Business
Mobile Infrastructure Reports Fourth Quarter 2023 Financial Results
--Fourth Quarter and Full Year Parking Asset Portfolio Performance Substantially Ahead of Year-Ago Levels-- --Converted Two-Thirds of Portfolio to Management
About this update from Mobile Infrastructure Corporation
[{"type":"text","content":"\n--Fourth Quarter and Full Year Parking Asset Portfolio Performance Substantially Ahead of Year-Ago Levels--\n--Converted Two-Thirds of Portfolio to Management Contracts--\n--2024 Guidance Anticipates Accelerating Growth in Parking Asset Portfolio Performance--\n\n\n CINCINNATI--(BUSINESS WIRE)--\nMobile Infrastructure Corporation (NYSE American: BEEP), (“Mobile”, “Mobile Infrastructure” or the “Company”), owners of a diversified portfolio of parking assets throughout the United States, today reported results for the fourth quarter and full year ended December 31, 2023.\n\n\nManagement Commentary\n\n\nCommenting on the results, Manuel Chavez III, Chief Executive Officer, said “Our asset portfolio performed well in the fourth quarter, with net operating income up over 27% from the prior year quarter, reflecting positive leasing trends and reduced operating expenses. These results capped a transformative year for Mobile Infrastructure in which we completed a merger transaction, deleveraged the balance sheet, and provided liquidity to shareholders by listing the Company on the New York Stock Exchange American.\n\n\n“Mobile’s strategy of actively managing our asset portfolio led to accelerating organic revenue growth in the second half of 2023. Our asset management team is leveraging our proprietary technology platform and working directly with service providers to customize offerings that address the dynamic parking needs of our corporate, hospitality, and transient customers. Additionally, in the first quarter, we converted 26 of our portfolio assets from leased to management contracts. This action will give us greater flexibility to optimize rates and utilization, while also executing strategies to contain operating expenses.\n\n\n“Full year results were impacted by substantial non-cash charges, primarily associated with our merger and listing, that are not expected to recur in future periods. We ended the year with an improved financial position, highlighted by $29.1 million of debt paydown. Our parking asset portfolio was valued at over $520 million in late 2022 by an independent national real estate services firm. Since that time, our net operating income has increased by 9.5%.”\n\n\nFourth Quarter Business and Financial Highlights\n\n\n\nTotal revenue was $7.9 million as compared to $6.9 million in the prior year period.\n\n...