.9 million in cash, cash equivalents and restricted cash, compared to $15.3 million at December 31, 2025. As of June 30, 2026, total debt outstanding, net, including outstanding borrowings under the Line of Credit and notes payable, was $197.1 million. During the quarter, we paid down $3.7 million of principal and $0.8 million of accrued interest on our Line of Credit. Paydown of the Line of Credit is a primary near-term use of asset sale proceeds. The Company continues to evaluate additional capital allocation opportunities, including share repurchases and asset acquisitions, in coordination with its Board of Directors. Full Year 2026 Guidance** The Company is reiterating its full year 2026 guidance as initially provided with fourth quarter and full year 2025 results. For full year 2026, the Company continues to expect revenue in the range of $35 million to $38 million, representing 4% growth at the midpoint over 2025 results, and 8% growth on a same-location basis. The Company expects NOI to range from $21.5 million to $23.0 million, representing year-over-year growth of 7% at the midpoint, and 10% growth on a same-location basis. The Company expects adjusted EBITDA to range from $15.0 million to $16.5 million, representing year-over-year growth of 10% at the midpoint, and 13% growth on a same-location basis. This guidance is supported by expectations for continued contract volume growth, the reopening and enhancement of several venues, and the positive impact from technology optimization across the Company’s core portfolio on pricing and utilization. The guidance does not reflect any potential future asset sales or acquisitions from the asset rotation plan. **The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. Second Quarter 2026 Conference Call and Webcast Information Mobile will hold a conference call to discuss its second quarter 2026 results on August 11, 2026, at 4:30 p.m. ET. Participants who wish to access the live conference call may do so by registering here. Upon registration, a dial-in and unique PIN will be provided to join the call. A live, listen-only webcast of the conference call may be accessed from the Investor Relations section of the Company’s website, or by registering here. For those who are unable to listen to the live broadcast, a replay of the webcast will be available in the “News & Events” section of the Investor Relations website under “IR Calendar” for one year. Forward-Looking Statements Certain statements contained in this press release are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this press release that are not historical facts (including any statements concerning our net operating income and revenue projections, our assessment of various trends impacting our economic performance, the effects of implementation of strategic model changes, other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto) are forward-looking statements. Forward-looking statements are typically identified by the use of terms such as “may,” “should,” “expect,” “could,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “continue,” “predict,” “potential” or the negative of such terms and other comparable terminology. The forward-looking statements included herein are based upon the Company’s current expectations, plans, estimates, assumptions and beliefs, which involve numerous risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, the actual results and performance could differ materially from those set forth in the forward-looking statements. Factors which could have a material adverse effect on operations and future prospects are discussed in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, filed with the Securities and Exchange Commission from time to time. All forward-looking statements are made as of the date of this press release. Except as otherwise required by the federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements. About Mobile Infrastructure Corporation Mobile Infrastructure Corporation is a Maryland corporation. The Company owns a diversified portfolio of parking assets throughout the United States. As of June 30, 2026, the Company owned 35 parking facilities in 18 separate markets throughout the United States, with a total of 13,200 parking spaces and approximately 4.6 million square feet. The Company also owns approximately 0.1 million square feet of retail/commercial space adjacent to its parking facilities. Learn more at www.mobileit.com. Mobile ContactDavid Gold | Lynn [email protected] | (212) 750-5800 Discussion and Reconciliation of Non-GAAP Measures Same-Location Net Operating Income Net Operating Income (“NOI”) is presented as a supplemental measure of our performance. For the three and six months ended June 30, 2026 and 2025, Same-Location NOI represents the NOI for the 35 properties that were owned for both calendar year periods being compared. The Company believes that NOI provides useful information to investors regarding our results of operations, as it highlights operating trends such as pricing and demand for our portfolio at the property level as opposed to the corporate level. NOI is calculated as total revenues less property operating expenses and property taxes. The Company uses NOI internally in evaluating property performance, measuring property operating trends, and valuing properties in our portfolio. Other real estate companies may use different methodologies for calculating NOI, and accordingly, the Company’s NOI may not be comparable to other real estate companies. NOI should not be viewed as an alternative measure of financial performance as it does not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income and expenses, or the level of capital expenditures necessary to maintain the operating performance of the Company’s properties that could materially impact results from operations. Adjusted EBITDA Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) reflects net income (loss) excluding the impact of interest expense, depreciation and amortization, and the provision for income taxes, for all periods presented. Adjusted EBITDA also excludes certain recurring and non-recurring items including, but not limited to, stock-based compensation expense, non-cash changes in fair value of the Earn-Out Liability, gains or losses from disposition of real estate assets, impairment write-downs of depreciable property, and Other Income, Net. Adjusted EBITDA should be considered along with, but not as an alternative to, net income (loss), cash flow from operations or any other operating GAAP measure. Same-Location Net Operating Income and Reconciliation to Net Loss Adjusted EBITDA Reconciliation RevPAS Revenue Per Available Stall (“RevPAS”) is used to evaluate parking operations and performance. RevPAS is defined as average monthly Parking Revenue (Parking Revenue less related Sales Tax and Credit Card Fees) divided by the parking stalls in the locations that were owned and under management agreement for the periods presented. Parking Revenue does not include Billboard or Commercial Rent, or revenue from locations that are under Lease Agreements. The Company believes RevPAS is a meaningful indicator of our performance because it measures the period-over-period change in revenues for comparable locations.

Interested in Mobile Infrastructure Corporation? Here are five stocks we like better. Operating performance improved: Second-quarter same-location NOI rose 12% to $5.9 million, supported by record portfolio utilization, stronger contract and transient demand, and lower property taxes. Adjusted EBITDA increased 5.5% to $4.1 million. Deleveraging and asset sales continued: Net debt declined to $197.1 million after $3.7 million of principal repayments, while asset sales have generated more than $30 million in proceeds and helped repay $22.6 million of debt. The company is negotiating approximately $25 million in additional non-core asset sales. Outlook and strategic review: Mobile Infrastructure reaffirmed its 2026 revenue, NOI and adjusted EBITDA guidance, with growth driven by contract parking, recovering venues and pricing and technology initiatives. A board special committee is evaluating Blackstone Alternative Asset Management’s take-private proposal. Mobile Infrastructure (NASDAQ:BEEP) reported higher same-location net operating income in the second quarter of 2026 as contract parking demand, recovering downtown markets and expense management supported operating results. The company reaffirmed its full-year outlook while continuing to pursue asset sales and debt reduction. Chief Executive Officer Stephanie Hogue said a special committee of the board is actively reviewing and evaluating a recently submitted take-private proposal from Blackstone Alternative Asset Management. She said the company would not comment further on the matter during the call. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat Same-location NOI rose 12% year over year to $5.9 million in the second quarter, compared with $5.2 million a year earlier. Same-location revenue increased 5.6%, while reported total revenue was $8.9 million, down slightly from $9 million in the prior-year period due primarily to assets sold in 2025 and 2026. Hogue said portfolio utilization averaged its highest quarterly level since the company took control of the portfolio in 2021 and began tracking the metric. Trailing 12-month utilization was approximately 70%, up five percentage points from 65% a year earlier, and increased in every month of the quarter. → 3 Dividend Champion Utilities for a Market That Can't Sit Still Revenue per available space, or RevPAS, reached approximately $225 during the quarter, the highest second-quarter level in three years, according to Hogue. Trailing 12-month RevPAS exceeded $200. The company’s strategy remains focused on raising occupancy before pursuing broader pricing increases. Hogue said rate actions are determined on an asset-by-asset and market-by-market basis rather than applied across the portfolio. In garages, she said stabilized utilization may fall between 80% and 100%, while parking lots can have substantially higher utilization because spaces turn over multiple times per day. → Is Wingstop's Growth Story Losing Steam? “Predominantly, the revenue expansion came from utilization growth,” Hogue said in response to an analyst question, adding that the company expects pricing power to increase once garages reach fuller occupancy. Contract parking volume increased approximately 12% from a year earlier and 7% sequentially. Chief Financial Officer Paul Gohr cited gains in Cincinnati, Denver and Fort Worth. Hogue attributed the trend to return-to-office activity and newly leased residential units coming online across the company’s markets. Transient revenue rose 4% across the portfolio, while average transient transactions increased 3% year over year. Management said the improvement was aided by the reopening of disrupted demand drivers, including Cincinnati’s convention center, as well as the completion of construction and redevelopment activity in markets including Cincinnati, Denver and Nashville. Chicago also recorded transaction growth, which Gohr attributed to aggressive online marketing initiatives. Hogue said the company saw modest rate expansion in transient parking, but said the recovery in assets and venues returning online was the more substantial contributor to transient growth. Management highlighted Chicago, Cincinnati, Milwaukee and Nashville as markets with strong operating metrics. In Milwaukee, an asset’s transition from a lease arrangement to a management contract gave Mobile greater ability to work directly with its operator, Hogue said. The company enters the third quarter, historically its busiest period, with a larger contract parking base, growing utilization and a fuller event calendar. Hogue said sports, concerts, conventions, hotel stays and other downtown activity typically make the third quarter the most dynamic period for demand. Transient parking represents about two-thirds of company revenue, while contract parking accounts for roughly one-third, Gohr said. Property taxes declined to $1.4 million from $1.8 million in the prior-year quarter. On a same-location basis, property taxes were down $0.3 million, reflecting benefits from the company’s property tax appeal management process. Property operating expenses were $1.6 million, compared with $1.8 million a year earlier. Same-location operating expenses increased $0.1 million, primarily because of the timing of repairs and maintenance. Gohr said second-quarter expenses were somewhat higher than anticipated but should moderate in the third and fourth quarters. General and administrative expense increased to $2.6 million from $2.4 million. The current quarter included $0.8 million of non-cash stock-based compensation, unchanged from the prior-year quarter. Adjusted EBITDA increased 5.5% to $4.1 million, compared with $3.8 million in the second quarter of 2025. At June 30, the company had $10.9 million of cash equivalents and restricted cash, while net debt totaled $197.1 million, down from $200 million at the end of the first quarter. During the quarter, Mobile repaid $3.7 million of principal and $0.8 million of accrued interest on its line of credit. Gohr said the company has repaid $22.6 million of debt using proceeds from its asset rotation strategy. Under its 36-month, $100 million asset rotation program, Mobile has generated more than $30 million in cumulative proceeds from asset sales at a weighted average implied capitalization rate of approximately 2%, according to Hogue. The company is negotiating about $25 million of potential transactions involving non-core assets. Hogue said the transactions could close by year-end, though timing could move, and emphasized that the company is seeking the “right buyer” and “right price point.” Mobile is targeting sale transactions at sub-3% capitalization rates, she said. The company reaffirmed its full-year 2026 guidance: Total revenue of $35 million to $38 million, including approximately 8% same-location growth at the midpoint. NOI of $21.5 million to $23 million, including 10% same-location growth at the midpoint. Adjusted EBITDA of $15 million to $16.5 million, including 13% same-location growth at the midpoint. Management said the outlook reflects expectations for continued contract volume growth, venue reopenings and recoveries, and the effects of technology and pricing optimization initiatives. The guidance does not include future asset sales or acquisitions under the asset rotation program. Mobile Infrastructure Corporation is a Maryland corporation. The Company owns a diversified portfolio of parking assets primarily located in the Midwest and Southwest. As of December 31, 2023, the Company owned 43 parking facilities in 21 separate markets throughout the United States, with a total of 15,700 parking spaces and approximately 5.4 million square feet. The Company also owns approximately 0.2 million square feet of retail/commercial space adjacent to its parking facilities. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Mobile Infrastructure Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Sunrise Realty Trust, Inc. (SUNS) came out with quarterly earnings of $0.29 per share, missing the Zacks Consensus Estimate of $0.3 per share. This compares to earnings of $0.31 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -3.33%. A quarter ago, it was expected that this company would post earnings of $0.29 per share when it actually produced earnings of $0.35, delivering a surprise of +20.69%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Sunrise Realty Trust, Inc., which belongs to the Zacks Real Estate - Operations industry, posted revenues of $5.82 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 4.45%. This compares to year-ago revenues of $5.67 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Sunrise Realty Trust, Inc. shares have lost about 18.1% since the beginning of the year versus the S&P 500's gain of 12.8%. While Sunrise Realty Trust, Inc. has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Sunrise Realty Trust, Inc. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.33 on $6.5 million in revenues for the coming quarter and $1.32 on $26.81 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Real Estate - Operations is currently in the top 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Mobile Infrastructure Corporation (BEEP), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11. This company is expected to post quarterly loss of $0.09 per share in its upcoming report, which represents a year-over-year change of +18.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Mobile Infrastructure Corporation's revenues are expected to be $8.93 million, down 0.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Sunrise Realty Trust, Inc. (SUNS) : Free Stock Analysis Report Mobile Infrastructure Corporation (BEEP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

FirstService (FSV) came out with quarterly earnings of $1.75 per share, beating the Zacks Consensus Estimate of $1.71 per share. This compares to earnings of $1.71 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +2.34%. A quarter ago, it was expected that this property services provider would post earnings of $0.9 per share when it actually produced earnings of $0.95, delivering a surprise of +5.56%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. FirstService, which belongs to the Zacks Real Estate - Operations industry, posted revenues of $1.45 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 2.51%. This compares to year-ago revenues of $1.42 billion. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. FirstService shares have lost about 8.9% since the beginning of the year versus the S&P 500's gain of 9.6%. While FirstService has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for FirstService was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.91 on $1.54 billion in revenues for the coming quarter and $6.17 on $5.82 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Real Estate - Operations is currently in the top 34% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Mobile Infrastructure Corporation (BEEP), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11. This company is expected to post quarterly loss of $0.09 per share in its upcoming report, which represents a year-over-year change of +18.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Mobile Infrastructure Corporation's revenues are expected to be $8.93 million, down 0.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report FirstService Corporation (FSV) : Free Stock Analysis Report Mobile Infrastructure Corporation (BEEP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Utilization Gains Underpin Improving Same-Location Revenue Fifth Asset Sale Under Asset Rotation Strategy Reduced Leverage with $12.6 Million of Paydowns Conference Call Will be Held on May 12, 2026, at 4:30 PM Eastern Time CINCINNATI, May 12, 2026 (GLOBE NEWSWIRE) -- Mobile Infrastructure Corporation (Nasdaq: BEEP), (“Mobile”, “Mobile Infrastructure” or the “Company”), the nation’s only publicly traded owner of parking infrastructure, today reported results for the three months ended March 31, 2026. Commenting on the results, Stephanie Hogue, Chief Executive Officer, said, “Our first quarter results reflect solid execution against the initiatives we laid out for 2026. We focused on driving utilization and contract growth while delivering on the first phase of our asset rotation program. Supported by higher residential demand and continued return-to-office momentum, contract parking volumes grew approximately 6% year-over-year and now represents approximately 38% of our management agreement revenue. Same-Location Revenue was stable year-over-year, while active expense discipline and operational execution resulted in 4.4% Same-Location NOI growth. “Transient volumes increased approximately 3% in the quarter, as several key markets reopened after experiencing construction and redevelopment dislocations in 2025. As expected, we are now witnessing growing demand as these micro-markets re-open, and when combined with continued momentum in contract parking and a robust spring event calendar across our broader portfolio, underpin the confidence our team has in Mobile’s 2026 plan. “In the first quarter, we also made meaningful progress on our capital allocation strategy. Cumulative proceeds from assets sold under our 36-month, $100 million asset rotation program have now exceeded $30 million, at a weighted-average implied capitalization rate of approximately 2%. The valuation our assets continue to command in private market transactions illustrates the strategic value of well-located urban land, further magnifying the disconnect between the value of our portfolio and Mobile Infrastructure’s current share price.” First Quarter 2026 Highlights Total revenue was $7.9 million as compared to $8.2 million in the prior-year period Net loss was $7.8 million as compared to $4.3 million in the prior-year period. NOI* was $4.6 million as compared to $4.5 million in the prior-year period. Same-Location NOI* was $4.6 million as compared to $4.4 million in the prior-year period, an increase of 4.4% year-over-year. Adjusted EBITDA* was $3.0 million as compared to $2.7 million in the prior-year period, an increase of 8.7% year-over-year. Contract parking volumes grew approximately 6% year-over-year, supported by continued strength in residential and return-to-office momentum. Asset rotation progress remained on track, with cumulative proceeds from non-core asset sales exceeding $30 million toward the Company’s $100 million, three-year strategic asset rotation program. * Explanations of these non-GAAP financial measures and reconciliation to the most comparable GAAP financial measures are presented later in this press release. Financial Results Total revenue of $7.9 million during the first quarter of 2026 decreased by 3.7% from $8.2 million in the prior-year quarter, primarily due to the sale of assets in 2025. Same-Location Revenue was $7.9 million, flat compared to the first quarter of 2025. Total property taxes and operating expenses for the first quarter of 2026 were $3.3 million, as compared to $3.8 million during the same period in 2025. General and administrative expenses for the first quarter of 2026 were $2.4 million, which included $0.8 million of non-cash compensation, compared to $2.4 million during the same period in 2025, which included $0.7 million of non-cash compensation. Interest expense for the first quarter of 2026 was $5.1 million compared to $4.6 million in the first quarter of 2025. Net loss was $7.8 million, up from $4.3 million in the comparable prior-year period, primarily driven by a $2.0 million loss on extinguishment of debt and a $1.1 million loss on sale of real estate during the quarter. Same-Location Net Operating Income (“NOI”), defined by the Company as total revenues less property taxes and operating expenses for properties owned the majority of both reported periods, was $4.6 million for the first quarter of 2026, up 4.4% from $4.4 million in the prior year period. Adjusted EBITDA was $3.0 million for the first quarter of 2026, compared to $2.7 million in the prior year period. Revenue Per Available Stall (“RevPAS”) for the trailing twelve-month period was $199.50 for the first quarter of 2026, compared to $207.53 in the first quarter of 2025 and $199.88 in the fourth quarter of 2025. Asset Transaction During the first quarter, the Company closed on the sale of Marks Garage, a 308-stall parking facility located in Honolulu, Hawaii, for gross proceeds of $16.5 million. Cumulative proceeds from assets sold under the Company’s 36-month, $100 million asset rotation program have now exceeded $30 million. Balance Sheet, Cash Flow, and Liquidity At March 31, 2026, the Company had $14.2 million in cash, cash equivalents and restricted cash. As of March 31, 2026, total debt outstanding, including outstanding borrowings under the Line of Credit and notes payable, was $200.0 million. In connection with the sale of Marks Garage, $8.1 million of mortgage principal was repaid, along with an additional $4.5 million repayment on its Line of Credit. Paydown of the Line of Credit is a primary near-term use of asset sale proceeds. The Company continues to evaluate additional capital allocation opportunities, including share repurchases and asset acquisitions, in coordination with its Board of Directors. Full Year 2026 Guidance** The Company is reiterating its full year 2026 guidance as initially provided with fourth quarter and full year 2025 results. For full year 2026, the Company continues to expect revenue in the range of $35 million to $38 million, representing 4% growth at the midpoint over 2025 results and 8% growth on a same-location basis. The Company expects NOI to range from $21.5 million to $23.0 million, representing year-over-year growth of 7% at the midpoint, and 10% growth on a same-location basis. The Company expects Adjusted EBITDA to range from $15.0 million to $16.5 million, representing year-over-year growth of 10% at the midpoint, and 13% growth on a same-location basis. This guidance is supported by expectations for continued contract volume growth, the reopening and enhancement of several venues, and the positive impact from technology optimization across the Company’s core portfolio on pricing and utilization. The guidance does not include future asset sales or acquisitions from the asset rotation plan. **The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. First Quarter 2026 Conference Call and Webcast Information Mobile will hold a conference call to discuss its first quarter 2026 results on May 12, 2026, at 4:30 p.m. ET. Participants who wish to access the live conference call may do so by registering here. Upon registration, a dial-in and unique PIN will be provided to join the call. A live, listen-only webcast of the conference call may be accessed from the Investor Relations section of the Company’s website, or by registering here. For those who are unable to listen to the live broadcast, a replay of the webcast will be available in the “News & Events” section of the Investor Relations website under “IR Calendar” for one year. Forward-Looking Statements Certain statements contained in this press release are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this press release that are not historical facts (including any statements concerning our net operating income and revenue projections, our assessment of various trends impacting our economic performance, the effects of implementation of strategic model changes, other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto) are forward-looking statements. Forward-looking statements are typically identified by the use of terms such as “may,” “should,” “expect,” “could,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “continue,” “predict,” “potential” or the negative of such terms and other comparable terminology. The forward-looking statements included herein are based upon the Company’s current expectations, plans, estimates, assumptions and beliefs, which involve numerous risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, the actual results and performance could differ materially from those set forth in the forward-looking statements. Factors which could have a material adverse effect on operations and future prospects are discussed in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, filed with the Securities and Exchange Commission from time to time. All forward-looking statements are made as of the date of this press release. Except as otherwise required by the federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements. About Mobile Infrastructure Corporation Mobile Infrastructure Corporation is a Maryland corporation. The Company owns a diversified portfolio of parking assets throughout the United States. As of March 31, 2026, the Company owned 35 parking facilities in 18 separate markets throughout the United States, with a total of 13,200 parking spaces and approximately 4.6 million square feet. The Company also owns approximately 0.1 million square feet of retail/commercial space adjacent to its parking facilities. Learn more at www.mobileit.com. Mobile Contact David Gold | Lynn Morgen [email protected] | (212) 750-5800 MOBILE INFRASTRUCTURE CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) MOBILE INFRASTRUCTURE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts, unaudited) Discussion and Reconciliation of Non-GAAP Measures Same-Location Net Operating Income Net Operating Income (“NOI”) is presented as a supplemental measure of our performance. For the three months ended March 31, 2026 and 2025, Same-Location NOI represents the NOI for the 36 properties that were owned for the majority of both calendar year periods being compared. The Company believes that NOI provides useful information to investors regarding our results of operations, as it highlights operating trends such as pricing and demand for our portfolio at the property level as opposed to the corporate level. NOI is calculated as total revenues less property operating expenses and property taxes. The Company uses NOI internally in evaluating property performance, measuring property operating trends, and valuing properties in our portfolio. Other real estate companies may use different methodologies for calculating NOI, and accordingly, the Company’s NOI may not be comparable to other real estate companies. NOI should not be viewed as an alternative measure of financial performance as it does not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income and expenses, or the level of capital expenditures necessary to maintain the operating performance of the Company’s properties that could materially impact results from operations. Adjusted EBITDA Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) reflects net income (loss) excluding the impact of interest expense, depreciation and amortization, and the provision for income taxes, for all periods presented. Adjusted EBITDA also excludes certain recurring and non-recurring items including, but not limited to, stock-based compensation expense, non-cash changes in fair value of the Earn-Out Liability, gains or losses from disposition of real estate assets, impairment write-downs of depreciable property, and Other Income, Net. Adjusted EBITDA should be considered along with, but not as an alternative to, net income (loss), cash flow from operations or any other operating GAAP measure. Same-Location Net Operating Income and Reconciliation to Net Loss Adjusted EBITDA Reconciliation RevPAS Revenue Per Available Stall (“RevPAS”) is used to evaluate parking operations and performance. RevPAS is defined as average monthly Parking Revenue (Parking Revenue less related Sales Tax and Credit Card Fees) divided by the parking stalls in the locations that were owned and under management agreement for the periods presented. Parking Revenue does not include Billboard or Commercial Rent, or revenue from locations that are under Lease Agreements. The Company believes RevPAS is a meaningful indicator of our performance because it measures the period-over-period change in revenues for comparable locations.

This article first appeared on GuruFocus. Total Revenue: $7.9 million in Q1 2026, down from $8.2 million in Q1 2025. Same-Location Revenue: $7.9 million, flat year-over-year. Same-Location NOI: Increased 4.4% year-over-year to $4.6 million from $4.4 million. Contract Parking Volumes: Grew approximately 6% year-over-year. Transient Volumes: Increased approximately 3% year-over-year. RevPAS: $184 for the quarter, approximately flat year-over-year. Property Taxes: $1.5 million in Q1 2026, down from $1.9 million in Q1 2025. Property Operating Expenses: $1.8 million, compared to $1.9 million in Q1 2025. Adjusted EBITDA: $3 million, up 8.6% from $2.7 million in Q1 2025. Total Debt Outstanding: $200 million, reduced from $207.7 million at year-end. Cash, Cash Equivalents, and Restricted Cash: $14.2 million as of March 31, 2026. Asset Rotation Program Proceeds: Exceeded $30 million with a weighted average implied cap rate of approximately 2%. Full Year 2026 Revenue Guidance: $35 million to $38 million, approximately 4% growth at the midpoint over 2025. Full Year 2026 NOI Guidance: $21.5 million to $23.0 million, 7% growth at the midpoint. Full Year 2026 Adjusted EBITDA Guidance: $15.0 million to $16.5 million, 10% growth at the midpoint. Warning! GuruFocus has detected 6 Warning Signs with BEEP. Is BEEP fairly valued? Test your thesis with our free DCF calculator. Release Date: May 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Contract parking volumes grew approximately 6% year-over-year, driven by higher residential demand and return to office momentum. Same-Location NOI increased by 4.4% year-over-year, reflecting effective expense management and lease to management agreement conversions. Portfolio utilization improved by roughly 8 percentage points year-over-year, enhancing rate and parker mix optimization opportunities. Cumulative proceeds from asset sales under the asset rotation program exceeded $30 million, highlighting the strategic value of urban land. Adjusted EBITDA increased by 8.6% year-over-year, demonstrating strong operating discipline despite flat revenue. Total revenue declined to $7.9 million from $8.2 million year-over-year, primarily due to asset sales in 2025. Same-Location revenue remained flat, indicating challenges in achieving organic revenue growth. RevPAS was approximately flat year-over-year, suggesting limited pricing power in certain markets. Property taxes and operating expenses, while managed, still represent significant costs impacting overall profitability. The company faces ongoing redevelopment and hotel occupancy softness in some markets, which could affect future performance. Q: Can you provide details on the recent asset sales and the cap rates you're seeing? A: We have exceeded $30 million in asset sales as part of our asset rotation strategy, with cap rates hovering around 2%. We don't break out cap rates for each asset individually. Q: How are you prioritizing cash usage in the near term, particularly regarding debt reduction? A: Our primary focus is on paying down our line of credit, which is the most accretive use of proceeds. We are also considering buying back stock and making highly accretive acquisitions in growth markets. We regularly discuss these priorities with our Board. Q: Can you discuss the utilization performance and any trends you're observing? A: Utilization is crucial as each parking stall is perishable by the hour. We focus on achieving stabilized assets with over 100% utilization. This involves optimizing the parker mix between residential, contract commercial, and transient users. Q: What impact has the return to office trend had on your business? A: We are seeing consistent demand across our portfolio, particularly in the Midwest and Texas. Companies are seeking larger blocks of parking spaces, indicating a return to office momentum. Q: How are you managing the balance between rate and utilization? A: Initially, we use rates to drive long-term contracts. Once assets are stabilized, we leverage rate adjustments annually across residential, contract, and hotel segments, ensuring the parker mix aligns with asset needs. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Mobile Infrastructure Corporation? Here are five stocks we like better. Mobile Infrastructure said first-quarter 2026 results showed improved utilization and contract parking growth, with contract parking volumes up about 6% year over year and portfolio utilization roughly 8 percentage points higher than a year ago. The company’s new Same-Location NOI metric rose 4.4% to $4.6 million, helped by expense discipline and more assets converted from lease structures to management agreements, even as total revenue was slightly lower because of prior asset sales. Mobile also said its $100 million asset rotation program has generated more than $30 million in proceeds, and it reaffirmed full-year 2026 guidance for revenue, NOI and adjusted EBITDA while continuing to focus on debt reduction and rate improvement. Mobile Infrastructure (NASDAQ:BEEP) reported first-quarter 2026 results that management said reflected progress on utilization, contract growth and asset sales, while reaffirming its full-year outlook. Chief Executive Officer Stephanie Hogue said the company’s first-quarter performance showed “solid execution” against the initiatives it outlined for 2026, including driving utilization and contract growth and advancing the first phase of its asset rotation program. She said higher residential demand and continued return-to-office momentum helped lift contract parking volumes by approximately 6% year over year. → MercadoLibre Boldly Invests in Growth: Discount Deepens Contract parking represented approximately 38% of the company’s management agreement revenue during the quarter, Hogue said. Mobile introduced a new metric on the call: same-location net operating income, or Same-Location NOI. Hogue said the metric is intended to give investors a clearer view of the operating portfolio as the company continues its three-year, $100 million asset rotation strategy. → Rocket Lab Just Hit a New All-Time High—Time to Buy or Let It Breathe? “Total portfolio NOI now blends two stories: how the operating portfolio performs and how the rotation reshapes it,” Hogue said. “Same-Location NOI strips out the noise from rotation timing and gives investors a clean period-over-period view of the operating portfolio.” Same-Location NOI increased 4.4% year over year to $4.6 million from $4.4 million. Hogue said Same-Location revenue was approximately flat at the operating level, while NOI growth was driven by expense discipline and conversions from lease structures to management agreements completed over the past year. → 3 Small-Cap Stocks to Buy as the Russell 2000 Extends Its Rally Chief Financial Officer Paul Gohr said total revenue was $7.9 million in the first quarter, compared with $8.2 million in the prior-year period. He attributed the decline primarily to four assets sold in 2025. Excluding those dispositions, Same-Location revenue was $7.9 million, essentially flat from the prior year. Gohr said the flat revenue comparison did not fully reflect underlying activity, noting that transactions and contract volumes increased across the portfolio while the company accepted near-term rate compression in certain markets to build occupancy. Hogue said portfolio utilization ended March roughly 8 percentage points higher than a year earlier and ahead of the company’s planned utilization. She described parking as “a utilization-driven business with daily perishable inventory,” adding that as assets approach stabilized occupancy, the company gains more flexibility to optimize rates and parker mix. The portion of the management agreement portfolio operating above 80% utilization rose 750 basis points year over year in the first quarter, according to Hogue. She said that higher utilization allows the company to consider rate expansion across certain rate bands and parker types. Several markets posted notable contract parking gains: Cincinnati contract counts grew approximately 24% year over year across three garages. Cleveland contract counts increased approximately 19%, with rates beginning to follow utilization. Fort Worth contract counts rose approximately 10%. Hogue said the company is following a “volume first, rate second” strategy, building occupancy first and then raising rates as markets stabilize. In the question-and-answer session, she said utilization is the company’s most important measure of asset performance because parking stalls can turn multiple times per day. Hogue also said return-to-office trends were helping demand across the portfolio, with companies seeking larger blocks of parking spaces. She said the company is seeing interest from employers that need 500 to 1,000 spaces as they bring employees back full time, particularly in the Midwest and Texas, though she described the trend as broadly present across the portfolio. Management said Mobile continued to advance its 36-month, $100 million asset rotation program. Hogue said cumulative proceeds from assets sold under the program have exceeded $30 million at a weighted average implied cap rate of approximately 2%. Gohr said the Honolulu disposition was the fifth asset closed under the program. In connection with that sale, the company paid down $8.1 million of mortgage principal on its CMBS facility. He also said Mobile paid an additional $4.5 million toward its line of credit in April. Total debt outstanding was $200 million at March 31, down from $207.7 million at the end of the prior quarter. Gohr said the company has repaid $22.6 million of debt using proceeds from the asset rotation strategy. Mobile ended the quarter with $14.2 million of cash equivalents and restricted cash. Hogue said reducing the cost of capital remains a primary use of disposition proceeds. In response to a question from Marc Riddick of Sidoti, she said paying down the company’s line of credit is currently the “most accretive use of proceeds.” She said other potential uses include share repurchases and selective acquisitions in markets where management has strong conviction for growth. Property taxes were $1.5 million in the first quarter, compared with $1.9 million in the prior-year period. Property operating expenses were $1.8 million, compared with $1.9 million a year earlier. Gohr attributed the reduction in property taxes to the company’s property tax appeal management process and said stable operating expenses reflected expense discipline despite inflationary pressures. General and administrative expenses were $2.4 million, flat with the first quarter of 2025. The current quarter included $0.8 million of non-cash stock-based compensation, compared with $0.7 million in the prior-year quarter. Adjusted EBITDA was $3.0 million, up 8.6% from $2.7 million in the first quarter of 2025. Gohr said the improvement illustrated operating discipline despite flat revenue. Revenue per available stall, or RevPAS, was $184 in the quarter, approximately flat year over year. Hogue said that excluding Detroit, where redevelopment-related dislocation remains a near-term factor, RevPAS was $186, slightly higher than a year earlier. On a trailing 12-month basis, RevPAS was $200, or $196 excluding Detroit. Mobile reaffirmed its full-year 2026 guidance. The company continues to expect total revenue of $35 million to $38 million, representing approximately 4% growth at the midpoint over 2025 results and approximately 8% growth on a same-location basis. NOI is expected to range from $21.5 million to $23.0 million, representing 7% year-over-year growth at the midpoint and 10% growth on a same-location basis. Adjusted EBITDA is forecast at $15.0 million to $16.5 million, representing 10% year-over-year growth at the midpoint and 13% growth on a same-location basis. Gohr said the outlook is supported by expectations for continued contract volume growth, benefits from venue reopenings and recoveries across the portfolio, and positive impacts from technology and pricing optimization initiatives. He noted that the guidance does not include any future asset sales or acquisitions under the asset rotation program. In closing remarks, Hogue said Mobile’s portfolio consists of well-located land and access points in central business districts, which she described as hard assets with long-term optionality. She said the company remains focused on driving utilization, converting utilization into rates, rotating non-core assets at private-market valuations, deleveraging and optimizing its operating model. Mobile Infrastructure Corporation is a Maryland corporation. The Company owns a diversified portfolio of parking assets primarily located in the Midwest and Southwest. As of December 31, 2023, the Company owned 43 parking facilities in 21 separate markets throughout the United States, with a total of 15,700 parking spaces and approximately 5.4 million square feet. The Company also owns approximately 0.2 million square feet of retail/commercial space adjacent to its parking facilities. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Mobile Infrastructure Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management is employing a 'volume first, rate second' playbook, prioritizing utilization growth to build an occupancy base before exercising pricing leverage. The company introduced 'Same Location NOI' to provide a transparent view of core operations, stripping out the noise from the ongoing $100 million asset rotation program. NOI growth of 4.4% on flat revenue was driven by active expense discipline, property tax appeal management, and the conversion of leases to management agreements. Contract parking volumes grew 6% year-over-year, supported by residential demand and a shift toward large-block corporate return-to-office requirements. Management highlighted a significant disconnect between the company's share price and the private market value of its urban land assets, which are being sold at approximately 2% cap rates. The portfolio is being positioned as a flexible platform for future mobility, focusing on the strategic value of urban access points regardless of the specific vehicle mix. Full-year 2026 guidance assumes 8% same-location revenue growth and 10% same-location NOI growth, underpinned by venue reopenings and technology-driven pricing optimization. The company expects to continue rotating non-core assets to fund debt reduction, opportunistic share repurchases, or selective high-quality acquisitions. Management anticipates that as more assets cross the 80% utilization threshold, they will begin implementing rate expansion and parker mix optimization. The 36-month, $100 million asset rotation strategy remains the primary vehicle for surfacing the 'adaptive reuse' value of the company's urban land holdings. Redevelopment-driven dislocations in Detroit continue to impact portfolio-wide RevPAS, though excluding this market, RevPAS showed slight year-over-year improvement. The company successfully reduced total debt to $200 million following the Honolulu asset sale and related CMBS paydowns. Winter weather in Midwestern markets and pockets of hotel occupancy softness acted as seasonal headwinds during the first quarter. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed that cumulative proceeds from the asset rotation strategy have exceeded $30 million. Sales are consistently occurring at implied cap rates of approximately 2%, reflecting high private market demand for well-located urban land. Paying down the line of credit is currently viewed as the most accretive use of disposition proceeds. Share repurchases at current levels and selective acquisitions in high-conviction growth markets are tied for the second priority. Management is seeing a shift from individual parking requests to large corporate blocks of 500 to 1,000 spaces as companies bring employees back full-time. Utilization is being managed as a precursor to rate hikes; once an asset approaches stabilization, management can turn a single stall multiple times per day.