Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 14, 2023 | |
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 | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Investments in real estate | ||
Land and improvements | $ 166,225 | $ 166,225 |
Buildings and improvements | 272,916 | 272,605 |
Construction in progress | 1,420 | 1,206 |
Intangible assets | 10,131 | 10,106 |
Real Estate Investment Property, at Cost | 450,692 | 450,142 |
Accumulated depreciation and amortization | (35,295) | (31,052) |
Total investments in real estate, net | 415,397 | 419,090 |
Fixed assets, net | 200 | 210 |
Assets held for sale | 0 | 696 |
Cash | 2,029 | 5,758 |
Cash – restricted | 4,144 | 5,216 |
Prepaid expenses | 348 | 953 |
Deferred offering costs | 5,109 | 2,086 |
Other assets | 218 | 99 |
Total assets | 429,386 | 436,113 |
Liabilities | ||
Notes payable, net | 145,675 | 146,948 |
Revolving credit facility, net | 73,120 | 72,731 |
Accounts payable and accrued expenses | 16,036 | 16,351 |
Accrued preferred distributions | 10,005 | 8,504 |
Indemnification liability | 2,596 | 2,596 |
Liabilities held for sale | 0 | 968 |
Security deposits | 166 | 161 |
Deferred revenue | 486 | 376 |
Total liabilities | 248,554 | 249,105 |
Mobile Infrastructure Corporation Stockholders’ Equity | ||
Common stock, $0.0001 par value, 98,999,000 shares authorized, 7,762,375 shares issued and outstanding as of June 30, 2023 and December 31, 2022 | 0 | 0 |
Warrants issued and outstanding – 1,702,128 warrants as of June 30, 2023 and December 31, 2022, respectively | 3,319 | 3,319 |
Additional paid-in capital | 191,676 | 193,176 |
Accumulated deficit | (112,433) | (109,168) |
Total Mobile Infrastructure Corporation Stockholders’ Equity | 82,562 | 87,327 |
Non-controlling interest | 98,270 | 99,681 |
Total equity | 180,832 | 187,008 |
Total liabilities and equity | 429,386 | 436,113 |
Series A Preferred Stock [Member] | ||
Mobile Infrastructure Corporation Stockholders’ Equity | ||
Preferred stock | 0 | 0 |
Series1 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 |
Nonrelated Party [Member] | ||
Investments in real estate | ||
Accounts receivable, net | 1,941 | 1,849 |
Related Party [Member] | ||
Investments in real estate | ||
Accounts receivable, net | 0 | 156 |
Liabilities | ||
Accounts payable and accrued expenses | $ 470 | $ 470 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
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 | $ 2,862 |
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 | $ 39,811 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | ||||
Management income | $ 0 | $ 0 | $ 0 | $ 313 |
Total revenues | 7,214 | 7,033 | 14,317 | 13,822 |
Operating expenses | ||||
Property taxes | 1,742 | 1,739 | 3,498 | 3,575 |
Property operating expense | 533 | 698 | 1,051 | 1,472 |
Interest expense | 3,676 | 3,366 | 7,276 | 5,957 |
Depreciation and amortization | 2,130 | 2,064 | 4,256 | 4,031 |
General and administrative | 2,444 | 1,838 | 5,063 | 3,344 |
Professional fees, net of reimbursement of insurance proceeds | 327 | 494 | 795 | 1,175 |
Organizational, offering and other costs | 84 | 1,876 | 117 | 2,722 |
Total expenses | 10,936 | 12,075 | 22,056 | 22,276 |
Other income (expense) | ||||
Gain on sale of real estate | 0 | 0 | 660 | 0 |
PPP loan forgiveness | 0 | 328 | 0 | 328 |
Other income | 15 | 61 | 30 | 76 |
Total other income (expense) | 15 | 389 | 690 | 404 |
Net loss | (3,707) | (4,653) | (7,049) | (8,050) |
Net loss attributable to non-controlling interest | (1,989) | (2,663) | (3,784) | (4,657) |
Net loss attributable to Mobile Infrastructure Corporation’s stockholders | (1,718) | (1,990) | (3,265) | (3,393) |
Net loss attributable to Mobile Infrastructure Corporation’s common stockholders | $ (2,468) | $ (2,740) | $ (4,765) | $ (4,893) |
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) | $ (0.32) | $ (0.35) | $ (0.61) | $ (0.63) |
Weighted average common shares outstanding, basic and diluted (in shares) | 7,762,375 | 7,762,375 | 7,762,375 | 7,762,375 |
Series A Preferred Stock [Member] | ||||
Other income (expense) | ||||
Preferred stock distributions declared | $ (54) | $ (54) | $ (108) | $ (108) |
Series1 Preferred Stock [Member] | ||||
Other income (expense) | ||||
Preferred stock distributions declared | (696) | (696) | (1,392) | (1,392) |
Base Rent Income [Member] | ||||
Revenues | ||||
Rental income | 1,951 | 2,002 | 4,031 | 4,053 |
Percentage Rent Income [Member] | ||||
Revenues | ||||
Rental income | $ 5,263 | $ 5,031 | $ 10,286 | $ 9,456 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Series A Preferred Stock [Member] Preferred Stock [Member] | 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] 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 | $ 0 | $ 0 | $ 3,319 | $ 196,176 | $ (101,049) | $ 107,378 | $ 205,824 | ||||||||||||||
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 | $ 0 | $ (54) | $ 0 | $ 0 | $ (54) | $ 0 | $ 0 | $ 0 | $ (696) | $ 0 | $ 0 | $ (696) | |||||||
Net income (loss) | 0 | 0 | 0 | 0 | (1,929) | (1,622) | (3,551) | ||||||||||||||
Balance at Mar. 31, 2022 | $ 0 | $ 0 | 3,319 | 195,426 | (102,978) | 105,756 | 201,523 | ||||||||||||||
Balance (in shares) at Mar. 31, 2022 | 42,673 | 7,762,375 | |||||||||||||||||||
Balance | $ 0 | $ 0 | 3,319 | 195,426 | (102,978) | 105,756 | 201,523 | ||||||||||||||
Distributions | 0 | 0 | 0 | (54) | 0 | 0 | (54) | 0 | 0 | 0 | (696) | 0 | 0 | (696) | |||||||
Net income (loss) | 0 | 0 | 0 | 0 | (1,379) | (3,122) | (4,501) | ||||||||||||||
Balance at Jun. 30, 2022 | $ 0 | $ 0 | 3,319 | 194,676 | (104,357) | 102,634 | 196,273 | ||||||||||||||
Balance (in shares) at Jun. 30, 2022 | 42,673 | 7,762,375 | |||||||||||||||||||
Balance | $ 0 | $ 0 | 3,319 | 194,676 | (104,357) | 102,634 | 196,273 | ||||||||||||||
Balance | $ 0 | $ 0 | 3,319 | 193,176 | (109,168) | 99,681 | 187,008 | ||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 42,673 | 7,762,375 | |||||||||||||||||||
Balance at Dec. 31, 2022 | $ 0 | $ 0 | 3,319 | 193,176 | (109,168) | 99,681 | 187,008 | ||||||||||||||
Equity based payments | 0 | 0 | 0 | 0 | 0 | 1,484 | 1,484 | ||||||||||||||
Distributions to non-controlling interest holders | 0 | 0 | 0 | 0 | 0 | (306) | (306) | ||||||||||||||
Distributions | 0 | 0 | 0 | (54) | 0 | 0 | (54) | 0 | 0 | 0 | (696) | 0 | 0 | (696) | |||||||
Net income (loss) | 0 | 0 | 0 | 0 | (1,548) | (1,795) | (3,343) | ||||||||||||||
Balance at Mar. 31, 2023 | $ 0 | $ 0 | 3,319 | 192,426 | (110,716) | 99,064 | 184,093 | ||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 42,673 | 7,762,375 | |||||||||||||||||||
Balance | $ 0 | $ 0 | 3,319 | 192,426 | (110,716) | 99,064 | 184,093 | ||||||||||||||
Equity based payments | 0 | 0 | 0 | 0 | 0 | 1,214 | 1,214 | ||||||||||||||
Distributions to non-controlling interest holders | 0 | 0 | 0 | 0 | 0 | (19) | (19) | ||||||||||||||
Distributions | $ 0 | $ 0 | $ 0 | $ (54) | $ 0 | $ 0 | $ (54) | $ 0 | $ 0 | $ 0 | $ (696) | $ 0 | $ 0 | $ (696) | |||||||
Net income (loss) | 0 | 0 | 0 | 0 | (1,717) | (1,989) | (3,706) | ||||||||||||||
Balance at Jun. 30, 2023 | $ 0 | $ 0 | 3,319 | 191,676 | (112,433) | 98,270 | 180,832 | ||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 42,673 | 7,762,375 | |||||||||||||||||||
Balance | $ 0 | $ 0 | $ 3,319 | $ 191,676 | $ (112,433) | $ 98,270 | $ 180,832 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | |
Series A Preferred Stock [Member] | ||||
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | $ 18.75 | $ 18.75 | $ 18.75 | $ 18.75 |
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | (18.75) | (18.75) | (18.75) | (18.75) |
Series1 Preferred Stock [Member] | ||||
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | 17.50 | 17.5 | 17.50 | 17.5 |
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | $ (17.50) | $ (17.5) | $ (17.50) | $ (17.5) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net Loss | $ (7,049) | $ (8,050) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 4,256 | 4,031 |
Amortization of loan costs | 759 | 686 |
PPP loan forgiveness | 0 | (328) |
Gain on sale of real estate | (660) | 0 |
Equity based payment | 2,566 | 391 |
Changes in operating assets and liabilities | ||
Due to/from related parties | 156 | (156) |
Accounts payable | 263 | 2,325 |
Security deposits | 5 | (27) |
Other assets | (119) | 113 |
Deferred offering costs | (3,022) | 0 |
Deferred revenue | 110 | (89) |
Accounts receivable | (91) | 1,828 |
Prepaid expenses | 605 | 270 |
Other | 0 | (392) |
Net cash provided by (used in) operating activities | (2,221) | 602 |
Cash flows from investing activities: | ||
Capital expenditures | (1,098) | (1,078) |
Capitalized technology | (23) | (90) |
Purchase of investment in real estate | 0 | (17,512) |
Proceeds from sale of investment in real estate | 1,475 | 0 |
Net cash provided by (used in) investing activities | 354 | (18,680) |
Cash flows from financing activities: | ||
Proceeds from line of credit | 0 | 73,700 |
Payments on notes payable | (2,609) | (56,797) |
Distributions to non-controlling interest holders | (325) | 0 |
Loan fees | 0 | (1,756) |
Net cash provided by (used in) financing activities | (2,934) | 15,147 |
Net change in cash and cash equivalents and restricted cash | (4,801) | (2,931) |
Cash and cash equivalents and restricted cash, beginning of period | 10,974 | 16,696 |
Cash and cash equivalents and restricted cash, end of period | 6,173 | 13,765 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | ||
Cash and cash equivalents at beginning of period | 5,758 | 11,805 |
Restricted cash at beginning of period | 5,216 | 4,891 |
Cash and cash equivalents and restricted cash, beginning of period | 10,974 | 16,696 |
Cash and cash equivalents at end of period | 2,029 | 8,182 |
Restricted cash at end of period | 4,144 | 5,583 |
Cash and cash equivalents and restricted cash, end of period | 6,173 | 13,765 |
Supplemental disclosures of cash flow information: | ||
Interest Paid | 6,102 | 5,021 |
Non-cash investing and financing activities: | ||
Dividends declared not yet paid | 1,500 | 1,500 |
Accrued capital expenditures | $ 503 | $ 0 |
Note A - Organization and Busin
Note A - Organization and Business Operations | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note A Organization and Business Operations Mobile Infrastructure Corporation (the “Company,” “we,” “us” or “our”), is a Maryland corporation formed on May 4, 2015. 50 As of June 30, 2023 owned 43 parking facilities in 21 The Company is the sole general partner of Mobile Infra Operating Partnership, L.P., 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 approximately 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 Merger with Fifth Wall Acquisition Corp. III On December 13, 2022, March 23, 2023 ( ● each then issued and outstanding Class A Share of FWAC will convert, on a one ● each then issued and outstanding share of the Company’s common stock will convert, on a one ● each share of the Company’s Series 1 1 ● each of the Company’s common stock warrants will become a warrant to purchase that number of shares of New MIC common stock equal to the product of (a) the number of shares of common stock that would have been issuable upon the exercise of such common stock warrant and (b) 1.5. Additionally, on June 15, 2023, HS3, 2 2 2 December 31, 2023. 2 The Merger was approved by a majority of the Company’s stockholders at a meeting held on August 10, 2023. August 18, 2023. Concurrent with the closing of the Merger, the Operating Partnership will convert from a Maryland limited partnership to a Delaware limited liability company (the “Operating Company”). As a limited liability company, the Operating Company will continue to be treated as a partnership and a disregarded entity for tax and accounting purposes. Following the conversion, the Company will be a member of the Operating Company and the Operating Company will be managed by a board of managers, one one During the six June 30, 2023 December 31, 2022, 340, Other Assets and Deferred Costs |
Note B - Summary of Significant
Note B - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note B Summary of Significant Accounting Policies Basis of Accounting The consolidated financial statements of the Company are prepared on the accrual basis of accounting and in accordance with principles generally accepted in the United States of America (“GAAP”) for interim financial information as contained in the 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 six June 30, 2023 not may December 31, 2023. no six June 30, 2023 2022 10 March 22, 2023. Going Concern The accompanying consolidated financial statements are prepared in accordance with GAAP 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 June 30, 2023, not twelve June 30, 2023 10 not June 30, 2023. December 31, 2022 ( 10 1.0 June 30, 2023. not In response to these conditions, management’s plans include utilizing proceeds from the pending merger with Fifth Wall Acquisition Corporation III to pay-down a portion of the outstanding balance on the Revolving Credit Facility, which will result in reduced interest cost and an improved FCCR. Additional 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. We are pursuing further amendments and/or extensions with respect to the Revolving Credit Facility, including waivers of noncompliance with covenants. 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. Noncontrolling interests on our Consolidated Balance Sheets represent the portion of equity that we do 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 and fourteen parking tenant-operators during the six June 30, 2023 2022 , respectively. One tenant/operator, SP + Corporation (Nasdaq: SP) (“SP+”), represented 61.0% and 59.4 % of the Company’s revenue, excluding commercial revenue, for the six June 30, 2023 2022 , respectively. Premier Parking Service, LLC represented 12.4% and 13.3% of the Company’s revenue, excluding commercial revenue, for the six June 30, 2023 2022 , respectively. In addition, the Company had concentration s in Cincinnati (19.2 June 30, 2023 December 31, 2022. As of June 30, 2023 December 31, 2022, 57.6% and 59.2% 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 third 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 in our Consolidated Statements of Operations over the remaining term of the respective lease. If a tenant terminates its lease with us, the unamortized portion of any lease intangible is recognized over the shortened lease term. Impairment of Long-Lived Assets and Indefinite-Lived Intangible Assets We periodically evaluate our long-lived assets, primarily investments in real estate, for indicators of impairment. When circumstances indicate the carrying value of a property may not When we determine that a property should be classified as held for sale, we recognize an impairment loss to the extent the property's carrying value exceeds its fair value less estimated cost to dispose of the asset. At least annually, we review indefinite-lived intangible assets for indicators of impairment. We first not Immaterial Correction During the year ended December 31, 2022, first second 2022. As of June 30, 2022 As reported Adjustments As Corrected (in thousands) Consolidated Balance Sheet: Buildings and improvements $ 271,046 $ (156 ) $ 270,890 Fixed assets, net 296 (81 ) 215 Cash 8,623 (441 ) 8,182 Cash – restricted 5,357 226 5,583 Prepaid expenses 544 (138 ) 406 Accounts receivable 2,494 (291 ) 2,203 Due from related parties - 156 156 Other assets 121 (127 ) (6 ) Notes payable, net 150,299 (37 ) 150,262 Revolving Credit Facility, net 72,106 290 72,396 Accounts payable and accrued liabilities 18,530 (856 ) 17,674 Security Deposit 185 (46 ) 139 Deferred revenue 101 (35 ) 66 Accumulated deficit (104,541 ) (305 ) (104,846 ) Non-controlling interest 102,986 (352 ) 102,634 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As reported Adjustments As Corrected As reported Adjustments As Corrected (in thousands, except per share data) (in thousands, except per share data) Consolidated Statement of Operations: Base rent income $ 2,122 $ (120 ) $ 2,002 $ 4,173 $ (120 ) $ 4,053 Management agreement 427 (427 ) - 427 (114 ) 313 Percentage rent 4,856 175 5,031 9,185 271 9,456 Property taxes 1,844 (105 ) 1,739 3,680 (105 ) 3,575 Property operating expense 731 (33 ) 698 1,568 (96 ) 1,472 General and administrative 1,882 (44 ) 1,838 3,388 (44 ) 3,344 Professional fees 532 (38 ) 494 1,562 (387 ) 1,175 Organizational, offering and other costs 1,567 309 1,876 2,525 197 2,722 Depreciation and amortization 2,021 43 2,064 3,988 43 4,031 Interest expense (3,168 ) (198 ) (3,366 ) (5,707 ) (250 ) (5,957 ) Other income 15 46 61 30 46 76 Net loss (3,997 ) (656 ) (4,653 ) (8,275 ) 225 (8,050 ) Net income attributable to non-controlling interest (2,311 ) (352 ) (2,663 ) (4,783 ) 126 (4,657 ) Net loss attributable to Mobile Infrastructure Corporation’s common stockholders (2,436 ) (304 ) (2,740 ) (4,992 ) 99 (4,893 ) Net loss per share attributable to Mobile Infrastructure Corporation’s common stockholders - basic and diluted $ (0.31 ) $ (0.04 ) $ (0.35 ) $ (0.64 ) $ 0.01 $ (0.63 ) Reportable Segments Our principal business is the ownership and operation of parking facilities. We do not Equity Compensation Equity compensation is based on the grant date fair value of the equity awards and is recognized as general and administrative expense in our Consolidated Statement of Operations 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 | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Asset Acquisition [Text Block] | Note C Acquisitions and Dispositions of Investments in Real Estate 2023 On February 28, 2023, 2022 In June 2022, 555 |
Note D - Intangible Assets
Note D - Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 December 31, 2022 As of June 30, 2023 As of December 31, 2022 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization In-place lease value $ 2,564 $ 1,783 $ 2,564 $ 1,621 Lease commissions 165 119 165 106 Indefinite lived contract 3,160 — 3,160 — Acquired technology 4,242 784 4,217 561 Total intangible assets $ 10,131 $ 2,686 $ 10,106 $ 2,288 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 a three June 30, 2023 2022 approximately $0.4 million for both the six months ended June 30, 2023 2022 A schedule of future amortization of acquired intangible assets for the six June 30, 2023 In-place lease value Lease commissions Acquired technology 2023 (Remainder) $ 161 $ 12 $ 231 2024 303 20 448 2025 189 9 448 2026 102 4 448 2027 26 1 421 Thereafter - - 1,462 $ 781 $ 46 $ 3,458 |
Note E - Notes Payable
Note E - Notes Payable | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note E Notes Payable As of June 30, 2023 Loan Original Debt Amount Monthly Payment Balance as of 6/30/23 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 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 $ 7,532 Barclays 4.25 % 12/6/2024 322 Streeter Holdco LLC $ 25,900 $ 130 $ 25,015 American National Insurance Co. 3.50 % 3/1/2025 MVP Houston Saks Garage, LLC $ 3,650 $ 20 $ 2,907 Barclays Bank PLC 4.25 % 8/6/2025 Minneapolis City Parking, LLC $ 5,250 $ 29 $ 4,302 American National Insurance, of NY 4.50 % 5/1/2026 MVP Bridgeport Fairfield Garage, LLC $ 4,400 $ 23 $ 3,598 FBL Financial Group, Inc. 4.00 % 8/1/2026 West 9th Properties II, LLC $ 5,300 $ 30 $ 4,421 American National Insurance Co. 4.50 % 11/1/2026 MVP Fort Worth Taylor, LLC $ 13,150 $ 73 $ 11,000 American National Insurance, of NY 4.50 % 12/1/2026 MVP Detroit Center Garage, LLC $ 31,500 $ 194 $ 27,160 Bank of America 5.52 % 2/1/2027 MVP St. Louis Washington, LLC (1) $ 1,380 $ 8 $ 1,258 KeyBank * 4.90 % 5/1/2027 St. Paul Holiday Garage, LLC (1) $ 4,132 $ 24 $ 3,764 KeyBank * 4.90 % 5/1/2027 Cleveland Lincoln Garage, LLC (1) $ 3,999 $ 23 $ 3,643 KeyBank * 4.90 % 5/1/2027 MVP Denver Sherman, LLC (1) $ 286 $ 2 $ 260 KeyBank * 4.90 % 5/1/2027 MVP Milwaukee Arena Lot, LLC (1) $ 2,142 $ 12 $ 1,951 KeyBank * 4.90 % 5/1/2027 MVP Denver 1935 Sherman, LLC (1) $ 762 $ 4 $ 694 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 $ 11,143 Key Bank ** 5.02 % 8/1/2027 Less unamortized loan issuance costs $ (613 ) $ 145,675 ( 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 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 June 30, 2023 owers for two , failed to meet certain loan covenants tely $0.3 million June 30, 2023 two three June 30, 2023, one As of June 30, 2023 2023 (remainder) $ 11,414 2024 16,012 2025 29,091 2026 22,708 2027 67,063 Thereafter — Total $ 146,288 |
Note F - Revolving Credit Facil
Note F - Revolving Credit Facility | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note E Notes Payable As of June 30, 2023 Loan Original Debt Amount Monthly Payment Balance as of 6/30/23 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 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 $ 7,532 Barclays 4.25 % 12/6/2024 322 Streeter Holdco LLC $ 25,900 $ 130 $ 25,015 American National Insurance Co. 3.50 % 3/1/2025 MVP Houston Saks Garage, LLC $ 3,650 $ 20 $ 2,907 Barclays Bank PLC 4.25 % 8/6/2025 Minneapolis City Parking, LLC $ 5,250 $ 29 $ 4,302 American National Insurance, of NY 4.50 % 5/1/2026 MVP Bridgeport Fairfield Garage, LLC $ 4,400 $ 23 $ 3,598 FBL Financial Group, Inc. 4.00 % 8/1/2026 West 9th Properties II, LLC $ 5,300 $ 30 $ 4,421 American National Insurance Co. 4.50 % 11/1/2026 MVP Fort Worth Taylor, LLC $ 13,150 $ 73 $ 11,000 American National Insurance, of NY 4.50 % 12/1/2026 MVP Detroit Center Garage, LLC $ 31,500 $ 194 $ 27,160 Bank of America 5.52 % 2/1/2027 MVP St. Louis Washington, LLC (1) $ 1,380 $ 8 $ 1,258 KeyBank * 4.90 % 5/1/2027 St. Paul Holiday Garage, LLC (1) $ 4,132 $ 24 $ 3,764 KeyBank * 4.90 % 5/1/2027 Cleveland Lincoln Garage, LLC (1) $ 3,999 $ 23 $ 3,643 KeyBank * 4.90 % 5/1/2027 MVP Denver Sherman, LLC (1) $ 286 $ 2 $ 260 KeyBank * 4.90 % 5/1/2027 MVP Milwaukee Arena Lot, LLC (1) $ 2,142 $ 12 $ 1,951 KeyBank * 4.90 % 5/1/2027 MVP Denver 1935 Sherman, LLC (1) $ 762 $ 4 $ 694 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 $ 11,143 Key Bank ** 5.02 % 8/1/2027 Less unamortized loan issuance costs $ (613 ) $ 145,675 ( 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 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 June 30, 2023 owers for two , failed to meet certain loan covenants tely $0.3 million June 30, 2023 two three June 30, 2023, one As of June 30, 2023 2023 (remainder) $ 11,414 2024 16,012 2025 29,091 2026 22,708 2027 67,063 Thereafter — Total $ 146,288 |
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 no not not During 2022, On November 17, 2022, April 1, 2024, March 31, 2023. June 30, 2023, not As of June 30, 2023, |
Note G - Equity
Note G - Equity | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | Note G - Equity Series A Preferred Stock On November 1, 2016, 506 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 $1.3 million of which approximately $0.6 million had been pai June 30, 2023 December 31, 2022 tely $0.7 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 holder of Series 1 not fifth January 31, 2023), On March 24, 2020, 1 1 y $15.7 million of which approximately $6.4 milli 1 June 30, 2023 December 31, 2022 tely $9.3 mi 1 Warrants In accordance with its warrant agreement between the Company and Color Up, dated August 25, 2021 ( one August 25, 2026. The Common Stock Warrants are classified as equity and recorded at the issuance date fair value. Securities Purchase Agreement On November 2, 2021, HS3, HS3 HS3 HS3 Convertible Noncontrolling Interests As of June 30, 2023 may June 30, 2023 Dividend Reinvestment Plan The Company has a Dividend Reinvestment Plan (“DRIP”) which allows its 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, Share Repurchase Program On May 29, 2018, 100% 100% March 24, 2020, |
Note H - Equity Compensation
Note H - Equity Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note H — Equity Compensation On February 28, 2023, 2022 three 2022 three December 31, 2022. For the three six June 30, 2023, three six June 30, 2022. June 30, 2023 2022 not The following table sets forth a roll forward of all incentive equity awards for the six June 30, 2023: As of June 30, 2023 Number of Incentive Equity Awards Weighted Avg Grant FV Per Share Unvested - January 1, 2023 1,782,027 $ 12.65 Granted 158,196 13.69 Vested (32,422 ) 13.91 Forfeited — — Unvested - June 30, 2023 1,907,801 $ 12.72 |
Note I - Earnings Per Share
Note I - Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
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 six June 30, 2023 2022 May 27, 2022, three six June 30, 2023 2022. 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 six June 30, 2023 2022 For the three months ended For the six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Numerator: Net loss attributable to MIC $ (2,468 ) $ (2,740 ) $ (4,765 ) $ (4,893 ) Net loss attributable to participating securities — — — — Net loss attributable to MIC common stock $ (2,468 ) $ (2,740 ) $ (4,765 ) $ (4,893 ) Denominator: Basic and dilutive weighted average shares of Common Stock outstanding 7,762,375 7,762,375 7,762,375 7,762,375 Basic and diluted loss per weighted average common share: Basic and dilutive $ (0.32 ) $ (0.35 ) $ (0.61 ) $ (0.63 ) |
Note J - Variable Interest Enti
Note J - Variable Interest Entities | 6 Months Ended |
Jun. 30, 2023 | |
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. MVP St. Louis is considered VIE and the Company concludes that it is the primary beneficiary since 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, which is controlled by Mr. Chavez. As a result, the Company consolidates 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 $6.1 million (substantially all mortgage debt) as of June 30, 2023. |
Note K - Income Taxes
Note K - Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
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 six June 30, 2023 three June 30, 2023. six June 30, 2023 may not |
Note L - Fair Value
Note L - Fair Value | 6 Months Ended |
Jun. 30, 2023 | |
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. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. The estimated fair value of the Company’s debt (including notes payable and the Revolving Credit Facility) was derived using Level 2 June 30, 2023 December 31, 2022, Our real estate assets are measured and recognized at fair value on a nonrecurring basis when we determine an impairment has occurred. To estimate fair value the Company may third may 2 |
Note M - Commitments and Contin
Note M - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note M Commitments and Contingencies 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 stockholder class action lawsuits alleging direct and derivative claims against the Company, certain of its then-officers, then-directors, the Former Advisor and/or Mr. Shustek captioned Arthur Magowski v. The Parking REIT, Inc., et. al, No. 24 19003125 May 31, 2019), Michelle Barene v. The Parking REIT, Inc., et. al, No. 24 19003527 June 27, 2019) SIPDA Revocable Trust v. The Parking REIT, Inc., et al, No. 2:19 00428 March 12, 2019). 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, Mr. Shustek. On July 29, 2021, 2 21 01416 not March 6, 2023, No. 1:2023CV00599 On August 25, 2021, April 3, 2023, not In January 2023, 43rd December 2022 first 2023, |
Note N - Related Party Transact
Note N - Related Party Transactions and Arrangements | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note N — Related Party Transactions and Arrangements Two of the Company’s assets, 1W7 222W7, five four 2021 June 30, 2023 2022, June 30, 2023 In connection with the Company's recapitalization transaction in August 2021, August 2021 three Additionally, in connection with the Company's recapitalization transaction in August 2021, December 31, 2022. March 2023. 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) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Accounting The consolidated financial statements of the Company are prepared on the accrual basis of accounting and in accordance with principles generally accepted in the United States of America (“GAAP”) for interim financial information as contained in the 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 six June 30, 2023 not may December 31, 2023. no six June 30, 2023 2022 10 March 22, 2023. |
Going Concern, Policy [Policy Text Block] | Going Concern The accompanying consolidated financial statements are prepared in accordance with GAAP 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 June 30, 2023, not twelve June 30, 2023 10 not June 30, 2023. December 31, 2022 ( 10 1.0 June 30, 2023. not In response to these conditions, management’s plans include utilizing proceeds from the pending merger with Fifth Wall Acquisition Corporation III to pay-down a portion of the outstanding balance on the Revolving Credit Facility, which will result in reduced interest cost and an improved FCCR. Additional 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. We are pursuing further amendments and/or extensions with respect to the Revolving Credit Facility, including waivers of noncompliance with covenants. 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. Noncontrolling interests on our Consolidated Balance Sheets represent the portion of equity that we do 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 and fourteen parking tenant-operators during the six June 30, 2023 2022 , respectively. One tenant/operator, SP + Corporation (Nasdaq: SP) (“SP+”), represented 61.0% and 59.4 % of the Company’s revenue, excluding commercial revenue, for the six June 30, 2023 2022 , respectively. Premier Parking Service, LLC represented 12.4% and 13.3% of the Company’s revenue, excluding commercial revenue, for the six June 30, 2023 2022 , respectively. In addition, the Company had concentration s in Cincinnati (19.2 June 30, 2023 December 31, 2022. As of June 30, 2023 December 31, 2022, 57.6% and 59.2% 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 third 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 in our Consolidated Statements of Operations over the remaining term of the respective lease. If a tenant terminates its lease with us, the unamortized portion of any lease intangible is recognized over the shortened lease term. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets and Indefinite-Lived Intangible Assets We periodically evaluate our long-lived assets, primarily investments in real estate, for indicators of impairment. When circumstances indicate the carrying value of a property may not When we determine that a property should be classified as held for sale, we recognize an impairment loss to the extent the property's carrying value exceeds its fair value less estimated cost to dispose of the asset. At least annually, we review indefinite-lived intangible assets for indicators of impairment. We first not |
Reclassification, Comparability Adjustment [Policy Text Block] | Immaterial Correction During the year ended December 31, 2022, first second 2022. As of June 30, 2022 As reported Adjustments As Corrected (in thousands) Consolidated Balance Sheet: Buildings and improvements $ 271,046 $ (156 ) $ 270,890 Fixed assets, net 296 (81 ) 215 Cash 8,623 (441 ) 8,182 Cash – restricted 5,357 226 5,583 Prepaid expenses 544 (138 ) 406 Accounts receivable 2,494 (291 ) 2,203 Due from related parties - 156 156 Other assets 121 (127 ) (6 ) Notes payable, net 150,299 (37 ) 150,262 Revolving Credit Facility, net 72,106 290 72,396 Accounts payable and accrued liabilities 18,530 (856 ) 17,674 Security Deposit 185 (46 ) 139 Deferred revenue 101 (35 ) 66 Accumulated deficit (104,541 ) (305 ) (104,846 ) Non-controlling interest 102,986 (352 ) 102,634 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As reported Adjustments As Corrected As reported Adjustments As Corrected (in thousands, except per share data) (in thousands, except per share data) Consolidated Statement of Operations: Base rent income $ 2,122 $ (120 ) $ 2,002 $ 4,173 $ (120 ) $ 4,053 Management agreement 427 (427 ) - 427 (114 ) 313 Percentage rent 4,856 175 5,031 9,185 271 9,456 Property taxes 1,844 (105 ) 1,739 3,680 (105 ) 3,575 Property operating expense 731 (33 ) 698 1,568 (96 ) 1,472 General and administrative 1,882 (44 ) 1,838 3,388 (44 ) 3,344 Professional fees 532 (38 ) 494 1,562 (387 ) 1,175 Organizational, offering and other costs 1,567 309 1,876 2,525 197 2,722 Depreciation and amortization 2,021 43 2,064 3,988 43 4,031 Interest expense (3,168 ) (198 ) (3,366 ) (5,707 ) (250 ) (5,957 ) Other income 15 46 61 30 46 76 Net loss (3,997 ) (656 ) (4,653 ) (8,275 ) 225 (8,050 ) Net income attributable to non-controlling interest (2,311 ) (352 ) (2,663 ) (4,783 ) 126 (4,657 ) Net loss attributable to Mobile Infrastructure Corporation’s common stockholders (2,436 ) (304 ) (2,740 ) (4,992 ) 99 (4,893 ) Net loss per share attributable to Mobile Infrastructure Corporation’s common stockholders - basic and diluted $ (0.31 ) $ (0.04 ) $ (0.35 ) $ (0.64 ) $ 0.01 $ (0.63 ) |
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] | Equity Compensation Equity compensation is based on the grant date fair value of the equity awards and is recognized as general and administrative expense in our Consolidated Statement of Operations 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 B - Summary of Significa_2
Note B - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | As of June 30, 2022 As reported Adjustments As Corrected (in thousands) Consolidated Balance Sheet: Buildings and improvements $ 271,046 $ (156 ) $ 270,890 Fixed assets, net 296 (81 ) 215 Cash 8,623 (441 ) 8,182 Cash – restricted 5,357 226 5,583 Prepaid expenses 544 (138 ) 406 Accounts receivable 2,494 (291 ) 2,203 Due from related parties - 156 156 Other assets 121 (127 ) (6 ) Notes payable, net 150,299 (37 ) 150,262 Revolving Credit Facility, net 72,106 290 72,396 Accounts payable and accrued liabilities 18,530 (856 ) 17,674 Security Deposit 185 (46 ) 139 Deferred revenue 101 (35 ) 66 Accumulated deficit (104,541 ) (305 ) (104,846 ) Non-controlling interest 102,986 (352 ) 102,634 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As reported Adjustments As Corrected As reported Adjustments As Corrected (in thousands, except per share data) (in thousands, except per share data) Consolidated Statement of Operations: Base rent income $ 2,122 $ (120 ) $ 2,002 $ 4,173 $ (120 ) $ 4,053 Management agreement 427 (427 ) - 427 (114 ) 313 Percentage rent 4,856 175 5,031 9,185 271 9,456 Property taxes 1,844 (105 ) 1,739 3,680 (105 ) 3,575 Property operating expense 731 (33 ) 698 1,568 (96 ) 1,472 General and administrative 1,882 (44 ) 1,838 3,388 (44 ) 3,344 Professional fees 532 (38 ) 494 1,562 (387 ) 1,175 Organizational, offering and other costs 1,567 309 1,876 2,525 197 2,722 Depreciation and amortization 2,021 43 2,064 3,988 43 4,031 Interest expense (3,168 ) (198 ) (3,366 ) (5,707 ) (250 ) (5,957 ) Other income 15 46 61 30 46 76 Net loss (3,997 ) (656 ) (4,653 ) (8,275 ) 225 (8,050 ) Net income attributable to non-controlling interest (2,311 ) (352 ) (2,663 ) (4,783 ) 126 (4,657 ) Net loss attributable to Mobile Infrastructure Corporation’s common stockholders (2,436 ) (304 ) (2,740 ) (4,992 ) 99 (4,893 ) Net loss per share attributable to Mobile Infrastructure Corporation’s common stockholders - basic and diluted $ (0.31 ) $ (0.04 ) $ (0.35 ) $ (0.64 ) $ 0.01 $ (0.63 ) |
Note D - Intangible Assets (Tab
Note D - Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Finite and Indefinite Intangible Assets [Table Text Block] | As of June 30, 2023 As of December 31, 2022 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization In-place lease value $ 2,564 $ 1,783 $ 2,564 $ 1,621 Lease commissions 165 119 165 106 Indefinite lived contract 3,160 — 3,160 — Acquired technology 4,242 784 4,217 561 Total intangible assets $ 10,131 $ 2,686 $ 10,106 $ 2,288 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | In-place lease value Lease commissions Acquired technology 2023 (Remainder) $ 161 $ 12 $ 231 2024 303 20 448 2025 189 9 448 2026 102 4 448 2027 26 1 421 Thereafter - - 1,462 $ 781 $ 46 $ 3,458 |
Note E - Notes Payable (Tables)
Note E - Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Loan Original Debt Amount Monthly Payment Balance as of 6/30/23 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 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 $ 7,532 Barclays 4.25 % 12/6/2024 322 Streeter Holdco LLC $ 25,900 $ 130 $ 25,015 American National Insurance Co. 3.50 % 3/1/2025 MVP Houston Saks Garage, LLC $ 3,650 $ 20 $ 2,907 Barclays Bank PLC 4.25 % 8/6/2025 Minneapolis City Parking, LLC $ 5,250 $ 29 $ 4,302 American National Insurance, of NY 4.50 % 5/1/2026 MVP Bridgeport Fairfield Garage, LLC $ 4,400 $ 23 $ 3,598 FBL Financial Group, Inc. 4.00 % 8/1/2026 West 9th Properties II, LLC $ 5,300 $ 30 $ 4,421 American National Insurance Co. 4.50 % 11/1/2026 MVP Fort Worth Taylor, LLC $ 13,150 $ 73 $ 11,000 American National Insurance, of NY 4.50 % 12/1/2026 MVP Detroit Center Garage, LLC $ 31,500 $ 194 $ 27,160 Bank of America 5.52 % 2/1/2027 MVP St. Louis Washington, LLC (1) $ 1,380 $ 8 $ 1,258 KeyBank * 4.90 % 5/1/2027 St. Paul Holiday Garage, LLC (1) $ 4,132 $ 24 $ 3,764 KeyBank * 4.90 % 5/1/2027 Cleveland Lincoln Garage, LLC (1) $ 3,999 $ 23 $ 3,643 KeyBank * 4.90 % 5/1/2027 MVP Denver Sherman, LLC (1) $ 286 $ 2 $ 260 KeyBank * 4.90 % 5/1/2027 MVP Milwaukee Arena Lot, LLC (1) $ 2,142 $ 12 $ 1,951 KeyBank * 4.90 % 5/1/2027 MVP Denver 1935 Sherman, LLC (1) $ 762 $ 4 $ 694 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 $ 11,143 Key Bank ** 5.02 % 8/1/2027 Less unamortized loan issuance costs $ (613 ) $ 145,675 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2023 (remainder) $ 11,414 2024 16,012 2025 29,091 2026 22,708 2027 67,063 Thereafter — Total $ 146,288 |
Note H - Equity Compensation (T
Note H - Equity Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Activity [Table Text Block] | As of June 30, 2023 Number of Incentive Equity Awards Weighted Avg Grant FV Per Share Unvested - January 1, 2023 1,782,027 $ 12.65 Granted 158,196 13.69 Vested (32,422 ) 13.91 Forfeited — — Unvested - June 30, 2023 1,907,801 $ 12.72 |
Note I - Earnings Per Share (Ta
Note I - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended For the six months ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Numerator: Net loss attributable to MIC $ (2,468 ) $ (2,740 ) $ (4,765 ) $ (4,893 ) Net loss attributable to participating securities — — — — Net loss attributable to MIC common stock $ (2,468 ) $ (2,740 ) $ (4,765 ) $ (4,893 ) Denominator: Basic and dilutive weighted average shares of Common Stock outstanding 7,762,375 7,762,375 7,762,375 7,762,375 Basic and diluted loss per weighted average common share: Basic and dilutive $ (0.32 ) $ (0.35 ) $ (0.61 ) $ (0.63 ) |
Note A - Organization and Bus_2
Note A - Organization and Business Operations (Details Textual) | 6 Months Ended | 12 Months Ended | ||
Jun. 15, 2023 USD ($) $ / shares shares | Dec. 13, 2022 shares | Jun. 30, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) | |
Number of Parking Facilities | 43 | |||
Number of Parking Spaces | 15,676 | |||
Area of Real Estate Property (Square Foot) | ft² | 5,400,000 | |||
Series 2 Preferred Stock to be Converted into Common Shares [Member] | Scenario, Plan [Member] | ||||
Preferred Stock, Shares Subscribed but Unissued (in shares) | 46,000 | |||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | |||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1,000 | |||
Preferred Stock, Value, Subscriptions | $ | $ 46,000,000 | |||
Conversion of Stock, Shares Issued (in shares) | 12,534,060 | |||
Preferred Stock, Dividend Rate, Percentage | 10% | |||
Merger With FWAC [Member] | ||||
Business Acquisition, Number of Securities Called by Each Warrant or Right, Benchmark (in shares) | 1.5 | |||
Business Combination, Acquisition Related Costs | $ | $ 3,000,000 | $ 2,100,000 | ||
Merger With FWAC [Member] | Conversion of FWAC Class A Share into New MIC Common Stock [Member] | ||||
Business Acquisition, Conversion of Stock, Conversion Ratio | 1 | |||
Business Acquisition, Conversion of Stock, Share Issued Per Share Converted (in shares) | 1 | |||
Merger With FWAC [Member] | Conversion of Common Stock into New MIC Common Stock [Member] | ||||
Business Acquisition, Conversion of Stock, Conversion Ratio | 1.5 | |||
Business Acquisition, Conversion of Stock, Share Issued Per Share Converted (in shares) | 1 | |||
Merger With FWAC [Member] | Conversion of Preferred Stock into New MIC Series 1 and Series A Preferred Stock [Member] | ||||
Business Acquisition, Conversion of Stock, Share Issued Per Share Converted (in shares) | 1 | |||
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% | |||
Retail Site [Member] | ||||
Area of Real Estate Property (Square Foot) | ft² | 200 |
Note B - Summary of Significa_3
Note B - Summary of Significant Accounting Policies (Details Textual) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 USD ($) | Jun. 30, 2022 | Dec. 31, 2022 | |
Number of Parking Tenants or Operators | 15 | 14 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Parking Facilities, Operator, SP+Corporation [Member] | |||
Concentration Risk, Percentage | 61% | 59.40% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Parking Facilities, Operator, Premier Parking Service, LLC [Member] | |||
Concentration Risk, Percentage | 12.40% | 13.30% | |
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Cincinnati [Member] | |||
Concentration Risk, Percentage | 19.20% | 19.20% | |
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Detroit [Member] | |||
Concentration Risk, Percentage | 12.50% | 12.50% | |
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Chicago [Member] | |||
Concentration Risk, Percentage | 8.70% | 8.70% | |
Real Estate Owned [Member] | Geographic Concentration Risk [Member] | Houston [Member] | |||
Concentration Risk, Percentage | 7.80% | 7.80% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Parking Facilities, Operator, SP+Corporation [Member] | |||
Concentration Risk, Percentage | 57.60% | 59.20% | |
Revolving Credit Facility [Member] | |||
Long-Term Debt, Gross | $ 73.7 | ||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1.4 |
Note B - Summary of Significa_4
Note B - Summary of Significant Accounting Policies - Summary of Error Correction (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Buildings and improvements | $ 272,916 | $ 270,890 | $ 272,916 | $ 270,890 | $ 272,605 |
Fixed assets, net | 200 | 215 | 200 | 215 | 210 |
Cash | 2,029 | 8,182 | 2,029 | 8,182 | 5,758 |
Cash – restricted | 4,144 | 5,583 | 4,144 | 5,583 | 5,216 |
Prepaid expenses | 348 | 406 | 348 | 406 | 953 |
Other assets | 218 | 6 | 218 | 6 | 99 |
Other assets | (218) | (6) | (218) | (6) | (99) |
Notes payable, net | 145,675 | 150,262 | 145,675 | 150,262 | 146,948 |
Long-Term Line of Credit, Total | 73,120 | 72,396 | 73,120 | 72,396 | 72,731 |
Accounts payable and accrued expenses | 16,036 | 17,674 | 16,036 | 17,674 | 16,351 |
Security deposits | 166 | 139 | 166 | 139 | 161 |
Deferred revenue | 486 | 66 | 486 | 66 | 376 |
Accumulated deficit | (112,433) | (104,846) | (112,433) | (104,846) | (109,168) |
Non-controlling interest | 98,270 | 102,634 | 98,270 | 102,634 | 99,681 |
Management income | 0 | 0 | 0 | 313 | |
Property taxes | 1,742 | 1,739 | 3,498 | 3,575 | |
Property operating expense | 533 | 698 | 1,051 | 1,472 | |
General and administrative | 2,444 | 1,838 | 5,063 | 3,344 | |
Professional fees | 494 | 1,175 | |||
Organizational, offering and other costs | 84 | 1,876 | 117 | 2,722 | |
Depreciation and amortization | 2,130 | 2,064 | 4,256 | 4,031 | |
Interest expense | (3,676) | (3,366) | (7,276) | (5,957) | |
Other income | 15 | 61 | 30 | 76 | |
Net loss | (3,707) | (4,653) | (7,049) | (8,050) | |
Net loss attributable to non-controlling interest | (1,989) | (2,663) | (3,784) | (4,657) | |
Net loss attributable to Mobile Infrastructure Corporation’s common stockholders | $ (2,468) | $ (2,740) | $ (4,765) | $ (4,893) | |
Net loss per share attributable to Mobile Infrastructure Corporation’s common stockholders - basic and diluted (in dollars per share) | $ (0.32) | $ (0.35) | $ (0.61) | $ (0.63) | |
Nonrelated Party [Member] | |||||
Accounts receivable, net | $ 1,941 | $ 2,203 | $ 1,941 | $ 2,203 | 1,849 |
Related Party [Member] | |||||
Accounts receivable, net | 0 | 156 | 0 | 156 | 156 |
Accounts payable and accrued expenses | 470 | 470 | $ 470 | ||
Base Rent Income [Member] | |||||
Rental income | 1,951 | 2,002 | 4,031 | 4,053 | |
Percentage Rent Income [Member] | |||||
Rental income | $ 5,263 | 5,031 | $ 10,286 | 9,456 | |
Previously Reported [Member] | |||||
Buildings and improvements | 271,046 | 271,046 | |||
Fixed assets, net | 296 | 296 | |||
Cash | 8,623 | 8,623 | |||
Cash – restricted | 5,357 | 5,357 | |||
Prepaid expenses | 544 | 544 | |||
Other assets | 121 | 121 | |||
Other assets | (121) | (121) | |||
Notes payable, net | 150,299 | 150,299 | |||
Long-Term Line of Credit, Total | 72,106 | 72,106 | |||
Accounts payable and accrued expenses | 18,530 | 18,530 | |||
Security deposits | 185 | 185 | |||
Deferred revenue | 101 | 101 | |||
Accumulated deficit | (104,541) | (104,541) | |||
Non-controlling interest | 102,986 | 102,986 | |||
Management income | 427 | 427 | |||
Property taxes | 1,844 | 3,680 | |||
Property operating expense | 731 | 1,568 | |||
General and administrative | 1,882 | 3,388 | |||
Professional fees | 532 | 1,562 | |||
Organizational, offering and other costs | 1,567 | 2,525 | |||
Depreciation and amortization | 2,021 | 3,988 | |||
Interest expense | (3,168) | (5,707) | |||
Other income | 15 | 30 | |||
Net loss | (3,997) | (8,275) | |||
Net loss attributable to non-controlling interest | (2,311) | (4,783) | |||
Net loss attributable to Mobile Infrastructure Corporation’s common stockholders | $ (2,436) | $ (4,992) | |||
Net loss per share attributable to Mobile Infrastructure Corporation’s common stockholders - basic and diluted (in dollars per share) | $ (0.31) | $ (0.64) | |||
Previously Reported [Member] | Nonrelated Party [Member] | |||||
Accounts receivable, net | $ 2,494 | $ 2,494 | |||
Previously Reported [Member] | Related Party [Member] | |||||
Accounts receivable, net | 0 | 0 | |||
Previously Reported [Member] | Base Rent Income [Member] | |||||
Rental income | 2,122 | 4,173 | |||
Previously Reported [Member] | Percentage Rent Income [Member] | |||||
Rental income | 4,856 | 9,185 | |||
Revision of Prior Period, Adjustment [Member] | |||||
Buildings and improvements | (156) | (156) | |||
Fixed assets, net | (81) | (81) | |||
Cash | (441) | (441) | |||
Cash – restricted | 226 | 226 | |||
Prepaid expenses | (138) | (138) | |||
Other assets | (127) | (127) | |||
Other assets | 127 | 127 | |||
Notes payable, net | (37) | (37) | |||
Long-Term Line of Credit, Total | 290 | 290 | |||
Accounts payable and accrued expenses | (856) | (856) | |||
Security deposits | (46) | (46) | |||
Deferred revenue | (35) | (35) | |||
Accumulated deficit | (305) | (305) | |||
Non-controlling interest | (352) | (352) | |||
Management income | (427) | (114) | |||
Property taxes | (105) | (105) | |||
Property operating expense | (33) | (96) | |||
General and administrative | (44) | (44) | |||
Professional fees | (38) | (387) | |||
Organizational, offering and other costs | 309 | 197 | |||
Depreciation and amortization | 43 | 43 | |||
Interest expense | (198) | (250) | |||
Other income | 46 | 46 | |||
Net loss | (656) | 225 | |||
Net loss attributable to non-controlling interest | (352) | 126 | |||
Net loss attributable to Mobile Infrastructure Corporation’s common stockholders | $ (304) | $ 99 | |||
Net loss per share attributable to Mobile Infrastructure Corporation’s common stockholders - basic and diluted (in dollars per share) | $ (0.04) | $ 0.01 | |||
Revision of Prior Period, Adjustment [Member] | Nonrelated Party [Member] | |||||
Accounts receivable, net | $ (291) | $ (291) | |||
Revision of Prior Period, Adjustment [Member] | Related Party [Member] | |||||
Accounts receivable, net | 156 | 156 | |||
Revision of Prior Period, Adjustment [Member] | Base Rent Income [Member] | |||||
Rental income | (120) | (120) | |||
Revision of Prior Period, Adjustment [Member] | Percentage Rent Income [Member] | |||||
Rental income | $ 175 | $ 271 |
Note C - Acquisitions and Dis_2
Note C - Acquisitions and Dispositions of Investments in Real Estate (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Proceeds from Sale, Real Estate, Other, Held-for-Investment | $ 1,475 | $ 0 | ||||
Gains (Losses) on Sales of Other Real Estate | $ 0 | $ 0 | $ 660 | $ 0 | ||
Parking Lot in Wildwood, NJ [Member] | ||||||
Proceeds from Sale, Real Estate, Other, Held-for-Investment | $ 1,500 | |||||
Gains (Losses) on Sales of Other Real Estate | 700 | |||||
Proceeds from Sale of Other Real Estate Held-for-investment, Net | $ 300 | |||||
Two22 Sheridan Bricktown Garage [Member] | ||||||
Proceeds from Sale, Real Estate, Other, Held-for-Investment | $ 17,500 |
Note D - Intangible Assets (Det
Note D - Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Amortization of Intangible Assets | $ 0.2 | $ 0.2 | $ 0.4 | $ 0.4 |
Note D - Intangible Assets - Sc
Note D - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Finite-lived intangible assets, accumulated amortization | $ 2,686 | $ 2,288 |
Total intangible assets | 10,131 | 10,106 |
Contract [Member] | ||
Indefinite lived contract | 3,160 | 3,160 |
Leases, Acquired-in-Place [Member] | ||
Finite-lived intangible assets | 2,564 | 2,564 |
Finite-lived intangible assets, accumulated amortization | 1,783 | 1,621 |
Lease Commissions [Member] | ||
Finite-lived intangible assets | 165 | 165 |
Finite-lived intangible assets, accumulated amortization | 119 | 106 |
Technology-Based Intangible Assets [Member] | ||
Finite-lived intangible assets | 4,242 | 4,217 |
Finite-lived intangible assets, accumulated amortization | $ 784 | $ 561 |
Note D - Intangible Assets - _2
Note D - Intangible Assets - Schedule of Future Amortization and Accretion of Acquired Intangible Assets (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Leases, Acquired-in-Place [Member] | |
2023 (Remainder) | $ 161 |
2024 | 303 |
2025 | 189 |
2026 | 102 |
2027 | 26 |
Thereafter | 0 |
Finite-Lived Intangible Assets, Net | 781 |
Lease Commissions [Member] | |
2023 (Remainder) | 12 |
2024 | 20 |
2025 | 9 |
2026 | 4 |
2027 | 1 |
Thereafter | 0 |
Finite-Lived Intangible Assets, Net | 46 |
Technology-Based Intangible Assets [Member] | |
2023 (Remainder) | 231 |
2024 | 448 |
2025 | 448 |
2026 | 448 |
2027 | 421 |
Thereafter | 1,462 |
Finite-Lived Intangible Assets, Net | $ 3,458 |
Note E - Notes Payable (Details
Note E - Notes Payable (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | May 06, 2017 | May 01, 2017 |
Restricted Cash and Cash Equivalents | $ 4,144 | $ 5,216 | $ 5,583 | $ 4,891 | ||
Promissory Note to KeyBank [Member] | ||||||
Debt Instrument, Face Amount | $ 12,700 | |||||
Promissory Note to Cantor Commercial Real Estate Lending, LP [Member] | ||||||
Debt Instrument, Face Amount | $ 16,250 | |||||
Loan Covenant Not Being Met [Member] | ||||||
Loans and Leases Receivable, Net Amount | 38,700 | |||||
Restricted Cash and Cash Equivalents | $ 300 |
Note E - Notes Payable and Payc
Note E - Notes Payable and Paycheck Protection Program Loan - Principal Balances on Notes Payable (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 USD ($) | ||
Debt balance, net | $ 146,288 | |
Notes Payable [Member] | ||
Less unamortized loan issuance costs | (613) | |
Notes Payable and Paycheck Protection Program Loan [Member] | ||
Debt balance, net | 145,675 | |
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 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 | $ 7,532 | |
Interest rate | 4.25% | |
Monthly payment | $ 44 | |
The 322 Streeter Holdco LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 25,900 | |
Debt balance | $ 25,015 | |
Interest rate | 3.50% | [2] |
MVP Houston Saks Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | $ 3,650 | |
Debt balance | $ 2,907 | |
Interest rate | 4.25% | |
Monthly payment | $ 20 | |
Minneapolis City Parking LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 5,250 | |
Debt balance | $ 4,302 | |
Interest rate | 4.50% | |
Monthly payment | $ 29 | |
MVP Bridgeport Fairfield Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 4,400 | |
Debt balance | $ 3,598 | |
Interest rate | 4% | |
Monthly payment | $ 23 | |
West 9th Properties II LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 5,300 | |
Debt balance | $ 4,421 | |
Interest rate | 4.50% | |
Monthly payment | $ 30 | |
MVP Fort Worth Taylor LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 13,150 | |
Debt balance | $ 11,000 | |
Interest rate | 4.50% | |
Monthly payment | $ 73 | |
MVP Detroit Center Garage LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 31,500 | |
Debt balance | $ 27,160 | |
Interest rate | 5.52% | |
Monthly payment | $ 194 | |
MVP St Louis Washington LLC [Member] | Notes Payable [Member] | ||
Original debt amount | 1,380 | [3] |
Debt balance | $ 1,258 | [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 | $ 3,764 | [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 | $ 3,643 | [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 | $ 260 | [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 | $ 1,951 | [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 | $ 694 | [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 | $ 11,143 | |
Interest rate | 5.02% | [5] |
Monthly payment | $ 66 | |
[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 - Future
Note E - Notes Payable - Future Principal Payments (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
2023 (remainder) | $ 11,414 |
2024 | 16,012 |
2025 | 29,091 |
2026 | 22,708 |
2027 | 67,063 |
Thereafter | 0 |
Total | $ 146,288 |
Note F - Revolving Credit Fac_2
Note F - Revolving Credit Facility (Details Textual) - USD ($) $ in Thousands | Mar. 29, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Long-Term Line of Credit, Total | $ 73,120 | $ 72,731 | $ 72,396 | |
Credit Agreement [Member] | KeyBanc Capital Markets [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | |||
Line of Credit Facility, Additional Maximum Borrowing Capacity | $ 75,000 | |||
Debt Instrument, Covenant, Maximum Leverage Ratio | 65% | |||
Long-Term Line of Credit, Total | $ 73,700 | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 600 | |||
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% |
Note G - Equity (Details Textua
Note G - Equity (Details Textual) - USD ($) | 6 Months Ended | 39 Months Ended | |||||||||||
Nov. 02, 2021 | Mar. 29, 2019 | Mar. 31, 2018 | Mar. 24, 2017 | Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Nov. 05, 2021 | Aug. 25, 2021 | Mar. 24, 2020 | Apr. 07, 2019 | Nov. 01, 2016 | |
Dividends Payable | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | ||||||||||
Class of Warrant or Right, Outstanding (in shares) | 1,702,128 | 1,702,128 | 1,702,128 | ||||||||||
Purchase Agreement With Company, Operating Partnership, and HSCP Strategic III, L.P. [Member] | |||||||||||||
Limited Partnership Purchase Agreement, Consideration Transferred | $ 20,000,000 | ||||||||||||
Series 1 Warrants Issued Per $1,000 of Shares Subscribed [Member] | |||||||||||||
Preferred Stock, Distributions Declared, Value | $ 15,700,000 | ||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 35 | ||||||||||||
Color Up to Purchase Common Stock Warrants [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,702,128 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.75 | ||||||||||||
Class of Warrant or Right, Maximum Aggregate Cash Purchase Price Allowed | $ 20,000,000 | ||||||||||||
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 | ||||||||||||
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 | $ 1,300,000 | ||||||||||||
Dividends, Preferred Stock, Total | $ 600,000 | ||||||||||||
Dividends Payable | $ 700,000 | $ 700,000 | $ 600,000 | ||||||||||
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 | ||||||||||||
Dividends, Preferred Stock, Total | $ 6,400,000 | ||||||||||||
Dividends Payable | $ 9,300,000 | $ 9,300,000 | $ 7,900,000 | ||||||||||
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) | 1,702,128 | 900,506 | |||||||||||
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 - Equity Compensation (D
Note H - Equity Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Feb. 28, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Share-Based Payment Arrangement, Expense | $ 1,200 | $ 0 | $ 2,600 | $ 0 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 19,100 | $ 19,100 | ||||
LTIP Units [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 32,422 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 13.48 | $ 12.72 | $ 12.72 | $ 12.65 | ||
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) | $ 13.69 | |||||
LTIP Units [Member] | Mr. Chavez [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 81,301 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 13,550 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||
LTIP Units [Member] | Ms. Hogue [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 50,813 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 10,163 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||
LTIP Units [Member] | Non-management Members of the Board of Directors [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 26,082 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||
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) | $ 14.76 | |||||
LTIP Units and Performance Units [Member] | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 15,700 | $ 15,700 |
Note H - Equity Compensation -
Note H - Equity Compensation - Share-based Activity (Details) - LTIP Units [Member] - $ / shares | 6 Months Ended | |
Feb. 28, 2023 | Jun. 30, 2023 | |
Balance, number (in shares) | 1,782,027 | |
Balance, weighted average grant fv per share (in dollars per share) | $ 12.65 | |
Grant, number (in shares) | 158,196 | |
Granted, weighted average grant fv per share (in dollars per share) | $ 13.69 | |
Vested, number (in shares) | (32,422) | |
Vested, weighted average grant fv per share (in dollars per share) | $ 13.91 | |
Forfeited, number (in shares) | 0 | |
Forfeited, weighted average grant fv per share (in dollars per share) | $ 0 | |
Balance, number (in shares) | 1,907,801 | |
Balance, weighted average grant fv per share (in dollars per share) | $ 13.48 | $ 12.72 |
Note I - Earnings Per Share (De
Note I - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 150,000 | 150,000 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net loss attributable to MIC | $ (2,468) | $ (2,740) | $ (4,765) | $ (4,893) |
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 | 7,762,375 | 7,762,375 | 7,762,375 |
Basic and dilutive (in dollars per share) | $ (0.32) | $ (0.35) | $ (0.61) | $ (0.63) |
Note J - Variable Interest En_2
Note J - Variable Interest Entities (Details Textual) $ in Thousands, ft² in Millions | 3 Months Ended | |
Jun. 30, 2023 USD ($) ft² a | Dec. 31, 2022 USD ($) | |
Area of Real Estate Property (Square Foot) | ft² | 5.4 | |
Number of Parking Spaces | 15,676 | |
Assets | $ 429,386 | $ 436,113 |
Liabilities | $ 248,554 | $ 249,105 |
Cardinal Lot [Member] | ||
Area of Real Estate Property (Square Foot) | a | 2.56 | |
Number of Parking Spaces | 376 | |
MVP St. Louise [Member] | ||
Assets | $ 12,000 | |
Liabilities | $ 6,100 | |
MVP St. Louise [Member] | ||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 51% |
Note L - Fair Value (Details Te
Note L - Fair Value (Details Textual) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Inputs, Level 2 [Member] | ||
Debt Instrument, Fair Value Disclosure | $ 206.4 | $ 207.4 |
Note M - Commitments and Cont_2
Note M - Commitments and Contingencies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Nov. 05, 2021 | Nov. 02, 2021 |
Loss Contingency, Maximum Amount of Indemnification Limit | $ 2,000 | ||||||
Cash | $ 2,029 | $ 5,758 | $ 8,182 | ||||
Asset Pledged as Collateral [Member] | Appeals Bond [Member] | |||||||
Cash | $ 700 | ||||||
Alleged Commission for Proposed Sale of Fort Worth Taylor Parking Facility [Member] | Pending Litigation [Member] | |||||||
Loss Contingency, Estimate of Possible Loss | $ 700 | ||||||
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) - USD ($) | Aug. 25, 2021 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Accounts Payable and Accrued Liabilities | $ 16,036,000 | $ 16,351,000 | $ 17,674,000 | |
Park Place Parking [Member] | ||||
Accounts Receivable, after Allowance for Credit Loss | 200,000 | $ 100,000 | ||
Color Up and Certain Member Entities of Color Up [Member] | ||||
Accounts Receivable, after Allowance for Credit Loss | 156,000 | |||
Accounts Payable and Accrued Liabilities | $ 469,231 | |||
Affiliate of Bombe Asset Management LLC [Member] | ||||
License Fee, Monthly | $ 5,000 |