CINCINNATI–(BUSINESS WIRE)–Mobile Infrastructure Corporation (“Mobile” or the “Company”), a Maryland corporation, has filed a Form 8-K announcing that effective August 29, 2022, the Company’s board of directors has established and unanimously approved an estimated net asset value (the “Estimated Net Asset Value”) for the common shares of the Company of $14.76 per share on a fully diluted basis, supported by independent third party valuations.
The valuation underlying the estimated NAV per share was determined as of August 1, 2022 and represents an increase of approximately 26% compared to the estimated NAV established in 2021 by the Board of Directors of the Company.
Given the estimated fully diluted net asset value of the company, the board recognized a few key factors influencing the increase:
The Company relied on independent third-party appraisals conducted by CBRE, Inc. (“CBRE”) to determine the market value of the parking assets.
These assessments primarily take into account current market conditions and reflect factors such as greater parking mobility in and around city centers, as well as the Company’s improved leasing strategy.
Three methodologies were used by CBRE to establish a range of values for the parking assets, which were then used to calculate the estimated net asset value.
The Company has acquired six assets since the last published estimated net asset value, which has both increased the Company’s rental income and increased the number of fully diluted shares outstanding.
The aggregate asset value was then adjusted by the total assets and total liabilities of the Company to arrive at the estimated net asset value.
The estimated net asset value should be considered a snapshot in time and is not indicative of the amount the Company or shareholders might receive if the Company were to list shares on a nationally recognized stock exchange or if individual shareholders were to sell shares. . Please refer to the company’s Form 8-K filed with the SEC for more information.
About Mobile Infrastructure Corporation
Mobile Infrastructure is an internally managed, publicly registered, unlisted company that primarily invests in parking lots and garages in the United States. As of June 30, 2022, it owned 45 parking lots located in 23 distinct markets across the United States, with a total of 15,818 parking spaces and approximately 5.5 million square feet and approximately 0.2 million square feet of retail/commercial space adjacent to its parking lot. facilities. For more information, visit www.mobileit.com.
This press release contains forward-looking statements. Forward-looking statements are based on current expectations and can be identified by words such as believes, anticipates, expects, may, might and terms of similar substance, and speak only as of the date on which they were written. Actual results could differ materially due to risks and uncertainties beyond the Company’s ability to control or accurately predict, including the amount and timing of expected future distributions, the estimated net asset value per share of the shares ordinary risks of the Company and other risks. The Company’s forward-looking statements are not guarantees of future performance. Shareholders and financial professionals should not place undue reliance on forward-looking statements.