Mobile Infrastructure Reports Second Quarter 2024 Financial Results
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) ha riportato i risultati finanziari per il secondo trimestre del 2024, mostrando progressi anno su anno in metriche chiave. I ricavi totali sono aumentati del 28,4% raggiungendo i 9,3 milioni di dollari, mentre la perdita netta si è ridotta a 2,5 milioni di dollari rispetto ai 3,7 milioni di dollari dello stesso periodo dell’anno precedente. Il Reddito Operativo Netto (NOI) è aumentato del 14,1% arrivando a 5,6 milioni di dollari, e l'EBITDA Adjusted è cresciuto del 16,3% fino a 4,2 milioni di dollari.
L'azienda ha rivelato un Valore Netto degli Attivi di 7,25 dollari per azione alla fine del secondo trimestre e ha confermato le previsioni per l'intero anno 2024, prevedendo ricavi compresi tra 38 e 40 milioni di dollari e NOI tra 22,5 e 23,25 milioni di dollari. La strategia di BEEP di convertire gli assets in contratti di servizi gestiti ha migliorato l'utilizzo e il controllo dei costi. L'azienda si sta posizionando per beneficiare delle tendenze urbane come le conversioni da uffici a residenziali e l'aumento dei mandati per il ritorno al lavoro in ufficio.
Mobile Infrastructure (NYSE American: BEEP) informó sobre sus resultados financieros del segundo trimestre de 2024, mostrando progresos interanuales en métricas clave. Los ingresos totales aumentaron un 28.4% hasta alcanzar los 9.3 millones de dólares, mientras que la pérdida neta se redujo a 2.5 millones de dólares desde los 3.7 millones del año anterior. Los Ingresos Operativos Netos (NOI) crecieron un 14.1% hasta 5.6 millones de dólares, y el EBITDA Ajustado aumentó un 16.3% hasta 4.2 millones de dólares.
La empresa reveló un Valor Neto de los Activos de 7.25 dólares por acción al final del segundo trimestre y reafirmó su guía para el año completo 2024, proyectando ingresos de entre 38 y 40 millones de dólares y NOI de entre 22.5 y 23.25 millones de dólares. La estrategia de BEEP de convertir activos en contratos de servicios gestionados ha mejorado la utilización y el control de costos. La empresa se está posicionando para beneficiarse de tendencias urbanas como las conversiones de oficinas a residenciales y el aumento de mandatos de regreso a la oficina.
모바일 인프라스트럭처 (NYSE American: BEEP)가 2024년 2분기 재무 결과를 발표하며 주요 지표에서의 연간 개선을 보여주었습니다. 총 수익은 28.4% 증가하여 930만 달러에 달했으며, 순손실은 전년 동기 370만 달러에서 250만 달러로 좁혀졌습니다. 순 운영 소득 (NOI)은 14.1% 증가하여 560만 달러에 이르렀고, 조정된 EBITDA는 16.3% 증가하여 420만 달러에 달했습니다.
회사는 2분기 말 기준 주당 7.25달러의 순자산가치를 공개하고 2024년 전체 연도 가이던스를 재확인하며, 3800만 ~ 4000만 달러의 수익과 2250만 ~ 2325만 달러의 NOI를 전망했습니다. BEEP의 자산을 관리 서비스 계약으로 전환하는 전략은 활용도와 비용 통제를 개선했습니다. 회사는 사무실에서 주거지로의 전환 및 사무실 복귀 의무 증가와 같은 도시 트렌드에서 이익을 얻기 위해 자리 잡고 있습니다.
Mobile Infrastructure (NYSE American: BEEP) a présenté ses résultats financiers pour le deuxième trimestre 2024, montrant des progrès d'une année sur l'autre dans les indicateurs clés. Le chiffre d'affaires total a augmenté de 28,4 % pour atteindre 9,3 millions de dollars, tandis que la perte nette a été réduite à 2,5 millions de dollars contre 3,7 millions de dollars l'année précédente. Le Revenu Opérationnel Net (NOI) a augmenté de 14,1 % pour atteindre 5,6 millions de dollars, et l'EBITDA ajusté a augmenté de 16,3 % pour atteindre 4,2 millions de dollars.
L'entreprise a révélé une Valeur Nette des Actifs de 7,25 dollars par action à la fin du deuxième trimestre et a réaffirmé ses prévisions pour l'année complète 2024, projetant des revenus de 38 à 40 millions de dollars et un NOI de 22,5 à 23,25 millions de dollars. La stratégie de BEEP de convertir des actifs en contrats de services gérés a amélioré l'utilisation et le contrôle des coûts. L'entreprise se positionne pour bénéficier des tendances urbaines telles que les conversions de bureaux en logements et l'augmentation des mandats de retour au bureau.
Mobile Infrastructure (NYSE American: BEEP) berichtete über die finanziellen Ergebnisse für das zweite Quartal 2024 und zeigte Jahresvergleichsfortschritte in wichtigen Kennzahlen. Der Gesamtumsatz stieg um 28,4 % auf 9,3 Millionen Dollar, während der Nettoverlust von 3,7 Millionen Dollar im Vorjahreszeitraum auf 2,5 Millionen Dollar verringert wurde. Das Netto-Betriebseinkommen (NOI) stieg um 14,1 % auf 5,6 Millionen Dollar, während das bereinigte EBITDA um 16,3 % auf 4,2 Millionen Dollar wuchs.
Das Unternehmen gab einen Nettovermögenswert von 7,25 Dollar pro Aktie zum Ende des zweiten Quartals bekannt und bestätigte seine Prognose für das Gesamtjahr 2024, mit einer Umsatzprognose von 38 bis 40 Millionen Dollar und einem NOI von 22,5 bis 23,25 Millionen Dollar. Die Strategie von BEEP, Vermögenswerte in verwaltete Dienstleistungsverträge umzuwandeln, hat die Auslastung und Kostenkontrolle verbessert. Das Unternehmen positioniert sich, um von städtischen Trends wie Büro-zu-Wohnraum-Umwandlungen und verstärkten Rückkehr-zu-Büro-Vorgaben zu profitieren.
- Total revenue increased by 28.4% year-over-year to $9.3 million
- Net Operating Income (NOI) grew 14.1% to $5.6 million
- Adjusted EBITDA increased 16.3% to $4.2 million
- Net loss narrowed to $2.5 million from $3.7 million in the prior-year period
- Reaffirmed full-year 2024 guidance with projected revenue of $38-40 million and NOI of $22.5-23.25 million
- Disclosed Net Asset Value of $7.25 per share as of Q2-end
- Company still reported a net loss of $2.5 million for Q2 2024
- Total debt outstanding was $191.5 million as of June 30, 2024
Insights
Mobile Infrastructure's Q2 2024 results show promising growth despite challenging conditions. Total revenue increased by 28.4% to
The disclosed Net Asset Value (NAV) of
The company's positioning for future growth, particularly in light of downtown office-to-residential conversions, shows strategic foresight. However, investors should monitor the high debt level of
Mobile Infrastructure's Q2 results reflect the evolving urban landscape. The company's strategy aligns well with two key trends: downtown office-to-residential conversions and gradual return-to-office mandates. These shifts could significantly boost parking demand in urban centers.
The conversion to managed service contracts is a smart move, allowing for better utilization and cost management. This adaptability is important in the dynamic post-pandemic real estate market. The
However, the real estate market remains uncertain. While the company's focus on urban parking assets positions it well for recovery, investors should be aware that the pace of office-to-residential conversions and return-to-office trends may vary significantly across markets, potentially impacting growth rates.
--Net Asset Value Calculation of
--Re-affirms Full Year 2024 Guidance for Strong Year-on-Year Growth--
--Continued to Achieve Year-on-Year Progress Across Key Operating and Financial Metrics--
--Conversion to Management Contracts Yielding Utilization and Cost Benefits--
--Conference Call Will be Held Today at 4:30 PM ET--
Commenting on the results, Manuel Chavez III, Chief Executive Officer, said “This was another quarter of positive operating and financial performance for our company. We continued to make progress on several near-term objectives, while positioning the Company to benefit from longer-term secular growth trends in our markets.
“By converting the majority of our asset portfolio to managed service contracts from leases, we now have greater access to data that we are leveraging to maximize utilization. Additionally, this conversion has provided us with increased control over asset-level expenses, enabling more efficient resource allocation and operations. These factors helped drive a
“We are positioning Mobile Infrastructure to take full advantage of secular growth trends underway in our markets that should begin to benefit our results in 2025. The most noteworthy is the conversion of downtown office space to residential rentals in many of the cities in which we operate, and the pace of these conversions has accelerated since the beginning of this year. Parking needs associated with this demographic shift will increase substantially, and we already are engaged with several developers in our markets to determine pricing and access. Also, we are seeing early signs of increased “return to office” mandates in several of our markets, which also will strengthen our utilization of downtown assets over time.”
Second Quarter Highlights
-
Total revenue was
$9.3 million $7.2 million -
Net loss was
$2.5 million $3.7 million -
NOI* was
$5.6 million $4.9 million -
Adjusted EBITDA* was
$4.2 million $3.6 million
*An explanation and reconciliation of non-GAAP financial measures are presented later in this press release.
Financial Results
Total revenue of
General and administrative expenses for the second quarter of 2024 of
Interest expense for the second quarter of 2024 was
Net loss was
Net Operating Income (“NOI”), defined by the Company as total revenues less property taxes and operating expenses, was
Adjusted EBITDA was
As of June 30, 2024, the Company had
Summary and Outlook**
“We are pleased with the initial success of our active asset management strategy, which has enabled us to drive considerable growth amid challenging business conditions. First half results have put us on track to achieve our full year 2024 guidance of revenue of
“This quarter, we have disclosed a financial metric to provide analysts and investors with further data to evaluate our progress. Net Asset Value per share provides an indication of the underlying value of our assets. We estimate our NAV at
“Longer-term, we continue to position Mobile Infrastructure for accelerated growth through a combination of organic initiatives and acquisition growth. While our pipeline of potential opportunities continues to grow, we will abstain from acquisitions until more favorable financial market conditions are realized,” Mr. Chavez concluded.
**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. Please see Discussion and Reconciliation of Non-GAAP Measures later in this press release for further discussion. Additional information regarding the Company’s Net Asset Value per share is presented later in this press release.
Second Quarter 2024 Conference Call and Webcast Information
Mobile will hold a conference call to discuss its second quarter 2024 results on Tuesday, August 13, 2024, at 4:30 p.m. ET. To participate on the day of the call, dial 1-866-652-5200, or internationally 1-412-317-6060, approximately ten minutes before the call and tell the operator you wish to join the Mobile Infrastructure Conference Call.
A live webcast of the conference call will be available in the Investor Relations section of the Mobile Infrastructure website at 2Q24 Earnings Webcast. For those who are unable to listen to the live broadcast, an archived webcast will be available approximately two hours after the conclusion of the call, through November 13, 2024, on the Investor Relations website under “IR Calendar” under "News & Events".
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. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. 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 include, but are not limited to the fact that we previously incurred and may continue to incur losses, we may be unable to achieve our investment strategy or increase the value of our portfolio, our parking facilities face intense competition, which may adversely affect our revenues, we may not be able to access financing sources on attractive terms, or at all, which could adversely affect our ability to execute our business plan, and other risks and uncertainties discussed in the section titled “Risk Factors” of our final prospectus, filed with the Securities and Exchange Commission (the “SEC”) pursuant to Rule 424(b) under the Securities Act of 1933 on April 12, 2024, in connection with our registration statement on Form S-11 and subsequent filings the Company makes with the SEC from time to time, particularly under the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” including the Company’s Annual Report on Form 10-K, filed with the SEC on March 22, 2024 and Quarterly Reports on Form 10-Q.
Any of the assumptions underlying the forward-looking statements included herein could be inaccurate, and undue reliance should not be placed upon any forward-looking statements included herein. All forward-looking statements are made as of the date of this press release, and the risk that actual results will differ materially from the expectations expressed herein will increase with the passage of time. Except as otherwise required by the federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements made after the date of this press release, whether as a result of new information, future events, changed circumstances or any other reason. In light of the significant uncertainties inherent in the forward-looking statements included in this press release, the inclusion of such forward-looking statements should not be regarded as a representation by us or any other person that the objectives and plans set forth in this press release will be achieved.
About Mobile Infrastructure Corporation
Mobile Infrastructure Corporation is a
MOBILE INFRASTRUCTURE CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) |
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|
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As of June 30, 2024 |
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As of December 31, 2023 |
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(unaudited) |
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ASSETS |
|
|||||||
Investments in real estate |
|
|
|
|
|
|
|
|
Land and improvements |
|
$ |
160,235 |
|
|
$ |
161,291 |
|
Buildings and improvements |
|
|
259,604 |
|
|
|
260,966 |
|
Construction in progress |
|
|
57 |
|
|
|
273 |
|
Intangible assets |
|
|
10,256 |
|
|
|
10,187 |
|
|
|
|
430,152 |
|
|
|
432,717 |
|
Accumulated depreciation and amortization |
|
|
(34,001 |
) |
|
|
(29,838 |
) |
Total investments in real estate, net |
|
|
396,151 |
|
|
|
402,879 |
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
8,690 |
|
|
|
11,134 |
|
Cash – restricted |
|
|
4,624 |
|
|
|
5,577 |
|
Accounts receivable, net |
|
|
3,674 |
|
|
|
2,269 |
|
Note receivable |
|
|
3,120 |
|
|
|
— |
|
Other assets |
|
|
853 |
|
|
|
1,378 |
|
Total assets |
|
$ |
417,112 |
|
|
$ |
423,237 |
|
LIABILITIES AND EQUITY |
|
|||||||
Liabilities |
|
|
|
|
|
|
|
|
Notes payable, net |
|
$ |
132,920 |
|
|
$ |
134,380 |
|
Revolving credit facility, net |
|
|
58,579 |
|
|
|
58,523 |
|
Accounts payable and accrued expenses |
|
|
11,768 |
|
|
|
14,666 |
|
Accrued preferred distributions |
|
|
9,864 |
|
|
|
10,464 |
|
Earn-Out Liability |
|
|
815 |
|
|
|
1,779 |
|
Due to related parties |
|
|
452 |
|
|
|
470 |
|
Total liabilities |
|
|
214,398 |
|
|
|
220,282 |
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Mobile Infrastructure Corporation Stockholders’ Equity |
|
|
|
|
|
|
|
|
Preferred stock Series A, |
|
|
— |
|
|
|
— |
|
Preferred stock Series 1, |
|
|
— |
|
|
|
— |
|
Preferred stock Series 2, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
2 |
|
|
|
2 |
|
Warrants issued and outstanding – 2,553,192 warrants as of June 30, 2024 and December 31, 2023 |
|
|
3,319 |
|
|
|
3,319 |
|
Additional paid-in capital |
|
|
241,812 |
|
|
|
240,357 |
|
Accumulated deficit |
|
|
(137,746 |
) |
|
|
(134,291 |
) |
Total Mobile Infrastructure Corporation Stockholders’ Equity |
|
|
107,387 |
|
|
|
109,387 |
|
Non-controlling interest |
|
|
95,327 |
|
|
|
93,568 |
|
Total equity |
|
|
202,714 |
|
|
|
202,955 |
|
Total liabilities and equity |
|
$ |
417,112 |
|
|
$ |
423,237 |
|
MOBILE INFRASTRUCTURE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts, unaudited) |
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For the Three Months Ended June 30, |
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|
For the Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed property revenue |
|
$ |
7,226 |
|
|
$ |
— |
|
|
$ |
12,727 |
|
|
$ |
— |
|
Base rent income |
|
|
1,523 |
|
|
|
1,951 |
|
|
|
3,166 |
|
|
|
4,031 |
|
Percentage rental income |
|
|
517 |
|
|
|
5,263 |
|
|
|
2,200 |
|
|
|
10,286 |
|
Total revenues |
|
|
9,266 |
|
|
|
7,214 |
|
|
|
18,093 |
|
|
|
14,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property taxes |
|
|
1,809 |
|
|
|
1,742 |
|
|
|
3,713 |
|
|
|
3,498 |
|
Property operating expense |
|
|
1,824 |
|
|
|
533 |
|
|
|
3,345 |
|
|
|
1,051 |
|
Depreciation and amortization |
|
|
2,096 |
|
|
|
2,130 |
|
|
|
4,189 |
|
|
|
4,256 |
|
General and administrative |
|
|
2,909 |
|
|
|
2,444 |
|
|
|
5,926 |
|
|
|
5,063 |
|
Professional fees |
|
|
260 |
|
|
|
327 |
|
|
|
949 |
|
|
|
795 |
|
Organizational, offering and other costs |
|
|
— |
|
|
|
84 |
|
|
|
— |
|
|
|
117 |
|
Impairment |
|
|
— |
|
|
|
— |
|
|
|
157 |
|
|
|
— |
|
Total expenses |
|
|
8,898 |
|
|
|
7,260 |
|
|
|
18,279 |
|
|
|
14,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(3,087 |
) |
|
|
(3,676 |
) |
|
|
(6,066 |
) |
|
|
(7,276 |
) |
(Loss) Gain on sale of real estate |
|
|
— |
|
|
|
— |
|
|
|
(42 |
) |
|
|
660 |
|
Other (expense) income, net |
|
|
(60 |
) |
|
|
15 |
|
|
|
(128 |
) |
|
|
30 |
|
Change in fair value of Earn-Out liability |
|
|
310 |
|
|
|
— |
|
|
|
964 |
|
|
|
— |
|
Total other expense |
|
|
(2,837 |
) |
|
|
(3,661 |
) |
|
|
(5,272 |
) |
|
|
(6,586 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(2,469 |
) |
|
|
(3,707 |
) |
|
|
(5,458 |
) |
|
|
(7,049 |
) |
Net loss attributable to non-controlling interest |
|
|
(1,112 |
) |
|
|
(1,989 |
) |
|
|
(2,003 |
) |
|
|
(3,784 |
) |
Net loss attributable to Mobile Infrastructure Corporation’s stockholders |
|
$ |
(1,357 |
) |
|
$ |
(1,718 |
) |
|
$ |
(3,455 |
) |
|
$ |
(3,265 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock distributions declared - Series A |
|
|
(34 |
) |
|
|
(54 |
) |
|
|
(71 |
) |
|
|
(108 |
) |
Preferred stock distributions declared - Series 1 |
|
|
(452 |
) |
|
|
(696 |
) |
|
|
(943 |
) |
|
|
(1,392 |
) |
Net loss attributable to Mobile Infrastructure Corporation’s common stockholders |
|
$ |
(1,843 |
) |
|
$ |
(2,468 |
) |
|
$ |
(4,469 |
) |
|
$ |
(4,765 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per weighted average common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable to Mobile Infrastructure Corporation’s common stockholders - basic and diluted |
|
$ |
(0.06 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.36 |
) |
Weighted average common shares outstanding, basic and diluted |
|
|
29,225,378 |
|
|
|
13,089,848 |
|
|
|
28,731,365 |
|
|
|
13,089,848 |
|
Discussion and Reconciliation of Non-GAAP Measures
Net Operating Income
Net Operating Income (“NOI”) is presented as a supplemental measure of our performance. 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.
EBITDA and Adjusted EBITDA
Earnings Before Interest Expense, Taxes, Depreciation and Amortization (“EBITDA”) reflects net income (loss) excluding the impact of the following items: interest expense, depreciation and amortization, and the provision for income taxes, for all periods presented. When applicable, Adjusted EBITDA also excludes certain recurring and non-recurring items from EBITDA, including, but not limited to gains or losses from disposition of real estate assets, impairment write-downs of depreciable property, non-cash changes in the fair value of the Earn-Out liability, merger-related charges and other expenses, gains or losses on settlements, and stock-based compensation expense.
The use of EBITDA and Adjusted EBITDA facilitates comparison with results from other companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company’s capital structure, debt levels, and credit ratings. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. EBITDA and Adjusted EBITDA also exclude depreciation and amortization expense because differences in types, use, and costs of assets can result in considerable variability in depreciation and amortization expense among companies. The Company excludes stock-based compensation expense in all periods presented to address the considerable variability among companies in recording compensation expense because companies use stock-based payment awards differently, both in the type and quantity of awards granted. The Company uses EBITDA and Adjusted EBITDA as measures of operating performance which allows for comparison of earnings and evaluation of debt leverage and fixed cost coverage. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss), cash flow from operations or any other operating GAAP measure.
Forward-Looking Basis
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. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, external growth factors and balance sheet items, that have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
The following table presents NOI as well as a reconciliation of NOI to Net Loss, the most directly comparable financial measure under GAAP reported in our consolidated financial statements, for the three and six months ended June 30, 2024 and 2023 (in thousands):
|
|
For the Three Months Ended |
|
For the Six Months Ended |
||||
|
|
June 30, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
|||
Revenues |
|
|
|
|
|
|
|
|
Managed property revenue |
|
7,226 |
|
— |
|
12,727 |
|
— |
Base rent income |
|
1,523 |
|
1,951 |
|
3,166 |
|
4,031 |
Percentage rental income |
|
517 |
5,263 |
|
2,200 |
10,286 |
||
Total revenues |
|
9,266 |
7,214 |
|
18,093 |
14,317 |
||
Less: |
|
|
||||||
Property taxes |
|
1,089 |
1,742 |
|
3,713 |
3,498 |
||
Property operating expense |
|
1,824 |
533 |
|
3,345 |
1,051 |
||
Net Operating Income |
|
5,633 |
4,939 |
|
11,035 |
9,768 |
||
|
|
|
||||||
Reconciliation |
|
|
||||||
Net loss |
|
(2,469) |
(3,707) |
|
(5,458) |
(7,049) |
||
Loss (gain) on sale of real estate |
|
— |
— |
|
42 |
(660) |
||
Other (expense) income |
|
60 |
(15) |
|
128 |
(30) |
||
Change in fair value of Earn-out liability |
|
(310) |
— |
|
(964) |
— |
||
Interest expense |
|
3,087 |
3,676 |
|
6,066 |
7,276 |
||
Depreciation and amortization |
|
2,096 |
2,130 |
|
4,189 |
4,256 |
||
General and administrative |
|
2,909 |
2,444 |
|
5,926 |
5,063 |
||
Professional fees |
|
260 |
327 |
|
949 |
795 |
||
Organizational, offering and other costs |
|
— |
84 |
|
— |
117 |
||
Impairment of real estate assets |
|
— |
— |
|
157 |
— |
||
Net Operating Income |
$ |
5,633 |
$ |
4,939 |
$ |
11,035 |
$ |
9,768 |
The following table presents the calculation of EBITDA and Adjusted EBITDA for the three and six months ended June 30, 2024 and 2023 (in thousands):
|
|
For the Three Months Ended |
|
For the Six Months Ended |
||||
|
|
June 30, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
|||
Reconciliation of Net loss to Adjusted EBITDA Attributable to the Company |
|
|||||||
Net Loss |
$ |
(2,246) |
$ |
(3,707) |
$ |
(5,458) |
$ |
(7,049) |
Interest expense |
|
3,087 |
3,676 |
6,066 |
7,276 |
|||
Depreciation and amortization |
|
2,096 |
2,130 |
4,189 |
4,256 |
|||
EBITDA Attributable to the Company |
$ |
2,714 |
$ |
2,099 |
$ |
4,797 |
$ |
4,483 |
Organization and offering costs |
|
— |
84 |
— |
117 |
|||
Impairment of real estate |
|
— |
— |
157 |
— |
|||
Change in fair value of Earn-out liability |
|
(310) |
— |
(964) |
— |
|||
Loss (Gain) on sale of real estate |
|
— |
— |
42 |
(660) |
|||
Transaction costs |
|
189 |
|
— |
|
294 |
|
— |
Equity and non-cash compensation |
|
1,610 |
1,430 |
3,409 |
3,084 |
|||
Adjusted EBITDA Attributable to the Company |
$ |
4,203 |
$ |
3,613 |
$ |
7,735 |
$ |
7,042 |
Net Asset Value
The following table provides a breakdown of the major components of our total Net Asset Value attributable to the Company’s common stock as of June 30, 2024:
|
|
Estimated Value |
Investments in real estate(a,b) |
$ |
546,130 |
Cash and restricted cash |
|
13,314 |
Other assets |
|
7,647 |
Total assets |
|
567,091 |
Notes payable and revolving credit facility, net (at fair value)(b) |
|
179,601 |
Accrued preferred distributions |
|
9,864 |
Other liabilities(c) |
|
11,758 |
Total liabilities |
|
201,223 |
Preferred stock |
|
33,782 |
Total estimated net asset value |
$ |
332,086 |
Fully diluted shares outstanding(d) |
|
45,820,367 |
Net asset value per fully diluted share |
$ |
7.25 |
(a) |
Estimated value was based on implied cap rate of |
|
(b) |
Adjusted for noncontrolling interest related to certain properties. | |
(c) |
Excludes certain liability classified equity instruments not expected to be settled in cash. | |
(d) |
Includes all outstanding operating partnership units and excludes out-of-the-money equity instruments. |
As with any valuation method, the methods used to determine our internally-prepared NAV per share were based upon a number of assumptions, estimates, forecasts and judgments that over time may prove to be incorrect, incomplete or may change materially. There are no rules or regulations that require us to calculate NAV in a certain manner. As a result, other public companies may use different methodologies or assumptions to determine NAV. In addition, NAV is not a measure used under GAAP and the valuations of and certain adjustments made to our assets and liabilities used in the determination of NAV will differ from GAAP. You should not consider NAV to be equivalent to stockholders’ equity or any other GAAP measure. The estimated value of the Company’s assets and liabilities is as of a specific date and such value is expected to fluctuate over time in response to future events, including, but not limited to, changes to commercial real estate values, changes in market interest rates for real estate debt, changes in capitalization rates, changes in laws or regulations, demographic changes, returns on competing investments, local and national economic factors, among other factors. Further, estimated NAV per share, if viewed in isolation, could create a misleading or incomplete view of the current value of the shares of the Company’s common stock. Our NAV is not a representation, warranty or guarantee that we would fully realize our NAV upon a sale of our assets or with respect to the trading price of our shares of common stock. Investors are advised to carefully review the Company’s disclosures filed with the SEC in evaluating the Company or making any investment decision related thereto.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240813161538/en/
Mobile Contact
David Gold
Lynn Morgen
beepir@advisiry.com
(212) 750-5800
Source: Mobile Infrastructure Corporation
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