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INVESTOR PRESENTATION 1st Quarter 2025
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Legal Disclaimer FORWARD-LOOKING STATEMENTS THIS PRESENTATION INCLUDES FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ALL STATEMENTS, OTHER THAN STATEMENTS OF PRESENT OR HISTORICAL FACT, THAT ADDRESS THE FUTURE FINANCIAL PERFORMANCE OF MOBILE INFRASTRUCTURE CORPORATION (THE “COMPANY”), AS WELL AS THE COMPANY'S STRATEGY, FUTURE OPERATIONS, FUTURE OPERATING RESULTS, FINANCIAL POSITION, ESTIMATED REVENUES, AND LOSSES, PROJECTED COSTS, PROSPECTS, PLANS AND OBJECTIVES OF MANAGEMENT ARE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE TYPICALLY IDENTIFIED BY THE USE OF TERMS SUCH AS “MAY,” “SHOULD,” “EXPECT,” “COULD,” “INTEND,” “PLAN,” “ANTICIPATE,” “ESTIMATE,” “BELIEVE,” “CONTINUE,” “PREDICT,” “POTENTIAL” OR THE NEGATIVE OF SUCH TERMS AND OTHER COMPARABLE TERMINOLOGY. THE FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESENTATION ARE BASED ON INFORMATION AVAILABLE AS OF THE DATE OF THIS PRESENTATION AND ON THE CURRENT EXPECTATIONS, FORECASTS AND ASSUMPTIONS OF THE MANAGEMENT OF THE COMPANY, INVOLVE A NUMBER OF JUDGMENTS, RISKS AND UNCERTAINTIES AND ARE INHERENTLY SUBJECT TO CHANGES IN CIRCUMSTANCES AND THEIR POTENTIAL EFFECTS AND SPEAK ONLY AS OF THE DATE OF SUCH STATEMENTS. THERE CAN BE NO ASSURANCE THAT FUTURE DEVELOPMENTS WILL BE THOSE THAT HAVE BEEN ANTICIPATED. THESE FORWARD- LOOKING STATEMENTS INVOLVE A NUMBER OF RISKS, UNCERTAINTIES OR OTHER ASSUMPTIONS THAT MAY CAUSE ACTUAL RESULTS OR PERFORMANCE TO BE MATERIALLY DIFFERENT FROM THOSE EXPRESSED, CONTEMPLATED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. THE COMPANY CAUTIONS YOU THAT THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO NUMEROUS RISK AND UNCERTAINTIES, MOST OF WHICH ARE DIFFICULT TO PREDICT AND MANY OF WHICH ARE BEYOND THE CONTROL OF THE COMPANY. THESE RISKS AND UNCERTAINTIES INCLUDE, BUT ARE NOT LIMITED TO: (I) THE COMPANY'S COMPLETION ITS OF PIPELINE ACQUISITIONS IN THE NEAR TO MEDIUM TERM, (II) THE LIKELIHOOD THE COMPANY WILL ACHIEVE NOI IMPROVEMENT, (III) THE CONVERSION OF THE COMPANY'S REMAINING ASSETS TO MANAGEMENT CONTRACTS WITHIN THE CURRENT TIMELINE, (IV) THE COMPANY'S ABILITY TO UTILIZE LEVERS SUCH AS EV CHARGING, AIR RIGHTS MONETIZATION AND FLEET MANAGEMENT TO ACHIEVE NEW SOURCES OF REVENUE, AND (V) THOSE FACTORS DESCRIBED IN THE SECTION TITLED “RISK FACTORS” IN OUR MOST RECENTLY FILED ANNUAL REPORT ON FORM 10-K AND OTHER CURRENT AND PERIODIC REPORTS WE FILE FROM TIME TO TIME WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) AND OUR FINAL PROSPECTUS FILED WITH THE SEC PURSUANT TO RULE 424(B) UNDER THE SECURITIES ACT OF 1933 ON APRIL 10, IN CONNECTION WITH OUR REGISTRATION STATEMENT ON FORM S-3. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALIZE, OR SHOULD ANY OF OUR ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY IN MATERIAL RESPECTS FROM THOSE PROJECTED IN THESE FORWARD-LOOKING STATEMENTS. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS MAY BE REQUIRED UNDER APPLICABLE SECURITIES LAWS. NON-GAAP FINANCIAL MEASURES THIS PRESENTATION, AND STATEMENTS MADE IN CONNECTION WITH THIS PRESENTATION, REFER TO NON-GAAP FINANCIAL MEASURES, INCLUDING EBITDA, PROPERTY OPERATING EXPENSES, GENERAL & ADMINISTRATIVE EXPENSES, NET OPERATING INCOME, REVENUE PER AVAILABLE SPACE, AND UNLEVERAGED YIELD. THESE MEASURES ARE NOT PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN THE UNITED STATES OF AMERICA (“GAAP”) AND HAVE IMPORTANT LIMITATIONS AS ANALYTICAL TOOLS. NON-GAAP FINANCIAL MEASURES ARE SUPPLEMENTAL, SHOULD ONLY BE USED IN CONJUNCTION WITH RESULTS PRESENTED IN ACCORDANCE WITH GAAP AND SHOULD NOT BE CONSIDERED IN ISOLATION OR AS A SUBSTITUTE FOR SUCH GAAP RESULTS. PLEASE SEE NON-GAAP DISCLOSURES PAGE AND RECONCILIATION PAGE IN THE APPENDIX TO THIS PRESENTATION FOR FURTHER INFORMATION. MARKET INFORMATION INFORMATION CONTAINED IN THIS PRESENTATION CONCERNING THE MARKET AND THE INDUSTRY IN WHICH WE COMPETE, INCLUDING OUR MARKET POSITIONS, GENERAL EXPECTATIONS OF MARKET OPPORTUNITIES AND MARKET SIZES, IS BASED ON INFORMATION FROM VARIOUS THIRD-PARTY SOURCES, PUBLICLY AVAILABLE INFORMATION, VARIOUS INDUSTRY PUBLICATIONS, INTERNAL DATA AND ESTIMATES, AND ASSUMPTIONS MADE BY US BASED ON SUCH SOURCES AND OUR KNOWLEDGE OF THE PARKING INDUSTRY. INTERNAL DATA AND ESTIMATES ARE BASED UPON INFORMATION OBTAINED FROM TRADE AND BUSINESS ORGANIZATIONS AND OTHER CONTACTS IN THE MARKETS IN WHICH WE OPERATE AND OUR MANAGEMENT’S UNDERSTANDING OF INDUSTRY CONDITIONS. THIS INFORMATION AND ANY ESTIMATES PROVIDED HEREIN INVOLVE NUMEROUS ASSUMPTIONS AND LIMITATIONS. THIRD-PARTY SOURCES GENERALLY STATE THAT THE INFORMATION CONTAINED IN SUCH SOURCES HAS BEEN OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE. SOME MARKET DATA AND STATISTICAL INFORMATION ARE ALSO BASED ON OUR GOOD FAITH ESTIMATES, WHICH ARE DERIVED FROM MANAGEMENT’S KNOWLEDGE OF OUR INDUSTRY AND SUCH INDEPENDENT SOURCES REFERRED TO ABOVE. CERTAIN MARKET, RANKING AND INDUSTRY DATA INCLUDED IN THIS PRESENTATION, INCLUDING THE SIZE OF CERTAIN MARKETS AND OUR SIZE OR POSITION AND THE POSITIONS OF OUR COMPETITORS WITHIN THESE MARKETS, INCLUDING OUR SERVICES RELATIVE TO COMPETITORS, ARE BASED ON ESTIMATES OF OUR MANAGEMENT. THESE ESTIMATES HAVE BEEN DERIVED FROM MANAGEMENT’S CONSIDERABLE KNOWLEDGE AND EXPERIENCE IN THE MARKETS IN WHICH WE OPERATE, AS WELL AS INFORMATION OBTAINED FROM SURVEYS, REPORTS BY MARKET RESEARCH FIRMS, OUR CUSTOMERS, TRADE AND BUSINESS ORGANIZATIONS AND OTHER CONTACTS IN THE MARKETS IN WHICH WE OPERATE. INDUSTRY AND MARKET DATA COULD BE WRONG BECAUSE OF THE METHOD BY WHICH SOURCES OBTAINED THEIR DATA AND BECAUSE INFORMATION CANNOT ALWAYS BE VERIFIED WITH COMPLETE CERTAINTY DUE TO THE LIMITS ON THE AVAILABILITY AND RELIABILITY OF RAW DATA, THE VOLUNTARY NATURE OF THE DATA GATHERING PROCESS AND OTHER LIMITATIONS AND UNCERTAINTIES. EACH PUBLICATION SPEAKS AS OF ITS ORIGINAL PUBLICATION DATE (AND NOT AS OF THE DATE OF THIS PRESENTATION). IN ADDITION, WE DO NOT KNOW ALL OF THE ASSUMPTIONS REGARDING GENERAL ECONOMIC CONDITIONS OR GROWTH THAT WERE USED IN PREPARING THE FORECASTS FROM THE SOURCES RELIED UPON OR CITED HEREIN. THE INDUSTRY IN WHICH WE OPERATE IS SUBJECT TO A HIGH DEGREE OF UNCERTAINTY AND RISK. AS A RESULT, THE ESTIMATES AND MARKET AND INDUSTRY INFORMATION PROVIDED IN THIS PRESENTATION ARE SUBJECT TO CHANGE. 2
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Mobile Infrastructure Investment Thesis 1 2 We believe conversion from leased to managed contracts currently underway will improve revenue consistency and benefit NOI* margin in 2025 and beyond. Additionally, the Company leverages data analytics to drive revenue and NOI 3 Mobile Infrastructure’s NAV** is $7.25 per share; the Company’s assets have a significantly higher replacement cost than its NAV 4 Mobile Infrastructure intends to become the acquirer of choice in the parking industry through its unique, tax efficient acquisition program (using OPUs) and has a track record of increasing revenue and profitability of acquired assets 3 5 The Company has a $300 million pipeline of potential acquisitions that can be pursued as financial market conditions improve Mobile Infrastructure owns a diversified portfolio of parking assets primarily located in the Midwest and Southwest. New management came on board in 2021 with 40+ years experience in the parking industry and a proven track record *NOI is a non-GAAP financial measure. Please see “Non-GAAP Disclosures” page for further detail. **For additional information regarding Mobile Infrastructure’s NAV, please see the Appendix.
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Mobile Infrastructure at a Glance Mobile Infrastructure is a large-scale, institutional-quality, mobility-focused parking owner 40 PARKING FACILITIES 22 / 18 LOTS / GARAGES 20 MARKETS ~15,100 PARKING SPACES 3.0M AVG. MSA POPULATION 5.2M SQUARE FEET OF PARKING SPACE Over 40 years of combined mgmt. team experience and relationships in parking Focus on top 50 MSAs and a value-add asset management approach# # Assets in market Single asset Source: MIC Management. Data as of March 31, 2025. 5 3 3 4 5 2 3 4 4
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Overview of Top Ten Assets Top ten assets are well-located and conversion from leased to managed contracts creates opportunity for further upside through proper asset management and technology Source: MIC Management. Data is based on TTM Revenue as of March 31, 2025. Demand Drivers Name Location % of Total Spaces % of Revenue Multifamily Commerce Events Hospitality Govt. River East Garage Chicago, IL 7.6% 17.3% ✓ ✓ ✓ ✓ ✓ RenCen Garage Detroit, MI 8.4% 10.7% ✓ ✓ ✓ ✓ Mabley Place Garage Cincinnati, OH 5.1% 6.7% ✓ ✓ ✓ ✓ Taylor St Garage Fort Worth, TX 6.7% 5.0% ✓ ✓ ✓ ✓ Bricktown Garage Oklahoma City, OK 3.7% 4.9% ✓ ✓ ✓ Residence Inn Garage Denver, CO 3.0% 4.5% ✓ ✓ ✓ Preston Garage + Congress Lot Houston, TX 3.5% 4.3% ✓ ✓ 1 West 7th Garage Cincinnati, OH 5.1% 4.0% ✓ ✓ ✓ ✓ ✓ 222 West 7th Garage Cincinnati, OH 10.8% 3.8% ✓ ✓ ✓ ✓ Marks Garage Honolulu, HI 2.0% 3.3% ✓ ✓ ✓ ✓ Subtotal of Portfolio 55.9% 65.4% 5
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Our Strategic Plan: Driving NOI Growth 6 ASSET PROFILE PIVOT TO MANAGEMENT CONTRACTS ASSET MANAGEMENT APPROACH ANCILLARY REVENUE OPPORTUNITIES Assets in Top 50 MSA downtown cores with multiple demand drivers that have embedded upside potential Conversion to management contracts provides cost savings opportunities Onboard assets onto proprietary technology platform, driving value through active asset management and leveraging data Evaluate and implement opportunities for ancillary revenue (e.g., EV charging) 1 2 3 4
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Secular Tailwinds Driving Industry Growth Transient revenue drivers are at a steady state Leisure, travel, and dining have rebounded from 2020 Evolving preferences in working habits Hybrid work presents opportunities for new flexible membership products (e.g., 2, 3, 5-day passes) that free up additional capacity and feature higher rates. Data suggests more workers prefer to commute by car vs. public transit Acceleration of technological adoption The pandemic accelerated the adoption of technology like contactless parking and payment and opened the door to increased integration between hardware and software 7
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RevPAS(1) and Parking Lease Maturities 8 Quarter Management Agreement Stalls Leased Stalls Contracted Base Rent for Leased Locations 1Q25 11,455 2,151 $1,060,278 2Q25 11,587 2,019 $985,278 3Q25 11,720 1,886 $910,278 4Q25 11,720 1,886 $910,278 1Q26 11,868 1,738 $850,278 2Q26 11,868 1,738 $850,278 3Q26 12,189 1,417 $803,528 4Q26 12,189 1,417 $803,528 1Q27 12,320 1,286 $680,528 2Q27 12,709 897 $444,070 3Q27 13,224 382 $149,278 4Q27 13,224 382 $149,278 1Q28 13,224 382 $149,278 2Q28 13,224 382 $149,278 3Q28 13,224 382 $149,278 4Q28 13,224 382 $149,278 1Q29 13,224 382 $149,278 2Q29 13,224 382 $149,278 RevPAS Table 2024/2025 – RevPAS represents Parking Revenue per stall at the managed locations.** 2022/2023 - RevPAS represents Parking Revenue at the locations as reported by operators. This does not represent Rent earned by the Company, as the locations were under lease agreements where Rent earned by the Company did not equal revenue received by the operators at the locations. Management Agreement & Leased Stall Table This table represents a waterfall table of when location leases mature and will convert to management contracts. Contracted base rent represents the lease revenue guaranteed by the lease and does not include revenue amounts that may be recognized at certain locations if collections exceed base thresholds set within the lease. (1) RevPAS is a company KPI. And Parking Revenue is a non -GAAP measure. Please see “Non-GAAP Disclosures” page for further detail. (2) Detroit RenCen Garage was converted to a management agreement contract in mid -2024. 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Same Location RevPAS $207.01 $222.89 $187.73 $195.40 $222.21 $224.00 $198.64 $192.31 $216.63 $227.60 $200.44 $184.24 Same Location TTM RevPAS - - $196.93 $203.26 $207.06 $207.34 $210.06 $209.29 $207.90 $208.79 $209.24 $207.23 Same Location RevPAS excl. RenCen(2) $196.25 $210.42 $185.58 $193.70 $215.91 $212.33 $193.51 $183.29 $204.94 $215.48 $196.02 $184.32 Same Location TTM RevPAS excl. RenCen - - $187.27 $196.49 $201.40 $201.88 $203.86 $201.26 $198.52 $199.30 $199.93 $200.19
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Asset Overview 9 Name Property Address City State Size / Sq. Ft. Asset Type Land Buildings, Equipment Gross Book Value Date Acquired Lafayette Square Garage 300-314 Fairfield Avenue Bridgeport Connecticut 232,964 Garage $498,421 $7,606,347 $8,104,768 16-Mar River East Garage 322 East Illinois St Chicago Illinois 473,522 Garage 11,387,149 27,745,556 39,132,706 20-Feb 1 West 7th Garage 1 West Seventh Cincinnati Ohio 314,749 Garage 2,994,710 28,909,174 31,903,883 18-Feb 222 West 7th Garage 222 West Seventh Cincinnati Ohio 531,000 Garage 4,390,960 23,977,907 28,368,867 17-Sep Mabley Place Garage 410 Race Street Cincinnati Ohio 353,700 Garage 1,360,197 17,280,361 18,640,559 14-Dec Crown Colony Lot 1239 West 9th Street Cleveland Ohio 23,460 Lot 2,953,642 - 2,953,642 16-May IMG Garage 708 St. Clair Ave NE Cleveland Ohio 294,361 Garage 1,377,585 8,473,600 9,851,185 16-Oct Union & Archer Lot 1200-1240 West 9th Street Cleveland Ohio 94,252 Lot 5,917,555 59,300 5,976,855 16-May 1935 Sherman Lot 1935 Sherman St Denver Colorado 18,750 Lot 2,533,428 - 2,533,428 16-Feb Denver School Lot 1963 Sherman St Denver Colorado 6,250 Lot 704,786 - 704,786 15-Jan Residence Inn Garage 910 18th Street Denver Colorado 177,650 Garage 7,413,813 9,282,492 16,696,305 21-Nov RenCen Garage 414 Renaissance Drive West Detroit Michigan 382,470 Garage 6,496,895 37,710,579 44,207,474 17-Jan Taylor St Garage 814 Taylor St Fort Worth Texas 372,171 Garage 2,844,933 24,416,440 27,261,373 16-Nov Marks Garage 1140 Bethel Street Honolulu Hawaii 150,810 Garage 8,571,382 11,474,955 20,046,338 18-Jun Preston Garage + Congress Lot 1311 Preston Street (Garage) / 1310 Congress Ave (Lot) Houston Texas 140,115 Garage/Lot 15,229,659 5,278,680 20,508,338 17-Jun Preston Lot 1102 Preston Street Houston Texas 10,000 Lot 2,820,000 - 2,820,000 16-Nov Saks Garage 611 Fannin St Houston Texas 90,750 Garage 3,712,504 4,091,284 7,803,788 15-May San Jacinto Lot 415 San Jacinto Houston Texas 28,326 Lot 3,250,000 - 3,250,000 16-Nov City Parking Garage 110 East Washington St Indianapolis Indiana 20,473 Garage 2,055,591 8,671,498 10,727,089 15-Oct Meridian Lot 239 S. Meridian St Indianapolis Indiana 10,454 Lot 1,522,932 - 1,522,932 16-Jan Heyburn Lot 300-320 West Broadway Louisville Kentucky 54,450 Lot 3,006,934 - 3,006,934 16-Aug Raider Park Garage 2522 Marsha Sharp Freeway Lubbock Texas 563,584 Garage 2,005,460 12,841,501 14,846,961 17-Nov Poplar Lot 212 Poplar Ave Memphis Tennessee 37,563 Lot 3,670,487 12,420 3,682,907 13-Aug Chase Garage 150 E. 2nd Street Miami Florida 36,129 Garage 92,907 13,000 105,907 21-Sep Arena Lot 1124 North Old World 3rd St Milwaukee Wisconsin 48,344 Lot 4,641,491 41,727 4,683,218 16-Feb Clybourn Lot 412 East Clybourn St Milwaukee Wisconsin 2,400 Lot 256,645 - 256,645 16-Jan Old World Lot 822 North Old World 3rd St Milwaukee Wisconsin 11,250 Lot 2,003,206 7,728 2,010,934 15-Mar Wells Lot 215 W Wells Milwaukee Wisconsin 43,580 Lot 4,373,838 - 4,373,838 15-Jun Orpheum Lot 1022 Hennepin Ave Minneapolis Minnesota 86,283 Lot 7,513,202 - 7,513,202 16-Jan Ramada Lot 41 10th St North Minneapolis Minnesota 71,737 Lot 4,012,626 134,249 4,146,875 16-Jan White Front Garage 207 2nd Avenue North Nashville Tennessee 44,944 Garage 3,116,300 8,576,154 11,692,454 16-Sep Rampart Lot 342 North Rampart St New Orleans Louisiana 27,105 Lot 8,166,612 - 8,166,612 18-Feb Bricktown Garage 222 E Sheridan Ave Oklahoma City Oklahoma 206,598 Garage 1,314,454 16,052,008 17,366,462 22-Jun 7th & Cerre Lot 700 South 7th Street St. Louis Missouri 46,056 Lot 3,300,000 - 3,300,000 17-Feb Broadway Lot 619-641 South Broadway St. Louis Missouri 41,948 Lot 2,400,000 - 2,400,000 17-Feb Cardinal Lot 500 South Broadway St. Louis Missouri 114,424 Lot 11,660,000 18,535 11,678,535 17-May Shoe Lot 1300 Spruce St St. Louis Missouri 53,153 Lot 5,041,351 29,455 5,070,806 13-Sep Washington Lot 1101 Washington Ave St. Louis Missouri 16,919 Lot 1,637,000 - 1,637,000 16-Jul Holiday Inn Garage 234 West Kellogg Boulevard St. Paul Minnesota 101,568 Garage 1,673,000 7,234,250 8,907,250 16-Aug Total Portfolio 5,334,262 18 Garages, 22 Lots $157,921,656 $259,939,200 $417,860,856
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MIX OF MANAGEMENT CONTRACTS AND LEASES MAJORITY MANAGEMENT CONTRACTS WITH STRATEGIC NNN LEASES OPTIMIZE EXISTING PORTFOLIO EXPAND VIA ACQUISITIONS LIMITED USE OF TECHNOLOGY TECHNOLOGY WILL ENHANCE DATA USAGE BUILDING INITIAL SALESEFORCE LARGER SALESFORCE & MORE CORPORATE ACCOUNTS TODAY THE FUTURE DEMAND BASED ON WORKFORCE & EVENTS CENTRAL BUSINESS DISTRICT ATTRACTS MORE RESIDENTIAL AND ADDITIONAL DEMAND 10
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Future Company & Portfolio Repositioning 11 As of March 31, 2025, 29 of our 40 assets have been converted to management contracts, allowing direct control over those property-level budgets We expect that the conversion will lead to accelerated revenue growth and cost savings that could drive incremental NOI* growth through 2025 Conversion of the remaining assets is planned for 2026- 2027 11 * NOI is a non-GAAP financial measure. Please see “Non-GAAP Disclosures” page for further detail.
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Advantages of Management Contracts 2 Better control and management of expenses 3 Ability to ramp-up marketing as appropriate 4 Improved data visibility of parking usage and demand metrics 12 1 Ability to leverage Mobile’s experienced management team to accelerate growth
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The U.S. Parking Industry is Massive ~$131 billion annual parking revenue 1 ~1% of U.S. GDP 1 ~1 billion parking spaces in the U.S. 1 Industry comparison (annual revenue) 2 13 ~$9B Car wash industry ~$23B Amusement park industry Notes: 1. Source: EY”s Economic Contributions of the US Parking Industry, July 2020. Data as of 2018. 2. Goldman Sachs Equity Research initiating coverage reports: “Driven Brands Holdings”, February 2021, and “Americas Amusement Parks”, May 2020. ~$57B Auto maintenance industry
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Constrained Supply and a Highly Fragmented Market Create a Favorable Backdrop for Consolidation 1 Land scarcity, rising development costs, and zoning restrictions will inevitability limit growth of new supply 14 MOBILE INFRASTRUCTURE IS WELL-POSITIONED TO PURSUE GROWTH THROUGH CONSOLIDATION Opportunity to make accretive acquisitions of assets that are undermanaged and generate incremental yield through MIC’s robust asset management capabilities 2 As many asset owners seek liquidity, we expect them to monetize assets through the sale and outsourcing of parking assets. UP-C structure provides sellers with a tax- efficient liquidity option 3
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Acquisition Approach Origination Asset Selection Underwriting Execution Institutional relationships Boutique brokers Network of family / mom & pop owners Embedded upside Located in top-50 MSA; existing MIC market or large enough asset to provide immediate scale Proximity to multiple demand drivers Pre-identified 200 basis point premium to cost of capital Near-term revenue growth Healthy utilization rates Professional operating partner Foster relationships with nearby businesses Upgrade digital infrastructure 15
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AT ACQUISITION ASSET MANAGEMENT WHERE ARE WE NOW? Case study – Improving NOI: Residence Inn Garage (Denver, CO) 450 spaces $16.1M acquisition price (Nov. 2021) ~4.0% entry yield1 $650k Underwritten NOI ~$400k in total improvement capex including high-speed overhead doors to secure the garage, and new Flash POS PARCS equipment to minimize revenue slippage and utilize new parking revenue technology features Optimized hotel parking rates through collaboration with tenant-operator Established regular monthly meetings and business plan reviews with operator Established multi-channel reach to transient parkers Multiple demand drivers from proximity to hotel, office, residential buildings 6.8% current yield $1.1M NOI* today2 16.3% CAGR on NOI* Additional upside through business development efforts and near-term asset management initiatives 16 * NOI is a non-GAAP financial measure. Please see “Non-GAAP Disclosures” page for further detail. Notes: 1 - Based on underwritten NOI during acquisition. 2 - Represents 1Q 2025 TTM actuals.
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AT ACQUISITION ASSET MANAGEMENT WHERE ARE WE NOW? ~5.7% entry yield $1.80M Underwritten NOI 2 $186k in total improvement capex including LPR camera system and other enforcement mechanisms to minimize revenue slippage Strong hotel parking rates implemented through collaboration with tenant-operator Drove ~100% contract pass retention in conjunction with higher rates Established regular monthly meetings and business plan reviews with operator Installed digital signage to support dynamic pricing and yield management strategy Established multi-channel reach to transient parkers Asset benefited from proximity to multiple demand drivers including hotel, office, residential, event, and government / institution 10.5% current yield $3.3M NOI* today3 12.4% CAGR on NOI* Additional upside through dynamic pricing strategy and near-term asset management initiatives 6 new EV chargers * NOI is a non-GAAP financial measure. Please see “Non-GAAP Disclosures” page for further detail. Notes: 1 - Net of $1.6M tax proration credit. 2 - Based on underwritten NOI during acquisition. 3 - Represents 1Q 2025 TTM actuals. 1,154 spaces $31.4M acquisition price (Feb. 2020)1 Case study – Improving NOI: River East Garage (Chicago, IL) 17
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Portfolio Optimization Strategy 2 Disciplined Portfolio Review: A detailed evaluation of non-core assets – focused on future demand drivers and intrinsic land value – has informed our strategic direction 3 Optimization Strategy: We’ve launched a 36-month asset rotation strategy to divest select non- core assets through 2027 4 Capital Reallocation: We expect to recycle ~$100M of proceeds over the next three years, redeploying that capital into fewer, larger parking assets with stronger NOI potential and multiple demand drivers 18 1 Strong Core Foundation: Approximately 50% of our portfolio consists of core assets that generate ~80% of revenue and >80% of net operating income (NOI), providing a solid base for growth (1) 1) As of December 31, 2024. 5 Competitive Advantage: Our proven track record, deep industry relationships, and proprietary deal flow position us to execute this strategy effectively and unlock long-term value
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Mobile Infrastructure’s Extensive Acquisition Pipeline Supports Long-Term Growth 19 $100 million of potential acquisitions could be completed over near to medium term as financial market conditions improve Curated pipeline of $300 million of potential acquisitions, located in diversified geographies with similar characteristics to existing portfolio Long-standing industry relationships and management reputation are critical elements in building deal flow 19
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Summary 20 1 Mobile Infrastructure's diversified asset portfolio offers considerable NOI* upside 2 3 NAV of $7.25 underscores attractive valuation 4 Significant management ownership fully aligned with shareholder interests Management’s track record + a robust acquisition pipeline provide runway for substantial long - term growth * NOI is a non-GAAP financial measure. Please see “Non-GAAP Disclosures” page for further detail.
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APPENDIX
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NOI 22 APPENDIX *NOI is a non-GAAP financial measure. Please see “Non-GAAP Disclosures” page for further detail.
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EBITDA 23 APPENDIX * EBITDA and Adjusted EBITDA are non-GAAP financial measures. Please see “Non-GAAP Disclosures” page for further detail.
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Balance Sheet 24 APPENDIX
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NAV 25 APPENDIX * Net Asset Value (NAV) is a non-GAAP financial measure. Please see “Non-GAAP Disclosures” page for further detail. a) Estimated value was based on implied cap rate of 4.0% applied to TTM NOI for properties owned as of June 30, 2024. b) Adjusted for noncontrolling interest related to certain properties. c) Excludes certain liability classified equity instruments not expected to be settled in cash. d) Includes all outstanding operating partnership units and excludes out-of-the-money equity instruments. The following table provides a breakdown of the major components of our total Net Asset Value attributable to our common stock as of June 30, 2024: As with any valuation method, the methods used to determine our internally-prepared NAV per share were based upon a number of assumptions, estimates, forecasts and judgments that over time may prove to be incorrect, incomplete or may change materially. There are no rules or regulations that require us to calculate NAV in a certain manner. As a result, other public companies may use different methodologies or assumptions to determine NAV. In addition, NAV is not a measure used under GAAP and the valuations of and certain adjustments made to our assets and liabilities used in the determination of NAV will differ from GAAP. You should not consider NAV to be equivalent to stockholders’ equity or any other GAAP measure. The estimated value of our assets and liabilities is as of a specific date and such value is expected to fluctuate over time in response to future events, including, but not limited to, changes to commercial real estate values, changes in market interest rates for real estate debt, changes in capitalization rates, changes in laws or regulations, demographic changes, returns on competing investments, local and national economic factors, among other factors. Further, estimated NAV per share, if viewed in isolation, could create a misleading or incomplete view of the current value of the shares of our common stock. Our NAV is not a representation, warranty or guarantee that we would fully realize our NAV upon a sale of our assets or with respect to the trading price of our shares of common stock. Investors are advised to carefully review our disclosures filed with the SEC in evaluating us or making any investment decision related thereto. Net Asset Value ($$$ in thousands) Investments in real estate (a,b) $ 546,130 Cash and restricted cash 13,314 Other assets 7,647 Total assets 567,091 Notes payable and revolving credit facility, net (at fair value) (b) 179,601 Accrued preferred distributions 9,864 Other liabilities (c) 11,758 Total liabilities 201,223 Preferred stock 33,782 Total estimated net asset value 332,086 Fully diluted shares outstanding ( d) 45,820,367 Net asset value per fully diluted share $ 7.25 Estimated Value
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Non-GAAP Disclosures 26 APPENDIX Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization (“Adjusted EBITDA”). Adjusted EBITDA reflects net income (loss) excluding the impact of the following items: interest expense, depreciation and amortization, and the provision for income taxes, for all periods presented. Adjusted EBITDA also excludes stock based compensation expense, non-cash changes in the fair value of the Earn-Out Liability, gains or losses from disposition of real estate assets, impairment write-downs of depreciable property, merger-related charges, and Other Income, Net. Our use of Adjusted EBITDA facilitates comparison with results from other companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company’s capital structure, debt levels, and credit ratings. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. Adjusted EBITDA also excludes depreciation and amortization expense because differences in types, use, and costs of assets can result in considerable variability in depreciation and amortization expense among companies. We exclude stock-based compensation expense in all periods presented to address the considerable variability among companies in recording compensation expense because companies use stock-based payment awards differently, both in the type and quantity of awards granted. We use Adjusted EBITDA as a measure of operating performance which allow us to compare earnings and evaluate debt leverage and fixed cost coverage. Net Operating Income (“NOI”). NOI is presented as a supplemental measure of our performance. We believe that NOI provides useful information to investors regarding our results of operations, as it highlights operating trends such as pricing and demand for our portfolio at the property level as opposed to the corporate level. NOI is calculated as total revenues less property operating expenses and property taxes. We use NOI internally in evaluating property performance, measuring property operating trends, and valuing properties in our portfolio. Other real estate companies may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other real estate companies. NOI should not be viewed as an alternative measure of our financial performance as it does not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income and expenses, or the level of capital expenditures necessary to maintain the operating performance of our properties that could materially impact our results from operations. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss), cash flow from operations, or any other operating GAAP measure. Gross Revenue. Gross Revenue is presented as a supplemental measure of our performance. Gross Revenue is calculated as GAAP revenue, excluding credit card fees and sales tax. We use Gross Revenue internally when evaluating the operating performance of our properties, specifically when determining average rates charged at locations. This allows us to compare property performance and make pricing decisions. Other real estate companies may calculate Gross Revenue differently or not utilize Gross Revenue as a metric. Gross Revenue should not be viewed as an alternative measure of our financial performance as it does not reflect the impact of credit card fees and sales tax amounts that could materially impact revenue. This non-GAAP financial measure should be considered along with, but not as alternatives to revenue or any other operating GAAP measure.
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Non-GAAP Disclosures 27 APPENDIX RevPAS, Parking Revenue, and Same Location RevPAS Revenue Per Available Stall (“RevPAS”) is used to evaluate parking operations and performance. RevPAS is defined as average monthly Parking Revenue (Parking Revenue less related Sales Tax/CC Fees) divided by the parking stalls in the locations the Parking Revenue was earned. Parking Revenue does not include Billboard or Commercial Rent, or revenue from locations that are under Lease Agreements. Parking Revenue is a meaningful component of revenue that is used to judge the performance of locations and the ability to manage each location. The Company believes RevPAS is a meaningful indicator of our performance because it measures the period-over-period change in revenues for comparable locations. Parking Revenue should not be viewed as an alternative measure of the Company’s financial performance as it does not reflect all components of revenue for the Company, which may be material. Same Location RevPAS represents Parking Revenue at our assets under management agreements prior to 2Q24 with the exception of two assets where the Company does not have sufficient historical data to calculate RevPAS for all periods presented. The Company believes Same Location RevPAS is a key performance measure allows for review of fluctuations in revenue without the impact of portfolio transaction or changes in revenue structure.