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Broad Street Realty, Inc. SEC 10-Q Report

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Broad Street Realty, Inc., a company specializing in retail and mixed-use real estate, has released its Form 10-Q report for the first quarter of 2025. The report provides a comprehensive overview of the company's financial performance and operational highlights, reflecting both improvements and challenges faced during the period.

Financial Highlights

  • Total Revenues: $10.6 million, reflecting an increase from $10.1 million in the same period last year, driven by higher rental income and commissions.
  • Operating Loss: $(0.2) million, an improvement from an operating loss of $(0.9) million in the prior year, indicating better cost management and operational efficiency.
  • Net Loss: $(5.6) million, compared to a net loss of $(1.9) million in the previous year, primarily due to increased interest expenses and derivative fair value adjustments.
  • Net Loss Attributable to Common Stockholders: $(8.9) million, compared to $(5.6) million in the prior year, impacted by preferred equity returns and accretion.
  • Net Loss Per Common Share - Basic and Diluted: $(0.24), compared to $(0.16) in the previous year, reflecting the increased net loss attributable to common stockholders.

Business Highlights

  • Geographical Performance: As of March 31, 2025, the company's portfolio includes 15 properties across four states, with a significant concentration in the Mid-Atlantic region and Colorado. The properties are primarily retail, with a focus on grocery-anchored and mixed-use assets. Maryland, Virginia, Washington D.C., and Colorado are key markets, with Virginia holding the largest share of gross real estate assets at 53.1%.
  • Portfolio Summary: The company operates 15 properties, with a total rentable square footage of 1,911,000. The retail properties account for 1,649,000 square feet, while residential properties make up 262,000 square feet. The overall leased percentage of the portfolio is 91.4%, with retail properties at 90.1% and residential properties at 99.7%.
  • Retail Portfolio Details: The retail portfolio is divided into anchor and inline spaces, with anchor spaces having a higher occupancy rate of 92.9% compared to 78.8% for inline spaces. The weighted average remaining lease term for retail properties is 5.2 years.
  • Operational Challenges: The company is facing liquidity challenges, with substantial doubt about its ability to continue as a going concern. The company is actively seeking to refinance its debt and sell properties to meet its financial obligations.
  • Future Outlook: The company is focused on restructuring its debt and selling properties to improve its financial position. The Fortress Member, which has taken control of the Eagles Sub-OP, plans to sell properties to redeem the preferred equity investment and repay the mezzanine loan.
  • Segment Net Operating Income (NOI): For the three months ended March 31, 2025, the segment NOI was $6.965 million, an increase from $6.234 million in the same period in 2024. This measure excludes straight-line rent revenue, net amortization of above and below market leases, depreciation, interest, impairments, and other significant infrequent items.
  • Leasing Operations: The company's retail leases typically have an initial term of 10 to 20 years for anchor tenants and five years for smaller tenants, with options to renew. The weighted average remaining lease term for retail leases is 5.2 years.
  • Property Redevelopment: Two properties, Lamar Station Plaza East and the retail portion of Midtown Row, are under redevelopment, with a combined gross leasable area of 140,285 square feet and a leased percentage of 35.8%.

SEC Filing: Broad Street Realty, Inc. [ BRST ] - 10-Q - Jun. 06, 2025