Mobile Infrastructure Corp (BEEP) 2026 Q1 法說會逐字稿

Hello, and welcome to Mobile Infrastructure first quarter 2026 earnings conference call. (Operator Instructions)

您好，歡迎參加 Mobile Infrastructure 2026 年第一季財報電話會議。（接線員指示）

I would now like to hand the conference over to Casey Kotary. You may begin.

現在我將把會議交給 Casey Kotary。您可以開始了。

Thank you, operator. Good morning, everyone, and thank you for joining us to review Mobile's first quarter 2026 performance. With us today from Mobile are Stephanie Hogue, CEO; and Paul Gohr, CFO. In a moment, we will hear management statements about the company's results of operations as of the first quarter of 2026. Before we begin, we would like to remind everyone that today's discussion includes forward-looking statements, including projections and estimates of future events, business or industry trends, or business or financial results.

謝謝您，接線員。各位早安，感謝各位加入我們，一同回顧 Mobile 2026 年第一季的表現。今天與會的 Mobile 管理團隊包括執行長 Stephanie Hogue，以及財務長 Paul Gohr。稍後我們將聽取管理層就截至 2026 年第一季的公司營運結果發表說明。在開始之前，我們提醒各位，今天的討論包含前瞻性陳述，包括對未來事件、業務或產業趨勢，或業務與財務結果的預測與估計。

Actual results may vary significantly from those statements and may be affected by the risks Mobile has identified in today's press release and those identified in its filings with the SEC, including Mobile's most recent annual report on Form 10-K and its most recent quarterly report on Form 10-Q. Mobile assumes no obligation and does not intend to update or comment on forward-looking statements made on this call. Today's discussion also contains references to non-GAAP financial measures that Mobile believes provide useful information to its investors. These non-GAAP measures should not be considered in isolation from or as a substitute for GAAP results. Mobile's earnings release and the most recent quarterly report on Form 10-Q provide a reconciliation of those measures to the most directly comparable GAAP measures and a list of the reasons why Mobile uses these measures.

實際結果可能與上述陳述有重大差異，並可能受到 Mobile 在今日新聞稿以及其向美國證券交易委員會（SEC）提交之文件中所揭露風險的影響，包括 Mobile 最新的 Form 10-K 年度報告與最新的 Form 10-Q 季度報告。Mobile 不承擔、亦無意更新或評論本次電話會議中所作的任何前瞻性陳述。今日討論亦包含對非 GAAP 財務衡量指標的引用，Mobile 認為這些指標可為投資人提供有用資訊。這些非 GAAP 指標不應被單獨考量，亦不應作為 GAAP 結果的替代。Mobile 的財報新聞稿與最新的 Form 10-Q 季度報告提供了這些指標與最直接可比 GAAP 指標之間的調節表，並列示 Mobile 使用這些指標的原因。

I will now turn the call over to Mobile's CEO, Stephanie Hogue, to discuss the first quarter 2026 performance. Stephanie?

現在我將把電話會議交給 Mobile 的執行長 Stephanie Hogue，請她說明 2026 年第一季的表現。Stephanie？

Thank you, Casey, and good afternoon, everyone. Thank you for joining us today. 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 contract parking now represents approximately 38% of our management agreement revenue.

謝謝你，Casey，各位下午好。感謝各位今天加入我們。我們第一季的結果反映出我們對 2026 年所提出各項計畫的扎實執行。我們聚焦於提升使用率與合約成長，同時完成資產輪動計畫第一階段的交付。在住宅需求提升與持續的返辦動能支持下，合約停車量年增約 6%，而合約停車目前約占我們管理協議收入的 38%。

Before walking through the quarter in more detail, let me introduce the metric we are reporting for the first time today: same-location NOI. As we execute the second year of our three-year $100 million asset rotation strategy, the composition of our total portfolio is changing. Total portfolio NOI now blends two stories, how the operating portfolio performs and how the rotation reshapes it. Same-location NOI strips out the noise from rotation timing and gives investors a clean period-over-period view of the operating portfolio. This is the metric we use internally to evaluate the underlying business, and we will report it every quarter going forward.

在更詳細說明本季之前，我想先介紹我們今天首次揭露的指標：同店 NOI（same-location NOI）。隨著我們執行三年 1 億美元資產輪動策略的第二年，我們整體投資組合的組成正在改變。整體投資組合 NOI 現在同時反映兩個面向：營運中投資組合的表現，以及輪動如何重塑投資組合。同店 NOI 剔除輪動時點造成的雜訊，讓投資人能清楚地以期間對期間方式觀察營運中投資組合的表現。這是我們內部用來評估核心業務的指標，未來也將每季揭露。

For the first quarter, same-location NOI grew 4.4% year-over-year to $4.6 million, up from $4.4 million. Same-location revenue was approximately flat at the operating level. The growth in NOI was driven by active expense discipline as well as lease to management agreement conversions completed over the last year.

第一季同店 NOI 年增 4.4% 至 460 萬美元，高於去年的 440 萬美元。同店營收在營運層面約持平。NOI 的成長主要來自積極的費用控管，以及過去一年完成的租賃轉為管理協議（lease to management agreement）之轉換。

The period included winter weather typical of our Midwestern markets in January as well as ongoing redevelopment around several of our largest assets and pockets of hotel occupancy softness. Growing the operating portfolio's NOI through that backdrop while continuing to rotate noncore assets and reduce debt reflects the operating discipline we have set as a strategic priority.

本期間包含 1 月份我們中西部市場典型的冬季天候，以及我們數個最大資產周邊持續進行的重建開發，並且部分地區飯店入住率偏弱。在此背景下仍能提升營運中投資組合的 NOI，同時持續輪動非核心資產並降低負債，反映出我們將營運紀律設定為策略優先事項的成果。

Portfolio utilization ended March up roughly 8 percentage points year-over-year, ahead of our planned utilization. Parking is fundamentally a utilization-driven business with daily perishable inventory. As assets approach stabilized occupancy, optionality increases, both with rate and parker mix optimization. We are seeing more of the portfolio cross into that range. The portion of our management agreement portfolio operating above 80% utilization in the first quarter increased 750 basis points year-over-year, which will allow us to contemplate rate expansion across specific rate bands and/or parker type.

投資組合使用率在 3 月底較去年同期提升約 8 個百分點，優於我們原先規劃的使用率。停車本質上是由使用率驅動的生意，且每日庫存具有易逝性。當資產接近穩定入住率時，可選擇性會提高，無論是在費率或停車客群組合（parker mix）最佳化方面。我們看到更多資產組合進入該區間。第一季中，我們管理協議投資組合中使用率高於 80% 的占比年增 750 個基點，這將使我們得以考慮在特定費率區間及／或特定停車客群上進行費率擴張。

In markets where we have seen stable utilization for more than 12 months, we have implemented rate increases or started to optimize parker mix. Cincinnati is the next key market in that progression, focusing first on utilization and then on parker mix and rate. Turning to contract parking. Contract volumes grew 6% year-over-year in the quarter with continued strength in residential and meaningful contributions from return-to-office momentum. Three markets stand out.

在我們已連續 12 個月以上看到使用率穩定的市場，我們已實施調價，或開始最佳化停車客群組合。辛辛那提是下一個關鍵市場，我們將先聚焦使用率，接著再著手停車客群組合與費率。接著談合約停車。第一季合約量年增 6%，住宅端持續強勁，且返辦動能帶來顯著貢獻。其中有三個市場特別突出。

Cincinnati, contract counts grew approximately 24% year-over-year across our three garages. Cleveland, our contract counts grew approximately 19% and rate has already begun to follow utilization. And finally, Fort Worth, where contract counts also grew approximately 10%. This is the volume first rate second playbook and execution to build occupancy, and we earn rate back as the market stabilizes. Now turning to transient revenue.

辛辛那提：我們三座車庫的合約數年增約 24%。克里夫蘭：合約數年增約 19%，且費率已開始隨使用率提升而跟進。最後是沃斯堡：合約數亦年增約 10%。這是「先量後價」的策略與執行，用以建立入住率，並在市場趨於穩定後回收費率。接下來談臨停（transient）收入。

Transient volumes grew approximately 3% year-over-year 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 reopen, which when combined with continued momentum in contract parking and a robust spring calendar across our broader portfolio underpins the confidence our team has in Mobile's 2026 plan.

第一季臨停量年增約 3%，因為數個關鍵市場在 2025 年經歷施工與重建開發造成的干擾後已重新開放。如同預期，隨著這些微型市場重新開放，我們正看到需求成長；再加上合約停車的持續動能，以及我們更廣泛投資組合在春季強勁的活動行事曆，支撐了團隊對 Mobile 2026 年計畫的信心。

RevPAS for the quarter was $184, approximately flat year-over-year. Excluding Detroit, which is large enough to influence portfolio metrics and where we have been candid about near-term redevelopment-driven dislocation, RevPAS was $186, slightly up year-over-year. On a trailing 12-month basis, RevPAS was $200 and excluding Detroit, it was $196.

本季 RevPAS 為 184 美元，年比約持平。若排除底特律（其規模足以影響投資組合指標，且我們也坦率說明其短期內因重建開發造成的干擾），RevPAS 為 186 美元，年比小幅上升。以過去 12 個月（trailing 12-month）計，RevPAS 為 200 美元；排除底特律後為 196 美元。

The same-location revenue picture is stable while we continue to drive utilization and the rate lever remains ahead of us in markets where utilization stabilizes. In the first quarter, we also made meaningful progress on our capital allocation strategy.

同店營收的走勢維持穩定，我們持續推動使用率，而在使用率穩定的市場中，費率這個槓桿仍在我們前方可望逐步啟動。第一季我們在資本配置策略上也取得了重要進展。

Cumulative proceeds from assets sold under our 36-month $100 million asset rotation program have now exceeded $30 million at a weighted average implied cap rate of approximately 2%. The value 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.

在我們為期 36 個月、總額 1 億美元的資產輪動計畫下，已出售資產的累計處分收入現已超過 3,000 萬美元，加權平均隱含資本化率（cap rate）約為 2%。我們的資產在私募市場交易中持續展現可觀估值，凸顯地段良好的都市土地之策略價值，並進一步放大我們投資組合價值與 Mobile Infrastructure 目前股價之間的落差。

Paul will walk through the balance sheet in more detail, but I will note that we ended the quarter with total debt outstanding of $200 million, down from $207.7 million at year-end, reflecting both the Honolulu sale and the related paydown of CMBS debt.

Paul 將更詳細說明資產負債表，但我先提到，我們在本季末的總未償債務為 2 億美元，較年末的 2.077 億美元下降，反映了檀香山資產出售以及相關 CMBS 債務的償還。

Reducing the cost of capital remains a primary use of disposition proceeds, and we continue to evaluate that against share repurchases and selective acquisitions of higher-quality assets in coordination with our Board of Directors. Stepping back, the playbook for 2026 is unchanged from what we outlined last quarter. Continue to drive utilization across the portfolio and convert utilization into pricing leverage as markets stabilize, rotate our noncore assets into debt paydown, opportunistic share repurchases or higher quality acquisitions, all of which while continuing to optimize our operating model through technology, dynamic pricing tools, leads to management agreement conversions, and disciplined expense management. The first quarter results reflect solid execution against that playbook, and we are reaffirming our 2026 guidance, which Paul will discuss in detail. With that, I will turn the call over to Paul to address financial results.

降低資金成本仍是處分所得的主要用途之一，我們也持續與董事會共同評估，並在股份回購與選擇性收購更高品質資產之間權衡取捨。回到更宏觀的層面，2026 年的策略手冊與我們上季所概述者一致：持續提升整體投資組合使用率，並在市場使用率穩定後將使用率轉化為定價槓桿；將非核心資產輪動所得用於償債、機會性股份回購或更高品質的收購；同時透過科技、動態定價工具、租賃轉管理協議、以及嚴謹的費用管理，持續最佳化我們的營運模式。第一季結果反映出對該策略手冊的扎實執行，我們也重申 2026 年財測指引，Paul 將進一步詳細說明。接下來我把電話交給 Paul，請他說明財務結果。

Thank you, Stephanie. Good afternoon, everyone. I am pleased to discuss the financial details of our first quarter 2026 results and provide additional context on the remainder of the year. Total revenue was $7.9 million in the first quarter of 2026 compared to $8.2 million in the first quarter of 2025. The year-over-year decline was primarily attributable to the four assets sold in 2025.

謝謝你，Stephanie。各位下午好。我很高興與大家討論我們 2026 年第一季業績的財務細節，並就今年剩餘期間提供更多背景說明。2026 年第一季總營收為 790 萬美元，較 2025 年第一季的 820 萬美元略降。年對年下滑主要歸因於我們在 2025 年出售的四項資產。

Excluding those dispositions, same-location revenue was $7.9 million, essentially flat with the prior year period. We believe the Same-Location comparison is the right way to evaluate the organic performance of our continuing portfolio.

若排除上述處分影響，同店營收為 790 萬美元，與去年同期基本持平。我們認為，同店比較是評估我們持續持有投資組合有機表現的正確方式。

However, the flat same-location revenue does not tell the complete story of meaningful underlying activity. Consistent with the volume first rate second playbook Stephanie described, transactions and contract volumes grew across the portfolio, while we accepted near-term rate compression in markets where we are deliberately building the occupancy base.

然而，同店營收持平並未完整反映具意義的底層活動。與 Stephanie 所描述的「先量後價」策略一致，我們的投資組合在交易筆數與合約量方面均有所成長；同時，在我們刻意建立入住率基礎的市場中，我們接受了短期的費率壓縮。

The uplift in transient transactional counts year-over-year is particularly strong in our Cincinnati market, where the convention center reopened and has a steady calendar of events in 2026.

年對年臨停交易筆數的提升在辛辛那提市場尤其強勁，該地會展中心已重新開放，且在 2026 年有穩定的活動排程。

Revenue per affordable stall or RevPAS for the quarter was $184, approximately flat versus the prior year. On a trailing 12-month basis for the first quarter, RevPAS was $200, which is in line with the previous quarter. This is one of our core metrics for managing the portfolio, and we keep it current by adjusting the base for any assets that convert to management agreements or are sold. The sequential stability reflects our near-term focus on utilization, which has also improved both year-over-year and sequentially. And we think that's notable given we typically see a seasonal dip in Q1 coming off the fourth quarter.

本季每個可負擔車位的營收（RevPAS）為 184 美元，與去年同期約略持平。以第一季為基準的過去 12 個月 RevPAS 為 200 美元，與上一季一致。這是我們管理投資組合的核心指標之一；我們會透過針對任何轉為管理合約或出售的資產調整基礎，使該指標保持最新。序列上的穩定反映我們短期聚焦於使用率，而使用率亦在年對年與序列上均有所改善。考量到我們通常在第一季會因第四季後的季節性因素而出現下滑，我們認為這點值得注意。

Turning to expenses. Property taxes were $1.5 million in the first quarter of 2026 compared with $1.9 million in the prior year period. Property operating expenses were $1.8 million compared with $1.9 million in the first quarter of 2025. The year-over-year reduction in property taxes reflects our active property tax appeal management process and our consistency in property operating expenses demonstrates our expense discipline in the face of inflationary costs. Given the portfolio changes resulting from our asset rotation strategy, we are presenting net operating income or NOI on a Same-Location basis.

接著談費用。2026 年第一季不動產稅為 150 萬美元，較去年同期的 190 萬美元下降。不動產營運費用為 180 萬美元，較 2025 年第一季的 190 萬美元下降。不動產稅的年對年下降反映我們積極的不動產稅申訴管理流程；而不動產營運費用的穩定則展現我們在通膨成本壓力下的費用紀律。鑑於資產輪動策略帶來的投資組合變動，我們以同店口徑呈現營運淨收益（NOI）。

Same-location NOI for the first quarter of 2026 was $4.6 million compared with $4.4 million in the same period in 2025, an increase of 4.4%. The increase reflects several levers working in concert, the lease to management agreement conversions we completed over the past year, active property tax appeal management, and expense discipline, together delivering NOI growth on essentially flat same-location revenue.

2026 年第一季同店 NOI 為 460 萬美元，較 2025 年同期的 440 萬美元增加 4.4%。此增長反映多項槓桿協同作用：我們在過去一年完成的租賃轉管理合約、積極的不動產稅申訴管理，以及費用紀律，共同在同店營收基本持平的情況下帶動 NOI 成長。

As we mentioned before, parking in many of our locations is seasonal, and Q1 is typically in the range of 21% to 23% of annual NOI. General and administrative expenses were $2.4 million, flat when compared to the same period of 2025. Current period G&A included $0.8 million of noncash stock-based compensation compared to $0.7 million in the prior year quarter.

如先前所述，我們許多據點的停車業務具有季節性，而第一季的 NOI 通常約占全年 NOI 的 21% 至 23%。一般及行政費用為 240 萬美元，與 2025 年同期持平。本期 G&A 包含 80 萬美元的非現金股票基礎薪酬，去年同期為 70 萬美元。

Adjusted EBITDA was $3 million for the first quarter of 2026 compared with $2.7 million in the first quarter of 2025, an increase of 8.6%. This improvement further illustrates operating discipline despite our flat revenue for the quarter. Turning to the balance sheet. At March 31, 2026, we had $14.2 million of cash, cash equivalents and restricted cash. Total debt outstanding was $200 million, down from $207.7 million at the end of last quarter.

2026 年第一季調整後 EBITDA 為 300 萬美元，較 2025 年第一季的 270 萬美元增加 8.6%。在本季營收持平的情況下，這項改善進一步說明我們的營運紀律。接著看資產負債表。截至 2026 年 3 月 31 日，我們持有 1,420 萬美元的現金、約當現金及受限制現金。期末未償還總負債為 2 億美元，較上一季季末的 2.077 億美元下降。

In connection with the closing of the Honolulu sale, $8.1 million of mortgage principal was paid down on our CMBS facility. In April, we paid an additional $4.5 million towards the outstanding line of credit. In total, we have repaid $22.6 million of debt using proceeds from the asset rotation strategy.

配合檀香山出售案完成交割，我們在 CMBS 融資工具上償還了 810 萬美元的抵押貸款本金。4 月我們另行償還了 450 萬美元的循環信用額度未償餘額。合計而言，我們已使用資產輪動策略的所得償還 2,260 萬美元的債務。

The Honolulu disposition was the fifth asset closed under our 36-month $100 million asset rotation program, bringing cumulative proceeds above $30 million at a weighted average implied capitalization rate of approximately 2%, continuing to highlight the gap between private market value and our trading price.

檀香山處分案是我們 36 個月、1 億美元資產輪動計畫下完成交割的第五項資產，使累計處分所得超過 3,000 萬美元；其加權平均隱含資本化率約為 2%，持續凸顯私募市場價值與我們交易價格之間的落差。

As Stephanie noted, reducing the cost of capital remains a primary use of disposition proceeds alongside opportunistic share repurchases and selective acquisitions of higher-quality assets.

如 Stephanie 所提到的，降低資金成本仍是處分所得的主要用途之一，並與機會性庫藏股回購及選擇性收購更高品質資產並列。

We are reaffirming our full year 2026 guidance we shared last quarter. For the full year, we continue to expect total revenue in the range 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.

我們重申上季所分享的 2026 全年財測指引。就全年而言，我們仍預期總營收介於 3,500 萬至 3,800 萬美元，按中位數計較 2025 年結果約成長 4%，並以同店口徑約成長 8%。

We expect this to be accompanied by NOI in the range of $21.5 million to $23.0 million, representing year-on-year growth of 7% at the midpoint and 10% growth on the Same-Location basis. Further, adjusted EBITDA is forecasted to range from $15.0 million to $16.5 million, representing year-on-year growth of 10% at the midpoint and 13% growth on a Same-Location basis.

我們預期 NOI 介於 2,150 萬至 2,300 萬美元，按中位數計年對年成長 7%，以同店口徑成長 10%。此外，調整後 EBITDA 預估介於 1,500 萬至 1,650 萬美元，按中位數計年對年成長 10%，以同店口徑成長 13%。

This guidance is underpinned by our expectations for continued contract volume growth, the benefits of venue reopenings and recoveries across the portfolio, and the positive impact of our technology and pricing optimization initiatives.

此指引係基於我們對合約量持續成長的預期、投資組合內各場館重新開放與復甦所帶來的效益，以及我們科技與定價最佳化計畫的正面影響。

As a reminder, this guidance does not include any future asset sales or acquisitions under our asset rotation program. With that, I will turn the call back to Stephanie for closing remarks.

提醒一下，此指引不包含我們資產輪動計畫下任何未來的資產出售或收購。接下來我把電話交回 Stephanie 作結語。

Thank you, Paul. Before we open the line for questions, I want to reaffirm the broader perspective on where we believe the business is headed. Mobile Infrastructure owns hard assets, well-located land and access points in central business districts across the United States. The strategic value of these assets is anchored in three durable characteristics, and each of them informs how we think about long-term shareholder value. First, irreplaceability.

謝謝你，Paul。在我們開放提問之前，我想再次強調我們對業務走向的更宏觀觀點。Mobile Infrastructure 擁有實體資產、位置優越的土地，以及遍布全美各地中央商業區的出入口。這些資產的策略價值建立在三項持久特徵之上，而每一項都影響我們對長期股東價值的思考。第一，稀缺且不可取代性。

The land we own sits in mature supply-constrained urban cores where zoning density and the economics of urban development make new garage construction fairly uneconomic. As cities continue to invest in downtown reactivation, mixed-use redevelopment and urban density, the access points we own become more strategic over time, not less.

我們所擁有的土地位於供給受限且已成熟的城市核心區，在這些地區，分區管制的容積密度以及都市開發的經濟性，使新建停車樓的經濟效益相對不佳。隨著城市持續投資於市中心活化、複合式用途重建與都市密度提升，我們所擁有的出入口將隨時間變得更具策略性，而非降低。

Second, optionality through adaptive reuse. The assets in our portfolio are not static parking structures. The land beneath them and the structures themselves are durable platforms with multiple potential uses, residential, hospitality, retail, EV charging infrastructure, last mile logistics, and emerging mobility services among them.

第二，透過適應性再利用所帶來的選擇權。我們投資組合中的資產並非靜態的停車設施；其下方的土地以及建物本身都是耐久的平台，具備多種潛在用途，包括住宅、旅宿、零售、電動車充電基礎設施、最後一哩物流，以及新興移動服務等。

Our 36-month asset rotation program is the most direct expression of this optionality. The valuation our assets continue to command in private market transactions reflects buyers paying for the full economic optionality of well-located urban land, not for parking income alone. Third, the ability to meet future mobility wherever it lands on the adoption curve. There is real uncertainty about how the mobility landscape evolves over the next decade. We believe the answer will be a mix, and that mix will continue to evolve.

我們的 36 個月資產輪動計畫，是這種選擇權特性的最直接體現。我們的資產在私募市場交易中持續獲得的估值，反映的是買方為位置優越的城市土地所具備的完整經濟選擇權特性付費，而不僅僅是為停車收入付費。第三，是能夠在未來出行方式於採用曲線上落點何處時，都能加以因應。未來十年出行版圖如何演變，存在真正的不確定性。我們相信答案將是多種模式的組合，而且這個組合也將持續演進。

What does not change is the need for access points where vehicles arrive, dwell, and depart. Our portfolio today sits at those access points and the physical structures are adaptable to whatever combination of moves ultimately win. We are not making a bet on any single mobility outcome. We are positioned and prepared to participate in all of them.

不變的是，仍然需要車輛到達、停留與離開的出入口節點。我們目前的投資組合就位於這些節點上，而其實體結構可因應最終勝出的各種組合而調整。我們並未押注任何單一的出行結果。我們已就位並做好準備，能參與其中所有模式。

Within that long-term frame, our near-term focus remains the same; drive utilization, convert utilization into rates, rotate noncore assets at private market valuations, and continue to deleverage and optimize the operating model.

在這個長期框架下，我們的短期重點仍然相同：提升使用率、將使用率轉化為費率、以私募市場估值輪動出售非核心資產，並持續去槓桿與優化營運模式。

The first quarter is one data point on that path. We are encouraged by what we saw in the period, and we remain confident in our 2026 plan. We continue to believe that the underlying value of this portfolio, as reflected in our NAV, materially exceeds the current trading value of our shares. Our focus remains on closing that gap through disciplined execution and a shareholder-first approach to capital allocation. Thank you for your continued support, your questions, and your engagement with our story.

第一季只是這條路徑上的一個數據點。我們對本期所見感到鼓舞，並且對我們的 2026 年計畫仍具信心。我們仍然相信，這個投資組合的內在價值（反映在我們的 NAV 中）顯著高於目前我們股票的交易價值。我們的重點仍是透過嚴謹執行與以股東為先的資本配置方式，縮小這個差距。感謝各位持續的支持、提問，以及對我們故事的關注與參與。

Operator, please open the line for questions.

接線員，請開放提問線路。

(Operator Instructions)

（接線員指示）

Marc Riddick, Sidoti.

Marc Riddick，Sidoti。

Hey, good afternoon.

嗨，下午好。

Hey, Mark, how are you?

嗨，Mark，你好嗎？

Good. I wanted to touch maybe we could start off with the -- if you could share some details around the asset sale -- the recent asset sales and maybe the cap rates that you're seeing there.

很好。我想先談一下——如果可以的話，能否分享一些關於資產出售的細節——近期的資產出售情況，以及你們在那裡看到的資本化率（cap rate）。

Yes. So we are a year into our asset rotation strategy. Overall have exceeded about $30 million, slightly over. We don't really break out over each particular asset cap rate, but still hovering around about 2% in sale cap rates.

好的。我們的資產輪動策略已執行一年。整體而言，已超過約 3,000 萬美元，略高一些。我們通常不會逐一拆分各個資產的資本化率，但出售資本化率仍大約維持在 2% 左右。

Okay. Great. And then in your prepared remarks, you made mention of the -- of debt reduction with proceeds. Maybe you could talk a little bit about sort of how you're viewing the overall prioritization of cash usage in the near term? And then I have another follow-up on that.

好的，很棒。然後在你們的事先準備發言中，你提到——用所得款項來降低負債。也許你可以談談你們如何看待短期內現金使用的整體優先順序？然後我還有一個相關追問。

Yes, absolutely. So first and foremost, as we've continued to say, paying down our line of credit is the most accretive use of proceeds. So you'll continue to hear us talk about that as we sell noncore assets. After that, I would say it's a close second between buying back stock, which at current levels is extraordinarily accretive to shareholders versus highly accretive acquisitions in markets where we have strong conviction for growth. So every month, we're meeting with the Board talking to them about balancing those three capital allocations, but it will be one of the three through the year.

好的，當然。首先也是最重要的，正如我們一直所說，償還我們的信用額度（line of credit）是最具增益（accretive）的資金用途。因此，當我們出售非核心資產時，你們會持續聽到我們談到這一點。之後，我會說第二優先順序是在回購股票（以目前水準對股東而言極具增益）與在我們對成長具高度信心的市場進行高度增益的收購之間，兩者非常接近。每個月我們都會與董事會開會，討論如何在這三種資本配置之間取得平衡，但今年會在這三者之一中進行。

Great. And then -- I want to shift gears to the utilization performance, which certainly sounded encouraging. Maybe you talk a little bit about what that pacing looked like? Or was that sort of across the board through the quarter and maybe -- or maybe what you're seeing there as far as the utilization improvements?

很好。接著——我想把話題轉到使用率表現，聽起來確實令人鼓舞。也許你可以談談那個走勢（pacing）看起來如何？是整個季度都普遍如此嗎？以及——或者就使用率改善而言，你們看到了哪些情況？

Yes. Utilization is the single most important factor that we consider when we're looking at the underlying performance of assets. And it's really because utilization -- each parking stall is perishable by the hour. So unlike most real estate where you have either long-term leases or in hotels, you have a daily user, we can turn a stall 2 times, 3 times, 4 times a day. And so when you start to approach stabilized assets, you're actually over 100% utilization.

好的。使用率是我們在評估資產底層表現時所考量的最重要單一因素。原因在於使用率——每一個車位都是以小時計的易腐性資產。不同於多數不動產通常有長期租約，或飯店是以日為單位的住客，我們一個車位一天可以周轉 2 次、3 次、4 次。因此當你開始接近穩定化資產時，實際上會出現超過 100% 的使用率。

And so we look at utilization in several different ways. They're sort of pre-stabilized where rate is really what you're using to drive and win those longer-term sticky contracts, either residential or contractual or hotel. And then from there, you really have the rate lever every year with all three of those. So that's really how we're focused right now. It's making sure that the parker mix is right for the asset between residential, your contract commercial, so your monthly worker downtown, and then hotel, and then backfilling with transient.

因此我們會用幾種不同方式來看使用率。大致上在穩定化之前，費率是你用來推動並贏得那些較長期、黏著度高的合約（不論是住宅、合約型，或飯店）。接著，對這三類客群，你每年都可以運用費率這個槓桿。因此這就是我們目前的聚焦點：確保該資產的停車客群組合正確，涵蓋住宅、合約商用（也就是市中心按月通勤上班族）、以及飯店，然後再用臨停（transient）來補足空缺。

Okay. And then I think you mentioned in your prepared remarks around return-to-office transfer activity. Maybe you could just spend a little time on what you've seen there and how it's benefited you if that was a particular market or where that benefit is that you're seeing on the return-to-office trends?

好的。然後我想你在事先準備發言中提到與重返辦公室相關的轉換活動。也許你可以花點時間談談你們在那方面看到了什麼，以及它如何讓你們受益——那是否是特定市場，或你們在哪些地方看到重返辦公室趨勢帶來的好處？

Yes, absolutely. I would say it is really across the portfolio. And the difference is it's more consistent. Certainly, in the Midwest, we are seeing larger blocks, but Texas as well, it's blocks of parkers as opposed to one-on-one individuals approaching four parking. We are getting a much larger -- much larger interest base for companies looking for bringing back people full time and they need 500 to 1,000 parking spaces.

好的，當然。我會說這其實是遍及整個投資組合。差異在於它更一致。當然，在中西部我們看到更大規模的整批需求，德州也是一樣——是成批的停車客，而不是一對一的個人來詢問停車。我們獲得了更大——更大的關注基礎，來自那些希望讓員工全職回辦公室的公司，他們需要 500 到 1,000 個停車位。

So that's really the difference. I would say, it's market agnostic, and we're seeing it sort of throughout the portfolio, certainly in some cities or submarkets more than others.

所以差異就在這裡。我會說這與市場無關（market agnostic），而且我們在整個投資組合中都看到這種情況，當然在某些城市或次市場比其他地方更明顯。

Great. Thank you very much.

很好。非常感謝。

Thanks, Marc.

謝謝你，Marc。

Thank you. (Operator Instructions) I'm showing no further questions in the queue.

謝謝。（接線員指示）我這邊顯示隊列中沒有其他提問。

That concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。