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Mobile Infrastructure Corporation (BEEP+1.89%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a total revenue increase to $37,008,000, up from $30,272,000 in the previous year. This increase is primarily attributed to the conversion of 29 of its 40 assets to management contracts, allowing the company to recognize all parking transactions as revenue.
Managed property revenue accounted for $27,848,000 of the total revenue, while base rental income and percentage rental income contributed $6,195,000 and $2,965,000, respectively.
Operating expenses decreased significantly to $35,488,000 from $60,504,000 in the prior year. This decrease was largely due to the absence of a $16,101,000 issuance expense related to Series 2 Preferred Stock and a $2,862,000 reduction in organizational and offering costs.
The company reported a net loss of $8,381,000, an improvement from the $38,238,000 net loss in the previous year. This improvement was driven by increased revenues and decreased operating expenses.
Interest expense remained relatively stable at $13,830,000, compared to $13,910,000 in the prior year. This stability is attributed to refinancing activities and the paydown of certain debts.
The company completed several asset sales, including properties in Cincinnati, Clarksburg, and Indianapolis, resulting in a gain on sale of real estate of $2,651,000.
Mobile Infrastructure Corporation's total assets as of December 31, 2024, were $415,062,000, with total liabilities of $225,791,000, resulting in a total equity of $189,271,000.
The company continues to focus on optimizing its parking facilities and exploring acquisition opportunities, while also managing its financial obligations, including a $40.4 million line of credit maturing in September 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mobile Infrastructure Corporation annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.