Mobile Infrastructure Corporation (ticker: BEEP) owns and operates parking facilities across the U.S. As of year-end 2025, the company owns 36 parking facilities across 19 markets, totaling roughly 13,500 spaces. The portfolio targets garages and surface lots in top-50 U.S. metro areas, near demand drivers like downtown commerce, entertainment venues, government buildings, hotels, and residential areas. Mobile Infrastructure does not run day-to-day operations itself — it relies on third-party operators, primarily Metropolis (63% of parking revenue) and LAZ Parking (17%), to manage its facilities. These operators either pay rent and keep parking revenue (lease agreements) or collect revenue on Mobile Infrastructure's behalf in exchange for a management fee (management contracts). The company is actively converting its portfolio toward management contracts, which it argues improves expense visibility and aligns incentives. Revenue is driven by the number of parkers and the rate charged, and Mobile Infrastructure tracks RevPAS (Revenue per Available Stall) as its core operating metric. Relative to other commercial real estate, parking assets require minimal tenant improvement costs and low capex, and the absence of long-term leases allows rates to adjust in real time. The company pursues ancillary revenue from EV charging, rideshare staging, and wireless infrastructure. Growth is centered on acquiring under-managed parking assets in top-50 metros and optimizing the existing portfolio. The portfolio is concentrated in Cincinnati (20% of gross real estate book value), Detroit (11%), and Chicago (10%).