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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, 2024

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.)

11911 Freedom Drive, Suite 450

Reston, Virginia

20190

(Address of principal executive offices)

(Zip Code)

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

 

(Former name, former address and former fiscal year, if changed since last report)

 

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 6, 2024, the registrant had 35,041,443 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

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

26

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

46

Item 4.

Controls and Procedures

46

PART II.

OTHER INFORMATION

Item 1.

Legal Proceedings

47

Item 1A.

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

 

Signatures

49

 

2


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

BROAD STREET REALTY, INC. AND SUBSIDIARIES

Condensed Consolidated 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

 

 

(45,777

)

 

 

(36,387

)

Accumulated other comprehensive income

 

 

304

 

 

 

547

 

 Total Broad Street Realty, Inc. stockholders' (deficit) equity

 

 

(1,605

)

 

 

19,680

 

Noncontrolling interest

 

 

(6,922

)

 

 

(3,878

)

Total permanent (deficit) equity

 

 

(8,527

)

 

 

15,802

 

Total Liabilities, Temporary Equity and Permanent Equity

 

$

349,416

 

 

$

351,119

 

 

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

3


 

BROAD STREET REALTY, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

9,666

 

 

$

9,206

 

 

$

28,432

 

 

$

29,671

 

Commissions

 

 

503

 

 

 

751

 

 

 

1,829

 

 

 

2,270

 

Management fees and other income

 

 

44

 

 

 

90

 

 

 

154

 

 

 

211

 

Total revenues

 

 

10,213

 

 

 

10,047

 

 

 

30,415

 

 

 

32,152

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

 

507

 

 

 

693

 

 

 

1,572

 

 

 

1,778

 

Property operating

 

 

2,800

 

 

 

3,027

 

 

 

8,540

 

 

 

9,233

 

Depreciation and amortization

 

 

3,698

 

 

 

3,986

 

 

 

11,307

 

 

 

14,844

 

Impairment of real estate assets

 

 

119

 

 

 

762

 

 

 

560

 

 

 

929

 

Impairment of real estate assets held for sale

 

 

 

 

 

396

 

 

 

 

 

 

2,353

 

Bad debt expense

 

 

15

 

 

 

40

 

 

 

225

 

 

 

106

 

General and administrative

 

 

3,002

 

 

 

2,990

 

 

 

9,504

 

 

 

9,340

 

Total operating expenses

 

 

10,141

 

 

 

11,894

 

 

 

31,708

 

 

 

38,583

 

(Loss) gain on disposal of property

 

 

 

 

 

(108

)

 

 

 

 

 

11,511

 

Operating gain (loss)

 

 

72

 

 

 

(1,955

)

 

 

(1,293

)

 

 

5,080

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

277

 

 

 

106

 

 

 

745

 

 

 

136

 

Derivative fair value adjustment

 

 

(1,432

)

 

 

(33

)

 

 

(465

)

 

 

(18

)

Net (loss) gain on fair value change of debt held under the fair value option

 

 

(557

)

 

 

(816

)

 

 

1,996

 

 

 

1,288

 

Interest expense

 

 

(4,695

)

 

 

(4,585

)

 

 

(13,584

)

 

 

(14,101

)

Loss on extinguishment of debt

 

 

 

 

 

(21

)

 

 

(7

)

 

 

(36

)

Other expense

 

 

11

 

 

 

(51

)

 

 

(21

)

 

 

(70

)

Total other expense

 

 

(6,396

)

 

 

(5,400

)

 

 

(11,336

)

 

 

(12,801

)

Net loss before income taxes

 

 

(6,324

)

 

 

(7,355

)

 

 

(12,629

)

 

 

(7,721

)

Income tax benefit (expense)

 

 

56

 

 

 

2,276

 

 

 

(78

)

 

 

3,968

 

Net loss

 

$

(6,268

)

 

$

(5,079

)

 

$

(12,707

)

 

$

(3,753

)

Less: Preferred equity return on Fortress preferred equity

 

 

(3,181

)

 

 

(3,716

)

 

 

(9,287

)

 

 

(10,712

)

Less: Preferred equity accretion to redemption value

 

 

(1,004

)

 

 

(583

)

 

 

(3,356

)

 

 

(1,754

)

Less: Preferred OP units return

 

 

(151

)

 

 

(122

)

 

 

(434

)

 

 

(352

)

Plus: Net loss attributable to noncontrolling interest

 

 

1,351

 

 

 

1,633

 

 

 

3,317

 

 

 

2,779

 

Net loss attributable to common stockholders

 

$

(9,253

)

 

$

(7,867

)

 

$

(22,467

)

 

$

(13,792

)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common stockholders per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.26

)

 

$

(0.22

)

 

$

(0.63

)

 

$

(0.39

)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

35,997,585

 

 

 

35,691,830

 

 

 

35,926,369

 

 

 

35,576,699

 

 

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

4


 

BROAD STREET REALTY, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net loss

 

$

(6,268

)

 

$

(5,079

)

 

$

(12,707

)

 

$

(3,753

)

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value due to credit risk on debt held under the fair value option

 

 

(2,243

)

 

 

287

 

 

 

(243

)

 

 

687

 

Total other comprehensive (loss) income

 

 

(2,243

)

 

 

287

 

 

 

(243

)

 

 

687

 

Comprehensive loss

 

$

(8,511

)

 

$

(4,792

)

 

$

(12,950

)

 

$

(3,066

)

 

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

 

 

5


 

BROAD STREET REALTY, INC. AND SUBSIDIARIES

Condensed 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

 

 

Accumulated Other Comprehensive Income

 

 

Non-
controlling
Interest

 

 

Total Equity

 

Balance at December 31, 2022

 

 

500

 

 

$

 

 

 

32,256,974

 

 

$

323

 

 

$

72,097

 

 

$

(33,294

)

 

$

56

 

 

$

(437

)

 

$

38,745

 

Forfeiture of restricted stock

 

 

 

 

 

 

 

 

(6,695

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares surrendered for taxes upon vesting

 

 

 

 

 

 

 

 

(4,126

)

 

 

 

 

 

(6

)

 

 

 

 

 

 

 

 

 

 

 

(6

)

Stock-based compensation

 

 

 

 

 

 

 

 

166,125

 

 

 

1

 

 

 

213

 

 

 

 

 

 

 

 

 

 

 

 

214

 

Preferred equity return on preferred equity investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,427

)

 

 

 

 

 

 

 

 

 

 

 

(3,427

)

Preferred equity accretion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(415

)

 

 

 

 

 

 

 

 

 

 

 

(415

)

Preferred OP Units return

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(112

)

 

 

 

 

 

 

 

 

66

 

 

 

(46

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,732

 

 

 

 

 

 

1,732

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(646

)

 

 

 

 

 

(1,014

)

 

 

(1,660

)

Balance at March 31, 2023

 

 

500

 

 

 

 

 

 

32,412,278

 

 

 

324

 

 

 

68,350

 

 

 

(33,940

)

 

 

1,788

 

 

 

(1,385

)

 

 

35,137

 

Grants of restricted stock

 

 

 

 

 

 

 

 

419,618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of restricted stock

 

 

 

 

 

 

 

 

(9,649

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

287,743

 

 

 

7

 

 

 

544

 

 

 

 

 

 

 

 

 

 

 

 

551

 

Preferred equity return on preferred equity investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,569

)

 

 

 

 

 

 

 

 

 

 

 

(3,569

)

Preferred equity accretion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(756

)

 

 

 

 

 

 

 

 

 

 

 

(756

)

Preferred OP Units return

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(118

)

 

 

 

 

 

 

 

 

164

 

 

 

46

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,332

)

 

 

 

 

 

(1,332

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,118

 

 

 

 

 

 

(132

)

 

 

2,986

 

Balance at June 30, 2023

 

 

500

 

 

 

 

 

 

33,109,990

 

 

 

331

 

 

 

64,451

 

 

 

(30,822

)

 

 

456

 

 

 

(1,353

)

 

 

33,063

 

Forfeiture of restricted stock

 

 

 

 

 

 

 

 

(3,447

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

25,500

 

 

 

 

 

 

354

 

 

 

 

 

 

 

 

 

 

 

 

354

 

Preferred equity return on preferred equity investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,716

)

 

 

 

 

 

 

 

 

 

 

 

(3,716

)

Preferred equity accretion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(583

)

 

 

 

 

 

 

 

 

 

 

 

(583

)

Preferred OP Units return

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(122

)

 

 

 

 

 

 

 

 

122

 

 

 

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

287

 

 

 

 

 

 

287

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,446

)

 

 

 

 

 

(1,633

)

 

 

(5,079

)

Balance at September 30, 2023

 

 

500

 

 

$

 

 

 

33,132,043

 

 

$

331

 

 

$

60,384

 

 

$

(34,268

)

 

$

743

 

 

$

(2,864

)

 

$

24,326

 

 

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

 

 

6


 

BROAD STREET REALTY, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity (Continued)

(in thousands, except share amounts)

(Unaudited)

 

 

 

Preferred Stock

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Value

 

 

Shares

 

 

Par Value

 

 

Additional
Paid-In
Capital

 

 

Accumulated
Deficit

 

 

Accumulated Other Comprehensive Income

 

 

Non-
controlling
Interest

 

 

Total Equity

 

Balance at December 31, 2023

 

 

500

 

 

$

 

 

 

33,417,101

 

 

$

334

 

 

$

55,186

 

 

$

(36,387

)

 

$

547

 

 

$

(3,878

)

 

$

15,802

 

Shares surrendered for taxes upon vesting

 

 

 

 

 

 

 

 

(27,087

)

 

 

 

 

 

(24

)

 

 

 

 

 

 

 

 

 

 

 

(24

)

Stock-based compensation

 

 

 

 

 

 

 

 

11,945

 

 

 

 

 

 

360

 

 

 

 

 

 

 

 

 

 

 

 

360

 

Preferred equity return on preferred equity investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,022

)

 

 

 

 

 

 

 

 

 

 

 

(3,022

)

Preferred equity accretion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,379

)

 

 

 

 

 

 

 

 

 

 

 

(1,379

)

Preferred OP Units return

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(139

)

 

 

 

 

 

 

 

 

139

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

740

 

 

 

 

 

 

740

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,099

)

 

 

 

 

 

(839

)

 

 

(1,938

)

Balance at March 31, 2024

 

 

500

 

 

 

 

 

 

33,401,959

 

 

 

334

 

 

 

50,982

 

 

 

(37,486

)

 

 

1,287

 

 

 

(4,578

)

 

 

10,539

 

Grants of restricted stock