Broad Street Realty Files 10-Q, Details Stock Grants

TL;DR

BRST 10-Q out: stock grants issued, Highlandtown loan noted. Check for details.

AI Summary

Broad Street Realty, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details various financial activities, including the issuance of restricted stock units to employees on April 18, 2024, and restricted stock to directors on June 21, 2024. It also references a loan related to the Highlandtown Village Shopping Center as of December 31, 2023.

Why It Matters

This filing provides insight into Broad Street Realty's equity compensation practices and ongoing financial obligations, which can affect investor confidence and future performance.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags indicating significant financial distress or major operational changes.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240813 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Broad Street Realty, Inc. (company) — Filer of the 10-Q
• June 30, 2024 (date) — End of reporting period
• April 18, 2024 (date) — Date of restricted stock unit issuance
• June 21, 2024 (date) — Date of restricted stock issuance to directors
• Highlandtown Village Shopping Center (company) — Property associated with a loan
• December 31, 2023 (date) — Date for Highlandtown loan reference

FAQ

Filing Documents

• brst-20240630.htm (10-Q) — 3769KB
• brst-ex31_1.htm (EX-31.1) — 15KB
• brst-ex31_2.htm (EX-31.2) — 15KB
• brst-ex32_1.htm (EX-32.1) — 12KB
• 0000950170-24-096332.txt ( ) — 12330KB
• brst-20240630.xsd (EX-101.SCH) — 1686KB
• brst-20240630_htm.xml (XML) — 2019KB

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 Comprehensive Loss 5 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 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 4.

Controls and Procedures

Controls and Procedures 44 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 3. Defaults Upon Senior Securities 46 Item 4. Mine Safety Disclosures 46 Item 5. Other Information 46 Item 6. Exhibits 47

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) June 30, 2024 December 31, 2023 (audited) Assets Real estate properties Land $ 54,936 $ 54,936 Building and improvements 287,453 281,598 Intangible lease assets 33,127 33,374 Construction in progress 248 5,462 Furniture and equipment 1,749 1,711 Less accumulated depreciation and amortization ( 59,489 ) ( 51,890 ) Total real estate properties, net 318,024 325,191 Cash and cash equivalents 18,857 9,779 Restricted cash 4,603 4,018 Straight-line rent receivable 3,914 3,090 Tenant and accounts receivable, net of allowance of $ 316 and $ 194 , respectively 1,195 1,918 Derivative assets 1,218 796 Other assets, net 5,287 6,327 Total Assets $ 353,098 $ 351,119 Liabilities and Equity Liabilities Mortgage and other indebtedness, net (includes $ 12,303 and $ 16,187 , respectively, at fair value under the fair value option) $ 242,954 $ 231,049 Accounts payable and accrued liabilities 11,711 15,457 Unamortized intangible lease liabilities, net 475 633 Payables due to related parties 35 63 Deferred revenue 845 827 Total liabilities 256,020 248,029 Commitments and contingencies Temporary Equity Redeemable noncontrolling Fortress preferred interest 93,402 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 June 30, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value, 300,000,000 shares authorized, 34,950,565 and 33,417,101 issued and outstanding at June 30, 2024 and December 31, 2023, respectively 350 334 Additional paid in capital 47,200 55,186 Accumulated deficit ( 40,860 ) (

Properties

Properties Gross Real Estate Assets Percentage of Total Real Estate Assets Rental income for the six months ended June 30, Location June 30, 2024 June 30, 2024 June 30, 2024 2024 2023 Maryland 6 $ 102,264 27.3 % $ 6,425 $ 6,078 Virginia (1) 5 198,573 53.1 % 7,781 8,703 Pennsylvania (2) — — — 1,353 Washington D.C. 1 8,380 2.2 % 400 303 Colorado 3 65,150 17.4 % 4,160 4,028 15 $ 374,367 100.0 % $ 18,766 $ 20,465 (1) Rental income for the six months ended June 30, 2023 includes $ 1.2 million of rental income from Spotswood Valley Square Shopping Center, which was sold on June 30, 2023. (2) Rental income related solely to Dekalb Plaza, which was sold on July 20, 2023 . 11 Note 4 – Intangibles The following is a summary of the carrying amount of the Company's intangible assets and liabilities as of June 30, 2024 and December 31, 2023. (in thousands) June 30, 2024 December 31, 2023 Assets: Above-market leases $ 4,153 $ 4,153 Above-market leases accumulated amortization ( 2,773 ) ( 2,469 ) In-place leases 28,974 29,221 In-place leases accumulated amortization ( 21,582 ) ( 20,094 ) Total real estate intangible assets, net $ 8,772 $ 10,811 Liabilities Below-market leases $ 3,146 $ 3,146 Below-market leases accumulated amortization ( 2,671 ) ( 2,513 ) Total real estate intangible liabilities, net $ 475 $ 633 For the three months ended June 30, 2024 and 2023 , the Company recognized amortization related to in-place leases of approximately $ 0.7 million and $ 2.1 million, respectively, and net amortization related to above-market leases and below-market leases for each of the three months ended June 30, 2024 and 2023 of approximately $ 0.1 millio n in its condensed consolidated statements of operations. For the six months ended June 30, 2024 and 2023 , the Company recognized

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View this 10-Q filing on SEC EDGAR