Broad Street Realty, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Broad Street Realty, Inc. has filed its annual 10-K report detailing its 2023 fiscal year operations and financial standing.</b>

AI Summary

Broad Street Realty, Inc. (BRST) filed a Annual Report (10-K) with the SEC on April 1, 2024. Broad Street Realty, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's business address is 11911 Freedom Drive, Suite 450, Reston, VA 20190. Broad Street Realty, Inc. was formerly known as MedAmerica Properties Inc. and Banyan Rail Services Inc. Key dates mentioned include October 2028, May 2028, June 2024, February 2029, September 2026, October 2033, and December 2033. The filing references various financial instruments and real estate assets, including mortgage loans, shopping centers, and basis term loans.

Why It Matters

For investors and stakeholders tracking Broad Street Realty, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Broad Street Realty's financial performance, operational activities, and strategic positioning for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial health, identify potential risks, and understand its future outlook in the real estate sector.

Risk Assessment

Risk Level: medium — Broad Street Realty, Inc. shows moderate risk based on this filing. The filing contains numerous references to specific real estate assets, loans, and financial instruments, indicating a complex operational and financial structure that could present medium-level risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand the company's performance and potential challenges.

Key Numbers

• 20231231 — Fiscal Year End (Report period)
• 20240401 — Filing Date (Date the report was filed)
• 10-K — Form Type (Type of filing)
• DE — State of Incorporation (State where the company is incorporated)
• 363361229 — IRS Number (Company's IRS identification number)
• 6500 — Standard Industrial Classification (Industry code for Real Estate)
• 561-617-8050 — Business Phone (Contact phone number)

Key Players & Entities

• Broad Street Realty, Inc. (company) — Filer of the 10-K report
• MedAmerica Properties Inc. (company) — Former name of Broad Street Realty, Inc.
• Banyan Rail Services Inc. (company) — Former name of Broad Street Realty, Inc.
• Reston, VA (location) — Business address of Broad Street Realty, Inc.
• 11911 Freedom Drive, Suite 450 (location) — Business address of Broad Street Realty, Inc.
• 20231231 (date) — Fiscal year end date
• 20240401 (date) — Filing date
• 0000950170-24-039408 (filing_id) — Accession number for the filing

FAQ

Risk Factors

• Geographic Concentration Risk [medium — financial]: The company faces risks due to concentration in specific geographic areas, as indicated by references to CO and PA.

Key Dates

• 2023-12-31: Fiscal Year End — Defines the reporting period for the 10-K.
• 2024-04-01: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.01 — Section 12(g) of the Act: Common Stock, $0.01 par value per share Indicate by check
• $1.00 — on the closing sales price per share of $1.00 as reported on the OTC Markets, Inc.
• $23.0 million — re Shopping Center for a sales price of $23.0 million and recognized a net gain of $11.6 mill
• $11.6 million — .0 million and recognized a net gain of $11.6 million. In connection with the disposition, we
• $11.8 million — onnection with the disposition, we used $11.8 million of the proceeds to repay the mortgage l
• $2.3 million — rtgage loan secured by the property and $2.3 million to redeem the Lamont Street Preferred I
• $23.1 million — Sold Dekalb Plaza for a sales price of $23.1 million and recognized a net loss of $0.1 milli
• $0.1 million — .1 million and recognized a net loss of $0.1 million. In connection with the disposition, we
• $17.4 million — onnection with the disposition, we used $17.4 million of the proceeds to pay down a portion o
• $45.3 million — d four loans for a total loan amount of $45.3 million and used proceeds therefrom to pay down
• $41.0 million — from to pay down the Basis Term Loan by $41.0 million resulting in a total paydown of the Bas
• $58.4 million — ydown of the Basis Term Loan in 2023 of $58.4 million. Signed 74 leases for a total of 260,
• $7.0 m — 5 academic year. Reported net loss of $7.0 million, funds from operations ("FFO") at
• $2.4 million — mon stockholders and OP unit holders of $2.4 million and adjusted FFO ("AFFO") attributable
• $3.0 million — mon stockholders and OP unit holders of $3.0 million. See "Management's Discussion and Analy

Filing Documents

• brst-20231231.htm (10-K) — 4826KB
• brst-ex4_1.htm (EX-4.1) — 29KB
• brst-ex21_1.htm (EX-21.1) — 46KB
• brst-ex23_1.htm (EX-23.1) — 4KB
• brst-ex23_2.htm (EX-23.2) — 5KB
• brst-ex31_1.htm (EX-31.1) — 14KB
• brst-ex31_2.htm (EX-31.2) — 14KB
• brst-ex32_1.htm (EX-32.1) — 12KB
• 0000950170-24-039408.txt (&nbsp;) — 18762KB
• brst-20231231.xsd (EX-101.SCH) — 2741KB
• brst-20231231_htm.xml (XML) — 3244KB

BUSINESS

BUSINESS 4 ITEM 1A.

RISK FACTORS

RISK FACTORS 17 ITEM 1B. UNRESOLVED STAFF COMMENTS 34 ITEM 1C. CYBERSECURITY 34 ITEM 2.

PROPERTIES

PROPERTIES 35 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 36 ITEM 4. MINE SAFETY DISCLOSURES 36 PART II 36 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 36 ITEM 6. [RESERVED] 36 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 37 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 55 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 56 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 98 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 98 ITEM 9B. OTHER INFORMATION 99 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 99 PART III 100 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 100 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 100 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 100 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 100 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 100 PART IV 101 ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 101 ITEM 16. 10K SUMMARY 101

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS We make statements in this Annual Report on Form 10K (this "report") that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act")). These forward-looking statements include, without limitation, statements about our estimates, expectations, predictions and forecasts of our future business plans and financial and operating performance and/or results, as well as statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts. When we use the words "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "project," "seek," or similar expressions or their negatives, as well as statements in future tense, we intend to identify forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance, and our actual financial and operating results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such differences are described in the section entitled "Risk Factors" in this report and in other documents that we file from time to time with the Securities and Exchange Commission (the "SEC"), which factors include, without limitation, the following: our limited access to capital and our ability to repay, refinance, restructure and/or extend our indebtedness as it becomes due the substantial rights of the Fortress Member (as defined herein) under the Eagles Sub-OP Operating Agreement (as defined her

B USINESS

ITEM 1. B USINESS Overview We are focused on owning and managing essential grocery-anchored and mixed-use assets located in densely populated technology employment hubs and higher education centers within the Mid-Atlantic, Southeast and Colorado markets. As of December 31, 2023, we owned 15 properties. The properties in our portfolio are dispersed in sub-markets that we believe generally have high population densities, high traffic counts, good visibility and accessibility, which provide our tenants with attractive locations to serve the necessity-based needs of the surrounding communities. We intend to focus on acquiring additional strategically positioned properties in established and developing neighborhoods primarily leased to necessity-based tenants that meet the needs of the surrounding communities in our existing markets, as well as acquiring properties in new markets that meet our investment criteria, including the Southeastern United States. In addition, we provide commercial real estate brokerage services for our own portfolio and third-party office, industrial and retail operators and tenants. The table below provides certain information regarding our portfolio as of December 31, 2023. For additional information, see "—Our Portfolio." As of December 31, 2023 Number of properties 15 Number of states 4 Total rentable square feet (in thousands) 1,916 Retail 1,654 Residential 262 Leased % of rentable square feet (1) : Total portfolio 90.1 % Retail 88.5 % Residential 100.0 % Occupied % of rentable square feet (1) : Total portfolio 86.2 % Retail 84.1 % Residential 100.0 % Total residential units/beds 240/620 Monthly residential base rent per bed $ 1,099.26 Annualized residential base rent per leased square foot (2) $ 31.22 Annualized retail base rent per leased square foot (2) $ 14.99 (1) Percent leased is calculated as (a) gross leasable area ("GLA") of rentable squar

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View this 10-K filing on SEC EDGAR