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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-09043

 

BROAD STREET REALTY, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

36-3361229

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

7250 Woodmont Ave, Suite 350

Bethesda, Maryland

20814

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (301) 828-1200

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

None

 

N/A

 

N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

 

As of November 7, 2022, the registrant had 32,270,452 shares of common stock outstanding.

 

 

 

 


 

BROAD STREET REALTY, INC. AND SUBSIDIARIES

 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (Condensed and Unaudited)

3

 

Consolidated Balance Sheets

3

 

Consolidated Statements of Operations

4

 

Consolidated Statements of Equity

5

 

Consolidated Statements of Cash Flows

6

 

Notes to Condensed Consolidated Financial Statements

8

Item 2.

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

26

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

42

Item 4.

Controls and Procedures

42

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

43

Item 1A.

Risk Factors

43

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

43

Item 3.

Defaults Upon Senior Securities

43

Item 4.

Mine Safety Disclosures

43

Item 5.

Other Information

43

Item 6.

Exhibits

44

 

Signatures

45

 

2


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

BROAD STREET REALTY, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(in thousands, except share and per share amounts)

 

 

 

September 30, 2022

 

 

December 31, 2021

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Real estate properties

 

 

 

 

 

 

Land

 

$

49,413

 

 

$

49,341

 

Building and improvements

 

 

174,341

 

 

 

171,894

 

Intangible lease assets

 

 

35,289

 

 

 

35,435

 

Construction in progress

 

 

2,751

 

 

 

1,247

 

Less accumulated depreciation and amortization

 

 

(36,605

)

 

 

(23,683

)

Total real estate properties, net

 

 

225,189

 

 

 

234,234

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

1,559

 

 

 

2,786

 

Restricted cash

 

 

5,197

 

 

 

8,238

 

Tenant and accounts receivable, net of allowance of $122 and $75, respectively

 

 

1,424

 

 

 

1,812

 

Other assets, net

 

 

10,200

 

 

 

4,599

 

Total Assets

 

$

243,569

 

 

$

251,669

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Mortgage and other indebtedness, net

 

$

179,136

 

 

$

178,982

 

Accounts payable and accrued liabilities

 

 

13,427

 

 

 

11,384

 

Unamortized intangible lease liabilities, net

 

 

1,645

 

 

 

2,729

 

Payables due to related parties

 

 

997

 

 

 

626

 

Deferred tax liabilities

 

 

6,513

 

 

 

8,964

 

Deferred revenue

 

 

694

 

 

 

860

 

Total liabilities

 

 

202,412

 

 

 

203,545

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2022 and December 31, 2021

 

 

 

 

 

 

Common stock, $0.01 par value, 50,000,000 shares authorized,
32,270,452 and 31,873,428 issued and outstanding at September 30, 2022 and December 31, 2021, respectively

 

 

323

 

 

 

319

 

Additional paid in capital

 

 

71,877

 

 

 

70,022

 

Accumulated deficit

 

 

(27,354

)

 

 

(19,543

)

 Total Broad Street Realty, Inc. stockholders' equity

 

 

44,846

 

 

 

50,798

 

Noncontrolling interest

 

 

(3,689

)

 

 

(2,674

)

Total equity

 

 

41,157

 

 

 

48,124

 

Total Liabilities and Equity

 

$

243,569

 

 

$

251,669

 

 

The accompanying notes are an integral part of these consolidated financial statements.

3


 

BROAD STREET REALTY, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

7,369

 

 

$

5,875

 

 

$

21,034

 

 

$

14,629

 

Commissions

 

 

413

 

 

 

854

 

 

 

2,142

 

 

 

2,060

 

Management fees and other income

 

 

149

 

 

 

278

 

 

 

450

 

 

 

934

 

Total revenues

 

 

7,931

 

 

 

7,007

 

 

 

23,626

 

 

 

17,623

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

 

315

 

 

 

557

 

 

 

1,588

 

 

 

1,346

 

Depreciation and amortization

 

 

4,029

 

 

 

3,426

 

 

 

12,240

 

 

 

8,415

 

Property operating

 

 

1,926

 

 

 

1,426

 

 

 

5,924

 

 

 

3,873

 

Bad debt expense (recoveries)

 

 

12

 

 

 

(31

)

 

 

47

 

 

 

15

 

General and administrative

 

 

3,053

 

 

 

2,781

 

 

 

10,150

 

 

 

7,844

 

Total operating expenses

 

 

9,335

 

 

 

8,159

 

 

 

29,949

 

 

 

21,493

 

Operating loss

 

 

(1,404

)

 

 

(1,152

)

 

 

(6,323

)

 

 

(3,870

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

 

 

 

1

 

 

 

26

 

 

 

8

 

Derivative fair value adjustment

 

 

1,249

 

 

 

50

 

 

 

3,819

 

 

 

261

 

Interest expense

 

 

(3,073

)

 

 

(2,387

)

 

 

(8,346

)

 

 

(7,346

)

Gain on extinguishment of debt

 

 

 

 

 

773

 

 

 

 

 

 

1,530

 

Other expense

 

 

(9

)

 

 

 

 

 

(15

)

 

 

(12

)

Total other expense

 

 

(1,833

)

 

 

(1,563

)

 

 

(4,516

)

 

 

(5,559

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax benefit

 

 

795

 

 

 

673

 

 

 

2,309

 

 

 

2,316

 

Net loss

 

$

(2,442

)

 

$

(2,042

)

 

$

(8,530

)

 

$

(7,113

)

Plus: Net loss attributable to noncontrolling interest

 

 

202

 

 

 

222

 

 

 

719

 

 

 

886

 

Net loss attributable to common stockholders

 

$

(2,240

)

 

$

(1,820

)

 

$

(7,811

)

 

$

(6,227

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common stockholders per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.07

)

 

$

(0.06

)

 

$

(0.24

)

 

$

(0.25

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

32,079,861

 

 

 

28,825,677

 

 

 

32,030,500

 

 

 

25,399,433

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

4


 

BROAD STREET REALTY, INC. AND SUBSIDIARIES

Consolidated Statements of Equity

(in thousands, except share amounts)

(Unaudited)

 

 

 

Preferred Stock

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Value

 

 

Shares

 

 

Par Value

 

 

Additional
Paid-In
Capital

 

 

Accumulated
Deficit

 

 

Non-
controlling
Interest

 

 

Total Equity

 

Balance at December 31, 2020

 

 

500

 

 

$

 

 

 

22,624,679

 

 

$

225

 

 

$

54,622

 

 

$

(10,035

)

 

$

(1,328

)

 

$

43,484

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21

 

 

 

 

 

 

 

 

 

21

 

Tax effect of change in ownership percentage of OP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16

)

 

 

 

 

 

 

 

 

(16

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,677

)

 

 

(265

)

 

 

(1,942

)

Balance at March 31, 2021

 

 

500

 

 

 

 

 

 

22,624,679

 

 

 

225

 

 

 

54,627

 

 

 

(11,712

)

 

 

(1,593

)

 

 

41,547

 

Issuance of common stock

 

 

 

 

 

 

 

 

6,331,162

 

 

 

63

 

 

 

7,797

 

 

 

 

 

 

 

 

 

7,860

 

Grants of restricted stock

 

 

 

 

 

 

 

 

90,517

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares surrendered for taxes upon vesting

 

 

 

 

 

 

 

 

(7,136

)

 

 

 

 

 

(21

)

 

 

 

 

 

 

 

 

(21

)

Issuance of warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22

 

 

 

 

 

 

 

 

 

22

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

121

 

 

 

 

 

 

 

 

 

123

 

Tax effect of change in ownership percentage of OP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4

)

 

 

 

 

 

 

 

 

(4

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,730

)

 

 

(399

)

 

 

(3,129

)

Balance at June 30, 2021

 

 

500

 

 

 

 

 

 

29,039,222

 

 

 

290

 

 

 

62,542

 

 

 

(14,442

)

 

 

(1,992

)

 

 

46,398

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

76

 

 

 

 

 

 

 

 

 

76

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,820

)

 

 

(222

)

 

 

(2,042

)

Balance at September 30, 2021

 

 

500

 

 

$

 

 

 

29,039,222

 

 

$

290

 

 

$

62,618

 

 

$

(16,262

)