Welcome to our dedicated page for Mobile Infrastructure Corporation news (Ticker: BEEP), a resource for investors and traders seeking the latest updates and insights on Mobile Infrastructure Corporation stock.
Mobile Infrastructure Corporation (NYSE: BEEP) is a prominent player in the parking infrastructure sector, focusing on the acquisition, ownership, and leasing of parking facilities across the United States. The company boasts a diverse portfolio of 43 parking facilities located in 21 unique markets nationwide. These facilities collectively offer approximately 15,700 parking spaces, generating substantial revenue primarily through percentage rental income.
Recently, Mobile Infrastructure Corporation completed a significant business combination with Fifth Wall Acquisition Corp. III, a leading SPAC, and commenced trading under the ticker symbol 'BEEP'. This strategic move was bolstered by a PIPE investment, securing an additional $46 million for debt reduction and corporate growth, alongside a $40 million investment from No Street Capital and affiliates. The merger aims to leverage Mobile Infrastructure Corporation's extensive portfolio and expertise to capitalize on the vast market opportunities in the mobility and parking infrastructure sector.
The company’s recent achievements include solidifying its financial foundation, expanding its market presence, and enhancing its operational efficiency. Mobile Infrastructure Corporation is committed to providing top-tier parking solutions, ensuring customer satisfaction, and delivering value to its stakeholders. With a robust business strategy and a focus on sustainable growth, the company is well-positioned to navigate the evolving landscape of urban mobility and infrastructure development.
Mobile Infrastructure (NYSE: BEEP) has completed $87.5 million in refinancing transactions through two separate loans at a 7.69% weighted average interest rate, with maturities between 2027 and 2034. The company used the proceeds to repay a $48.8 million KeyBank loan at 8.19% interest and two additional loans totaling $31.3 million secured by parking assets in Chicago and Cincinnati.
The refinancing has extended substantially all of the company's 2024 and 2025 debt maturities, maintaining a leverage ratio below 55% Loan-to-Value. Additionally, Mobile Infrastructure completed a buyout of a minority partner in one of its assets. The refinancing includes a multi-asset CMBS pool transaction and a single-asset CMBS refinancing with a regional bank, establishing new lending relationships.
Mobile Infrastructure (NYSE American: BEEP) reported its Q3 2024 financial results. Total revenue increased by 21% to $9.8 million compared to the prior-year period. Net loss significantly decreased to $1.9 million from $24.6 million. Net Operating Income (NOI) rose 3.8% to $6.1 million, and Adjusted EBITDA increased by 2.2% to $4.5 million. Same location RevPAS improved by 1.6% to $227.60. The company secured a $40.4 million line of credit, paid accrued dividends on preferred stock, and started a common stock repurchase plan. Mobile reaffirmed its full-year 2024 guidance, projecting revenue between $38 million and $40 million, and NOI between $22.5 million and $23.25 million. CEO Manuel Chavez III highlighted the positive impact of emerging secular trends, including a return to office and conversions of office space to residential rentals, which are expected to benefit future growth. A conference call will be held on November 13th at 8 AM ET to discuss the results.
Mobile Infrastructure (NYSE American: BEEP), a leading owner of mobility-focused parking assets in the US, announced that Stephanie Hogue, President, will present and host one-on-one investor meetings at the Sidoti Micro Cap Virtual Conference on November 13-14, 2024.
The presentation is scheduled for 10:45 am ET on Thursday, November 14. Ms. Hogue will also be available for virtual one-on-one meetings with investors on the same day.
Interested parties can access the live presentation webcast at this link. To register for a one-on-one meeting, please visit Sidoti's events page. Registration is free and does not require being a Sidoti client.
Mobile Infrastructure [NYSE American: BEEP], a company specializing in parking assets across the United States, has announced the timing for its third quarter 2024 earnings release and conference call. The earnings release will be issued before the U.S. market opens on Wednesday, November 13, 2024. A conference call hosted by senior management will follow at 8:00 AM Eastern Time on the same day.
To participate in the call, dial 1-866-652-5200 (U.S.) or 1-412-317-6060 (international) approximately ten minutes before the start time. A live webcast will be available on the company's Investor Relations website. An archived version of the webcast will be accessible until January 13, 2025.
Mobile Infrastructure (NYSE American: BEEP) has announced strategic actions to enhance shareholder value. The company has secured a $40.4 million line of credit from Harvest Small Cap Partners to fund preferred stock redemptions in cash, pay accrued dividends, and initiate a common stock repurchase plan. The Board of Directors has authorized a $10 million share buyback program, reflecting their belief that the stock is undervalued. These actions aim to address the gap between Mobile's Net Asset Value (NAV) of $7.25 per share and its current market price.
The credit facility will help eliminate future dilution from preferred stock conversions and provide capital flexibility. Borrowings under the line of credit will accrue interest at 15.0% per annum. The company's management believes these strategic moves will increase shareholder value and address valuation concerns.
Mobile Infrastructure (NYSE American: BEEP) reported its Q2 2024 financial results, showing year-on-year progress across key metrics. Total revenue increased by 28.4% to $9.3 million, while net loss narrowed to $2.5 million from $3.7 million in the prior-year period. Net Operating Income (NOI) rose 14.1% to $5.6 million, and Adjusted EBITDA grew 16.3% to $4.2 million.
The company disclosed a Net Asset Value of $7.25 per share as of Q2-end and reaffirmed its full-year 2024 guidance, projecting revenue of $38-40 million and NOI of $22.5-23.25 million. BEEP's strategy of converting assets to managed service contracts has improved utilization and cost control. The company is positioning itself to benefit from urban trends such as office-to-residential conversions and increased return-to-office mandates.
Mobile Infrastructure [NYSE American: BEEP], a company focused on parking assets across the US, has announced its second quarter 2024 earnings release schedule. The earnings will be released on Tuesday, August 13, 2024, after the US market closes. A conference call hosted by senior management will follow at 4:30 PM Eastern Time.
To participate, investors can dial 1-866-652-5200 (US) or 1-412-317-6060 (international) about ten minutes before the call. A live webcast will be available on the company's Investor Relations website. An archived version will be accessible for three months after the call.
Mobile Infrastructure (NYSE American: BEEP) has reported its Q1 2024 financial results, highlighting a 24.3% revenue increase to $8.8 million from the prior year's $7.1 million. The shift to management contracts contributed to a net operating income (NOI) boost of 11.9%, reaching $5.4 million. Adjusted EBITDA also saw a slight rise to $3.5 million. However, the net loss widened to $2.6 million from $2.3 million year-over-year. Despite increased operating expenses and G&A costs, the company reduced its interest expense and total debt. Management reaffirmed its full-year 2024 revenue guidance of $38-$40 million and NOI of $22.5-$23.25 million.
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