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Management is employing a 'volume first, rate second' playbook, prioritizing utilization growth to build an occupancy base before exercising pricing leverage.

The company introduced 'Same Location NOI' to provide a transparent view of core operations, stripping out the noise from the ongoing $100 million asset rotation program.

NOI growth of 4.4% on flat revenue was driven by active expense discipline, property tax appeal management, and the conversion of leases to management agreements.

Contract parking volumes grew 6% year-over-year, supported by residential demand and a shift toward large-block corporate return-to-office requirements.

Management highlighted a significant disconnect between the company's share price and the private market value of its urban land assets, which are being sold at approximately 2% cap rates.

The portfolio is being positioned as a flexible platform for future mobility, focusing on the strategic value of urban access points regardless of the specific vehicle mix.

Full-year 2026 guidance assumes 8% same-location revenue growth and 10% same-location NOI growth, underpinned by venue reopenings and technology-driven pricing optimization.

The company expects to continue rotating non-core assets to fund debt reduction, opportunistic share repurchases, or selective high-quality acquisitions.

Management anticipates that as more assets cross the 80% utilization threshold, they will begin implementing rate expansion and parker mix optimization.

The 36-month, $100 million asset rotation strategy remains the primary vehicle for surfacing the 'adaptive reuse' value of the company's urban land holdings.

Redevelopment-driven dislocations in Detroit continue to impact portfolio-wide RevPAS, though excluding this market, RevPAS showed slight year-over-year improvement.

The company successfully reduced total debt to $200 million following the Honolulu asset sale and related CMBS paydowns.

Winter weather in Midwestern markets and pockets of hotel occupancy softness acted as seasonal headwinds during the first quarter.

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Management confirmed that cumulative proceeds from the asset rotation strategy have exceeded $30 million.

Sales are consistently occurring at implied cap rates of approximately 2%, reflecting high private market demand for well-located urban land.

Paying down the line of credit is currently viewed as the most accretive use of disposition proceeds.

Share repurchases at current levels and selective acquisitions in high-conviction growth markets are tied for the second priority.

Management is seeing a shift from individual parking requests to large corporate blocks of 500 to 1,000 spaces as companies bring employees back full-time.

Utilization is being managed as a precursor to rate hikes; once an asset approaches stabilization, management can turn a single stall multiple times per day.