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Broad Street Realty Inc (BRST-38.98%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's portfolio, which consists of 15 properties located primarily in the Mid-Atlantic and Colorado regions. These properties include grocery-anchored and mixed-use assets.
The company reported a net loss of $14.8 million for the year, an increase from the $7.0 million loss reported in the previous year. This increase in net loss is attributed to a decrease in revenues and an increase in certain expenses.
Revenues for the year were $41.3 million, a decrease of $0.8 million, or 2%, compared to the previous year. This decrease was primarily due to lower transaction volume in leasing commissions and a decline in rental income following the sale of two properties in 2023.
Operating expenses decreased by $6.6 million, or 14%, primarily due to a reduction in depreciation and amortization expense and lower impairment charges on real estate assets.
The company refinanced several loans during the year and extended the maturity dates of others. As of December 31, 2024, the company had $247.1 million in mortgage and other indebtedness.
The filing also notes that Broad Street Realty Inc is working to refinance $24.0 million of debt that matures within the next year. The company has sought short-term extensions and is in discussions with third parties to refinance these loans.
The company continues to focus on acquiring additional properties in its target markets and managing its existing portfolio to improve occupancy and rental rates.
Broad Street Realty Inc's common stock is quoted on the OTCQX, but the company has been notified of non-compliance with certain listing standards, which may affect the trading of its stock.
The filing outlines various risks, including reliance on external capital, geographic concentration, and potential impacts from economic conditions and competition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Broad Street Realty Inc annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.