Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 16, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001642985 | |
Entity Registrant Name | Mobile Infrastructure Corp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-55760 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 47-3945882 | |
Entity Address, Address Line One | 30 W. 4th Street | |
Entity Address, City or Town | Cincinnati | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45202 | |
City Area Code | 513 | |
Local Phone Number | 834-5110 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,762,375 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Investments in real estate | ||
Land and improvements | $ 166,921 | $ 166,224 |
Buildings and improvements | 271,964 | 254,379 |
Construction in progress | 585 | 89 |
Intangible assets | 10,078 | 9,756 |
Real Estate Investment Property, at Cost, Total | 449,548 | 430,448 |
Accumulated depreciation and amortization | (28,935) | (22,873) |
Total investments in real estate, net | 420,613 | 407,575 |
Fixed assets, net | 207 | 61 |
Cash | 5,862 | 11,805 |
Cash – restricted | 6,721 | 4,891 |
Prepaid expenses | 1,021 | 676 |
Accounts receivable, net | 2,578 | 4,031 |
Other assets | 64 | 108 |
Total assets | 437,066 | 429,147 |
Liabilities | ||
Notes payable, net | 148,278 | 207,153 |
Revolving credit facility, net | 72,648 | 0 |
Accounts payable and accrued expenses | 21,604 | 13,849 |
Indemnification Liability | 1,905 | 2,000 |
Security deposits | 97 | 166 |
Deferred revenue | 372 | 155 |
Total liabilities | 244,904 | 223,323 |
Mobile Infrastructure Corporation Stockholders’ Equity | ||
Preferred stock | 0 | 0 |
Common stock, $0.0001 par value, 98,999,000 shares authorized, 7,762,375 shares issued and outstanding as of September 30, 2022 and December 31, 2021 | 0 | 0 |
Warrants issued and outstanding – 1,702,128 warrants as of September 30, 2022 and December 31, 2021, respectively | 3,319 | 3,319 |
Additional paid-in capital | 193,926 | 196,176 |
Accumulated deficit | (106,692) | (101,049) |
Total Mobile Infrastructure Corporation Stockholders’ Equity | 90,553 | 98,446 |
Non-controlling interest | 101,609 | 107,378 |
Total equity | 192,162 | 205,824 |
Total liabilities and equity | 437,066 | 429,147 |
Series A Preferred Stock [Member] | ||
Mobile Infrastructure Corporation Stockholders’ Equity | ||
Preferred stock | 0 | 0 |
Nonvoting Preferred Stock [Member] | ||
Mobile Infrastructure Corporation Stockholders’ Equity | ||
Preferred stock | $ 0 | $ 0 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 98,999,000 | 98,999,000 |
Common stock, shares issued (in shares) | 7,762,375 | 7,762,375 |
Common stock, shares outstanding (in shares) | 7,762,375 | 7,762,375 |
Warrant issued (in shares) | 1,702,128 | 1,702,128 |
Warrant outstanding (in shares) | 1,702,128 | 1,702,128 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 50,000 | 50,000 |
Preferred stock, shares issued (in shares) | 2,862 | 2,862 |
Preferred stock, shares outstanding (in shares) | 2,862 | 2,862 |
Preferred stock, liquidation preference | $ 2,862,000 | $ 2,862,000 |
Series1 Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 97,000 | 97,000 |
Preferred stock, shares issued (in shares) | 39,811 | 39,811 |
Preferred stock, shares outstanding (in shares) | 39,811 | 39,811 |
Preferred stock, liquidation preference | $ 39,811,000 | $ 39,811,000 |
Nonvoting Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000 | 1,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | ||||
Management income | $ 0 | $ 1,290 | $ 427 | $ 2,294 |
Total revenues | 8,418 | 5,778 | 22,203 | 13,307 |
Operating expenses | ||||
Property taxes | 1,912 | 1,119 | 5,592 | 3,421 |
Property operating expense | 501 | 338 | 2,069 | 894 |
General and administrative | 2,455 | 1,805 | 5,843 | 4,665 |
Professional fees, net of reimbursement of insurance proceeds | 525 | 413 | 2,087 | 2,243 |
Organizational, offering and other costs | 2,168 | 0 | 4,693 | 0 |
Depreciation and amortization | 2,137 | 1,437 | 6,125 | 3,953 |
Total operating expenses | 9,698 | 5,112 | 26,409 | 15,176 |
Other income (expense) | ||||
Interest expense | (3,387) | (2,487) | (9,094) | (6,783) |
Loss on sale of real estate | (52) | 0 | (52) | 0 |
PPP loan forgiveness | 0 | 0 | 328 | 348 |
Other income | 123 | 5 | 153 | 5 |
Gain on consolidation of DST | 0 | 360 | 0 | 360 |
Settlement of deferred management internalization | 0 | 10,040 | 0 | 10,040 |
Transaction expenses | 0 | (12,224) | 0 | (12,224) |
Total other income (expense) | (3,316) | (4,306) | (8,665) | (8,254) |
Net loss | (4,596) | (3,640) | (12,871) | (10,123) |
Less net loss attributable to non-controlling interest | (2,445) | (613) | (7,228) | (623) |
Net loss attributable to Mobile Infrastructure Corporation’s stockholders | (2,151) | (3,027) | (5,643) | (9,500) |
Net loss attributable to Mobile Infrastructure Corporation’s common stockholders | $ (2,901) | $ (3,777) | $ (7,893) | $ (11,750) |
Basic and diluted loss per weighted average common share: | ||||
Net loss per share attributable to Mobile Infrastructure Corporation’s common stockholders - basic and diluted (in dollars per share) | $ (0.37) | $ (0.49) | $ (1.02) | $ (1.52) |
Weighted average common shares outstanding, basic and diluted (in shares) | 7,762,375 | 7,739,951 | 7,762,375 | 7,737,257 |
Series A Preferred Stock [Member] | ||||
Other income (expense) | ||||
Preferred stock distributions declared | $ (54) | $ (54) | $ (162) | $ (162) |
Series1 Preferred Stock [Member] | ||||
Other income (expense) | ||||
Preferred stock distributions declared | (696) | (696) | (2,088) | (2,088) |
Base Rent Income [Member] | ||||
Revenues | ||||
Rental income | 2,173 | 3,285 | 6,346 | 9,570 |
Percentage Rent Income [Member] | ||||
Revenues | ||||
Rental income | $ 6,245 | $ 1,203 | $ 15,430 | $ 1,443 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Series A Preferred Stock [Member] Common Stock [Member] | Series A Preferred Stock [Member] Warrants [Member] | Series A Preferred Stock [Member] Additional Paid-in Capital [Member] | Series A Preferred Stock [Member] Retained Earnings [Member] | Series A Preferred Stock [Member] Noncontrolling Interest [Member] | Series A Preferred Stock [Member] | Series1 Preferred Stock [Member] Common Stock [Member] | Series1 Preferred Stock [Member] Warrants [Member] | Series1 Preferred Stock [Member] Additional Paid-in Capital [Member] | Series1 Preferred Stock [Member] Retained Earnings [Member] | Series1 Preferred Stock [Member] Noncontrolling Interest [Member] | Series1 Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Warrants [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 42,673 | 7,727,696 | |||||||||||||||||
Balance at Dec. 31, 2020 | $ 0 | $ 0 | $ 0 | $ 198,769 | $ (89,985) | $ 2,034 | $ 110,818 | ||||||||||||
Distributions | $ 0 | $ 0 | $ (54) | $ 0 | $ 0 | $ (54) | $ 0 | $ 0 | $ (696) | $ 0 | $ 0 | $ (696) | 0 | ||||||
Net loss | $ 0 | $ 0 | 0 | 0 | (4,368) | 0 | (4,368) | ||||||||||||
Stock Awards (in shares) | 0 | 12,255 | |||||||||||||||||
Stock Awards | $ 0 | $ 0 | 0 | 144 | 0 | 0 | 144 | ||||||||||||
Balance (in shares) at Mar. 31, 2021 | 42,673 | 7,739,951 | |||||||||||||||||
Balance at Mar. 31, 2021 | $ 0 | $ 0 | 0 | 198,163 | (94,353) | 2,034 | 105,844 | ||||||||||||
Distributions | 0 | (54) | 0 | 0 | (54) | 0 | (696) | 0 | 0 | (696) | 0 | ||||||||
Net loss | $ 0 | $ 0 | 0 | (2,105) | (10) | (2,115) | |||||||||||||
Balance (in shares) at Jun. 30, 2021 | 42,673 | 7,739,951 | |||||||||||||||||
Balance at Jun. 30, 2021 | $ 0 | $ 0 | 0 | 197,413 | (96,458) | 2,024 | 102,979 | ||||||||||||
Distributions | 0 | 0 | (54) | 0 | 0 | (54) | 0 | 0 | (696) | 0 | 0 | (696) | 0 | ||||||
Net loss | 0 | 0 | 0 | 0 | (3,027) | (613) | (3,640) | ||||||||||||
Issuance of OP Units | 0 | 0 | 0 | 0 | 0 | 83,930 | 83,930 | ||||||||||||
Issuance of warrants | 0 | 0 | 3,319 | 0 | 0 | 0 | 3,319 | ||||||||||||
Consolidation of DST | $ 0 | $ 0 | 0 | 0 | 0 | 2,553 | 2,553 | ||||||||||||
Balance (in shares) at Sep. 30, 2021 | 42,673 | 7,739,951 | |||||||||||||||||
Balance at Sep. 30, 2021 | $ 0 | $ 0 | 3,319 | 196,663 | (99,485) | 87,894 | 188,391 | ||||||||||||
Balance (in shares) at Dec. 31, 2021 | 42,673 | 7,762,375 | |||||||||||||||||
Balance at Dec. 31, 2021 | $ 0 | $ 0 | 3,319 | 196,176 | (101,049) | 107,378 | 205,824 | ||||||||||||
Distributions | 0 | 0 | (54) | 0 | 0 | (54) | 0 | 0 | (696) | 0 | 0 | (696) | 0 | ||||||
Net loss | $ 0 | $ 0 | 0 | 0 | (1,806) | (2,472) | (4,278) | ||||||||||||
Balance (in shares) at Mar. 31, 2022 | 42,673 | 7,762,375 | |||||||||||||||||
Balance at Mar. 31, 2022 | $ 0 | $ 0 | 3,319 | 195,426 | (102,855) | 104,906 | 200,796 | ||||||||||||
Distributions | 0 | 0 | (54) | 0 | 0 | (54) | 0 | 0 | (696) | 0 | 0 | (696) | 0 | ||||||
Net loss | 0 | 0 | 0 | 0 | (1,686) | (2,311) | (3,997) | ||||||||||||
Equity based payments | $ 0 | $ 0 | 0 | 0 | 0 | 391 | 391 | ||||||||||||
Balance (in shares) at Jun. 30, 2022 | 42,673 | 7,762,375 | |||||||||||||||||
Balance at Jun. 30, 2022 | $ 0 | $ 0 | 3,319 | 194,676 | (104,541) | 102,986 | 196,440 | ||||||||||||
Distributions | $ 0 | $ 0 | $ (54) | $ 0 | $ 0 | $ (54) | $ 0 | $ 0 | $ (696) | $ 0 | $ 0 | $ (696) | 0 | ||||||
Net loss | 0 | 0 | 0 | (2,151) | (2,445) | (4,596) | |||||||||||||
Equity based payments | $ 0 | $ 0 | 0 | 0 | 0 | 1,068 | 1,068 | ||||||||||||
Balance (in shares) at Sep. 30, 2022 | 42,673 | 7,762,375 | |||||||||||||||||
Balance at Sep. 30, 2022 | $ 0 | $ 0 | $ 3,319 | $ 193,926 | $ (106,692) | $ 101,609 | $ 192,162 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net Loss | $ (12,871) | $ (10,123) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 6,125 | 3,953 |
Amortization of loan costs | 1,337 | 201 |
PPP loan forgiveness | (328) | (348) |
Loss on sale of real estate | 52 | 0 |
Amortization of right of use lease asset | 0 | 57 |
Equity based payments | 1,459 | 144 |
Income from or gain on consolidation of DST | 0 | (360) |
Settlement of deferred management internalization | 0 | (10,040) |
Changes in operating assets and liabilities | ||
Due to/from related parties | 0 | 18 |
Accounts payable | 5,380 | (1,985) |
Indemnification liability | (95) | 2,000 |
Right of use lease liability | 0 | (57) |
Security deposits | (69) | 16 |
Other assets | 44 | (17) |
Deferred revenue | 217 | (140) |
Accounts receivable | 1,453 | (564) |
Prepaid expenses | (345) | 1,419 |
Net cash provided by (used in) operating activities | 2,359 | (15,826) |
Cash flows from investing activities: | ||
Building improvements | (2,353) | (345) |
Capitalized technology | (143) | 0 |
Purchase of investment in real estate | (17,513) | (3,253) |
Proceeds from sale of investment in real estate | 650 | 0 |
Net cash used in investing activities | (19,359) | (3,598) |
Cash flows from financing activities: | ||
Proceeds from revolving credit facility | 73,700 | 0 |
Proceeds from notes payable | 0 | 3,867 |
Payments on notes payable | (58,189) | (5,575) |
Issuance of OP Units | 0 | 31,333 |
Loan fees | (2,624) | (24) |
Net cash provided by financing activities | 12,887 | 29,601 |
Net change in cash and cash equivalents and restricted cash | (4,113) | 10,177 |
Initial consolidation of VIE | 0 | 146 |
Cash and cash equivalents and restricted cash, beginning of period | 16,696 | 7,895 |
Cash and cash equivalents and restricted cash, end of period | 12,583 | 18,218 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||
Cash and cash equivalents at beginning of period | 11,805 | 4,235 |
Restricted cash at beginning of period | 4,891 | 3,660 |
Cash and cash equivalents and restricted cash, beginning of period | 16,696 | 7,895 |
Cash and cash equivalents at end of period | 5,862 | 13,084 |
Restricted cash at end of period | 6,721 | 5,134 |
Cash and cash equivalents and restricted cash, end of period | 12,583 | 18,218 |
Supplemental disclosures of cash flow information: | ||
Interest Paid | 7,258 | 6,582 |
Non-cash investing and financing activities: | ||
Dividends declared not yet paid | 2,250 | 2,251 |
Consolidation of variable interest entities, net | 0 | 3,181 |
Assumption of debt through acquisition | 0 | 44,478 |
Acquisition of properties through OP units and warrants | $ 0 | $ 55,916 |
Note A - Organization and Busin
Note A - Organization and Business Operations | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note A Organization and Business Operations Mobile Infrastructure Corporation (formerly known as The Parking REIT, Inc.) (the “Company,” “we,” “us” or “our”), is a Maryland corporation formed on May 4, 2015. y in top 50 As of September 30, 2022 owned 44 parking facilities in 22 The Company is the sole general partner of Mobile Infra Operating Partnership, L.P., formerly known as MVP REIT II Operating Partnership, LP, a Maryland limited partnership (the “Operating Partnership”). The Company owns substantially all of its assets and conducts substantially all of its operations through the Operating Partnership, is the sole general partner of the Operating Partnership and owns approxi mately 45.8% of the common units of the Operating Partnership (the “OP Units”). Color Up, LLC, a Delaware limited liability company (“Color Up”) and HSCP Strategic III, LP, a Delaware limited partnership ( “HS3” HS3 The Company previously elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes and operated in a manner that allowed the Company to qualify as a REIT through December 31, 2019. 19 not not December 31, 2020. not 2020 not 2021 On January 8, 2021, On August 25, 2021, three three not Management assessed the potential accounting treatment for the Transaction by applying Accounting Standards Codification ( ASC ) 805, Business Combinations not three The following schedule sets forth how the consideration exchanged in the Transaction was allocated among the various assets acquired and liabilities assumed (dollars in thousands). Investment in real estate $ 98,919 Intangibles - technology 4,000 Cash 35,000 Long-term debt (44,533 ) Indemnification liability (2,000 ) Total assets acquired and liabilities assumed $ 91,386 OP Units (1) 88,067 Warrants 3,319 Total consideration $ 91,386 ( 1 Pending Merger On May 27, 2022, September 26, 2022, 1 1 10 Prior to the Merger, MIT expects to undertake an initial public offering (the “MIT IPO”) of its common shares of beneficial interest, $0.0001 par value per share (“MIT Common Shares”), which is expected to close one not The MIT IPO and the Merger will be accounted for as a reverse recapitalization of the Company contemporaneous with the initial public offering of the MIT Common Shares. Under this method of accounting, MIT will be treated as the “acquiree” and the Company is treated as the acquirer for financial statement reporting purposes under principles generally accepted in the United States (“GAAP”). Accordingly, for accounting purposes, the Merger will be treated as the equivalent of the Company issuing stock for the net assets of MIT, accompanied by a recapitalization with a contemporaneous initial public offering of the MIT Common Shares. The net assets of the Company will be stated at historical cost, with no |
Note B - Summary of Significant
Note B - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note B Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements of the Company are prepared in accordance with GAAP for interim financial information as contained in the Financial Accounting Standards Board (“FASB”) ASC, and in conjunction with rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the consolidated financial statements do not three nine September 30, 2022 not may December 31, 2022. no nine September 30, 2022 2021 10 March 30, 2022. Going Concern The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred net losses since its inception and anticipates net losses for the near future. As of September 30, 2022, twelve 10 not September 30, 2022, December 31, 2022, first 2023 December 31, 2022 not In response to these conditions, management’s plans include the following: 1. Capitalizing on recent business development initiatives that we anticipate will improve total revenues through increased utilization of our parking assets and in many cases at higher average ticket rates. 2. Management is budgeting reduced overhead costs in 2023 3. The Company is pursuing further amendments and/or extensions with respect to the Revolving Credit Facility, including waivers of noncompliance with covenants. 4. The Company is pursuing certain potential capital raise or liquidity events, including the Merger as described above. However, there can be no not The consolidated financial statements do not Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership, each of their wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest. For entities that meet the definition of a variable interest entity (“VIE”), the Company consolidates those entities when the Company is the primary beneficiary of the entity. The Company is determined to be the primary beneficiary when it possesses both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company continually evaluates whether it qualifies as the primary beneficiary and reconsiders its determination of whether an entity is a VIE upon reconsideration events. All intercompany activity is eliminated in consolidation. Equity investments in which the Company exercises significant influence but does not not Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding asset impairment and purchase price allocations to record investments in real estate, as applicable. Concentration The Company had fifteen parking tenant-operators during both the nine September 30, 2022 2021 . One tenant/operator, SP + Corporation (Nasdaq: SP) (“SP+”), represented 60.5% and 62.7 % of the Company’s revenue, excluding commercial revenue, for the nine September 30, 2022 2021 , respectively. Premier Parking Service, LLC represented 12.6% and 12.3% of the Company’s revenue, excluding commercial revenue, for the nine September 30, 2022 2021 , respectively. In addition, the Company had concentration s in Cincinnati (19.2% and 20.8 September 30, 2022 December 31, 2021, As of September 30, 2022 December 31, 2021, 59.3% and 51.9% o Acquisitions All assets acquired and liabilities assumed in an acquisition of real estate accounted for as a business combination are measured at their acquisition date fair values. For acquisitions of real estate accounted for as an asset acquisition, the fair value of consideration transferred by the Company (including transaction costs) is allocated to all assets acquired and liabilities assumed on a relative fair value basis. In making estimates of fair values for purposes of allocating purchase price, the Company will utilize several sources, including independent appraisals that may The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired based on their relative fair values. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Amounts allocated to land, land improvements, buildings and fixtures are based on valuations performed by independent third The value of lease intangibles is amortized to depreciation and amortization expense over the remaining term of the respective lease. If a tenant terminates its lease with us, the unamortized portion of the in-place lease intangibles is recognized over the shortened lease term. Impairment of Long-Lived Assets When circumstances indicate the carrying value of a property may not Immaterial Correction The Company determined that reimbursable property tax related to certain of its leases should have been recorded on a gross basis in the consolidated statement of operations for the three nine September 30, 2021 842, Leases three nine September 30, 2021, no Reportable Segments Our principal business is the ownership and operation of parking facilities. We do not Stock-based Compensation Stock-based compensation for equity awards is based on the grant date fair value of the equity awards and is recognized over the requisite service or performance period. Forfeitures are recognized as incurred. Certain equity awards are subject to vesting based upon the satisfaction of various service, market, or performance conditions. |
Note C - Acquisitions and Dispo
Note C - Acquisitions and Dispositions of Investments in Real Estate | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Asset Acquisition [Text Block] | Note C Acquisitions and Dispositions of Investments in Real Estate 2022 The following table is a summary of the parking asset acquisitions during the nine September 30, 2022 Property Location Date Acquired Property Type # Spaces Size / Acreage Retail Sq. Ft. Purchase Price 222 Sheridan Bricktown Garage LLC Oklahoma City, OK 6/7/2022 Garage 555 0.64 15,628 $ 17,513 The following table is a summary of the allocated acquisition value of the property acquired by the Company during the nine September 30, 2022 Land and Improvements Building and improvements In-Place Lease Value Total assets acquired 222 Sheridan Bricktown Garage LLC (a) $ 1,314 $ 16,020 $ 179 $ 17,513 (a) The in-place lease value has a life of 5 years and is included in intangible assets on the consolidated balance sheets. On September 1, 2022, 2021 The following table is a summary of the parking asset acquisitions for the year ended December 31, 2021 Property Location Date Acquired Property Type # Spaces Size / Acreage Retail Sq. Ft. Purchase Price 1W7 Carpark, LLC Cincinnati, OH 8/25/2021 Garage 765 1.21 18,385 $ 32,122 222W7, LLC Cincinnati, OH 8/25/2021 Garage 1,625 1.84 — $ 28,314 322 Streeter, LLC Chicago, IL 8/25/2021 Garage 1,154 2.81 — $ 38,483 2nd Street, LLC Miami, FL 9/9/2021 Contract 118 N/A — $ 3,253 Denver 1725 Champa Street Garage Denver, CO 11/3/2021 Garage 450 0.72 — $ 16,274 The following table is a summary of the allocated acquisition value of all properties acquired by the Company for the year ended December 31, 2021 Land and Improvements Building and improvements In-Place Lease Value Contract Value Total assets acquired 1W7 Carpark (a) $ 2,995 $ 28,819 $ 308 $ — $ 32,122 222W7 4,391 23,923 — — 28,314 322 Streeter 11,387 27,096 — — 38,483 2nd Street (a) 93 — — 3,160 3,253 Denver 1725 Champa Street Garage 7,414 8,860 — — 16,274 $ 26,280 $ 88,698 $ 308 $ 3,160 $ 118,446 (a) The value of in-place lease assets and the 2 nd 1W7 2 nd There were no December 31, 2021 |
Note D - Intangible Assets
Note D - Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note D - Intangible Assets A schedule of the Company’s intangible assets and related accumulated amortization as of September 30, 2022 December 31, 2021 As of September 30, 2022 As of December 31, 2021 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization In-place lease value $ 2,564 $ 1,540 $ 2,398 $ 1,311 Lease commissions 165 100 152 82 Indefinite lived contract 3,160 — 3,160 — Acquired technology 4,189 451 4,046 133 Total intangible assets $ 10,078 $ 2,091 $ 9,756 $ 1,526 Amortization of the in-place lease value, lease commissions and acquired technology are included in depreciation and amortization in the accompanying consolidated statements of operations. Amortization expense associated with intangible assets totaled approximately $0.6 million and $0.3 million for the nine September 30, 2022 2021 d $ 0.2 million and $0.1 million for the three September 30, 2022 2021 A schedule of future amortization of acquired intangible assets for the nine September 30, 2022 In-place lease value Lease commissions Acquired technology 2022 (Remainder) $ 81 $ 6 $ 115 2023 320 24 437 2024 303 21 437 2025 189 10 437 2026 102 3 437 Thereafter 29 1 1,875 $ 1,024 $ 65 $ 3,738 |
Note E - Notes Payable
Note E - Notes Payable | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note E Notes Payable As of September 30, 2022 Loan Original Debt Amount Monthly Payment Balance as of 9/30/22 Lender Interest Rate Loan Maturity MVP Clarksburg Lot $ 476 I/O $ 379 Vestin Realty Mortgage II 7.50 % 8/25/2023 MVP Milwaukee Old World $ 771 I/O $ 1,871 Vestin Realty Mortgage II 7.50 % 8/25/2023 MVP Milwaukee Clybourn $ 191 I/O $ 191 Vestin Realty Mortgage II 7.50 % 8/25/2023 MVP Wildwood NJ Lot, LLC $ 1,000 I/O $ 1,000 Vestin Realty Mortgage II 7.50 % 8/25/2023 MVP Cincinnati Race Street, LLC $ 2,550 I/O $ 3,450 Vestin Realty Mortgage II 7.50 % 8/25/2023 Minneapolis Venture $ 2,000 I/O $ 4,000 Vestin Realty Mortgage II 7.50 % 8/25/2023 MVP Memphis Poplar (3) $ 1,800 I/O $ 1,800 LoanCore 5.38 % 3/6/2024 MVP St. Louis (3) $ 3,700 I/O $ 3,700 LoanCore 5.38 % 3/6/2024 Mabley Place Garage, LLC $ 9,000 $ 44 $ 7,668 Barclays 4.25 % 12/6/2024 322 Streeter Holdco LLC $ 25,900 $ 130 $ 25,518 American National Insurance Co. 3.50 % 3/1/2025 MVP Houston Saks Garage, LLC $ 3,650 $ 20 $ 2,981 Barclays Bank PLC 4.25 % 8/6/2025 Minneapolis City Parking, LLC $ 5,250 $ 29 $ 4,404 American National Insurance, of NY 4.50 % 5/1/2026 MVP Bridgeport Fairfield Garage, LLC $ 4,400 $ 23 $ 3,686 FBL Financial Group, Inc. 4.00 % 8/1/2026 West 9th Properties II, LLC $ 5,300 $ 30 $ 4,522 American National Insurance Co. 4.50 % 11/1/2026 MVP Fort Worth Taylor, LLC $ 13,150 $ 73 $ 11,250 American National Insurance, of NY 4.50 % 12/1/2026 MVP Detroit Center Garage, LLC $ 31,500 $ 194 $ 27,753 Bank of America 5.52 % 2/1/2027 MVP St. Louis Washington, LLC (1) $ 1,380 $ 8 $ 1,280 KeyBank * 4.90 % 5/1/2027 St. Paul Holiday Garage, LLC (1) $ 4,132 $ 24 $ 3,830 KeyBank * 4.90 % 5/1/2027 Cleveland Lincoln Garage, LLC (1) $ 3,999 $ 23 $ 3,706 KeyBank * 4.90 % 5/1/2027 MVP Denver Sherman, LLC (1) $ 286 $ 2 $ 265 KeyBank * 4.90 % 5/1/2027 MVP Milwaukee Arena Lot, LLC (1) $ 2,142 $ 12 $ 1,985 KeyBank * 4.90 % 5/1/2027 MVP Denver 1935 Sherman, LLC (1) $ 762 $ 4 $ 706 KeyBank * 4.90 % 5/1/2027 MVP Louisville Broadway Station, LLC (2) $ 1,682 I/O $ 1,682 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Whitefront Garage, LLC (2) $ 6,454 I/O $ 6,454 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Houston Preston Lot, LLC (2) $ 1,627 I/O $ 1,627 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Houston San Jacinto Lot, LLC (2) $ 1,820 I/O $ 1,820 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 St. Louis Broadway, LLC (2) $ 1,671 I/O $ 1,671 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 St. Louis Seventh & Cerre, LLC (2) $ 2,057 I/O $ 2,057 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Indianapolis Meridian Lot, LLC (2) $ 938 I/O $ 938 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 St Louis Cardinal Lot DST, LLC $ 6,000 I/O $ 6,000 Cantor Commercial Real Estate ** 5.25 % 5/31/2027 MVP Preferred Parking, LLC $ 11,330 $ 66 $ 11,294 Key Bank ** 5.02 % 8/1/2027 Less unamortized loan issuance costs $ (1,210 ) $ 148,278 ( 1 The Company issued a promissory note to KeyBank for $12.7 million secured by the pool of properties. ( 2 The Company issued a promissory note to Cantor Commercial Real Estate Lending, L.P. (“CCRE”) for $16.25 million secured by the pool of properties. ( 3 The loan is secured by a Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing on each of the properties owned by MVP St. Louis 2013 * 2 ** 10 I/O - Interest Only During April 2022, two three nine September 30, 2022. During 2021, July 5, 2022, July 11, 2022, five six five five August 25, 2022. August 2022, August 2023. Reserve funds are generally required for repairs and replacements, real estate taxes, and insurance premiums. Some notes contain various terms and conditions including debt service coverage ratios and debt yield limits. A s September 30, 2022 December 31, 2021 owers for six seven on, respectively, failed to meet certain loan covenants tely $3.4 and $1.0 million September 30, 2022 December 31, 2021 two As of September 30, 2022 2022 (remainder) $ 791 2023 14,068 2024 15,986 2025 29,081 2026 22,630 Thereafter 66,932 Total $ 149,488 |
Note F - Revolving Credit Facil
Note F - Revolving Credit Facility | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note E Notes Payable As of September 30, 2022 Loan Original Debt Amount Monthly Payment Balance as of 9/30/22 Lender Interest Rate Loan Maturity MVP Clarksburg Lot $ 476 I/O $ 379 Vestin Realty Mortgage II 7.50 % 8/25/2023 MVP Milwaukee Old World $ 771 I/O $ 1,871 Vestin Realty Mortgage II 7.50 % 8/25/2023 MVP Milwaukee Clybourn $ 191 I/O $ 191 Vestin Realty Mortgage II 7.50 % 8/25/2023 MVP Wildwood NJ Lot, LLC $ 1,000 I/O $ 1,000 Vestin Realty Mortgage II 7.50 % 8/25/2023 MVP Cincinnati Race Street, LLC $ 2,550 I/O $ 3,450 Vestin Realty Mortgage II 7.50 % 8/25/2023 Minneapolis Venture $ 2,000 I/O $ 4,000 Vestin Realty Mortgage II 7.50 % 8/25/2023 MVP Memphis Poplar (3) $ 1,800 I/O $ 1,800 LoanCore 5.38 % 3/6/2024 MVP St. Louis (3) $ 3,700 I/O $ 3,700 LoanCore 5.38 % 3/6/2024 Mabley Place Garage, LLC $ 9,000 $ 44 $ 7,668 Barclays 4.25 % 12/6/2024 322 Streeter Holdco LLC $ 25,900 $ 130 $ 25,518 American National Insurance Co. 3.50 % 3/1/2025 MVP Houston Saks Garage, LLC $ 3,650 $ 20 $ 2,981 Barclays Bank PLC 4.25 % 8/6/2025 Minneapolis City Parking, LLC $ 5,250 $ 29 $ 4,404 American National Insurance, of NY 4.50 % 5/1/2026 MVP Bridgeport Fairfield Garage, LLC $ 4,400 $ 23 $ 3,686 FBL Financial Group, Inc. 4.00 % 8/1/2026 West 9th Properties II, LLC $ 5,300 $ 30 $ 4,522 American National Insurance Co. 4.50 % 11/1/2026 MVP Fort Worth Taylor, LLC $ 13,150 $ 73 $ 11,250 American National Insurance, of NY 4.50 % 12/1/2026 MVP Detroit Center Garage, LLC $ 31,500 $ 194 $ 27,753 Bank of America 5.52 % 2/1/2027 MVP St. Louis Washington, LLC (1) $ 1,380 $ 8 $ 1,280 KeyBank * 4.90 % 5/1/2027 St. Paul Holiday Garage, LLC (1) $ 4,132 $ 24 $ 3,830 KeyBank * 4.90 % 5/1/2027 Cleveland Lincoln Garage, LLC (1) $ 3,999 $ 23 $ 3,706 KeyBank * 4.90 % 5/1/2027 MVP Denver Sherman, LLC (1) $ 286 $ 2 $ 265 KeyBank * 4.90 % 5/1/2027 MVP Milwaukee Arena Lot, LLC (1) $ 2,142 $ 12 $ 1,985 KeyBank * 4.90 % 5/1/2027 MVP Denver 1935 Sherman, LLC (1) $ 762 $ 4 $ 706 KeyBank * 4.90 % 5/1/2027 MVP Louisville Broadway Station, LLC (2) $ 1,682 I/O $ 1,682 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Whitefront Garage, LLC (2) $ 6,454 I/O $ 6,454 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Houston Preston Lot, LLC (2) $ 1,627 I/O $ 1,627 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Houston San Jacinto Lot, LLC (2) $ 1,820 I/O $ 1,820 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 St. Louis Broadway, LLC (2) $ 1,671 I/O $ 1,671 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 St. Louis Seventh & Cerre, LLC (2) $ 2,057 I/O $ 2,057 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Indianapolis Meridian Lot, LLC (2) $ 938 I/O $ 938 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 St Louis Cardinal Lot DST, LLC $ 6,000 I/O $ 6,000 Cantor Commercial Real Estate ** 5.25 % 5/31/2027 MVP Preferred Parking, LLC $ 11,330 $ 66 $ 11,294 Key Bank ** 5.02 % 8/1/2027 Less unamortized loan issuance costs $ (1,210 ) $ 148,278 ( 1 The Company issued a promissory note to KeyBank for $12.7 million secured by the pool of properties. ( 2 The Company issued a promissory note to Cantor Commercial Real Estate Lending, L.P. (“CCRE”) for $16.25 million secured by the pool of properties. ( 3 The loan is secured by a Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing on each of the properties owned by MVP St. Louis 2013 * 2 ** 10 I/O - Interest Only During April 2022, two three nine September 30, 2022. During 2021, July 5, 2022, July 11, 2022, five six five five August 25, 2022. August 2022, August 2023. Reserve funds are generally required for repairs and replacements, real estate taxes, and insurance premiums. Some notes contain various terms and conditions including debt service coverage ratios and debt yield limits. A s September 30, 2022 December 31, 2021 owers for six seven on, respectively, failed to meet certain loan covenants tely $3.4 and $1.0 million September 30, 2022 December 31, 2021 two As of September 30, 2022 2022 (remainder) $ 791 2023 14,068 2024 15,986 2025 29,081 2026 22,630 Thereafter 66,932 Total $ 149,488 |
Line of Credit [Member] | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note F - Revolving Credit Facility On March 29, 2022, April 1, 2023. may October 1, 2023 no 120 60 may no not not On April 15, 2022, December 9, 2022 six April 21, 2022, two May 1, 2022 October 1, 2022 two June 6, 2022, 222 September 30, 2022, three nine September 30, 2022, y $2.0 On November 17, 2022, April 1, 2024, March 31, 2023. |
Note G - Equity
Note G - Equity | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note G - Equity Series A Preferred Stock On November 1, 2016, 506 March 24, 2017 The holders of the Series A Preferred Stock are entitled to receive, when and as authorized by the Board of Directors and declared by the Company out of funds legally available for the payment of dividends, cash dividends at the rate of 5.75% per annum of the initial stated value of $1,000 per share. Since a Listing Event, as defined in the charter, did not March 31, 2018, 5.75% On March 24, 2020, oximately $1.2 million of which approximately $0.6 million had been pai September 30, 2022 December 31, 2021 tely $0.6 million a Series 1 On March 29, 2017, 1 1 April 7, 2017, 506 1 The holders of the Series 1 not April 7, 2018, 1 Each investor in the Series 1 no not fifth 1 January 31, 2023, five five 90 th third September 30, 2022 September 30, 2022 may 90th September 30, 2022 On March 24, 2020, 1 1 y $13.6 million of which approximately $6.4 milli 1 September 30, 2022 December 31, 2021 tely $7.2 mi 1 Warrants On August 25, 2021, one five The Company assesses its warrants as either equity or a liability based upon the characteristics and provisions of each instrument. Warrants classified as equity are recorded at fair value as of the date of issuance on the Company’s balance sheet and no As of September 30, 2022 Tender Offer On October 5, 2021, November 5, 2021, not Effective November 8, 2021, not $11.75 Securities Purchase Agreement On November 2, 2021, HS3, HS3 HS3 HS3 two Convertible Noncontrolling Interests As of September 30, 2022 oximately 17.0 million OP may September 30, 2022 September 30, 2022. Dividend Reinvestment Plan The Dividend Reinvestment Plan (“DRIP”) allows stockholders to invest distributions in additional shares of our Common Stock, subject to certain limits. Stockholders who elect to participate in the DRIP may March 22, 2018, no Share Repurchase Program On May 29, 2018, 100% 100% March 24, 2020, |
Note H - Stock-based Compensati
Note H - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note H — Stock-Based Compensation On May 27, 2022, five three September 30, 2022. On May 27, 2022, May 27, 2022 December 31, 2025 May 27, 2022 December 31, 2027, four fourth 2025 four December 31, 2027. not September 30, 2022. PUs are subject to restrictions on transfer and may $0.4 million three nine September 30, 2022, 5.3 m f 15 months September 30, 2022. On August 23, 2022, August 25, 2024, 180 not September 30, 2022, three nine September 30, 2022. The following table sets forth a roll forward of all incentive equity awards for the nine September 30, 2022: As of September 30, 2022 Number of Incentive Equity Awards Weighted Avg Grant FV Per Share Balance - January 1, 2022 — $ — Granted 1,782,027 12.87 Vested — — Forfeited — — Total unvested units 1,782,027 $ 12.87 |
Note I - Earnings Per Share
Note I - Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note I - Earnings Per Share Basic and diluted loss per weighted average common share (“EPS”) is calculated by dividing net income (loss) attributable to the Company’s common stockholders, including any participating securities, by the weighted average number of shares outstanding for the period. The Company includes the effect of participating securities in basic and diluted earnings per share computations using the two two three nine September 30, 2022 150,000 a May 27, 2022, three nine September 30, 2022. not nine September 30, 2021. The following table reconciles the numerator and denominator used in computing the Company’s basic and diluted per-share amounts for net loss attributable to common stockholders for the three nine September 30, 2022 2021 For the three months ended For the nine months ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Numerator: Net loss attributable to MIC $ (2,901 ) $ (3,777 ) $ (7,893 ) $ (11,750 ) Net loss attributable to participating securities — — — — Net loss attributable to MIC common stock $ (2,901 ) $ (3,777 ) $ (7,893 ) $ (11,750 ) Denominator: Basic and dilutive weighted average shares of Common Stock outstanding 7,762,375 7,739,951 7,762,375 7,737,257 Basic and diluted loss per weighted average common share: Basic and dilutive $ (0.37 ) $ (0.49 ) $ (1.02 ) $ (1.52 ) |
Note J - Variable Interest Enti
Note J - Variable Interest Entities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | Note J – Variable Interest Entities The Company, through a wholly owned subsidiary of its Operating Partnership, owns a 51.0% beneficial interest in MVP St. Louis Cardinal Lot, DST, a Delaware Statutory Trust (“MVP St. Louis”). MVP St. Louis is the owner of a 2.56-acre, 376-vehicle commercial parking lot, known as the Cardinal Lot. At the time of its initial investment, the Company concluded that MVP St. Louis was a VIE. Further, it was determined that the power to direct the activities that most significantly impact the economic performance of MVP St. Louis was held by MVP Parking DST, LLC (the “Manager”) and certain subsidiaries of the Manager. As a result, the investment in MVP St. Louis was accounted for using the equity method of accounting through August 25, 2021. In connection with the Closing, the former advisor of the Company, MVP Realty Advisors, LLC (“MVPRA”) transferred ownership of the Manager to Mr. Chavez. This change in structure was deemed a reconsideration event and the Company concluded that it was the primary beneficiary of the MVP St. Louis. As a result, the Company began consolidating its investment in MVP St. Louis and MVP St. Louis Cardinal Lot Master Tenant, LLC, which had total assets of approximately $12.0 million (substantially all real estate investments) and liabilities of approximately $6.2 million (substantially all mortgage debt) as of August 25, 2021. September 30, 2022. |
Note K - Income Taxes
Note K - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note K - Income Taxes The Company previously elected to be taxed as a REIT for federal income tax purposes and operated in a manner that allowed the Company to qualify as a REIT through December 31, 2019. 19 not not December 31, 2020. not 2020 A full valuation allowance for deferred tax assets was historically provided each year since the Company believed that as a REIT it was more likely than not not nine September 30, 2022 three September 30, 2022. 19 nine September 30, 2022 may not |
Note L - Fair Value
Note L - Fair Value | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note L Fair Value A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: Level 1 Level 2 not Level 3 In certain cases, the inputs used to measure fair value may The Company's financial instruments include cash and cash equivalents, restricted cash, accounts receivable and accounts payable. D Company’s debt (including notes payable and the Revolving Credit Facility) was approximately $ 208.7 million and $161.2 million as of September 30, 2022 and December 31, 2021 , respectively, which is considered a Level 2 Our real estate assets are measured and recognized at fair value, less costs to sell held-for-sale properties, on a nonrecurring basis dependent upon when we determine an impairment has occurred. When the Company impairs assets that have operational impairment indicators, management uses an independent third 2 |
Note M - Commitments and Contin
Note M - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note M Commitments and Contingencies Litigation The nature of the Company’s business exposes our properties, the Company, the Operating Partnership and its other subsidiaries to the risk of claims and litigation in the normal course of business. Other than as noted below, or routine litigation arising out of the ordinary course of business, the Company is not The Company has previously disclosed pending class action legal proceedings facing the Company and the Former Advisor and/or Mr. Shustek prior to the completion of the Transaction. As a result of the Transaction, the Settlement Agreement (as defined in the Purchase Agreement) was entered into subject to completion of Color Up’s Tender Offer (as defined in the Purchase Agreement) for up to 900,506 shares of the Company’s outstanding Common Stock at $11.75 per share. Color Up launched the Tender Offer on October 5, 2021 November 5, 2021. The Company has previously disclosed that the SEC was conducting an investigation relating to the Company. On March 11, 2021, not The SEC investigation also related to the conduct of the Company’s former chairman and chief executive officer, Michael V. Shustek. On July 29, 2021, 2 21 01416 not On August 25, 2021, Environmental Matters Investments in real property create the potential for environmental liability on the part of the owner or operator of such real property. If hazardous substances are discovered on or emanating from a property, the owner or operator of the property may The Company believes that it complies, in all material respects, with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Furthermore, as of September 30, 2022 not not may |
Note N - Related Party Transact
Note N - Related Party Transactions and Arrangements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note N — Related Party Transactions and Arrangements Two of the Company’s Cincinnati assets, 1W7 222W7, five four December 31, 2021, September 30, 2022 y $0.2 million from Park Place Parking September 30 The Company has an investment in MVP St. Louis Cardinal Lot, DST, a Delaware Statutory Trust (“MVP St. Louis”). Pursuant to the Closing, the Former Advisor and Mr. Shustek, were replaced as manager of MVP Parking, DST, LLC, the entity that manages MVP St. Louis, by the Company's CEO. In March 2022, three nine September 30, 2022 , the Company incurred costs of approximately $2.2 million and $4.7 m illion, respectively, pursuant to this agreement. Such amounts are included on organizational, offering and other costs on the consolidated statement of operations. In May 2022, not 120 no September 30, 2022, not The Company has agreed to pay for certain tax return preparation services of Color Up and certain member entities of Color Up. The Company has incurred $64,745 related to these services which is reflected in general and administrative expenses in the consolidated statements of income for the three nine September 30, 2022. In connection with the Transaction, the Company owes approximately $469,231 to certain member entities of Color Up relating to prorated revenues for the month of August 2021 three fourth 2021 fourth 2022. License Agreement On August 25, 2021, Tax Matters Agreement On August 25, 2021, 1 tenth 2 tenth 20% |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Accounting The accompanying consolidated financial statements of the Company are prepared in accordance with GAAP for interim financial information as contained in the Financial Accounting Standards Board (“FASB”) ASC, and in conjunction with rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the consolidated financial statements do not three nine September 30, 2022 not may December 31, 2022. no nine September 30, 2022 2021 10 March 30, 2022. |
Going Concern, Policy [Policy Text Block] | Going Concern The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred net losses since its inception and anticipates net losses for the near future. As of September 30, 2022, twelve 10 not September 30, 2022, December 31, 2022, first 2023 December 31, 2022 not In response to these conditions, management’s plans include the following: 1. Capitalizing on recent business development initiatives that we anticipate will improve total revenues through increased utilization of our parking assets and in many cases at higher average ticket rates. 2. Management is budgeting reduced overhead costs in 2023 3. The Company is pursuing further amendments and/or extensions with respect to the Revolving Credit Facility, including waivers of noncompliance with covenants. 4. The Company is pursuing certain potential capital raise or liquidity events, including the Merger as described above. However, there can be no not The consolidated financial statements do not |
Consolidation, Policy [Policy Text Block] | Consolidation The consolidated financial statements include the accounts of the Company, the Operating Partnership, each of their wholly owned subsidiaries, and all other entities in which the Company has a controlling financial interest. For entities that meet the definition of a variable interest entity (“VIE”), the Company consolidates those entities when the Company is the primary beneficiary of the entity. The Company is determined to be the primary beneficiary when it possesses both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company continually evaluates whether it qualifies as the primary beneficiary and reconsiders its determination of whether an entity is a VIE upon reconsideration events. All intercompany activity is eliminated in consolidation. Equity investments in which the Company exercises significant influence but does not not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding asset impairment and purchase price allocations to record investments in real estate, as applicable. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration The Company had fifteen parking tenant-operators during both the nine September 30, 2022 2021 . One tenant/operator, SP + Corporation (Nasdaq: SP) (“SP+”), represented 60.5% and 62.7 % of the Company’s revenue, excluding commercial revenue, for the nine September 30, 2022 2021 , respectively. Premier Parking Service, LLC represented 12.6% and 12.3% of the Company’s revenue, excluding commercial revenue, for the nine September 30, 2022 2021 , respectively. In addition, the Company had concentration s in Cincinnati (19.2% and 20.8 September 30, 2022 December 31, 2021, As of September 30, 2022 December 31, 2021, 59.3% and 51.9% o |
Business Combinations Policy [Policy Text Block] | Acquisitions All assets acquired and liabilities assumed in an acquisition of real estate accounted for as a business combination are measured at their acquisition date fair values. For acquisitions of real estate accounted for as an asset acquisition, the fair value of consideration transferred by the Company (including transaction costs) is allocated to all assets acquired and liabilities assumed on a relative fair value basis. In making estimates of fair values for purposes of allocating purchase price, the Company will utilize several sources, including independent appraisals that may The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired based on their relative fair values. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Amounts allocated to land, land improvements, buildings and fixtures are based on valuations performed by independent third The value of lease intangibles is amortized to depreciation and amortization expense over the remaining term of the respective lease. If a tenant terminates its lease with us, the unamortized portion of the in-place lease intangibles is recognized over the shortened lease term. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets When circumstances indicate the carrying value of a property may not |
Reclassification, Comparability Adjustment [Policy Text Block] | Immaterial Correction The Company determined that reimbursable property tax related to certain of its leases should have been recorded on a gross basis in the consolidated statement of operations for the three nine September 30, 2021 842, Leases three nine September 30, 2021, no |
Segment Reporting, Policy [Policy Text Block] | Reportable Segments Our principal business is the ownership and operation of parking facilities. We do not |
Share-Based Payment Arrangement [Policy Text Block] | Stock-based Compensation Stock-based compensation for equity awards is based on the grant date fair value of the equity awards and is recognized over the requisite service or performance period. Forfeitures are recognized as incurred. Certain equity awards are subject to vesting based upon the satisfaction of various service, market, or performance conditions. |
Note A - Organization and Bus_2
Note A - Organization and Business Operations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Land and Improvements Building and improvements In-Place Lease Value Total assets acquired 222 Sheridan Bricktown Garage LLC (a) $ 1,314 $ 16,020 $ 179 $ 17,513 Land and Improvements Building and improvements In-Place Lease Value Contract Value Total assets acquired 1W7 Carpark (a) $ 2,995 $ 28,819 $ 308 $ — $ 32,122 222W7 4,391 23,923 — — 28,314 322 Streeter 11,387 27,096 — — 38,483 2nd Street (a) 93 — — 3,160 3,253 Denver 1725 Champa Street Garage 7,414 8,860 — — 16,274 $ 26,280 $ 88,698 $ 308 $ 3,160 $ 118,446 |
Acquisition of Three Parking Garages [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Investment in real estate $ 98,919 Intangibles - technology 4,000 Cash 35,000 Long-term debt (44,533 ) Indemnification liability (2,000 ) Total assets acquired and liabilities assumed $ 91,386 OP Units (1) 88,067 Warrants 3,319 Total consideration $ 91,386 |
Note C - Acquisitions and Dis_2
Note C - Acquisitions and Dispositions of Investments in Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Property Location Date Acquired Property Type # Spaces Size / Acreage Retail Sq. Ft. Purchase Price 222 Sheridan Bricktown Garage LLC Oklahoma City, OK 6/7/2022 Garage 555 0.64 15,628 $ 17,513 Property Location Date Acquired Property Type # Spaces Size / Acreage Retail Sq. Ft. Purchase Price 1W7 Carpark, LLC Cincinnati, OH 8/25/2021 Garage 765 1.21 18,385 $ 32,122 222W7, LLC Cincinnati, OH 8/25/2021 Garage 1,625 1.84 — $ 28,314 322 Streeter, LLC Chicago, IL 8/25/2021 Garage 1,154 2.81 — $ 38,483 2nd Street, LLC Miami, FL 9/9/2021 Contract 118 N/A — $ 3,253 Denver 1725 Champa Street Garage Denver, CO 11/3/2021 Garage 450 0.72 — $ 16,274 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Land and Improvements Building and improvements In-Place Lease Value Total assets acquired 222 Sheridan Bricktown Garage LLC (a) $ 1,314 $ 16,020 $ 179 $ 17,513 Land and Improvements Building and improvements In-Place Lease Value Contract Value Total assets acquired 1W7 Carpark (a) $ 2,995 $ 28,819 $ 308 $ — $ 32,122 222W7 4,391 23,923 — — 28,314 322 Streeter 11,387 27,096 — — 38,483 2nd Street (a) 93 — — 3,160 3,253 Denver 1725 Champa Street Garage 7,414 8,860 — — 16,274 $ 26,280 $ 88,698 $ 308 $ 3,160 $ 118,446 |
Note D - Intangible Assets (Tab
Note D - Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Finite and Indefinite Intangible Assets [Table Text Block] | As of September 30, 2022 As of December 31, 2021 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization In-place lease value $ 2,564 $ 1,540 $ 2,398 $ 1,311 Lease commissions 165 100 152 82 Indefinite lived contract 3,160 — 3,160 — Acquired technology 4,189 451 4,046 133 Total intangible assets $ 10,078 $ 2,091 $ 9,756 $ 1,526 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | In-place lease value Lease commissions Acquired technology 2022 (Remainder) $ 81 $ 6 $ 115 2023 320 24 437 2024 303 21 437 2025 189 10 437 2026 102 3 437 Thereafter 29 1 1,875 $ 1,024 $ 65 $ 3,738 |
Note E - Notes Payable (Tables)
Note E - Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Loan Original Debt Amount Monthly Payment Balance as of 9/30/22 Lender Interest Rate Loan Maturity MVP Clarksburg Lot $ 476 I/O $ 379 Vestin Realty Mortgage II 7.50 % 8/25/2023 MVP Milwaukee Old World $ 771 I/O $ 1,871 Vestin Realty Mortgage II 7.50 % 8/25/2023 MVP Milwaukee Clybourn $ 191 I/O $ 191 Vestin Realty Mortgage II 7.50 % 8/25/2023 MVP Wildwood NJ Lot, LLC $ 1,000 I/O $ 1,000 Vestin Realty Mortgage II 7.50 % 8/25/2023 MVP Cincinnati Race Street, LLC $ 2,550 I/O $ 3,450 Vestin Realty Mortgage II 7.50 % 8/25/2023 Minneapolis Venture $ 2,000 I/O $ 4,000 Vestin Realty Mortgage II 7.50 % 8/25/2023 MVP Memphis Poplar (3) $ 1,800 I/O $ 1,800 LoanCore 5.38 % 3/6/2024 MVP St. Louis (3) $ 3,700 I/O $ 3,700 LoanCore 5.38 % 3/6/2024 Mabley Place Garage, LLC $ 9,000 $ 44 $ 7,668 Barclays 4.25 % 12/6/2024 322 Streeter Holdco LLC $ 25,900 $ 130 $ 25,518 American National Insurance Co. 3.50 % 3/1/2025 MVP Houston Saks Garage, LLC $ 3,650 $ 20 $ 2,981 Barclays Bank PLC 4.25 % 8/6/2025 Minneapolis City Parking, LLC $ 5,250 $ 29 $ 4,404 American National Insurance, of NY 4.50 % 5/1/2026 MVP Bridgeport Fairfield Garage, LLC $ 4,400 $ 23 $ 3,686 FBL Financial Group, Inc. 4.00 % 8/1/2026 West 9th Properties II, LLC $ 5,300 $ 30 $ 4,522 American National Insurance Co. 4.50 % 11/1/2026 MVP Fort Worth Taylor, LLC $ 13,150 $ 73 $ 11,250 American National Insurance, of NY 4.50 % 12/1/2026 MVP Detroit Center Garage, LLC $ 31,500 $ 194 $ 27,753 Bank of America 5.52 % 2/1/2027 MVP St. Louis Washington, LLC (1) $ 1,380 $ 8 $ 1,280 KeyBank * 4.90 % 5/1/2027 St. Paul Holiday Garage, LLC (1) $ 4,132 $ 24 $ 3,830 KeyBank * 4.90 % 5/1/2027 Cleveland Lincoln Garage, LLC (1) $ 3,999 $ 23 $ 3,706 KeyBank * 4.90 % 5/1/2027 MVP Denver Sherman, LLC (1) $ 286 $ 2 $ 265 KeyBank * 4.90 % 5/1/2027 MVP Milwaukee Arena Lot, LLC (1) $ 2,142 $ 12 $ 1,985 KeyBank * 4.90 % 5/1/2027 MVP Denver 1935 Sherman, LLC (1) $ 762 $ 4 $ 706 KeyBank * 4.90 % 5/1/2027 MVP Louisville Broadway Station, LLC (2) $ 1,682 I/O $ 1,682 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Whitefront Garage, LLC (2) $ 6,454 I/O $ 6,454 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Houston Preston Lot, LLC (2) $ 1,627 I/O $ 1,627 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Houston San Jacinto Lot, LLC (2) $ 1,820 I/O $ 1,820 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 St. Louis Broadway, LLC (2) $ 1,671 I/O $ 1,671 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 St. Louis Seventh & Cerre, LLC (2) $ 2,057 I/O $ 2,057 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 MVP Indianapolis Meridian Lot, LLC (2) $ 938 I/O $ 938 Cantor Commercial Real Estate ** 5.03 % 5/6/2027 St Louis Cardinal Lot DST, LLC $ 6,000 I/O $ 6,000 Cantor Commercial Real Estate ** 5.25 % 5/31/2027 MVP Preferred Parking, LLC $ 11,330 $ 66 $ 11,294 Key Bank ** 5.02 % 8/1/2027 Less unamortized loan issuance costs $ (1,210 ) $ 148,278 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2022 (remainder) $ 791 2023 14,068 2024 15,986 2025 29,081 2026 22,630 Thereafter 66,932 Total $ 149,488 |
Note H - Stock-based Compensa_2
Note H - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Activity [Table Text Block] | As of September 30, 2022 Number of Incentive Equity Awards Weighted Avg Grant FV Per Share Balance - January 1, 2022 — $ — Granted 1,782,027 12.87 Vested — — Forfeited — — Total unvested units 1,782,027 $ 12.87 |
Note I - Earnings Per Share (Ta
Note I - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended For the nine months ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Numerator: Net loss attributable to MIC $ (2,901 ) $ (3,777 ) $ (7,893 ) $ (11,750 ) Net loss attributable to participating securities — — — — Net loss attributable to MIC common stock $ (2,901 ) $ (3,777 ) $ (7,893 ) $ (11,750 ) Denominator: Basic and dilutive weighted average shares of Common Stock outstanding 7,762,375 7,739,951 7,762,375 7,737,257 Basic and diluted loss per weighted average common share: Basic and dilutive $ (0.37 ) $ (0.49 ) $ (1.02 ) $ (1.52 ) |
Note A - Organization and Bus_3
Note A - Organization and Business Operations (Details Textual) $ / shares in Units, $ in Thousands, ft² in Millions, a in Millions | 3 Months Ended | 9 Months Ended | |||||
Aug. 25, 2021 USD ($) ft² $ / shares shares | Sep. 30, 2022 USD ($) ft² a $ / shares | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) ft² a $ / shares | Sep. 30, 2021 USD ($) | May 27, 2022 $ / shares | Dec. 31, 2021 USD ($) $ / shares | |
Number of Parking Facilities | 44 | 44 | |||||
Number of Parking Spaces | 15,750 | 15,750 | |||||
Area of Real Estate Property (Square Foot) | ft² | 5.4 | 5.4 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Warrants and Rights Outstanding | $ 3,319 | $ 3,319 | $ 3,319 | ||||
Business Acquisition,Transaction Expenses | $ 0 | $ (12,224) | 0 | $ (12,224) | |||
Settlement of Deferred Management Internalization | $ 0 | $ 10,040 | |||||
Color Up to Purchase Common Stock Warrants [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 1,702,128 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 11.75 | ||||||
Class of Warrant or Right, Maximum Aggregate Cash Purchase Price Allowed | $ 20,000 | ||||||
Warrants and Rights Outstanding | 3,300 | ||||||
Acquisition of Three Parking Garages [Member] | |||||||
Asset Acquisition, Consideration Transferred, Total | 91,386 | ||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 35,000 | ||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 98,919 | ||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 4,000 | ||||||
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt | 44,533 | ||||||
Business Acquisition,Transaction Expenses | 12,200 | ||||||
Settlement of Deferred Management Internalization | 10,000 | ||||||
Asset Acquisition, Consideration Transferred, Transaction Cost | $ 4,000 | ||||||
OP Units [Member] | Acquisition of Three Parking Garages [Member] | |||||||
Asset Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 7,495,090 | ||||||
Asset Acquisition, Share Price (in dollars per share) | $ / shares | $ 11.75 | ||||||
Asset Acquisition, Consideration Transferred, Total | $ 84,100 | ||||||
MIT Common Shares [Member] | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||
Multi-level Parking Garage in Cincinnati Ohio 1 [Member] | |||||||
Number of Parking Spaces | 765 | ||||||
Multi-level Parking Garage in Cincinnati Ohio 2 [Member] | |||||||
Number of Parking Spaces | 1,625 | ||||||
Multi-level Parking Garage in Chicago Illinois [Member] | |||||||
Number of Parking Spaces | 1,154 | ||||||
Area of Real Estate Property (Square Foot) | ft² | 1.2 | ||||||
Mobile Infra Operating Partnership, L.P [Member] | OP Units [Member] | |||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 45.80% | ||||||
OP Units [Member] | Color Up, LLC Loan [Member] | |||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 44.20% | ||||||
OP Units [Member] | HSCP Strategic III, LP [Member] | |||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 10% | ||||||
Bombe Asset Management LLC [Member] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | ||||||
Retail Site [Member] | |||||||
Area of Real Estate Property (Square Foot) | a | 0.2 | 0.2 |
Note A - Organization and Bus_4
Note A - Organization and Business Operations - Assets Acquired and Liabilities Assumed (Details) - Acquisition of Three Parking Garages [Member] $ in Thousands | Aug. 25, 2021 USD ($) | |
Investment in real estate | $ 98,919 | |
Intangibles - technology | 4,000 | |
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 35,000 | |
Long-term debt | (44,533) | |
Indemnification liability | (2,000) | |
Total assets acquired and liabilities assumed | 91,386 | |
Total consideration | 91,386 | |
OP Units [Member] | ||
Equity interest | 88,067 | [1] |
Warrants [Member] | ||
Equity interest | $ 3,319 | |
[1]Represents the value of the 7,495,090 OP Units issued at $11.75 per unit, excluding associated transaction costs of approximately $4.0 million. |
Note B - Summary of Significa_2
Note B - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Long-Term Line of Credit, Total | $ 72,648 | $ 0 | ||
Number of Parking Tenants or Operators | 15 | 15 | ||
Immaterial Error Correction to the Consolidated Statements of Operations For Property Taxes [Member] | ||||
Increase (Decrease) in Property and Other Taxes Payable | $ 300 | $ 800 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Parking Facilities, Operator, SP+Corporation [Member] | ||||
Concentration Risk, Percentage | 60.50% | 62.70% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Parking Facilities, Operator, Premier Parking Service, LLC [Member] | ||||
Concentration Risk, Percentage | 12.60% | 12.30% | ||
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Cincinnati [Member] | ||||
Concentration Risk, Percentage | 19.20% | 20.80% | ||
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Detroit [Member] | ||||
Concentration Risk, Percentage | 12.50% | 13.80% | ||
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Chicago [Member] | ||||
Concentration Risk, Percentage | 8.70% | 9.50% | ||
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Houston [Member] | ||||
Concentration Risk, Percentage | 7.80% | 8.50% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Parking Facilities, Operator, SP+Corporation [Member] | ||||
Concentration Risk, Percentage | 59.30% | 51.90% | ||
Revolving Credit Facility [Member] | ||||
Long-Term Line of Credit, Total | $ 73,700 |
Note C - Acquisitions and Dis_3
Note C - Acquisitions and Dispositions of Investments in Real Estate (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Proceeds from Sale of Other Real Estate Held-for-investment | $ 650 | $ 0 | |||
Gains (Losses) on Sales of Other Real Estate | $ (52) | $ 0 | (52) | $ 0 | |
Parking Lot in Canton, Ohio [Member] | |||||
Proceeds from Sale of Other Real Estate Held-for-investment | 700 | ||||
Gains (Losses) on Sales of Other Real Estate | (100) | ||||
Proceeds from Sale of Other Real Estate Held-for-investment, Net | $ 100 | ||||
Leases, Acquired-in-Place [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||
Leases, Acquired-in-Place [Member] | One W7 Carpark [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years |
Note C - Acquisitions and Dis_4
Note C - Acquisitions and Dispositions of Investments in Real Estate - Parking Asset Acquisitions (Details) $ in Thousands | 6 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 30, 2022 USD ($) | Sep. 30, 2022 ft² a | Dec. 31, 2021 USD ($) ft² a | |
Two22 Sheridan Bricktown Garage [Member] | |||
Number of space | 555 | ||
Property size (Acre) | a | 0.64 | ||
Retail size (Square Foot) | ft² | 15,628 | ||
Purchase price | $ 17,513 | ||
One W7 Carpark LLC [Member] | |||
Number of space | 765 | ||
Property size (Acre) | a | 1.21 | ||
Retail size (Square Foot) | ft² | 18,385 | ||
Purchase price | $ 32,122 | ||
Two2 W7 [Member] | |||
Number of space | 1,625 | ||
Property size (Acre) | a | 1.84 | ||
Purchase price | $ 28,314 | ||
Three22 Streeter [Member] | |||
Number of space | 1,154 | ||
Property size (Acre) | a | 2.81 | ||
Purchase price | $ 38,483 | ||
Second Street [Member] | |||
Number of space | 118 | ||
Purchase price | $ 3,253 | ||
Denver 1725 Champa Street Garage, LLC [Member] | |||
Number of space | 450 | ||
Property size (Acre) | a | 0.72 | ||
Purchase price | $ 16,274 |
Note C - Acquisitions and Dis_5
Note C - Acquisitions and Dispositions of Investments in Real Estate - Allocated Acquisition Value of All Properties Acquired (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Total asset acquired | $ 118,446 | ||
Contract value | 3,160 | ||
Leases, Acquired-in-Place [Member] | |||
Intangibles - technology | 308 | ||
Land and Land Improvements [Member] | |||
Investment in real estate | 26,280 | ||
Building and Building Improvements [Member] | |||
Investment in real estate | 88,698 | ||
Two22 Sheridan Bricktown Garage [Member] | |||
Total asset acquired | [1] | $ 17,513 | |
Two22 Sheridan Bricktown Garage [Member] | Leases, Acquired-in-Place [Member] | |||
Intangibles - technology | [1] | 179 | |
Two22 Sheridan Bricktown Garage [Member] | Land and Land Improvements [Member] | |||
Investment in real estate | [1] | 1,314 | |
Two22 Sheridan Bricktown Garage [Member] | Building and Building Improvements [Member] | |||
Investment in real estate | [1] | $ 16,020 | |
One W7 Carpark [Member] | |||
Total asset acquired | [2] | 32,122 | |
One W7 Carpark [Member] | Leases, Acquired-in-Place [Member] | |||
Intangibles - technology | [2] | 308 | |
One W7 Carpark [Member] | Land and Land Improvements [Member] | |||
Investment in real estate | [2] | 2,995 | |
One W7 Carpark [Member] | Building and Building Improvements [Member] | |||
Investment in real estate | [2] | 28,819 | |
Two2 W7 [Member] | |||
Total asset acquired | 28,314 | ||
Two2 W7 [Member] | Land and Land Improvements [Member] | |||
Investment in real estate | 4,391 | ||
Two2 W7 [Member] | Building and Building Improvements [Member] | |||
Investment in real estate | 23,923 | ||
Three22 Streeter [Member] | |||
Total asset acquired | 38,483 | ||
Three22 Streeter [Member] | Land and Land Improvements [Member] | |||
Investment in real estate | 11,387 | ||
Three22 Streeter [Member] | Building and Building Improvements [Member] | |||
Investment in real estate | 27,096 | ||
Second Street [Member] | |||
Total asset acquired | [2] | 3,253 | |
Contract value | [2] | 3,160 | |
Second Street [Member] | Land and Land Improvements [Member] | |||
Investment in real estate | [2] | 93 | |
Denver 1725 Champa Street Garage, LLC [Member] | |||
Total asset acquired | 16,274 | ||
Denver 1725 Champa Street Garage, LLC [Member] | Land and Land Improvements [Member] | |||
Investment in real estate | 7,414 | ||
Denver 1725 Champa Street Garage, LLC [Member] | Building and Building Improvements [Member] | |||
Investment in real estate | $ 8,860 | ||
[1]The in-place lease asset has a life of 5 years and is included in intangible assets on the consolidated balance sheet.[2]The value of in-place lease assets and the 2nd Street contract are included in intangible assets on the consolidated balance sheet. The life of the in-place lease at 1W7 is 5 years. The life of the contract at 2nd Street is indefinite. |
Note D - Intangible Assets (Det
Note D - Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Amortization of Intangible Assets | $ 0.2 | $ 0.1 | $ 0.6 | $ 0.3 |
Note D - Intangible Assets - Sc
Note D - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Finite-lived intangible assets, accumulated amortization | $ 2,091 | $ 1,526 |
Total intangible assets | 10,078 | 9,756 |
Contract [Member] | ||
Indefinite lived contract | 3,160 | 3,160 |
Leases, Acquired-in-Place [Member] | ||
Finite-lived intangible assets | 2,564 | 2,398 |
Finite-lived intangible assets, accumulated amortization | 1,540 | 1,311 |
Lease Commissions [Member] | ||
Finite-lived intangible assets | 165 | 152 |
Finite-lived intangible assets, accumulated amortization | 100 | 82 |
Technology-Based Intangible Assets [Member] | ||
Finite-lived intangible assets | 4,189 | 4,046 |
Finite-lived intangible assets, accumulated amortization | $ 451 | $ 133 |
Note D - Intangible Assets - _2
Note D - Intangible Assets - Schedule Of Future Amortization And Accretion Of Acquired Intangible Assets (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Leases, Acquired-in-Place [Member] | |
2022 (Remainder) | $ 81 |
2023 | 320 |
2024 | 303 |
2025 | 189 |
2026 | 102 |
Thereafter | 29 |
Finite-Lived Intangible Assets, Net, Ending Balance | 1,024 |
Lease Commissions [Member] | |
2022 (Remainder) | 6 |
2023 | 24 |
2024 | 21 |
2025 | 10 |
2026 | 3 |
Thereafter | 1 |
Finite-Lived Intangible Assets, Net, Ending Balance | 65 |
Technology-Based Intangible Assets [Member] | |
2022 (Remainder) | 115 |
2023 | 437 |
2024 | 437 |
2025 | 437 |
2026 | 437 |
Thereafter | 1,875 |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 3,738 |
Note E - Notes Payable (Details
Note E - Notes Payable (Details Textual) - USD ($) | 1 Months Ended | ||||||||
Aug. 31, 2022 | Apr. 30, 2022 | Sep. 30, 2022 | Jul. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | May 06, 2017 | May 01, 2017 | |
Notes Payable, Total | $ 148,278,000 | $ 207,153,000 | |||||||
Restricted Cash and Cash Equivalents, Total | 6,721,000 | 4,891,000 | $ 5,134,000 | $ 3,660,000 | |||||
VRMI and VRMII [Member] | |||||||||
Notes Payable, Total | 11,500,000 | ||||||||
VRMI and VRMII [Member] | Notes Payable [Member] | |||||||||
Long-Term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 7.50% | 7% | |||||||
Long term Debt, Maturity Date Extension Fee | $ 600,000 | ||||||||
Promissory Note to KeyBank [Member] | |||||||||
Debt Instrument, Face Amount | $ 12,700,000 | ||||||||
Promissory Note to Cantor Commercial Real Estate Lending, LP [Member] | |||||||||
Debt Instrument, Face Amount | $ 16,250,000 | ||||||||
SBA PPP Loan [Member] | |||||||||
Debt Instrument, Decrease, Forgiveness | $ 328,000 | ||||||||
Loan Covenant Not Being Met [Member] | |||||||||
Loans and Leases Receivable, Net Amount | $ 58,500,000 | 96,000,000 | |||||||
Restricted Cash and Cash Equivalents, Total | $ 1,000,000 |
Note E - Notes Payable and Payc
Note E - Notes Payable and Paycheck Protection Program Loan - Principal Balances on Notes Payable (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) | ||
Debt balance, net | $ 149,488 | |
Notes Payable [Member] | ||
Less unamortized loan issuance costs | (1,210) | |
Notes Payable and Paycheck Protection Program Loan [Member] | ||
Debt balance, net | 148,278 | |
MVP Clarksburg Lot [Member] | Notes Payable [Member] | ||
Original debt amount | 476 | |
Debt balance | $ 379 | |
Interest rate | 7.50% | |
MVP Milwaukee Old World [Member] | Notes Payable [Member] | ||
Original debt amount | $ 771 | |
Debt balance | $ 1,871 | |
Interest rate | 7.50% | |
MVP Milwaukee Clybourn [Member] | Notes Payable [Member] | ||
Original debt amount | $ 191 | |
Debt balance | $ 191 | |
Interest rate | 7.50% | |
MVP Wildwood NJ Lot LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 1,000 | |
Debt balance | $ 1,000 | |
Interest rate | 7.50% | |
MVP Cincinnati Race Street LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 2,550 | |
Debt balance | $ 3,450 | |
Interest rate | 7.50% | |
Minneapolis Venture [Member] | Notes Payable [Member] | ||
Original debt amount | $ 2,000 | |
Debt balance | $ 4,000 | |
Interest rate | 7.50% | |
MVP Memphis Poplar [Member] | Notes Payable [Member] | ||
Original debt amount | $ 1,800 | [1] |
Debt balance | $ 1,800 | [1] |
Interest rate | 5.38% | [1] |
MVP St Louis [Member] | Notes Payable [Member] | ||
Original debt amount | $ 3,700 | [1] |
Debt balance | $ 3,700 | [1] |
Interest rate | 5.38% | [1] |
Mabley Place Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 9,000 | |
Debt balance | $ 7,668 | |
Interest rate | 4.25% | |
Monthly payment | $ 44 | |
The 322 Streeter Holdco LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 25,900 | |
Debt balance | $ 25,518 | |
Interest rate | 3.50% | [2] |
MVP Houston Saks Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 3,650 | |
Debt balance | $ 2,981 | |
Interest rate | 4.25% | |
Monthly payment | $ 20 | |
Minneapolis City Parking LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 5,250 | |
Debt balance | $ 4,404 | |
Interest rate | 4.50% | |
Monthly payment | $ 29 | |
MVP Bridgeport Fairfield Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 4,400 | |
Debt balance | $ 3,686 | |
Interest rate | 4% | |
Monthly payment | $ 23 | |
West 9th Properties II LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 5,300 | |
Debt balance | $ 4,522 | |
Interest rate | 4.50% | |
Monthly payment | $ 30 | |
MVP Fort Worth Taylor LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 13,150 | |
Debt balance | $ 11,250 | |
Interest rate | 4.50% | |
Monthly payment | $ 73 | |
MVP Detroit Center Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 31,500 | |
Debt balance | $ 27,753 | |
Interest rate | 5.52% | |
Monthly payment | $ 194 | |
MVP St Louis Washington LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 1,380 | [3] |
Debt balance | $ 1,280 | [3] |
Interest rate | 4.90% | [2],[3] |
Monthly payment | $ 8 | [3] |
St Paul Holiday Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 4,132 | [3] |
Debt balance | $ 3,830 | [3] |
Interest rate | 4.90% | [2],[3] |
Monthly payment | $ 24 | [3] |
Cleveland Lincoln Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 3,999 | [3] |
Debt balance | $ 3,706 | [3] |
Interest rate | 4.90% | [2],[3] |
Monthly payment | $ 23 | [3] |
MVP Denver Sherman LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 286 | [3] |
Debt balance | $ 265 | [3] |
Interest rate | 4.90% | [2],[3] |
Monthly payment | $ 2 | [3] |
MVP Milwaukee Arena Lot LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 2,142 | [3] |
Debt balance | $ 1,985 | [3] |
Interest rate | 4.90% | [2],[3] |
Monthly payment | $ 12 | [3] |
MVP Denver 1935 Sherman LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 762 | [3] |
Debt balance | $ 706 | [3] |
Interest rate | 4.90% | [2],[3] |
Monthly payment | $ 4 | [3] |
MVP Louisville Broadway Station LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 1,682 | [4] |
Debt balance | $ 1,682 | [4] |
Interest rate | 5.03% | [4],[5] |
MVP Whitefront Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 6,454 | [4] |
Debt balance | $ 6,454 | [4] |
Interest rate | 5.03% | [4],[5] |
MVP Houston Preston Lot LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 1,627 | [4] |
Debt balance | $ 1,627 | [4] |
Interest rate | 5.03% | [4],[5] |
MVP Houston San Jacinto Lot LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 1,820 | [4] |
Debt balance | $ 1,820 | [4] |
Interest rate | 5.03% | [4],[5] |
St Louis Broadway LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 1,671 | [4] |
Debt balance | $ 1,671 | [4] |
Interest rate | 5.03% | [4],[5] |
St Louis Seventh Cerre LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 2,057 | [4] |
Debt balance | $ 2,057 | [4] |
Interest rate | 5.03% | [4],[5] |
MVP Indianapolis Meridian Lot LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 938 | [4] |
Debt balance | $ 938 | [4] |
Interest rate | 5.03% | [4],[5] |
St Louis Cardinal Lot DST LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 6,000 | [6] |
Debt balance | $ 6,000 | [6] |
Interest rate | 5.25% | [5],[6] |
MVP Preferred Parking LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 11,330 | |
Debt balance | $ 11,294 | |
Interest rate | 5.02% | [5] |
[1]On February 8, 2019, subsidiaries of the Company, consisting of MVP PF St. Louis 2013, LLC (“MVP St. Louis 2013”), and MVP PF Memphis Poplar 2013, LLC (“MVP Memphis Poplar”), LLC entered into a loan agreement, dated as of February 8, 2019, with LoanCore Capital Credit REIT LLC (“LoanCore”). Under the terms of the Loan Agreement, LoanCore agreed to loan MVP St. Louis 2013 and MVP Memphis Poplar $5.5 million to repay and discharge the outstanding KeyBank loan agreement. The loan is secured by a Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing on each of the properties owned by MVP St. Louis 2013 and MVP Memphis Poplar.[2]2 Year Interest Only[3]The Company issued a promissory note to KeyBank for $12.7 million secured by the pool of properties.[4]The Company issued a promissory note to Cantor Commercial Real Estate Lending, L.P. (“CCRE”) for $16.25 million secured by the pool of properties.[5]10 Year Interest Only[6]Pursuant to the Closing of the Transaction, the Company recorded the $6.0 million loan with Cantor Commercial Real Estate upon the consolidation of its investment in MVP St. Louis Cardinal Lot, DST. See Note I for further information. |
Note E - Notes Payable and Pa_2
Note E - Notes Payable and Paycheck Protection Program Loan - Future Principal Payments (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
2022 (remainder) | $ 791 |
2023 | 14,068 |
2024 | 15,986 |
2025 | 29,081 |
2026 | 22,630 |
Thereafter | 66,932 |
Total | $ 149,488 |
Note F - Revolving Credit Fac_2
Note F - Revolving Credit Facility (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Jun. 06, 2022 | Apr. 21, 2022 | Apr. 15, 2022 | Mar. 29, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | Nov. 01, 2022 | Dec. 31, 2021 | |
Long-Term Line of Credit, Total | $ 72,648,000 | $ 72,648,000 | $ 0 | |||||
Two22 Sheridan Bricktown Garage [Member] | ||||||||
Payments to Acquire Productive Assets, Total | $ 17,600,000 | |||||||
Credit Agreement [Member] | KeyBanc Capital Markets [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000,000 | 75,000,000 | 75,000,000 | |||||
Line of Credit Facility, Additional Maximum Borrowing Capacity | $ 75,000,000 | |||||||
Debt Instrument, Covenant, Maximum Leverage Ratio | 65% | |||||||
Long-Term Line of Credit, Total | 73,700,000 | 73,700,000 | ||||||
Payments of Financing Costs, Total | $ 2,000,000 | $ 2,000,000 | ||||||
Credit Agreement [Member] | KeyBanc Capital Markets [Member] | Subsequent Event [Member] | ||||||||
Line of Credit Facility, Maturity Date Extension Fee | $ 375,000 | |||||||
Credit Agreement [Member] | KeyBanc Capital Markets [Member] | Base Rate [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||
Credit Agreement [Member] | KeyBanc Capital Markets [Member] | Base Rate [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3% | |||||||
Credit Agreement [Member] | KeyBanc Capital Markets [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||
Credit Agreement [Member] | KeyBanc Capital Markets [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||||||
Loan With LoanCore Capital [Member] | ||||||||
Repayments of Debt | $ 37,900,000 | |||||||
Loans With Associated Bank [Member] | ||||||||
Repayments of Debt | $ 18,200,000 |
Note G - Equity (Details Textua
Note G - Equity (Details Textual) - USD ($) | 9 Months Ended | 30 Months Ended | ||||||||||||
Nov. 05, 2021 | Nov. 02, 2021 | Mar. 29, 2019 | Mar. 31, 2018 | Mar. 24, 2017 | Sep. 30, 2022 | Sep. 30, 2022 | Mar. 24, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Aug. 25, 2021 | Mar. 24, 2020 | Apr. 07, 2019 | Nov. 01, 2016 | |
Dividends Payable | $ 2,250,000 | $ 2,250,000 | $ 2,251,000 | |||||||||||
Class of Warrant or Right, Outstanding (in shares) | 1,702,128 | 1,702,128 | 1,702,128 | |||||||||||
Common Stock, Shares, Issued (in shares) | 7,762,375 | 7,762,375 | 7,762,375 | |||||||||||
Purchase Agreement With Company, Operating Partnership, and HSCP Strategic III, L.P. [Member] | ||||||||||||||
Limited Partnership Purchase Agreement, Consideration Transferred | $ 20,000,000 | |||||||||||||
Tender Offer [Member] | ||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 11.75 | |||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 878,082 | |||||||||||||
Proceeds from Issuance of Common Stock | $ 10,300,000 | |||||||||||||
Subscription Agreement [Member] | ||||||||||||||
Common Stock, Shares, Issued (in shares) | 22,424 | |||||||||||||
Series 1 Warrants Issued Per $1,000 of Shares Subscribed [Member] | ||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 35 | |||||||||||||
Warrants or Rights, Exercise Price, Percent of Stock Price | 110% | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 25 | $ 25 | $ 25 | |||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,382,675 | 1,382,675 | ||||||||||||
Proceeds from Warrant Exercises | $ 34,600,000 | |||||||||||||
Color Up to Purchase Common Stock Warrants [Member] | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.75 | |||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,702,128 | |||||||||||||
Class of Warrant or Right, Maximum Aggregate Cash Purchase Price Allowed | $ 20,000,000 | |||||||||||||
Maximum [Member] | Tender Offer [Member] | ||||||||||||||
Common Stock, Shares, Issued (in shares) | 900,506 | |||||||||||||
Series A Convertible Redeemable Preferred Stock [Member] | ||||||||||||||
Stock Offering, Shares, Value | $ 50,000,000 | |||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | |||||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 2,500,000 | |||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.50% | 5.75% | ||||||||||||
Preferred Stock, Stated Value (in dollars per share) | $ 1,000 | |||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||
Preferred Stock, Distributions Declared, Value | $ 1,200,000 | |||||||||||||
Dividends, Preferred Stock, Total | $ 600,000 | |||||||||||||
Dividends Payable | $ 600,000 | $ 600,000 | $ 400,000 | |||||||||||
Preferred Stock, Shares Authorized (in shares) | 50,000 | 50,000 | 50,000 | |||||||||||
Series 1 Convertible Redeemable Preferred Stock [Member] | ||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | |||||||||||||
Preferred Stock, Distributions Declared, Value | $ 13,600,000 | |||||||||||||
Dividends, Preferred Stock, Total | $ 6,400,000 | |||||||||||||
Dividends Payable | $ 7,200,000 | $ 7,200,000 | $ 5,100,000 | |||||||||||
Preferred Stock, Shares Authorized (in shares) | 97,000 | |||||||||||||
Preferred Stock, Conversion, Initial Amount | $ 1,000 | |||||||||||||
Series 1 Convertible Redeemable Preferred Stock [Member] | Minimum [Member] | ||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 5.50% | 5.50% | ||||||||||||
Series 1 Convertible Redeemable Preferred Stock [Member] | Maximum [Member] | ||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7% | |||||||||||||
OP Units [Member] | ||||||||||||||
Equity Units, Outstanding, Total (in shares) | 17,000,000 | |||||||||||||
OP Units [Member] | Purchase Agreement With Company, Operating Partnership, and HSCP Strategic III, L.P. [Member] | ||||||||||||||
Limited Partners' Capital Account, Units Issued (in shares) | 900,506 | 1,702,128 | ||||||||||||
Limited Partners, Option to Purchase Units (in shares) | 425,532 | |||||||||||||
Limited Partner, Option to Purchase Units, Price Per Share (in dollars per share) | $ 11.75 | $ 11.75 | ||||||||||||
Class A Units [Member] | Purchase Agreement With Company, Operating Partnership, and HSCP Strategic III, L.P. [Member] | ||||||||||||||
Limited Partners' Capital Account, Units Issued (in shares) | 425,532 | |||||||||||||
Convertible OP Units [Member] | ||||||||||||||
Equity Units, Outstanding, Total (in shares) | 0 |
Note H - Stock-based Compensa_3
Note H - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 23, 2022 | May 27, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
LTIP Units [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 16.40 | $ 15.47 | $ 12.87 | $ 12.87 | $ 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 272,341 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 12.87 | ||||
Share-Based Payment Arrangement, Expense | $ 0 | $ 0 | |||
Performance Units [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 1,500,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percent of Market Condition | 50% | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percent of Performance Condition | 50% | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting, Minimum Price of Adjusted Funds From Operations Required | 1.25% | ||||
Percentage of Distributions Payable Entitled | 10% | ||||
Share-Based Payment Arrangement, Expense | 400 | $ 1,500 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 5,300 | $ 5,300 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 15 months | ||||
Performance Units [Member] | Vesting Subject to Market Condition [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 8.95 |
Note H - Stock-based Compensa_4
Note H - Stock-based Compensation - Share-based Activity (Details) - LTIP Units [Member] | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Balance, number (in shares) | shares | 0 |
Balance, weighted average grant fv per share (in dollars per share) | $ / shares | $ 0 |
Grant, number (in shares) | shares | 1,782,027 |
Granted, weighted average grant fv per share (in dollars per share) | $ / shares | $ 12.87 |
Vested, number (in shares) | shares | 0 |
Vested, weighted average grant fv per share (in dollars per share) | $ / shares | $ 0 |
Forfeited, number (in shares) | shares | 0 |
Forfeited, weighted average grant fv per share (in dollars per share) | $ / shares | $ 0 |
Balance, number (in shares) | shares | 1,782,027 |
Balance, weighted average grant fv per share (in dollars per share) | $ / shares | $ 12.87 |
Note I - Earnings Per Share (De
Note I - Earnings Per Share (Details Textual) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 150,000 | 0 |
Note I - Earnings Per Share - S
Note I - Earnings Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net loss attributable to MIC | $ (2,901) | $ (3,777) | $ (7,893) | $ (11,750) |
Net loss attributable to participating securities | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and dilutive weighted average shares of Common Stock outstanding (in shares) | 7,762,375 | 7,739,951 | 7,762,375 | 7,737,257 |
Basic and dilutive (in dollars per share) | $ (0.37) | $ (0.49) | $ (1.02) | $ (1.52) |
Note J - Variable Interest En_2
Note J - Variable Interest Entities (Details Textual) $ in Thousands, ft² in Millions | 6 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 a | Sep. 30, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) | Aug. 25, 2021 USD ($) | |
Area of Real Estate Property (Square Foot) | ft² | 5.4 | |||
Number of Parking Spaces | 15,750 | |||
Assets, Total | $ 437,066 | $ 429,147 | ||
Liabilities, Total | 244,904 | $ 223,323 | ||
Cardinal Lot [Member] | ||||
Area of Real Estate Property (Square Foot) | a | 2.56 | |||
Number of Parking Spaces | 376 | |||
MVP St. Louise [Member] | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 51% | |||
Assets, Total | 12,500 | $ 12,000 | ||
Liabilities, Total | 6,100 | $ 6,200 | ||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | $ 400 |
Note L - Fair Value (Details Te
Note L - Fair Value (Details Textual) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Inputs, Level 2 [Member] | ||
Debt Instrument, Fair Value Disclosure, Total | $ 208.7 | $ 161.2 |
Note M - Commitments and Cont_2
Note M - Commitments and Contingencies (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Sep. 30, 2022 | Nov. 05, 2021 | Nov. 02, 2021 |
Loss Contingency, Maximum Amount of Indemnification Limit | $ 2 | ||
Purchase Agreement With Company, Operating Partnership, and HSCP Strategic III, L.P. [Member] | OP Units [Member] | |||
Limited Partners' Capital Account, Units Issued (in shares) | 900,506 | 1,702,128 | |
Limited Partner, Option to Purchase Units, Price Per Share (in dollars per share) | $ 11.75 | $ 11.75 |
Note N - Related Party Transa_2
Note N - Related Party Transactions and Arrangements (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Aug. 25, 2021 USD ($) | Sep. 30, 2022 USD ($) ft² | Sep. 30, 2022 USD ($) ft² | May 31, 2022 ft² | Dec. 31, 2021 USD ($) | |
Area of Real Estate Property (Square Foot) | ft² | 5,400,000 | 5,400,000 | |||
Building for Parking Rental in Ohio [Member] | |||||
Area of Real Estate Property (Square Foot) | ft² | 531,000 | ||||
Unfinished Retain Office Space With ProKids [Member] | |||||
Area of Real Estate Property (Square Foot) | ft² | 21,000 | ||||
Park Place Parking [Member] | |||||
Due from Related Parties, Total | $ 200,000 | $ 200,000 | $ 100,000 | ||
Affiliate of Bombe Asset Management LLC [Member] | |||||
Costs and Expenses, Related Party | 2,200,000 | 4,700,000 | |||
Affiliate of Bombe Asset Management LLC [Member] | License Agreement [Member] | |||||
License Fee, Monthly | $ 5,000 | ||||
ProKids [Member] | |||||
Due from Related Parties, Total | 0 | 0 | |||
Color Up and Certain Member Entities of Color Up [Member] | Tax Return Preparation Services [Member] | |||||
Related Party Transaction, Estimated Total Amount of Transaction | 130,000 | ||||
Color Up and Certain Member Entities of Color Up [Member] | Tax Return Preparation Services [Member] | General and Administrative Expense [Member] | |||||
Related Party Transaction, Amounts of Transaction | 64,745 | 64,745 | |||
Certain Member Entities of Color Up [Member] | Accounts Payable and Accrued Liabilities [Member] | |||||
Due to Related Parties, Total | $ 469,231 | $ 469,231 |