Now, just as a reminder, we have plenty of time for a Q&A at the end of prepared remarks, but you do not need to wait until then. If you would like to submit a question, just click on the Q&A button at the bottom of your screen. You're able to do so at any point during our time together. With that, I can turn the call over to Stephanie. Stephanie, good afternoon. Thank you for joining us. Thanks so much, Mark. Excited to be here again and appreciate everybody that's tuning in. Mobile Infrastructure is the company we're excited to be presenting and excited to give you an overview of the company. We are a diversified portfolio of parking assets. We're predominantly located in the Midwest and the Southwest. We've had a lot of operational change over the last three years. For those of you who have dialed in before, you'll know our conversation around leases to management contracts, and we will dive into that in a bit. Today, our NAV, published NAV is $725 a share. That is backwards looking based on 2020, 12 months trailing 2024 into 2023 net operating income. Today, our assets have significantly higher replacement costs than the NAV and anticipate NAV continuing to grow. We have a substantial acquisition pipeline as the stock normalizes. We intend to be the acquirer of choice of CBD parking assets. This is an overview of our company at a glance. We are 40 parking facilities, roughly split 50/50 between parking lots and garages. We're in 20 markets across the U.S. That equates to 15,000 parking spaces. Interestingly, for those of you on the phone who like to do math, there are 70 million paid parking spaces in the United States. We are a fraction of the market. There's substantial runway for acquisition and growth. We like MSA populations, top 50. Our average MSA population in this portfolio is about 3 million people and intend to continue to focus on markets that we are in today. I generally tell investors, if you draw a line down the Rocky Mountains and the Appalachian Mountains, we're sandwiched in between. We particularly like some states in the South, Florida and Texas, and Louisiana as well. This is an overview of our top 10 assets in the portfolio. The left side of the page is interesting just in terms of size. I find the right side of the page to be more important as you think about investing in the company. What we look at day to day is called demand drivers. So who is using a parking asset and why are they using it? In a good parking asset, you are not just driving monthly contracts, nine to five or event parking. You are trying to turn that asset several times a day so that occupancy is always near 100%. Utilization is well north of 100%. We do that through a variety of demand drivers: multifamily, commercial, event, hospitality, healthcare, municipalities, restaurants, validations. We typically try to have three to five demand drivers with every asset in our portfolio. Our strategic plan over the next 12 to 24 months is really around driving NOI growth. We will talk a little bit about the dislocation between the stock price and NAV, but really NOI will start to normalize. We have assets in key cities that have multiple demand drivers that we talked about. The pivot to management contracts has been really essential for this business. It has given us two things. One is an ability to lock down costs and protect our margins in our assets. Our operators are given budgets at the beginning of the year, and they are held within those budgets throughout the year. There is really not an ability to lose margin within the garage. The flexibility comes in cutting back. If you have a garage that for some reason has fewer events or demand throughout the year, you can pull back on things within the management contract to make sure that investors are still hitting, seeing the margins that they expect. We're extraordinarily hands-on. Parking is, by and large, a very fragmented industry. We excel in pulling data from our operators. We are looking at who parks in a garage, why they park there, how long they stay, what rate do they pay. If we do our job, we can consistently drive top-line growth through low to mid single digits. Our NOI growth is mid to high single digits. The exciting thing about parking structures is that they always have other uses to drive revenue. The obvious right now, EV charging. As solar becomes solar, panels can be affixed to the sides of buildings. You certainly could be an energy provider. You could use solar on an exposed roof. As things continue to evolve in property technologies, we continue to evaluate opportunities to grow revenue beyond just parking cars. From our perspective, there are some secular tailwinds that are driving industry growth. First and foremost, transient is by and large pretty steady state. Leisure, travel, dining, they've rebounded from 2020 lows and 2023 highs. We think we're in a pretty good state there. People are coming back to the office. I think that's a continued theme that we'll see through the end of 2025 and into 2026. Anecdotally, we're getting more calls about monthly passes. The past couple of years, it's been more two and three-day-a-week passes. That trend is changing. We believe we're well positioned to capture that predominantly because we're out in front of it. I think the other thing that's really exciting about this industry is there has been so much money in the technology that's driving parking. Parking is remembered if it's really great, so it's completely seamless, or if it's really bad, i.e., the gate didn't open and you were stuck there and had to call somebody. Technology has accelerated. The drive-in, drive-out, gateless features are predominantly available everywhere now. We have spent a lot of time over 2023, 2024, and into 2025 updating and evolving our garages for those technologies. When we think about looking at our assets, RevPass is the KPI that we use. That is revenue per available stall, very similar to RevPAR in the hotel industry for those of you that are hospitality investors. RevPass has continued to grow, and we have significant upside in this portfolio. The bottom side of this page shows our leased stalls that we'll be rolling to management contracts through 2028 and represents upside in the portfolio from an NOI perspective. If you look at our company today, we are a mix of management contracts and leases. In the future, 2027, 2028, we will be predominantly management contracts, again, protecting those margins, driving revenue growth. There will be strategic triple-net leases where that makes more sense. There's a single user and a single use for that asset. Historically, this has been a technology-constrained industry that has completely flipped on its head. We are really excited about the data that we get out of our garages every single month in terms of who's using it, why they're using it, how long are they parking, what are they paying, and starting to be able to really maximize utilization within a garage. Our initial sales force within the company was one or two people. We are really focused on growing out the sales force, focusing on more corporate accounts to be ahead of the return to office. Finally, there is an opportunity to expand. We are continuing to optimize the existing portfolio. We may talk a little bit about our capital rotation strategy, but once that is done, expanding via acquisitions is absolutely our growth strategy. At the end of 2024, 29 of our 40 assets were converted to management contracts. Two things. One, controlling our margins as we discussed. More importantly, or equally importantly, allowing us to drive revenue and rate. That is critical as we continue to grow and reposition the portfolio. We anticipate that this could lead to additional revenue growth and cost savings into 2025, 2026. The conversion of the remaining 11 assets will occur as leases roll off in 2026 and 2027, if not beforehand. Management contracts are core to our operational strategy. It leverages our management experience to accelerate growth. We can completely control and protect our expenses. We have an ability to ramp up marketing. Most importantly, we have visibility into the usage and demand. As we think about garages, oftentimes in the past, they ebbed and flowed. Monday through Friday, 9:00 A.M. to 5:00 P.M. in a city center was really the core time that people parked. Weekends and nights were pretty quiet. As we are seeing residential convert from Class B office into high-end residential, that is changing. You are starting to see a 24/7 demand cycle, and that is really exciting for us. Understanding who is using the garage and general occupancy allows us to optimize the garage for highest and best use. Touch on the size of the parking industry. It is a massive industry. $131 billion in annual parking revenue. I believe that's as of 2018, so it has grown since then. There are about a billion parking spaces in the U.S., although nobody actually knows for sure. It's somewhere between one and two billion. Of that, 70 million are paid parking spaces, which represents about 1% of U.S. GDP. We believe that we are in the best position to pursue growth through consolidation. A few factors play to our favor. One, there is a constrained supply of new parking coming online. It's an extraordinarily fragmented market of one and two asset owners. The land scarcity in CBDs is a substantial opportunity for us. Rising development costs, certainly with tariffs, construction is going to be prohibitively expensive. New supply coming online will be limited. In addition, the zoning regulation has changed in many cities. Historically, you had to build a certain number of parking spaces per square foot or per apartment that was coming online. That's no longer the case. Developers are incentivized not to build parking. It is the least efficient use from an ROI perspective for them. In addition, we have an opportunity to make very creative acquisitions. Like I said, it's a fragmented market. Many owners have our second, third generation, and we are the natural buyer for those assets. Overlaying that with our analytics will allow us to really drive incremental yield. The other thing that is unique about Mobile Infrastructure is that we have an Up-C structure, which provides a very capital-efficient and tax-efficient way for owners to sell their assets and minimize the tax obligation that they pay until they convert to sell their shares. An acquisition for Mobile Infrastructure has really four key focus areas. Our origination is fairly bespoke. We have a long history of operating in the space. We have institutional relationships, boutique brokers. More importantly, we're known buyers. We get off-market calls all the time. Our asset selection, the most important bullet there to know about us, is we are first underwriting to multiple demand drivers. Who is there? Why could it be relevant to them? We are underwriting to pre-identify 200 basis points of yield expansion within 12-18 months of acquisition. We always use third-party operators. We are not an operator. We are an owner. We see our operating partners as our partners. We use them as boots on the ground to help us foster relationships, really drive the security and safety within the garage, and help us upgrade our digital infrastructure, making the experience for you, the consumer, relatively pleasant. We have a couple of case studies in our investor presentation. I'll highlight both. They're very typical of how we can think about acquisitions. Happy to take questions after the fact. Residents and garages in Denver, Colorado, we acquired this in 2021. Denver was still very much shut down as a result of the pandemic. We bought it at a four cap. A little surprising for many investors who think about real estate. Our underwritten NOI was at the time $650,000. We knew that there would be demand drivers from hotels that were coming online. We assumed office would come back. There was residential in place. The asset management, thinking about the nuts and bolts of parking, was really important in this particular garage. Security, lighting are key. Making sure that the consumer feels safe, that it's well lit, that you don't have nefarious people in and around the garage. We put in high-speed overhead doors. That was about a $400,000 CapEx program to completely lock down the garage. We worked with the hotels around the area to optimize the parking rates as well as give our hotel tenants an in-out QR code. Instead of valeting the car, if you were a guest at a hotel, you could, with your room key, just come in and out of the garage, which was a really nice feature. The result of that was NOI doubled, yield obviously expanded, and was a substantial improvement to the NOI. River East Garage is another example. This was actually acquired prior to us being a public company. It was acquired in February of 2020 in Chicago. Just weeks before the pandemic lockdown, similar entry yield, slightly higher, 5.7%. We underwrote NOI to $1.8 million. Today, just about, just over double, 12% yield. Continued upside there is EV charging, but really it is the dynamic pricing and our ability to manage our rates given our utilization in that particular garage. Our acquisition pipeline is one of the keys to this story. We have a substantial pipeline. It is constantly changing. Given the current cost of capital, we have seen a lot of deals not closed, which we think is great and an opportunity for us as our stock normalizes towards net asset value. Curated pipeline of about $300 million. If we were to put money to work today, $100 million could be put to work very quickly. We have very long-standing industry relationships that allow us to continue to build out that pipeline and make it relevant. Just in quick summary, we are very diversified in location and asset type, demand drivers. We have considerable upside in this portfolio. Our net asset value is $725 as compared to our stock price. It is an attractive valuation. Management is we are all in in this story. So aligned with our shareholders. We do have a track record of doing this for the long haul. Excited to be here, educate you a little bit about Mobile Infrastructure. Mark, I will kick it over to you a few minutes early for questions. Excellent. As a reminder, if you have any questions, feel free to click on the Q&A button at the bottom of the screen. We do have a few that are in queue already. I want to start with this one. I was wondering if you'd talk a little bit about in your prepared remarks, you talked about some of the technology, being able to leverage technology. One of the questions that came in regarding the ability to do that, to use to increase operating income and what role technology could play in operating in the parking industry going forward. Yeah, great question. A couple of different ways we can take this. I'll sort of touch on both. If people want to dive in, we can dive in a bit deeper. First and foremost is sort of how a consumer interacts with a garage. I would call that the revenue collection side. Being able to drive into a garage, scan a QR code one time, and you pay that one time on your way out. It remembers your car. It takes a picture on the way in of your license plate. On the way out, it charges your credit card accordingly. Interestingly, Metropolis is a great example of this, who keep that credit card information. When you drive in and out of any of their garages, you never pay again. It just automatically charges your card. That consumer experience, that seamless payment experience is exciting for us. Our consumers really like it a lot. The second piece is then on the data. Where it's really value-add for us is understanding the reason people park with us and how long they stay when they're parking with us. If we see, for example, a specific trend in hotel parking or 24-hour parking, we might go and sit down with the GM of a hotel and ask, "Do they need more spaces? What's happening with demand?" With our operators getting in front of events, being able to market, if you're coming downtown for a concert, being able to buy your parking online before you even come downtown is a nice feature. Really understanding that economic utilization that I talked about. Occupancy is always 100%. You can't overpark a garage like you can oversell an airline seat. You can then resell that space during the day. Understanding where we have capacity. If we have full occupancy during the day, but complete an empty garage at night, we can fill that with nighttime workers, hotel employees, etc. That is where the technology and the data is really helpful for us. Okay. One of the questions, which is sort of more fundamental for you guys, would be in the benefits of transitioning to the management agreements. Maybe you could just, for those who may not be as familiar, discuss the initial benefits that you gain when you transition to the management agreement and the advantages there. Sure. There is a slight pickup in terms of operating margin. It is not material. Single-digit increase to NOI. For us, it really comes down to management. Under any sort of lease, we have very little visibility into the expense structure of the garage. We can't see how often it is being cleaned, how often it's being staffed. Security is always an issue in parking. Being able to see every single line item makes us better owners and stewards of the capital where time and money is being spent in a garage. The second is really around this revenue piece. In a lease, Mark, you get no clarity into who is parking and why. For us, it is really making sure that we continue to drive utilization by understanding when our high points are, when our low points are. If we see a garage that is consistently close to occupancy, 100% occupancy, it's an opportunity to adjust rates. That is really the key with the management contract, being able to leverage all of that information into a more profitable garage for investors. Okay, great. One of the questions that came in is regarding a potential comp, if you will, question regarding KKR's recent acquisition of The Parking Spot. Was the latter a comp to you? And if so, what does the valuation imply for Mobile Infrastructure? It's a great question. On the surface, they are fundamentally different businesses. KKR, it's a great acquisition. The parking spot we know well. As a management team, we really like off-airport parking. If I were to take a step back and look at kind of fundamentally the differences, off-airport parking, by and large, the off-airport parking lot is the highest and best use at that time for that land. In a CBD core, the highest and best use for land is never parking. I don't necessarily think that the valuation is apples to apples. The second thing I would say is that as you think about the operating structure of off-airport parking, it is substantially higher. You have a lot of hourly employees, buses that shuttle people to and from the airports. You have fuel costs that you're exposed to, significant depreciation around fleets. Really, you have none of that within a garage. However, I think the exciting thing for a garage in a CBD core that the off-airport industry does not have, historically, off-airport parking has been a 365, 24/7 type of business. Monday through Friday, it is the business traveler. Through the weekends, it is the leisure traveler. Holidays, it is leisure. CBD parking, downtown parking has historically been Monday through Friday, 9:00 A.M. to 5:00 P.M. With the conversion of Class B office into residential and a significant focus of live, work, play areas in CBD cores, you're starting to see that 365, 24/7 demand come into downtown parking, which historically has not been the case. That is the real value expansion here as you have the same demand type of features that you do in off-airport, but a much, much lower operating cost basis. Yet you have significant upside as you convert the land into something else within a downtown. Excellent. One of the things, and I guess it sort of plays into the release of RevPass as an indicator and something that folks can sort of track. One of the questions talks about pricing. Maybe you could talk a little bit about pricing flexibility you might have as well as far as raising parking fees, whether that's in line with inflation or potentially faster. Yeah, parking is, I mean, it's a really interesting business because you're not just talking about a single parking rate. Within a parking garage, you have all kinds of different rates, right? You have your zero to one-hour rate, your up to four-hour rate, 12-hour rate, 24-hour rate, event rate, hotel rate. I mean, you name it. You have all different kinds of places that you can play within that rate. By and large, yes, you can absolutely hit inflation with rate expansion. If for some reason there is a change of use nearby and you're seeing depressed utilization, you can then also change that rate down to really drive utilization back up. It becomes a leverage point in terms of driving utilization. I think the second thing that's really important because you have all of those different bands within the overall rate, you don't have to change every single rate for a consumer from a consumer's perspective to hit inflation. You might have a significant change only in the event rate. When you spread that out over every transaction in the portfolio, it hits an inflationary expansion. It allows us to be really cognizant of the consumer sentiment, but still also make sure that we're meeting investors' needs. Okay. One of the questions that did come in is regarding the current footprint, your geographic footprint that's concentrated in the Midwest and Southwest. The first question is, why is that from the attendee? Also, whether they'd be looking at the potential for more exposure, I guess, in the future on coastal cities. Interesting question. If you think about kind of Midwest or, again, kind of going back to Rocky Mountain, Appalachian Mountain sandwich, we really like that region for a few reasons. One, there's very limited public transit. People drive. They'll continue to drive. Those of us in the Midwest, we really don't like to walk that much. Cars will continue to have a place in our lives day to day. There's a lot of growth in the Midwest cities. Taxes are lower. Lifestyles are a lot easier. We think we can grow substantially within those regions. Coasts, I would not say it's a no. It's just the buy-in is much higher. It's much harder. You've got to be really thoughtful about taxes, unions. In New York, you've got a lot of unions. It's only valet garages. You can't buy land at really even a cap rate that's reasonable. I think we're pretty comfortable with the middle of the country, but certainly there will be strategic one-offs. Miami is a great example. We have an asset in Bridgeport, Connecticut. I wouldn't say we'll never be on the coast, but I would say we're pretty happy with the Midwest sandwich. Okay. You made some comments on this in prepared remarks. Just maybe touch a little bit on asset sale potential for this year. Maybe how you're looking at how the portfolio would end up eventually evolving or maybe what you're evolving the portfolio toward. Yeah, absolutely. I think we also touched on this in our earnings call last week. We think about this portfolio kind of two ways. You've got our core portfolio, which is something that investors really understand. It's large garages in CBD cores, by and large, multiple demand drivers. Then you have about half of the portfolio, which are one-off garages or surface lots. That makes up about the other half of the portfolio. Interestingly, that half of the portfolio in terms of number of assets only contributes about 20% of the NOI of the overall company. We believe that that non-core asset pool is worth about $100 million. Our goal over the next three years is to strategically sell those assets, redeploy those into garages that look and feel like the core portfolio. Multi-structure in cities where we already have a presence. We like to cluster our assets together. It gives us some control over market pricing. As a result, I anticipate we may not be in 20 markets over the next three years. We may be in 15. That will be our continued focus over three years, that non-core portfolio. Okay, great. We are pretty much at the end of our time together, but I did want to turn the call back over to you for some closing remarks. Yeah, no, really appreciate the time. Always enjoy the Sidoti Conference. We believe parking is at an inflection point for the industry. We are really, really excited about the future and always happy to take questions. Mark can provide my email or contact information. Thank you so much. Excellent. Thank you to all of our participants, and thank you to you and Mobile Infrastructure. Everybody have a wonderful and productive remainder of the day. Thank you very much.