Broad Street Realty Files Q3 2024 10-Q

TL;DR

**BRST Q3 10-Q FILED: Financials & Ops Update**

AI Summary

Broad Street Realty, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates. Key information includes the company's address at 11911 Freedom Drive, Suite 450, Reston, VA, and its fiscal year end of December 31.

Why It Matters

This filing provides investors with a quarterly update on Broad Street Realty's financial health and operational activities, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a real estate company, Broad Street Realty is subject to market fluctuations, interest rate changes, and property-specific risks.

Key Numbers

• 2024-09-30 — Period End Date (The 10-Q covers financial information up to this date.)
• 2024-11-13 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 1231 — Fiscal Year End (Indicates the end of the company's annual financial reporting period.)

Key Players & Entities

• Broad Street Realty, Inc. (company) — Filer of the 10-Q
• 11911 Freedom Drive, Suite 450, Reston, VA 20190 (location) — Business and mailing address
• 2024-09-30 (date) — Period of report for the 10-Q
• 2024-11-13 (date) — Filing date of the 10-Q
• MedAmerica Properties Inc. (company) — Former company name
• Banyan Rail Services Inc. (company) — Former company name
• BHIT INC (company) — Former company name

FAQ

Filing Documents

• brst-20240930.htm (10-Q) — 4010KB
• brst-ex31_1.htm (EX-31.1) — 15KB
• brst-ex31_2.htm (EX-31.2) — 15KB
• brst-ex32_1.htm (EX-32.1) — 13KB
• 0000950170-24-126398.txt ( ) — 12940KB
• brst-20240930.xsd (EX-101.SCH) — 1704KB
• brst-20240930_htm.xml (XML) — 2154KB

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 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 4.

Controls and Procedures

Controls and Procedures 46 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 3. Defaults Upon Senior Securities 47 Item 4. Mine Safety Disclosures 47 Item 5. Other Information 47 Item 6. Exhibits 48

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) September 30, 2024 December 31, 2023 (audited) Assets Real estate properties Land $ 54,936 $ 54,936 Building and improvements 287,476 281,598 Intangible lease assets 32,967 33,374 Construction in progress 502 5,462 Furniture and equipment 1,756 1,711 Less accumulated depreciation and amortization ( 63,187 ) ( 51,890 ) Total real estate properties, net 314,450 325,191 Cash and cash equivalents 18,013 9,779 Restricted cash 4,802 4,018 Straight-line rent receivable 4,043 3,090 Tenant and accounts receivable, net of allowance of $ 332 and $ 194 , respectively 1,424 1,918 Derivative assets 245 796 Other assets, net 6,439 6,327 Total Assets $ 349,416 $ 351,119 Liabilities and Equity Liabilities Mortgage and other indebtedness, net (includes $ 15,450 and $ 16,187 , respectively, at fair value under the fair value option) $ 245,828 $ 231,049 Accounts payable and accrued liabilities 14,373 15,457 Unamortized intangible lease liabilities, net 379 633 Payables due to related parties 45 63 Deferred revenue 946 827 Total liabilities 261,571 248,029 Commitments and contingencies Temporary Equity Redeemable noncontrolling Fortress preferred interest 96,372 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 September 30, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value, 300,000,000 shares authorized, 35,041,443 and 33,417,101 issued and outstanding at September 30, 2024 and December 31, 2023, respectively 350 334 Additional paid in capital 43,518 55,186 Accumulated deficit ( 4

Properties

Properties Gross Real Estate Assets Percentage of Total Real Estate Assets Rental income for the nine months ended September 30, Location September 30, 2024 September 30, 2024 September 30, 2024 2024 2023 Maryland 6 $ 102,462 27.4 % $ 9,927 $ 9,214 Virginia (1) 5 198,676 53.0 % 11,754 12,395 Pennsylvania (2) — — — 1,501 Washington D.C. 1 8,380 2.2 % 596 438 Colorado 3 65,020 17.4 % 6,155 6,123 15 $ 374,538 100.0 % $ 28,432 $ 29,671 (1) Rental income for the nine months ended September 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 September 30, 2024 and December 31, 2023. (in thousands) September 30, 2024 December 31, 2023 Assets: Above-market leases $ 4,153 $ 4,153 Above-market leases accumulated amortization ( 2,909 ) ( 2,469 ) In-place leases 28,814 29,221 In-place lease

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View this 10-Q filing on SEC EDGAR