Mobile Infrastructure Sets 2026 Growth Targets After Occupancy-Led 2025 Reset

Overview

• Management executed a 2025 'volume first, rate second' strategy to lift occupancy and capture share, setting the stage for later pricing leverage.
• Contract parking grew 10% to 6,700 contracts, and residential contracts climbed about 60% as office-to-apartment conversions increased 24-hour demand.
• Transient revenue declined roughly 6% due to construction in Detroit, Denver and Nashville, with a major Detroit redevelopment temporarily weighing on RevPAS and local reopenings expected to aid recovery.
• The company completed a $100 million ABS, sold or contracted over $30 million of non-core assets at an aggregate ~2% cap rate, paid down about $10 million on its credit line, and repurchased more than 1.6 million shares at an average $3.25 while advancing an 'intelligent infrastructure' tech plan.
• 2026 outlook calls for approximately 8% revenue growth and 10% NOI growth on a same-portfolio basis, assuming sustained contract momentum and a rebound in transient activity.