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DATE

Tuesday, Aug. 11, 2026 at 4:30 p.m. ET

CALL PARTICIPANTS

• Chief Executive Officer-Stephanie L. Hogue
• Chief Financial Officer-Paul Gohr
• Investor Relations Representative-Casey Kotary

TAKEAWAYS

• Same-Location Revenue -- $8.9 million, an increase of 5.6% year over year from $8.4 million driven by higher utilization in contract and transient parking.
• Same-Location NOI -- $5.9 million, growing 13.5% year over year from $5.2 million reflecting revenue growth, expense discipline, and property tax appeal management.
• Total Revenue -- $8.9 million, a 1.1% decrease year over year from $9.0 million primarily due to the impact of asset sales in 2025 and 2026.
• Contract Parking Volumes -- growth of 12% year over year and 7% sequentially due to return-to-office momentum and downtown residential absorption.
• Portfolio Utilization -- 70% on a trailing 12-month basis, a 5 percentage point increase versus last year reflecting recovering demand in supply constrained urban cores.
• RevPAS -- $224.96 for the second quarter, representing the highest second-quarter level for the company since it began tracking the data in 2021.
• Asset Rotation Program -- $33 million in cumulative proceeds to date at a weighted average implied capitalization rate of approximately 2% under the 36-month plan to rotate $100 million in assets.
• Transaction Pipeline -- approximately $25 million of transaction value currently under active negotiation for potential closing by the end of the year.
• Debt Reduction -- $4.5 million used to pay down the line of credit during the quarter, including $3.7 million in principal and $800,000 in accrued interest.
• Total Net Debt -- $197.1 million as of June 30, 2026, down from $200 million at the end of the first quarter.
• Property Taxes -- $1.4 million for the quarter, a reduction from $1.8 million in the prior year period due to an active property tax appeal management process.
• Transient Revenue -- growth of 4% portfoliowide as key markets moved toward stabilization following the completion of construction and redevelopment projects.
• Full Year 2026 Revenue Guidance -- $35 million to $38 million, representing approximately 4% growth at the midpoint and 8% growth on a same-location basis.
• Full Year 2026 NOI Guidance -- $21.5 million to $23 million, representing 7% year-over-year growth at the midpoint.
• Full Year 2026 Adjusted EBITDA Guidance -- $15 million to $16.5 million, representing 10% year-over-year growth at the midpoint and 13% growth on a same-location basis.
• Adjusted EBITDA -- $4.1 million for the quarter, an increase of 5.5% versus $3.8 million in the second quarter of 2025.
• General and Administrative Expenses -- $2.6 million, which included $800,000 of non-cash stock-based compensation.
• Property Operating Expenses -- $1.6 million, representing a $100,000 increase on a same-location basis primarily due to the timing of repairs and maintenance.
• Net Loss -- $3.2 million, an improvement from the $4.7 million net loss reported in the prior year period.
• Revenue Mix -- approximately two-thirds of revenue is derived from transient parking and one-third from monthly contract parking.

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RISKS

• CFO Gohr noted that property operating expenses were $1.6 million, stating they were "a little bit higher than we had anticipated" because of the timing of repairs and maintenance at specific facilities.

SUMMARY

Management reported that Mobile Infrastructure Corp. (BEEP -0.39%) achieved its second consecutive quarter of broad-based operating growth, driven by a strategy that focuses on increasing occupancy before implementing price increases. The company stated that same-location net operating income (NOI) grew 12% as a result of increased portfolio utilization and disciplined expense management. Management indicated that proceeds from the ongoing asset rotation program are being directed toward debt reduction, including the paydown of the company's line of credit. The company continues to report structural tailwinds from return-to-office trends and residential absorption in supply-constrained urban markets.

• CEO Hogue stated that a special committee of the Board of Directors is actively reviewing and evaluating a take-private proposal submitted by BOM Asset Management.
• CEO Hogue described the parking locations as sitting in "dynamic supply-constrained urban cores where new parking real estate of this character is rarely created."
• Management indicated that Midwestern markets, including Chicago, Cincinnati, and Milwaukee, were particularly strong performers during the second quarter.
• CEO Hogue stated, "The value our assets command in the private market continues to underscore the disconnect between that value and where our shares trade today."
• The company noted that several markets previously affected by construction and redevelopment, such as Nashville and Cincinnati, have returned to active operations.
• CEO Hogue stated, "Utilization is our leading indicator," which management uses to determine precisely when an asset is ready for rate optimization.
• Management confirmed that the company is replacing operating partners who fail to meet specific key performance indicators for utilization and revenue per available stall.

INDUSTRY GLOSSARY

• RevPAS: Revenue Per Available Stall, an operational metric calculated as monthly parking revenue divided by the total number of parking stalls in managed facilities.
• Net Operating Income (NOI): A financial metric representing total revenue minus property operating expenses and property taxes, used to measure the profitability of real estate assets.
• Asset Rotation Program: A 36-month strategic plan to sell $100 million of noncore assets to reduce debt and reinvest in higher-quality properties.
• Cap Rate: Short for capitalization rate, the ratio of net operating income to the property's purchase price or market value, used to indicate the expected rate of return.
• Transient Parking: Short-term parking used by daily visitors, event attendees, or hotel guests, typically charged at hourly or daily rates.
• Adjusted EBITDA: Earnings before interest, taxes, depreciation, and amortization, adjusted for non-cash or non-recurring items such as stock-based compensation.
• CMBS: Commercial Mortgage-Backed Securities, a type of mortgage-backed security that is secured by the loan on a commercial property.

Full Conference Call Transcript

Operator: Good afternoon, and welcome to the mobile Infrastructure Corporation Second Quarter 26 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a Q&A session. If you would like to ask a-- excuse me, a question, please press 1-1 on your telephone. You will then hear an automated message advising that your hand is raised. If you would like to remove yourself from the queue, please press 11 again. And keep in mind that this call is being recorded. I would now like to turn the call over to Casey Kotary, investor relations representative. Please go ahead.

Casey Kotary: Thank you, operator. Good afternoon, everyone, and thank you for joining us to review mobile second quarter 26 performance. With us today from Mobile are Stephanie L. Hogue, CEO, and Paul Gohr, CFO. In a moment, we will hear management's statements about the company's results of operations for the second quarter of 26. Before we begin, we would like to remind everyone that today's discussion includes forward looking statements, including projections and estimates of future events business or industry trends, or business or financial results.

Actual results may vary significantly from those statements and may be affected by the risks Mobile has identified in today's press release and those identified in its filings with the SEC, including Mobile's most recent annual report on Form 10-K and its most recent quarterly report on Form 10-Q. Mobile assumes no obligation and does not intend to update or comment on forward looking statements made on this call. Today's discussion also contains references to non GAAP financial measures that Mobile believes provide useful information to its investors. These non GAAP measures should not be considered in isolation from or as a substitute for GAAP results.

Mobile's earnings release and the most recent quarterly report on Form 10-Q provide a reconciliation of those measures to the most directly comparable GAAP measures and a list of the reasons why mobile uses these measures. I will now turn the call over to mobile CEO, Stephanie L. Hogue, to discuss second quarter 26 performance. Stephanie?

Stephanie L. Hogue: Thank you, Casey, and good afternoon, everyone. Thank you for joining us today. I would like to begin our call by taking a moment to address the take private proposal that was recently submitted by BOM Asset Management. A special committee of the Board of Directors is in the process of actively reviewing and evaluating the proposal. This process is underway and ongoing, and the special committee will determine the appropriate steps based on what it believes is in the best interest of the company and all of our shareholders. We will not be commenting further on this topic or speaking to this matter during our call today.

With that update, let me now transition to our second quarter results which reflects continued execution against the initiatives we laid out for 2026. And more than that, they reflect a business that is performing. This was our second consecutive quarter of broad based operating growth and the momentum is building. We set clear KPIs for ourselves and our operating partners at the start of this year. We measure against them regularly and take appropriate action to course correct when necessary. As a result, we are meeting or exceeding those KPIs. In the second quarter, same location NOI grew 12% year over year. Reaching $5.9 million up from $5.2 million And we expect that momentum to continue throughout the year.

Same location revenue grew 5.6% representing various demand drivers turning on or reactivating across our portfolio. Resulting in growth both in transient and monthly parking. At the same time, we continued tight operating expense management, which reflects both our ongoing conversion to management contracts and the greater visibility and control they give us over operating performance. I am highly encouraged by the underlying operating story. Portfolio utilization on a trailing 12 month basis was 70%, up 5 percentage points year over year from 65% and it climbed in every month of the quarter. Average utilization for the quarter was the highest it has been since we took control of this portfolio in 2021 and started tracking the data.

As we have discussed, our focus on utilization through the recovery in our markets allows pricing to follow as demand strengthens. RevPAS reached approximately $225 in the quarter, the highest second quarter RevPAS in the last 3 years, and on a trailing 12 month basis, RevPASS was over $200. Volume and rate are moving together, and that is direct credit to our team and our operating partners. We continue to hold our operating partners accountable to specific set of key operating metrics each month. Utilization, RevPAS, contract volume, and partner mix. Utilization is our leading indicator. It tells us precisely when an asset is ready for the next lever.

As more of the portfolio crosses into stabilized occupancy, our optionality expands. We optimize the mix across contract, residential, and transient demand and we move rates in the specific bands where the market supports it. Rather than across the board. As discussed in prior quarters, we are changing operating partners who do not hit our KPIs. And we will continue to do so. The demand behind this quarter's numbers continues to accelerate. Contract volumes grew approximately 12% year over year, and 7% sequentially, a clear signal of return to office momentum and steady absorption from the newly leased residential units across our markets. Return to office and downtown residential absorption are multi quarter structural tailwinds.

While they take time to realize, we are well positioned in the markets where these secular trends are the strongest. Several of the markets that were dislocated by construction and redevelopment in prior quarters such as Cincinnati and Nashville, are now firmly back online and that recovery is reflected in both our contract parking base and our transient volumes. Recovering markets, a growing contract base, and a full events calendar gives us confidence in our performance for the balance of the year. As utilization driven by monthly consumers continues to grow through the portfolio, rate will become the longer term focus. Average transient transactions also showed growth for the quarter.

Up 3% year over year which is the appropriate comparison for transient due to the seasonality of that part of the business. Our Midwestern markets in particular stood out as strong performers. With Chicago, Cincinnati, and Milwaukee showing meaningful growth as well as strong metrics in Nashville. Part of Milwaukee's strength came from another asset transitioning from a lease to a management contract giving us the ability to actively work with our operator. Which remains a priority for all of our assets. We are carrying this momentum into the third quarter which is seasonally our busiest and highest NOI period for the year.

We enter it with utilization where we expected it to be, a contract base that is larger and still growing, and a full calendar of events across our markets. On capital allocation, we continue to put the balance sheet to work. We paid down $3.7 million of principal, and $800 thousand of accrued interest on our line of credit during the quarter and we ended the quarter with total net debt of a $197.1 million. Through our 36 month $100 million asset rotation program, cumulative proceeds from the assets sold have now exceeded $30 million at a weighted average implied capitalization rate of approximately 2%.

The value our assets command in the private market continues to underscore the disconnect between that value and where our shares trade today. We are still actively working on the asset rotation program and making progress. We are currently negotiating approximately $25 million of transaction value that we expect to act upon under the right conditions. As always, we will move deliberately on the right transactions at the right terms, not speed for its own sake. Our playbook for 2026 remains unchanged. Drive utilization, convert it into rate, rotate non core assets at premium private market valuations, and continue to deleverage and professionalize the operating model. The second quarter is evidence that the playbook is working.

And we are reaffirming our full year 2026 guidance which Paul will now walk through. Paul?

Paul Gohr: Thank you, Stephanie. Good afternoon, everyone. I am pleased to discuss the financial details of our second quarter 26 results. And provide additional context on the remainder of the year. Total revenue was $8.9 million the second quarter of 26. Compared to $9 million in the second quarter of 25. The year over year decrease was primarily attributable to assets sold in 2025 and 2026. Excluding those dispositions, same location revenue was $8.9 million, an increase of 5.6% versus the prior year period. We believe the same location comparison is the right way to evaluate the organic performance of our continuing portfolio. Contract parking volumes grew approximately 12% year over year and were up 7% quarter-over-quarter sequentially.

With broad based gains across several markets, including Cincinnati, Denver and Fort Worth. Transient revenue grew 4% portfolio wide as several key markets showed momentum following the completion of construction and redevelopment that we discussed last quarter. Cincinnati transactions were up year over year. Supported by the convention center reopening, while markets such as Chicago also posted strong transaction growth. And aggressive online marketing initiatives. Consistent with volume first, rate second playbook previously described, we expect rate to follow as utilization stabilizes across the portfolio. Turning to expenses. Property taxes were $1.4 million in the second quarter of 26. Compared with $1.8 million in the prior year period.

On a same location basis, property taxes are down $300 thousand from the prior year period. The year over year reduction in property taxes reflects continued benefits from our active property tax appeal management process. Property operating was $1.6 million compared with $1.8 million in the second quarter of 25. On a same location basis, property operating expenses increased $100 thousand from the prior year period. Primarily on timing of some repairs and maintenance at our facilities. But overall, we have demonstrated continued expense discipline despite an inflationary cost environment. Consistent with the prior quarter, we are presenting net operating income, or NOI, on a same location basis.

Same location NOI for the second quarter of 26 was $5.9 million compared with $5.2 million for the same period in 2025. An increase of 12%. The increase reflects several factors working together. Same location revenue growth, the lease-to-management agreement conversions we completed over the past year, active property tax appeal management, and expense discipline. We delivered same location NOI growth of about 2x our same location revenue growth through these efforts. General and administrative expenses were $2.6 million compared to $2.4 million in the same period of 2025. Current period G&A includes $800 thousand of non cash stock based compensation consistent with the $800 thousand in the prior year quarter.

Adjusted EBITDA was $4.1 million for the second quarter of 26, compared to $3.8 million in the second quarter of 25. An increase of 5.5%. This improvement further illustrates operating discipline alongside our same location revenue growth for the quarter. Turning to the balance sheet. At 6/30/2026, we had $10.9 million of cash equivalents and restricted cash. Total net debt outstanding was $197.1 million, down from $200 million at the end of the first quarter. During the second quarter, we paid down $3.7 million and $800 thousand of accrued interest on our line of credit. As a reminder, this is in addition to the debt pay downs of $8.1 million on our CMBS facility in the first quarter of 26.

In total, we have repaid $22.6 million of debt using proceeds from the asset rotation strategy. As Stephanie mentioned, total proceeds to date from our 36 month $100 million asset rotation program were above $30 million. Reducing the cost of capital remains a primary use of disposition proceeds. Alongside opportunistic share repurchases and selective acquisitions of higher quality assets. We are reaffirming our full year 2026 guidance. As initially provided with our fourth quarter and full year 2025 results and reiterated last quarter. For the full year, we continue to expect total revenue in the range of $35 million to $38 million representing approximately 4% growth at the midpoint over 2025 results. approximately 8% growth on a same location basis.

We expect this to be accompanied by NOI in the range of $21.5 million to $23 million representing year on year growth of 7% at the midpoint and 10% growth on a same location basis. Further, adjusted EBITDA is forecasted to range from $15 million to $16.5 million representing year on year growth of 10% at the midpoint and 13% growth on a same location basis. Consistent with last quarter, this guidance reflects our expectations for continued contract volume growth. Benefits of venue reopenings and recoveries across the portfolio and the positive impact of our technology and pricing optimization initiatives. As a reminder, this guidance does not include any future asset sales or acquisitions under our asset rotation program.

With that, I will turn the call back to Stephanie for closing remarks.

Stephanie L. Hogue: Thank you, Paul. Before we open the line for questions, I want to reiterate the broader perspective that we shared in Q1 on where we believe this business is headed over the longer term. Mobile infrastructure owns hard assets, Well located land and access points in central business districts across the United States. We believe the long term value of these assets is driven by 3 key characteristics. First, irreplaceability. The land we own sits in dynamic supply constrained urban cores where new parking real estate of this character is rarely created. The cities continue to invest in downtown revitalization mixed use redevelopment, and urban density, the access points we own become increasingly valuable. Second, optionality through adaptive reuse.

Our portfolio is not simply a collection of parking structures. The land and structures provide platforms for a variety of potential uses. Residential, hospitality, retail, EV charging infrastructure, last mile logistics, and emerging mobility services. Our asset rotation program demonstrates this underlying value and the demand for well located urban real estate. Third, the ability to meet future mobility wherever it lands on the adoption curve. The future of mobility will continue to evolve, and there is uncertainty around how that evolution will unfold. What remains consistent is the need for access points where vehicles and people arrive, dwell, and depart. Our portfolio sits at those access points today and can adapt to a range of future mobility trends.

The second quarter is another step forward, and we are encouraged to see both volume and rate contribute to results. We remain confident in our 2026 plan. The underlying value of our portfolio as reflected in our internal NAV, is significantly above the current trading value of our shares. Our focus remains on executing our strategy, unlocking value for our assets, and maintaining a disciplined shareholder first approach to capital allocation. Thank you for your support, your questions, and your engagement with mobile infrastructure. Operator, please open the line for questions.

Operator: Thank you. Please press 1-1 on your telephone. You will hear an automated message advising that your hand is raised. If you would like to remove yourself, press 1-1 again. We also ask that you wait for your name and company to be announced. And our first question of the day is coming from the line of John Massocca of B. Riley Securities. Please go ahead.

John James Massocca: Good morning. Sorry. Good afternoon. Maybe starting off with the capital recycling plan. You mentioned you have $25 million of transactions that you are kind of working on. I guess, what is the kind of stage of those? Is that something that is expected close here over the remainder of the year? Could it take longer than that? I-- yeah. I know you have laid out a specific guideline over a 3-year period, but just to see what kind of color on the $25 million number you cited I guess I know you are not commenting on the kind of take private offer that was mentioned earlier, but would that impact that capital recycling program at all?

Stephanie L. Hogue: Hey, John. So to the first question, all of those are under active negotiation. They you know, we have commented in the prepared remarks, we do not sell for the sake of selling. So right buyer, right price point, we are targeting that sub-3% cap. And we are staying really fixated on that. So could they close by the end of the year? Yes. that is what we are working toward. And continuing to look at noncore assets. Within that framework. But timing can always slide a bit. To your second question, cannot comment at all on that matter until we have an update, but no.

I mean, right now, it is business as usual and focus on the sale of noncore assets.

John James Massocca: Okay. And then in terms of the in place portfolio, you kind of mentioned an occupancy first, kind of rate second strategy. it is starting to see some of that flowing through with-- within your assets are there can you kind of call any specific examples where you are seeing that? I am assuming at this point, some of the properties are kind of at a run rate occupancy that would make sense to push rate. Kind of curious any kind of color you could provide on how that is flowing through the portfolio today?

Stephanie L. Hogue: Yeah. it is asset-specific and market-specific. We are targeting utilizations that are toward stabilized levels. And that varies by garage. We have seen some markets. I think we have mentioned Cleveland in the past. Cincinnati is getting toward a stabilized utilization where rate tends to follow. The nice thing and 1 of the important things about how we evaluate this portfolio is we break down every type of user. And so, right now, getting monthly contracts is the most important. But it still gives you an option to update rates in things like transient or overnight and hotel. And so within specific rate bands, we are seeing some level of but it is not even across the board.

John James Massocca: And then on the operating expense side of things, continued kind of downward pressure there. Maybe as compared to 2025. Is that something that can continue to trend down? Or do you-- would you consider Q2 a good run rate when adjusting for seasonality?

Paul Gohr: Yeah. I think there is a trend line to go down. Q2 is a little bit higher than we had anticipated, but we expect it to moderate down a little bit in Q3 and Q4.

John James Massocca: Okay. I will hop back in the queue. Thank you very much.

Stephanie L. Hogue: Thanks, John.

Operator: Thank you. 1 moment for the next question, please. Next question is coming from the line of Kevin Steinke of Barrington Research Associates. Please go ahead.

Kevin Mark Steinke: Great. Thank you. Just wanted to ask you about the contract parking volume growth of 12%. This is a nice number. Acceleration from the percent in the first quarter. So is there anything meaningful you would want to highlight there in terms of the faster growth? I know you talked about both returned to office as well as residential, but do not know if there is any more color you could provide.

Stephanie L. Hogue: Yeah. I think the nice thing about that is it builds on itself. Through the year. So we have been very focused on it. First quarter is always our seasonally slowest quarter. Second quarter is that return we are seeing that return to office trend really pick up, anticipating that remaining in third quarter. And same thing with new leasing coming online and actually being leased up. So not a surprise that it happened finally. We have been talking about it for a year, but nice to see that it is really coming to fruition.

Kevin Mark Steinke: Okay. Good. And you mentioned I believe you mentioned that rate contributed to your same location revenue growth in the quarter. I do not know if you are able to parse that out on a consolidated basis. In terms of, you know, a percentage point contribution or if you only look at it on a kind of asset by asset basis.

Stephanie L. Hogue: We look at it internally asset by asset. Predominantly, the revenue expansion came from utilization growth. And that is really focused on rate for or sorry, volume first, rate second. Once you have a full garage, you have pricing power. And so we are staying extraordinarily disciplined on that to make sure that parkers are in the door, they are happy with the product, and then they are very sticky consumers.

Kevin Mark Steinke: Okay. Great. You sounded like you had an optimistic view of second half of the year. You mentioned a strong event calendar and just the internal momentum, but any more color on the kind of visibility you see into the second half And how do you think that is going to kind of line up for the rest of the year?

Stephanie L. Hogue: Sure. The second half of the year is always our stronger half of the year. I think the what we are seeing is a higher baseline for contract parking, transient parking. And so optimistic for the back half of the year.

Kevin Mark Steinke: Okay. And with this, transient parking, I think I believe that grew on the quarter, the transient revenue. Would you just attribute that mainly to some of these, you know, the disrupted assets coming back to utilization, you know, when we are talking about construction, Cincinnati, Nashville, etcetera. Or any more insight on the transient side?

Stephanie L. Hogue: Yeah. it is been substantially related to things coming back online, construction ending, the convention center you referenced. And there was a small, very modest rate expansion as well.

Kevin Mark Steinke: Okay. Thanks for taking the questions. I will turn it back over.

Stephanie L. Hogue: Thanks, Kevin.

Operator: Thank you. 1 moment for the next question. Our next question is coming from the line of Marc Riddick of Sidoti. Please go ahead.

Marc Riddick: Hey. Good afternoon.

Stephanie L. Hogue: Hey, Marc.

Marc Riddick: So I wonder if you could talk a little bit about the you have mentioned a couple of times events, and maybe you could talk a little bit about because I guess there is some visibility there. Maybe talk a little bit about what the calendar looks like, whether it is third quarter, fourth quarter weighted, and maybe the comparisons that they had there. So that sort of more of a consumer-driven kind of area? Or how what is it that is giving you confidence on the event side?

Stephanie L. Hogue: Sure. I mean, third quarter is historically always the busiest. You have got a number of sports concerts, you know, downtown events. We have had a number of demand drivers reopen and so that contributes to more events and more people downtown, more hotel stays, etcetera.

Marc Riddick: Great. And then I was wondering if you could go back to the question around rate and utilization, I was sort of wondering if you mentioned as far as it varies by location, and I certainly understand. Well, is there sort of a general range we should be thinking about that sort of makes the switch kind of, you know, turn to the-- to the rate side of the equation. Is there sort of a ballpark range? That we should be thinking about as far as your comfort levels.

Stephanie L. Hogue: It really depends on the asset itself. And I will give you a little bit of color. You know, in a garage, you have a much larger asset. And, you know, it takes much more to fill it. So you might hit that stabilized point somewhere between 80-100% where you are you are starting to push on rate. In a parking lot where you are turning it more frequently and you have people in and out several times a day, utilization there could be 300-400%. And so and yet that may not still be stabilized. So it really depends on the type of asset and then the market dynamics itself.

Marc Riddick: Okay. And then maybe you could switch on the give your sort of views and thoughts as to the labor side of the equation. Current levels as far as ability, any needs to add there given the utilization? How should we be thinking about the labor side of the equation?

Stephanie L. Hogue: It should not change. The great thing about parking assets, they are very fixed cost.

Marc Riddick: Hey. Thank you.

Stephanie L. Hogue: Thanks, Marc.

Operator: Thank you. 1 moment, please, for the next question. And the next question is coming from the line of Michael Diana of Maximum Group. Please go ahead.

Michael Diana: Ahead. Okay. Thank you. Transient is I assume there is some seasonality there, like third quarter is probably big. Could you comment on any seasonality? And then also, if the transient really started picking up the way you hoped it will, how significant is that? And how what percentage of revenue would that be?

Stephanie L. Hogue: Sure. Third quarter is always the largest quarter that is the busiest quarter, and it is really the most dynamic from demand drivers. So you have got all kinds of sports events, conventions, hotel stays, vacations. All these things feed into utilization. So we anticipate that continued activity because, as we said earlier, we have a number of demand drivers that have reopened. Specifically in Cincinnati, Denver, and Nashville, the construction ending there.

Michael Diana: Right. And how big could that be? The transient category.

Stephanie L. Hogue: Yeah. I think about 2-thirds of our revenue. So it is a 2-thirds, 1-third split between transient and contract.

Michael Diana: Okay. Great. Okay. Thank you.

Stephanie L. Hogue: Thank you.

Operator: Thank you. And there are no more questions in the queue. That concludes today's programming. Thank you all for joining. You may now disconnect.