Mobile Infrastructure Corp (BEEP) 2026 Q2 法說會逐字稿

Good afternoon and welcome to the Mobile Infrastructure Corporation second quarter 2026 earnings conference call. (Operator Instructions) And keep in mind that this call is being recorded.

下午好，歡迎參加 Mobile Infrastructure Corporation 2026 年第二季財報電話會議。(接線員指示) 也請注意，本次電話會議將被錄音。

I would like to turn the call over to Casey Kotary, Investor Relations Representative. Please go ahead.

我想把電話交給投資人關係代表 Casey Kotary。請開始。

Thank you, Operator. Good afternoon, everyone, and thank you for joining us to review Mobile's second quarter 2026 performance. With us today for Mobile are Stephanie Hogue, CEO; and Paul Gohr, CFO. In a moment, we will hear management statements about the company's results of operations for the second quarter of 2026.

謝謝您，接線員。各位下午好，感謝各位加入我們，一同回顧 Mobile 2026 年第二季的表現。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公司 2026 年第二季營運結果所作的說明。

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. 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.

在開始之前，我們想提醒各位，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，或業務及財務結果的預測與估計。實際結果可能與這些陳述有重大差異，並可能受到 Mobile 在今日新聞稿中所識別的風險，以及其向美國證券交易委員會（SEC）提交之文件中所識別風險的影響，包括 Mobile 最近一期的 Form 10-K 年度報告與最近一期的 Form 10-Q 季度報告。

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.

Mobile 不承擔任何義務，亦無意更新或評論本次電話會議中所作的前瞻性陳述。今天的討論亦包含對非 GAAP 財務衡量指標的引用，Mobile 認為這些指標能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 的財報新聞稿以及最近一期 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 second quarter 2026 performance. Stephanie?

接下來我將把電話交給 Mobile 的執行長 Stephanie Hogue，請她說明 2026 年第二季的表現。Stephanie？

Thank you, Casey, and good afternoon, everyone. Thank you for joining us today. I would like to begin our call by taking a moment to address the take-private proposal that was recently submitted by Bombe Asset Management. The Special Committee of the Board of Directors is in the process of actively reviewing and evaluating the proposal. This process is underway and ongoing, and the Special Committee will determine the appropriate steps based on what it believes is in the best interest of the company and all of our shareholders. We will not be commenting further on this topic or speaking to this matter during our call today.

謝謝你，Casey，各位下午好。感謝各位今天加入我們。我想先花一點時間談談近期由 Bombe Asset Management 提交的私有化提案。董事會特別委員會目前正積極審閱並評估該提案。此流程已啟動並持續進行中，特別委員會將基於其認為符合公司及全體股東最佳利益的判斷，決定適當的後續步驟。我們今天的電話會議將不再就此主題進一步評論或討論此事項。

With that update, let me now transition to our second quarter results, which reflect continued execution against the initiatives we laid out for 2026. And, more than that, they reflect a business that is performing. This was our second consecutive quarter of broad-based operating growth, and the momentum is building. We set clear KPIs for ourselves and our operating partners at the start of this year. We measure against them regularly and take appropriate action to course correct when necessary. As a result, we are meeting or exceeding those KPIs.

在更新完畢後，讓我轉到我們第二季的業績，這反映了我們持續落實 2026 年所提出的各項策略。而且不僅如此，這也反映出我們的業務正在良好運作。這是我們連續第二個季度出現全面性的營運成長，動能正在累積。我們在今年年初為自己以及營運合作夥伴設定了明確的 KPI。我們定期依據這些 KPI 進行衡量，並在必要時採取適當行動以修正方向。因此，我們正達成或超越這些 KPI。

In the second quarter, same-location NOI grew 12% year-over-year, reaching $5.9 million, up from $5.2 million. And we expect that momentum to continue throughout the year. Same-location revenue grew 5.6%, representing various demand drivers turning on or reactivating across our portfolio, resulting in growth both in transient and monthly parking.

第二季，同店 NOI 年增 12%，達到 590 萬美元，高於去年的 520 萬美元。我們預期這股動能將在全年持續。同店營收成長 5.6%，反映出我們投資組合中多項需求驅動因素啟動或重新活躍，帶動臨停與月租停車雙雙成長。

At the same time, we continued tight operating expense management, which reflects both our ongoing conversion to management contracts and the greater visibility and control they give us over operating performance. I am highly encouraged by the underlying operating story. Portfolio utilization on a trailing twelve-month basis was approximately 70%, up five percentage points year-over-year from 65%, and it climbed in every month of the quarter.

同時，我們持續嚴格管理營運費用，這反映了我們持續轉換為管理合約的進展，以及管理合約為我們帶來的更高能見度與對營運表現的更強掌控力。我對於背後的營運基本面非常受到鼓舞。以過去十二個月（TTM）計算，投資組合使用率約為 70%，較去年同期的 65% 提升 5 個百分點，且在本季每個月份都持續攀升。

Average utilization for the quarter was the highest it has been since we took control of this portfolio in 2021 and started tracking the data. As we have discussed, our focus on utilization through the recovery in our markets allows pricing to follow as demand strengthens.

本季平均使用率是自我們於 2021 年接手該投資組合並開始追蹤數據以來的最高水準。如我們先前所討論的，在市場復甦過程中聚焦使用率，能讓定價在需求轉強時隨之跟進。

RevPAS reached approximately $225 in the quarter, the highest second quarter RevPAS in the last three years, and on a trailing twelve-month basis, RevPAS was over $200. Volume and rate are moving together, and that is direct credit to our team and our operating partners.

本季 RevPAS 約達 225 美元，為過去三年中最高的第二季 RevPAS；以過去十二個月計算，RevPAS 也超過 200 美元。量與價同步上升，這要直接歸功於我們的團隊與營運合作夥伴。

We continue to hold our operating partners accountable to a specific set of key operating metrics each month, utilization, RevPAS, contract volume, and parker mix. Utilization is our leading indicator. It tells us precisely when an asset is ready for the next lever. As more of the portfolio crosses into stabilized occupancy, our optionality expands. We optimize the mix across contract, residential, and transient demands, and we move rates in the specific bands where the market supports it rather than across the board. As discussed in prior quarters, we are changing operating partners who do not hit our KPIs, and we will continue to do so.

我們持續每月以一套明確的關鍵營運指標要求營運合作夥伴負責，包括使用率、RevPAS、合約量，以及停車客群組合。使用率是我們的領先指標。它能精準告訴我們某項資產何時已準備好啟動下一個槓桿。隨著投資組合中更多資產跨入穩定的入住率水準，我們的可選性也隨之擴大。我們在合約、住宅與臨停需求之間優化組合，並在市場可支撐的特定價格區間調整費率，而非全面調價。如前幾季所述，對於未達成 KPI 的營運合作夥伴，我們正在更換，且未來也將持續如此。

The demand behind this quarter's numbers continues to accelerate. Contract volumes grew approximately 12% year-over-year and 7% sequentially. A clear signal of return-to-office momentum and steady absorption from the newly leased residential units across our markets. Return-to-office and downtown residential absorption are multi-quarter structural tailwinds. While they take time to realize, we are well positioned in the markets where these secular trends are the strongest.

支撐本季數字的需求仍在加速。合約量年增約 12%，季增約 7%。這清楚顯示重返辦公室的動能，以及我們各市場中新出租住宅單位帶來的穩定去化。重返辦公室與市中心住宅去化是跨多季的結構性順風。雖然需要時間才能完全反映，但我們在這些長期趨勢最強勁的市場中具備良好布局。

Several of the markets that were dislocated by construction and redevelopment in prior quarters, such as Cincinnati and Nashville, are now firmly back online, and that recovery is reflected in both our contract parking base and our transient volumes.

先前幾季因施工與重建而受到擾動的若干市場（例如辛辛那提與納什維爾）如今已明顯恢復運作，而這樣的復甦也反映在我們的合約停車基礎與臨停量上。

Recovering markets, a growing contract base, and a full events calendar gives us confidence in our performance for the balance of the year. As utilization driven by monthly consumers continues to grow through the portfolio, rate will become the longer-term focus. Average transient transactions also showed growth for the quarter, up 3% year-over-year, which is the appropriate comparison for transient due to the seasonality of that part of the business.

市場復甦、合約基礎擴大，以及完整的活動行事曆，使我們對今年剩餘期間的表現充滿信心。隨著由月租客戶帶動的使用率在投資組合中持續提升，費率將成為更長期的重點。本季平均臨停交易量亦呈現成長，年增 3%；由於該業務具季節性，這是對臨停而言最適當的比較基準。

Our Midwestern markets in particular stood out as strong performers, with Chicago, Cincinnati, and Milwaukee showing meaningful growth, as well as strong metrics in Nashville. Part of Milwaukee's strength came from another asset transitioning from a lease to a management contract, giving us the ability to actively work with our operator, which remains a priority for all of our assets.

我們的中西部市場尤其表現突出，芝加哥、辛辛那提與密爾瓦基均呈現顯著成長，納什維爾的各項指標也相當強勁。密爾瓦基部分的強勁表現來自另一項資產由租賃轉為管理合約，使我們能與營運商更積極合作；這仍是我們所有資產的優先事項。

We are carrying this momentum into the third quarter, which is seasonally our busiest and highest NOI period for the year. We enter it with utilization where we expected it to be, a contract base that is larger and still growing, and a full calendar of events across our markets.

我們將這股動能延續到第三季；就季節性而言，第三季通常是全年最繁忙、NOI 最高的期間。我們在進入第三季時，使用率符合我們的預期，合約基礎更大且仍在成長，並且我們各市場的活動行事曆也相當完整。

On capital allocation, we continue to put the balance sheet to work. We paid down $3.7 million of principal and $0.8 million of accrued interest on our line of credit during the quarter, and we ended the quarter with total net debt of $197.1 million. Through our 36-month, $100 million asset rotation program, cumulative proceeds from the assets sold have now exceeded $30 million, at a weighted average implied capitalization rate of approximately 2%.

在資本配置方面，我們持續讓資產負債表發揮效用。本季我們償還了循環信用額度本金370萬美元及應計利息80萬美元，季末總淨負債為1.971億美元。透過我們為期36個月、規模1億美元的資產輪動計畫，迄今已出售資產的累計處分收入已超過3,000萬美元，加權平均隱含資本化率約為2%。

The value our assets command in the private market continues to underscore the disconnect between that value and where our shares trade today. We are still actively working on the asset rotation program and making progress. We are currently negotiating approximately $25 million of transaction value that we expect to act upon under the right conditions. As always, we will move deliberately, the right transactions at the right terms, not speed for its own sake.

我們資產在私募市場所能取得的價值，持續凸顯該價值與我們目前股價交易水準之間的落差。我們仍在積極推進資產輪動計畫並取得進展。目前我們正在洽談約2,500萬美元的交易價值，並預期在條件合適時採取行動。一如既往，我們將審慎推進——在正確條件下做正確的交易，而非為了速度而速度。

Our playbook for 2026 remains unchanged. Drive utilization, convert it into rate, rotate non-core assets at premium private market valuations, and continue to deleverage and professionalize the operating model. The second quarter is evidence that the playbook is working, and we are reaffirming our full-year 2026 guidance, which Paul will now walk through.

我們2026年的行動方針維持不變。提升使用率、將其轉化為費率、以私募市場溢價估值輪動非核心資產，並持續去槓桿化與專業化營運模式。第二季的表現證明這套方針正在奏效，我們重申2026全年財測指引，接下來將由Paul說明。

Paul?

Paul？

Thank you, Stephanie. Good afternoon, everyone. I am pleased to discuss the financial details of our second quarter 2026 results and provide additional context on the remainder of the year. Total revenue was $8.9 million in the second quarter of 2026, compared to $9 million in the second quarter of 2025. The year-over-year decrease was primarily attributable to assets sold in 2025 and 2026. Excluding those dispositions, same-location revenue was $8.9 million, an increase of 5.6% versus the prior year period. We believe the same-location comparison is the right way to evaluate the organic performance of our continuing portfolio.

謝謝你，Stephanie。各位下午好。我很高興與各位討論我們2026年第二季的財務細節，並就今年剩餘期間提供更多背景說明。2026年第二季總營收為890萬美元，較2025年第二季的900萬美元略低。年對年下降主要歸因於我們在2025年與2026年出售的資產。排除這些處分影響後，同店營收為890萬美元，較去年同期成長5.6%。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。

Contract parking volumes grew approximately 12% year-over-year and were up 7% quarter-over-quarter sequentially, with broad-based gains across several markets, including Cincinnati, Denver, and Fort Worth. Transient revenue grew 4% portfolio-wide, as several key markets showed momentum following the completion of construction and redevelopment that we discussed last quarter. Cincinnati transactions were up year-over-year, supported by the Convention Center reopening, while markets such as Chicago also posted strong transaction growth on aggressive online marketing initiatives. Consistent with our volume first, rate second playbook previously described, we expect rate to follow as utilization stabilizes across the portfolio.

合約停車量年對年約成長12%，且較上一季序列成長7%，多個市場均有廣泛增長，包括辛辛那提、丹佛與沃斯堡。臨停收入在整體投資組合層面成長4%，因為若干關鍵市場在完成我們上季提到的施工與重建後展現動能。辛辛那提交易量年對年上升，受惠於會議中心重新開放；而芝加哥等市場也在積極的線上行銷措施下，交易量強勁成長。與我們先量後價、再價的既定方針一致，我們預期隨著投資組合使用率趨於穩定，費率將隨後跟進。

Turning to expenses, property taxes were $1.4 million in the second quarter of 2026, compared with $1.8 million in the prior year period. On a same-location basis, property taxes are down $0.3 million from the prior year period. The year-over-year reduction in property taxes reflects continued benefits from our active property tax appeal management process. Property operating expenses were $1.6 million, compared with $1.8 million in the second quarter of 2025.

接著談費用，2026年第二季不動產稅為140萬美元，較去年同期的180萬美元下降。以同店基礎計算，不動產稅較去年同期減少30萬美元。不動產稅年對年下降反映我們積極的不動產稅申訴管理流程持續帶來效益。物業營運費用為160萬美元，較2025年第二季的180萬美元下降。

On a same-location basis, property operating expenses increased $0.1 million from the prior year period, primarily on timing of some repairs and maintenance at our facilities. But overall, we have demonstrated continued expense discipline, despite an inflationary cost environment. Consistent with the prior quarter, we are presenting Net Operating Income, or NOI, on a same-location basis. Same-location NOI for the second quarter of 2026 was $5.9 million, compared with $5.2 million for the same period in 2025, an increase of 12%.

以同店基礎計算，物業營運費用較去年同期增加10萬美元，主要是我們設施部分維修與保養支出的時點因素所致。但整體而言，即使在通膨成本環境下，我們仍展現持續的費用控管紀律。與上一季一致，我們以同店基礎呈現營運淨收入（Net Operating Income，NOI）。2026年第二季同店NOI為590萬美元，較2025年同期的520萬美元增加12%。

The increase reflects several factors working together. Same-location revenue growth, the lease to management agreement conversions we completed over the past year, active property tax appeal management, and expense discipline. We delivered same-location NOI growth of about 2 times our same-location revenue growth through these efforts.

這項增長反映多項因素共同作用。包括同店營收成長、我們在過去一年完成的租賃轉管理協議（lease to management agreement）轉換、積極的不動產稅申訴管理，以及費用控管紀律。透過這些努力，我們實現的同店NOI成長約為同店營收成長的2倍。

General and administrative expenses were $2.6 million, compared to $2.4 million in the same period of 2025. Current period G&A includes $0.8 million of non-cash, stock-based compensation, consistent with the $0.8 million in the prior year quarter. Adjusted EBITDA was $4.1 million for the second quarter of 2026, compared to $3.8 million in the second quarter of 2025, an increase of 5.5%. This improvement further illustrates operating discipline alongside our same-location revenue growth for the quarter.

一般及行政費用為260萬美元，較2025年同期的240萬美元增加。本期G&A包含80萬美元的非現金股票基礎薪酬，與去年同期的80萬美元一致。2026年第二季調整後EBITDA為410萬美元，較2025年第二季的380萬美元增加5.5%。這項改善進一步說明，在本季同店營收成長的同時，我們也維持了營運紀律。

Turning to the balance sheet, at June 30, 2026, we had $10.9 million of cash, cash equivalents, and restricted cash. Total net debt outstanding was $197.1 million, down from $200 million at the end of the first quarter. During the second quarter, we paid down $3.7 million of principal and $0.8 million of accrued interest on our line of credit.

再看資產負債表，截至2026年6月30日，我們持有現金、約當現金及受限制現金合計1,090萬美元。未償總淨負債為1.971億美元，較第一季末的2.00億美元下降。第二季期間，我們償還了循環信用額度本金370萬美元及應計利息80萬美元。

As a reminder, this is in addition to the debt paydowns of $8.1 million on our CMBS facility in the first quarter of 2026. In total, we have repaid $22.6 million of debt using proceeds from the asset rotation strategy. As Stephanie mentioned, total proceeds to date from our 36-month, $100 million asset rotation program were above $30 million.

提醒各位，這還不包含我們在2026年第一季對CMBS融資工具償還的810萬美元債務。合計而言，我們已使用資產輪動策略的處分收入償還2,260萬美元債務。如Stephanie所提，截至目前，我們為期36個月、規模1億美元的資產輪動計畫累計處分收入已超過3,000萬美元。

Reducing the cost of capital remains a primary use of disposition proceeds, alongside opportunistic share repurchases and selective acquisitions of higher-quality assets. We are reaffirming our full-year 2026 guidance, as initially provided with our fourth quarter and full-year 2025 results and reiterated last quarter.

降低資本成本仍是處分收入的主要用途，同時也用於把握時機的庫藏股回購，以及選擇性收購更高品質資產。我們重申2026全年財測指引，該指引最初於我們公布2025年第四季與全年業績時提供，並於上季再次重申。

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. We expect this to be accompanied by NOI in the range of $21.5 million to $23 million, representing year-on-year growth of 7% at the midpoint and 10% growth on a same-location basis.

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%，以同店基礎計約成長8%。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%，以同店基礎計成長10%。

Further, adjusted EBITDA is forecasted to range from $15 million to $16.5 million, representing year-on-year growth of 10% at the midpoint and 13% growth on a same-location basis. Consistent with last quarter, this guidance reflects our expectations for continued contract volume growth, benefits of venue reopenings and recoveries across the portfolio, and the positive impact of our technology and pricing optimization initiatives. As a reminder, this guidance does not include any future asset sales or acquisitions under our asset rotation program.

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%，以同店基礎計成長13%。與上一季一致，該指引反映我們對合約量持續成長、投資組合內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措施的正面影響之預期。提醒各位，該指引未包含我們資產輪動計畫下任何未來的資產出售或收購。

With that, I will turn the call back to Stephanie for closing remarks.

那麼，我將把電話交回給 Stephanie 作結語。

Thank you, Paul. Before we open the line for questions, I want to reiterate the broader perspective that we shared in Q1 on where we believe this business is headed over the longer term. Mobile Infrastructure owns hard assets, well-located land and access points in central business districts across the United States.

謝謝你，Paul。在我們開放提問之前，我想再次強調我們在第一季分享的更宏觀觀點，也就是我們認為這項業務在較長期將走向何處。Mobile Infrastructure 擁有硬資產、位於美國各地中央商業區的優質土地與出入口據點。

We believe the long-term value of these assets is driven by three key characteristics. First, irreplaceability. The land we own sits in dynamic, supply-constrained urban cores where new parking real estate of this character is rarely created. As cities continue to invest in downtown revitalization, mixed-use redevelopment, and urban density, the access points we own become increasingly valuable.

我們相信，這些資產的長期價值由三個關鍵特性所驅動。第一，不可替代性。我們所擁有的土地位於充滿活力且供給受限的都會核心區，這類型的新停車不動產很少被新增開發。隨著城市持續投入市中心活化、複合式再開發與都市密度提升，我們所擁有的出入口據點將變得愈來愈有價值。

Second, optionality through adaptive reuse. Our portfolio is not simply a collection of parking structures. The land and structures provide platforms for a variety of potential uses: residential, hospitality, retail, EV charging infrastructure, last-mile logistics, and emerging mobility services. Our asset rotation program demonstrates this underlying value and the demand for well-located urban real estate.

第二，透過適應性再利用所帶來的選擇權。我們的投資組合不只是停車場建物的集合。這些土地與建物可作為多種潛在用途的平台：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。我們的資產輪替計畫展現了這項內在價值，以及市場對於優質都會不動產的需求。

Third, the ability to meet future mobility wherever it lands on the adoption curve. The future of mobility will continue to evolve, and there is uncertainty around how that evolution will unfold. What remains consistent is the need for access points where vehicles and people arrive, dwell, and depart. Our portfolio sits at those access points today and can adapt to a range of future mobility trends.

第三，能在未來移動方式於採用曲線上的任何位置都能滿足需求的能力。未來的移動方式將持續演進，而其演進路徑仍存在不確定性。但始終不變的是：需要有出入口據點，讓車輛與人員抵達、停留並離開。我們的投資組合今天就位於這些出入口據點，並可因應各種未來移動趨勢而調整。

The second quarter is another step forward, and we are encouraged to see both volume and rate contribute to results. We remain confident in our 2026 plan. The underlying value of our portfolio, as reflected in our internal NAV, is significantly above the current trading value of our shares. Our focus remains on executing our strategy, unlocking value for our assets, and maintaining a disciplined, shareholder-first approach to capital allocation.

第二季是另一個向前邁進的步伐，我們也很鼓舞地看到，無論是量或價都對成果有所貢獻。我們對 2026 年計畫仍具信心。我們投資組合的內在價值（反映於我們的內部 NAV）顯著高於目前公司股票的交易價值。我們的重點仍是執行策略、釋放資產價值，並維持紀律嚴明、以股東優先的資本配置方針。

Thank you for your support, your questions, and your engagement with mobile infrastructure. Operator, please open the line for questions.

感謝各位的支持、提問，以及對 Mobile Infrastructure 的關注與參與。接線員，請開放提問。

(Operator Instructions)

(接線員指示)

John Massocca, B. Riley Securities.

John Massocca，B. Riley Securities。

Maybe starting off with the capital recycling plan, you mentioned you have $25 million of transactions that you're kind of working on. I guess what's the kind of stage of those? Is that something that's expected to close here over the remainder of the year? Could it take longer than that? I know you've laid out a specific guideline over a three-year period, but just to kind of color on the $25 million number you cited.

也許先從資本回收計畫談起，你提到你們正在推進約 2,500 萬美元的交易。我想問這些交易目前大概進行到什麼階段？是否預期會在今年剩餘時間內完成交割？還是可能會花更久？我知道你們提出了三年期的具體指引，但想請你就剛提到的 2,500 萬美元數字再補充一些背景。

And I guess I know you're not commenting on the kind of take-private offer that was mentioned earlier, but would that impact that capital recycling program at all?

另外，我知道你們不評論先前提到的私有化收購提案，但那會對資本回收計畫造成任何影響嗎？

So, to the first question, all of those are under active negotiation. They -- we've commented in the prepared remarks, we don't sell for the sake of selling. So, right buyer, right price point, we're targeting that sub three cap. And we're staying really fixated on that. So, could they close by the end of the year? Yes, that's what we're working towards and continuing to look at non-core assets within that framework. But timing can always slide a bit.

先回答第一個問題，這些交易目前都在積極洽談中。我們在事先準備的發言中也提過，我們不會為了賣而賣。我們要找對的買方、對的價格水準，目標是 3% 以下的資本化率（cap rate）。我們會非常專注在這點上。所以，能否在年底前完成？可以，這正是我們努力的方向，同時也會在這個框架下持續檢視非核心資產。但時程總是可能會稍微往後延。

To your second question, you know, can't comment at all on that matter until we have an update. But no, I mean, right now it's business as usual and focus on the sale of non-core assets.

第二個問題，在我們有更新之前，我無法對那件事做任何評論。不過目前一切照常運作，重點仍是出售非核心資產。

Okay. And then in terms of the in-place portfolio, you kind of mentioned an occupancy first, kind of, rate second strategy. It's starting to be seen some of that flowing through, within your assets. Can you kind of call out any specific examples where you're seeing that? I'm assuming at this point some of the properties are kind of at a run rate occupancy that would make sense to push rate. I'm just kind of curious any kind of color you can provide on how that's flowing through the portfolio today.

了解。另外就既有投資組合而言，你提到先提高使用率（occupancy）、再提升價格（rate）的策略。現在開始看到一些成效反映在資產表現上。你能否舉一些具體例子，說明你們在哪些地方看到這種情況？我猜此時有些物件的使用率已達到合理的常態水準，因而可以開始推動漲價。我想了解你能否提供一些目前在投資組合中落地執行的細節。

Yeah, it's asset specific and market specific. We're targeting utilizations that are towards stabilized levels and that varies by garage. We have seen some markets - I think we've mentioned Cleveland in the past, Cincinnati is getting towards a stabilized utilization where rate tends to follow. The nice thing and one of the important things about how we evaluate this portfolio is we break down every type of user.

是的，這會因資產與市場而異。我們的目標是把使用率拉升到接近穩定化水準，而不同車庫的穩定化水準也不一樣。我們確實看到一些市場——我想我們過去提過 Cleveland，另外 Cincinnati 也正逐步接近穩定化使用率，通常價格會隨之跟上。而我們評估這個投資組合的一個優點、也是很重要的一點，是我們會拆解每一種使用者類型。

And so right now getting monthly contracts is the most important, but it still gives you an option to update rates in things like transient or overnight and hotel. And so within specific rate bands, we're seeing some level of expansion, but it is not even across the board.

因此目前最重要的是取得月租合約，但同時也讓你在臨停、過夜與飯店等項目上，仍有調整費率的選擇。所以在特定的費率區間內，我們看到一定程度的擴張，但並非全面一致。

And then on the operating expense side of things, you continue kind of downward pressure there. Maybe it's compared to 2025. Is that something that can continue to trend down or would you consider kind of like 2Q a good run rate when adjusting for seasonality?

再來談營運費用方面，你們仍持續看到下行壓力。也許是相較於 2025 年。這樣的趨勢是否能持續下降？或者在考量季節性調整後，你會認為第二季是一個不錯的常態水準（run rate）？

Yeah, I think there is a trend line to go down. Q2 is a little bit higher than we had anticipated, but we expect it to moderate down a little bit into Q3 and Q4.

是的，我認為整體趨勢線仍會往下。第二季比我們原先預期稍高一些，但我們預期在第三季與第四季會稍微回落、趨於溫和。

I'll hop back in the queue. Thank you very much.

我會回到隊列後面。非常感謝。

Thanks, John.

謝謝你，John。

Kevin Steinke, Barrington Research Associates.

Kevin Steinke，Barrington Research Associates。

Great. Thank you. I just wanted to ask about the contract parking volume growth, 12%. It's a nice number. Acceleration from 6% in the first quarter. So is there anything meaningful you'd want to highlight there in terms of the faster growth? I know you talked about both return-to-office as well as residential, but I don't know if there's any more color you could provide.

很好。謝謝。我想問一下合約停車量成長 12% 的部分。這是個不錯的數字。相較第一季的 6% 有所加速。那麼在成長加快方面，有沒有什麼你們想特別強調的重點？我知道你們提到重返辦公室以及住宅需求，但不確定你們是否能再提供更多細節。

Yeah, I think the nice thing about that is it builds on itself through the year. So we've been very focused on it. First quarter is always our seasonally slowest quarter. Second quarter is that return - we're seeing that return-to-office trend really pick up, anticipating that remaining in third quarter. And same thing with new leasing coming online and actually being leased up. So not a surprise that it happened finally. We've been talking about it for a year. But nice to see that it's really coming to fruition.

是的，我認為這件事的好處在於，它會在一年當中逐步累積、形成自我強化。所以我們一直非常專注在這上面。第一季一向是我們季節性最慢的一季。第二季則是回升——我們看到重返辦公室的趨勢確實明顯加快，並預期第三季仍會延續。新出租案也同樣如此，開始上線並且實際完成出租、提高入住。所以這次終於發生並不令人意外。我們談了一年。但很高興看到它真的開始開花結果。

Okay, good. And you mentioned, I believe you mentioned that rate contributed to your same-location revenue growth in the quarter. I don't know if you're able to parse that out on a consolidated basis in terms of -- percentage point contribution or if you only look at it on kind of an asset by asset basis.

好的，明白。另外你提到，我相信你提到該費率在本季對你們同店營收成長有所貢獻。我不確定你是否能在合併口徑下把它拆分出來——例如貢獻了多少個百分點——還是你們只會以單一資產逐一來看。

We look at it internally, asset by asset. Predominantly, the revenue expansion came from utilization growth, and that is really focused on volume first, rate second. Once you have a full garage, you have pricing power. And so we are staying extraordinarily disciplined on that to make sure that, parkers are in the door, they are happy with the product, and then they are very sticky consumers.

我們在內部是以單一資產逐一來看。營收擴張主要來自使用率成長，而這確實是先看量、再看價。一旦車庫滿了，你就有定價能力。因此我們在這方面保持極高的紀律，確保停車客進得來、對產品滿意，然後他們會是非常黏著的消費者。

Okay, great. It sounded like you had an optimistic view of the second half of the year. You mentioned a strong event calendar and just the internal momentum. But any more color on kind of the visibility you see into the second half? And how do you think that's going to kind of line up for the rest of the year?

好的，很好。聽起來你對今年下半年持樂觀態度。你提到活動行事曆很強，以及內部動能。但能否再多談一些你對下半年可見度的看法？以及你認為這將如何影響今年剩餘時間的表現？

Sure. The second half of the year is always our stronger half of the year. I think what we're seeing is a higher baseline for, contract parking, for transient parking. And so we're optimistic for the back half of the year.

當然。下半年一向是我們一年中較強的半年度。我認為我們看到的是合約停車與臨停停車的基礎水準更高。因此我們對下半年保持樂觀。

Okay, and with the transient parking, I believe that grew in the quarter, the transient revenue. Would you just attribute that mainly to some of these -- the disrupted assets coming back to utilization? When we're talking about construction, Cincinnati, Nashville, et cetera? Or any more insight on the transient side?

好的，關於臨停停車，我相信本季臨停營收是成長的。你會主要把這歸因於一些受干擾的資產回到使用率水準嗎？例如我們談到的施工、辛辛那提、納許維爾等等？或是臨停端還有其他洞見？

Yeah, it's substantially related to things coming back online, construction ending, convention center you referenced. And there was a small, very modest rate expansion as well.

是的，主要與各項設施重新恢復營運有關，包括施工結束、你提到的會展中心等。另外也有小幅、非常溫和的費率上調。

Okay. Thanks for taking the questions. I will turn it back over.

好的。謝謝你回答問題。我把時間交回去。

Thanks, Kevin.

謝謝你，Kevin。

Marc Riddick, Sidoti.

Marc Riddick，Sidoti。

So I wonder if you could talk a little bit about the - you've mentioned a couple of times - events. And maybe to talk a little bit about, because I guess there's some visibility there, maybe talk a little bit about what the calendar looks like, whether it's third quarter, fourth quarter weighted, and maybe the comparisons that they had there. Is that sort of more of a consumer driven kind of area? Or what is it that's giving you confidence on the event side?

我想請你再多談一下——你已經提過幾次——活動。也許可以談談，因為我想這方面有一定可見度，行事曆大概長什麼樣子，是第三季或第四季較為集中，以及相關的比較基期如何。這是否比較偏向消費者驅動的領域？或是活動端有哪些因素讓你更有信心？

Sure. I mean, third quarter is historically always the busiest. You've got a number of sports, concerts, downtown events. We've had a number of demand drivers reopen. And so that contributes to more events and more people downtown, more hotel stays, et cetera.

當然。第三季歷來一直是最忙的。有很多體育賽事、演唱會、市中心活動。我們有多個需求驅動因素重新開放。因此帶來更多活動、更多人到市中心、更多飯店住宿等等。

Great. I was wondering, going back to the questions around rate and utilization, I was sort of wondering, you mentioned as far as it varies by location, and I certainly understand. Is there sort of a general range we should be thinking about that sort of makes the switch kind of turn to the rate side of the equation? There's sort of a ballpark range that we should be thinking about as far as your comfort levels.

很好。回到費率與使用率的問題，我在想，你提到會因地點而異，我完全理解。是否有一個大致區間可供我們參考，當使用率到達某個程度時，定價端的開關就會開始轉向「費率」這一側？也就是就你們的舒適區而言，有沒有一個大概的範圍？

It really depends on the asset itself. And I'll give you a little bit of color. In a garage, you have a much larger asset, and it takes much more to fill it. So you might hit that stabilized point somewhere between 80% and 100% where you're starting to push on rate. In a parking lot where you're turning it more frequently and you have people in and out several times a day, utilization there could be 300% or 400%.

這真的取決於資產本身。我補充一些背景。在車庫這種資產中，規模更大，要把它填滿需要更多需求。因此你可能在80%到100%之間的某個點達到穩定水準，然後開始推動費率。而在停車場這種周轉更頻繁、一天之內車輛多次進出的情況下，使用率可能會達到300%或400%。

And yet that may not still be stabilized. So it really depends on the type of asset and then the market dynamics itself.

但即便如此也未必代表已經穩定。所以這確實取決於資產類型，以及市場本身的動態。

Okay. And then maybe we could switch over on the sort of views and thoughts as to the labor side of the equation, comfort levels as far as ability, any needs to add there given the utilization. How should we be thinking about the labor side of the equation?

好的。那我們或許可以切換到勞動力端的看法與想法：在使用率提升的情況下，你們對人力供給能力的舒適度如何，是否需要增補人力？我們應該如何看待勞動力這一塊？

It shouldn't change. The great thing about parking assets, they are very fixed cost.

這不應該會改變。停車資產的好處在於，它們的成本結構非常偏固定成本。

Great. Thank you.

很好。謝謝。

Thanks, Marc.

謝謝你，Marc。

Michael Diana, Maximum Group.

Michael Diana，Maximum Group。

Thank you. Transient. I assume there's some seasonality there, like third quarter is probably big. Could you comment on any seasonality? And then also if the transient really started picking up the way you hoped it will, how significant is that? And what percentage of revenue would that be?

謝謝。臨停。我猜這裡有一些季節性，例如第三季可能很大。你能否評論一下季節性？另外，如果臨停真的如你們所希望的那樣開始回升，那會有多重要？它會占營收的多少百分比？

Sure. Third quarter is always the largest quarter. It's the busiest quarter. And it's really the most dynamic from demand drivers. You've got all kinds of sports, events, conventions, hotel stays, vacations, all these things feed into utilization. We anticipate that continued activity because, as we said earlier, we have a number of demand drivers that have reopened, specifically in Cincinnati, Denver, and Nashville, the construction ending there.

當然。第三季一向是最大的季度。也是最忙的季度。而且在需求驅動因素方面最具動態性。有各種體育賽事、活動、會議展覽、飯店住宿、度假等，這些都會帶動使用率。我們預期這樣的活動會持續，因為如先前所說，我們有多個需求驅動因素已重新開放，特別是在辛辛那提、丹佛與納許維爾，當地施工已結束。

Right. And how big could that be, the transient category?

了解。那臨停這個類別的規模可能有多大？

About two-thirds of our revenue. So it's a two-third, one-third split between transient and contract.

約占我們營收的三分之二。也就是臨停與合約大約是三分之二對三分之一的分拆。

Okay. Great. Thank you.

好的。很好。謝謝。

There are no more questions in the queue. And that concludes today's programming. Thank you all for joining. You may now disconnect.

目前佇列中沒有更多問題。今天的節目到此結束。感謝各位參與。您現在可以斷線。