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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, 2023

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

7250 Woodmont Ave, Suite 350, Bethesda, Maryland

(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 8, 2023, the registrant had 33,139,326 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 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

27

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, 2023

 

 

December 31, 2022

 

 

 

 

 

 

(audited)

 

Assets

 

 

 

 

 

 

Real estate properties

 

 

 

 

 

 

Land

 

$

54,936

 

 

$

67,225

 

Building and improvements

 

 

278,650

 

 

 

300,699

 

Intangible lease assets

 

 

33,899

 

 

 

41,228

 

Construction in progress

 

 

6,739

 

 

 

4,231

 

Furniture and equipment

 

 

1,711

 

 

 

1,711

 

Less accumulated depreciation and amortization

 

 

(48,312

)

 

 

(42,047

)

Total real estate properties, net

 

 

327,623

 

 

 

373,047

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

13,931

 

 

 

12,356

 

Restricted cash

 

 

4,829

 

 

 

4,675

 

Straight-line rent receivable

 

 

2,839

 

 

 

2,397

 

Tenant and accounts receivable, net of allowance of $174 and $165, respectively

 

 

1,698

 

 

 

1,874

 

Derivative assets

 

 

2,060

 

 

 

3,426

 

Other assets, net

 

 

5,024

 

 

 

4,511

 

Total Assets

 

$

358,004

 

 

$

402,286

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Mortgage and other indebtedness, net (includes $16,741 and $17,895, respectively, at fair value under the fair value option)

 

$

233,445

 

 

$

267,616

 

Accounts payable and accrued liabilities

 

 

15,536

 

 

 

15,411

 

Unamortized intangible lease liabilities, net

 

 

756

 

 

 

1,553

 

Payables due to related parties

 

 

51

 

 

 

44

 

Deferred tax liabilities

 

 

 

 

 

3,968

 

Deferred revenue

 

 

906

 

 

 

1,252

 

Total liabilities

 

 

250,694

 

 

 

289,844

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

Temporary Equity

 

 

 

 

 

 

Redeemable noncontrolling Fortress preferred interest

 

 

82,984

 

 

 

73,697

 

 

 

 

 

 

 

 

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, 2023 and December 31, 2022

 

 

 

 

 

 

Common stock, $0.01 par value, 50,000,000 shares authorized,
33,132,043 and 32,256,974 issued and outstanding at September 30, 2023 and December 31, 2022, respectively

 

 

331

 

 

 

323

 

Additional paid in capital

 

 

60,384

 

 

 

72,097

 

Accumulated deficit

 

 

(34,268

)

 

 

(33,294

)

Accumulated other comprehensive income

 

 

743

 

 

 

56

 

 Total Broad Street Realty, Inc. stockholders' equity

 

 

27,190

 

 

 

39,182

 

Noncontrolling interest

 

 

(2,864

)

 

 

(437

)

Total permanent equity

 

 

24,326

 

 

 

38,745

 

Total Liabilities, Temporary Equity and Permanent Equity

 

$

358,004

 

 

$

402,286

 

 

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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

9,206

 

 

$

7,369

 

 

$

29,671

 

 

$

21,034

 

Commissions

 

 

751

 

 

 

413

 

 

 

2,270

 

 

 

2,142

 

Management fees and other income

 

 

90

 

 

 

149

 

 

 

211

 

 

 

450

 

Total revenues

 

 

10,047

 

 

 

7,931

 

 

 

32,152

 

 

 

23,626

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

 

544

 

 

 

315

 

 

 

1,353

 

 

 

1,588

 

Depreciation and amortization

 

 

3,986

 

 

 

4,029

 

 

 

14,844

 

 

 

12,240

 

Property operating

 

 

3,027

 

 

 

1,926

 

 

 

9,233

 

 

 

5,924

 

Impairment of real estate assets

 

 

762

 

 

 

 

 

 

929

 

 

 

 

Impairment of real estate assets held for sale

 

 

396

 

 

 

 

 

 

2,353

 

 

 

 

Bad debt expense

 

 

40

 

 

 

12

 

 

 

106

 

 

 

47

 

General and administrative

 

 

3,139

 

 

 

3,053

 

 

 

9,765

 

 

 

10,150

 

Total operating expenses

 

 

11,894

 

 

 

9,335

 

 

 

38,583

 

 

 

29,949

 

(Loss) gain on disposal of property

 

 

(108

)

 

 

 

 

 

11,511

 

 

 

 

Operating (loss) income

 

 

(1,955

)

 

 

(1,404

)

 

 

5,080

 

 

 

(6,323

)

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

106

 

 

 

 

 

 

136

 

 

 

26

 

Derivative fair value adjustment

 

 

(33

)

 

 

1,249

 

 

 

(18

)

 

 

3,819

 

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

 

 

(816

)

 

 

 

 

 

1,288

 

 

 

 

Interest expense

 

 

(4,585

)

 

 

(3,073

)

 

 

(14,101

)

 

 

(8,346

)

Loss on extinguishment of debt

 

 

(21

)

 

 

 

 

 

(36

)

 

 

 

Other expense

 

 

(51

)

 

 

(9

)

 

 

(70

)

 

 

(15

)

Total other expense

 

 

(5,400

)

 

 

(1,833

)

 

 

(12,801

)

 

 

(4,516

)

Net loss before income taxes

 

 

(7,355

)

 

 

(3,237

)

 

 

(7,721

)

 

 

(10,839

)

Income tax benefit

 

 

2,276

 

 

 

795

 

 

 

3,968

 

 

 

2,309

 

Net loss

 

$

(5,079

)

 

$

(2,442

)

 

$

(3,753

)

 

$

(8,530

)

Less: Preferred equity return on Fortress preferred equity

 

 

(3,716

)

 

 

 

 

 

(10,712

)

 

 

 

Less: Preferred equity accretion to redemption value

 

 

(583

)

 

 

 

 

 

(1,754

)

 

 

 

Less: Preferred OP units return

 

 

(122

)

 

 

 

 

 

(352

)

 

 

 

Plus: Net loss attributable to noncontrolling interest

 

 

1,633

 

 

 

202

 

 

 

2,779

 

 

 

719

 

Net loss attributable to common stockholders

 

$

(7,867

)

 

$

(2,240

)

 

$

(13,792

)

 

$

(7,811

)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common stockholders per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.22

)

 

$

(0.07

)

 

$

(0.39

)

 

$

(0.24

)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

35,691,830

 

 

 

32,079,861

 

 

 

35,576,699

 

 

 

32,030,500

 

 

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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net loss

 

$

(5,079

)

 

$

(2,442

)

 

$

(3,753

)

 

$

(8,530

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

287

 

 

 

 

 

 

687

 

 

 

 

Total other comprehensive income

 

 

287

 

 

 

 

 

 

687

 

 

 

 

Comprehensive loss

 

$

(4,792

)

 

$

(2,442

)

 

$

(3,066

)

 

$

(8,530

)

 

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, 2021

 

 

500

 

 

$

 

 

 

31,873,428

 

 

$

319

 

 

$

70,022

 

 

$

(19,543

)

 

$

 

 

$

(2,674

)

 

$

48,124

 

Stock-based compensation

 

 

 

 

 

 

 

 

165,700

 

 

 

1

 

 

 

784

 

 

 

 

 

 

 

 

 

 

 

 

785

 

Tax effect of change in ownership percentage of OP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

(3

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,943

)

 

 

 

 

 

(247

)

 

 

(3,190

)

Balance at March 31, 2022

 

 

500

 

 

 

 

 

 

32,039,128

 

 

 

320

 

 

 

70,803

 

 

 

(22,486

)

 

 

 

 

 

(2,921

)

 

 

45,716

 

Issuance of common stock

 

 

 

 

 

 

 

 

60,106

 

 

 

1

 

 

 

184

 

 

 

 

 

 

 

 

 

(185

)

 

 

 

Grants of restricted stock

 

 

 

 

 

 

 

 

138,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of restricted stock

 

 

 

 

 

 

 

 

(10,923

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares surrendered for taxes upon vesting

 

 

 

 

 

 

 

 

(104

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

9,708

 

 

 

1

 

 

 

399

 

 

 

 

 

 

 

 

 

 

 

 

400

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,628

)

 

 

 

 

 

(270

)

 

 

(2,898

)

Balance at June 30, 2022

 

 

500

 

 

 

 

 

 

32,236,177

 

 

 

322

 

 

 

71,386

 

 

 

(25,114

)

 

 

 

 

 

(3,376

)

 

 

43,218

 

Issuance of common stock

 

 

 

 

 

 

 

 

36,064

 

 

 

1

 

 

 

110

 

 

 

 

 

 

 

 

 

(111

)

 

 

 

Forfeiture of restricted stock

 

 

 

 

 

 

 

 

(1,789

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

381

 

 

 

 

 

 

 

 

 

 

 

 

381

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,240

)

 

 

 

 

 

(202

)

 

 

(2,442

)

Balance at September 30, 2022

 

 

500

 

 

$

 

 

 

32,270,452

 

 

$

323

 

 

$

71,877

 

 

$

(27,354

)

 

$

 

 

$

(3,689

)

 

$

41,157

 

 

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)