Broad Street Realty, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Broad Street Realty, Inc. filed its Q1 2024 10-Q, detailing financial instruments and operational data.</b>

AI Summary

Broad Street Realty, Inc. (BRST) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Broad Street Realty, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial instruments and assets, such as Fortress Preferred Equity Investment, Hollinswood Shopping Center Loan, and Variable Rate Debt. Key dates mentioned include February 8, 2024 (Vista Shops at Golden Mile Loan interest rate swap) and April 5, 2024 (Director subsequent event). The company's business address is 11911 Freedom Drive, Suite 450, Reston, VA 20190. Previous company names include MedAmerica Properties Inc., Banyan Rail Services Inc., and BHIT INC.

Why It Matters

For investors and stakeholders tracking Broad Street Realty, Inc., this filing contains several important signals. The 10-Q filing provides a detailed look into the company's financial health and operational status for the first quarter of 2024, which is crucial for investors to assess performance and make informed decisions. Information on specific loans, equity investments, and debt instruments, such as the Hollinswood Shopping Center Loan and Variable Rate Debt, offers insights into the company's asset management and risk exposure.

Risk Assessment

Risk Level: medium — Broad Street Realty, Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report. However, specific details about loans and debt could indicate potential financial risks if not managed effectively.

Analyst Insight

Investors should review the detailed financial statements and risk factor disclosures within the 10-Q to understand the company's current financial position and future outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-15 — Filing Date (Filed as of Date)
• 2023-03-31 — Previous Year Q1 End Date (Additional Paid In Capital and Rental Income comparison)
• 2022-12-31 — Previous Year End Date (Retained Earnings and Common Stock comparison)

Key Players & Entities

• Broad Street Realty, Inc. (company) — Filer name
• MedAmerica Properties Inc. (company) — Former company name
• Banyan Rail Services Inc. (company) — Former company name
• BHIT INC (company) — Former company name
• 11911 Freedom Drive, Suite 450, Reston, VA 20190 (company) — Business address
• PA (company) — Geographic concentration risk
• VA (company) — Geographic concentration risk
• MD (company) — Geographic concentration risk

FAQ

Risk Factors

• Geographic Concentration Risk [medium — financial]: The company faces risks due to concentration of its rental income and properties in specific geographic areas, including PA, VA, and MD.

Key Dates

• 2024-03-31: Quarterly Report End Date — Covers financial performance for Q1 2024.
• 2024-05-15: Filing Date — Date the 10-Q was officially submitted to the SEC.
• 2024-02-08: Vista Shops at Golden Mile Loan Interest Rate Swap — Indicates a specific financial derivative transaction.
• 2024-04-05: Director Subsequent Event — A significant event involving a director occurring after the reporting period.

Filing Documents

• brst-20240331.htm (10-Q) — 2465KB
• brst-ex31_1.htm (EX-31.1) — 14KB
• brst-ex31_2.htm (EX-31.2) — 15KB
• brst-ex32_1.htm (EX-32.1) — 12KB
• 0000950170-24-060077.txt (&nbsp;) — 10574KB
• brst-20240331.xsd (EX-101.SCH) — 1767KB
• brst-20240331_htm.xml (XML) — 1770KB

Financial Statements (Condensed and Unaudited)

Financial Statements (Condensed and Unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Equity 6 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 39

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Financial Statem ents

Item 1. Financial Statem ents BROAD STREET REALTY, INC. AND SUBSIDIARIES Condensed Cons olidated Balance Sheets (in thousands, except share and per share amounts) (Unaudited) March 31, 2024 December 31, 2023 (audited) Assets Real estate properties Land $ 54,936 $ 54,936 Building and improvements 284,660 281,598 Intangible lease assets 33,261 33,374 Construction in progress 3,324 5,462 Furniture and equipment 1,733 1,711 Less accumulated depreciation and amortization ( 55,617 ) ( 51,890 ) Total real estate properties, net 322,297 325,191 Cash and cash equivalents 14,631 9,779 Restricted cash 2,650 4,018 Straight-line rent receivable 3,480 3,090 Tenant and accounts receivable, net of allowance of $ 328 and $ 194 , respectively 1,825 1,918 Derivative assets 1,210 796 Other assets, net 5,964 6,327 Total Assets $ 352,057 $ 351,119 Liabilities and Equity Liabilities Mortgage and other indebtedness, net (includes $ 13,435 and $ 16,187 , respectively, at fair value under the fair value option) $ 234,272 $ 231,049 Accounts payable and accrued liabilities 15,476 15,457 Unamortized intangible lease liabilities, net 552 633 Payables due to related parties 31 63 Deferred revenue 651 827 Total liabilities 250,982 248,029 Commitments and contingencies Temporary Equity Redeemable noncontrolling Fortress preferred interest 90,536 87,288 Permanent Equity Preferred stock, $ 0.01 par value, 1,000,000 shares authorized: Series A preferred stock, 20,000 shares authorized, 500 shares issued and outstanding at each of March 31, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value, 300,000,000 shares authorized, 33,401,959 and 33,417,101 issued and outstanding at March 31, 2024 and December 31, 2023, respectively 334 334 Additional paid in capital 50,982 55,186 Accumulated deficit ( 37,486

Properties

Properties Gross Real Estate Assets Percentage of Total Real Estate Assets Rental income for the three months ended March 31, Location March 31, 2024 March 31, 2024 March 31, 2024 2024 2023 Maryland 6 $ 102,282 27.3 % $ 3,074 $ 3,150 Virginia (1) 5 198,900 53.1 % 3,965 4,222 Pennsylvania (2) — — — 683 Washington D.C. 1 8,422 2.2 % 183 182 Colorado 3 65,164 17.4 % 2,289 1,971 15 $ 374,768 100.0 % $ 9,511 $ 10,208 11 (1) Rental income includes Spotswood Valley Square Shopping Center, which was sold on June 30, 2023 and had rental income of $ 0.6 million for the three months ended March 31, 2023. (2) Rental income related solely to Dekalb Plaza, which was sold on July 20, 2023 . Note 4 – Intangibles The following is a summary of the carrying amount of the Company's intangible assets and liabilities as of March 31, 2024 and December 31, 2023. (in thousands) March 31, 2024 December 31, 2023 Assets: Above-market leases $ 4,153 $ 4,153 Above-market leases accumulated amortization ( 2,631 ) ( 2,469 ) In-place leases 29,108 29,221 In-place leases accumulated amortization ( 20,860 ) ( 20,094 ) Total real estate intangible assets, net $ 9,770 $ 10,811 Liabilities Below-market leases $ 3,146 $ 3,146 Below-market leases accumulated amortization ( 2,594 ) ( 2,513 ) Total real estate intangible liabilities, net $ 552 $ 633 For the three months ended March 31, 2024 and 2023, the Company recognized amortization related to in-place leases of approximately $ 0.9 million and $ 2.3 million, respectively, and net amortization related to above-market leases and below-market leases for the three months ended March 31, 2024 and 2023 of approximately $ 0.1 millio n in its condensed consolidated statements of operations. The following table represents expected amortization of existing rea

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