Mobile Infrastructure Corporation Reports Net Asset Value Per Share
Mobile Infrastructure Corporation, a former non-traded real estate investment trust known as The Parking REIT Inc., has declared its first net asset value per share since an affiliate of Bombe Asset Management LLC purchased a majority stake in the legacy REIT.
Mobile Infrastructure Corporation, a former non-traded real estate investment trust known as The Parking REIT Inc., has declared its first net asset value per share since an affiliate of Bombe Asset Management LLC purchased a majority stake in the legacy REIT.
The board of Mobile Infrastructure Corporation established an estimated net asset value per share of $14.76 per share, as of August 1, 2022, and represents an increase of approximately 26 percent over the estimated NAV established in January 2021 of $11.75 per share.
The company engaged CBRE, Inc., a third-party independent valuation firm, to determine the market value of the company’s parking facilities.
Mobile Infrastructure Corporation has purchased six parking facilities since the last NAV was published and has reportedly “increased rental income to the company, as well as increased the number of fully diluted shares of common stock outstanding.”
As of August 1, 2022, the company had $524.4 million in total assets, $231.3 million in total liabilities, and nearly 17 million shares outstanding.
Mobile Infrastructure invests primarily in parking lots and garages in the United States. As of June 30, 2022, it owned 45 parking facilities located in 23 separate markets throughout 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 facilities. The fair value of the company’s parking assets was $509.2 million as of August 1, 2022.
