Broad Street Stock Price, News & Analysis

Broad Street Realty has launched a 2.4 MW rooftop solar project at its Cromwell Shopping Center in Glen Burnie, Maryland. The 233,000 square foot retail center, anchored by AutoZone and Roses, features 4,380 solar panels capable of powering over 1,000 homes in BG&E's Maryland service territory. The project was developed by Centennial Generating Company, built by Halo, and will be operated by Madison Energy Infrastructure, with AccelDev providing development capital financing. This initiative demonstrates Broad Street's commitment to reducing emissions and advancing their ESG goals through sustainable energy solutions.

Broad Street Realty, Inc. (BRST) faced challenges due to high interest rates in 2023, impacting cash flow and asset value. Despite these challenges, the company successfully refinanced loans and sold properties to address expiring debt. The portfolio saw leasing gains, residential properties were fully leased, and revenue increased. Net loss was reported, but NOI and same-center NOI grew. The company focuses on essential retail tenants, leading to revenue growth and positive leasing trends.

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Broad Street Realty, Inc. (OTCQX: BRST) reported an impressive growth trajectory, effectively doubling its total assets in 2022. Key acquisitions included the Midtown Row in Williamsburg and Lamar Station Plaza in Colorado, anticipated to generate approximately $10.5 million in annualized base rents in 2023. The company secured $80 million in preferred equity and a $15 million mezzanine loan from Fortress Investment Group, alongside a $76 million first lien mortgage from Blackstone. However, rising interest rates pose a challenge, with $95 million in senior loans maturing in 2023 and expected increased debt service costs. A dividend is not expected in 2023.

Broad Street Realty, Inc. (OTCQX: BRST) announced a strategic partnership with Fortress Investment Group, securing an $80 million preferred equity investment and a $15 million mezzanine loan. This collaboration will aid in the completion of the Lamar Station Plaza acquisition and strengthen their financial position. Fortress will also join Broad Street's Board, facilitating further growth opportunities. The funding will enhance working capital and help retire existing loans, positioning Broad Street for future investments in key markets.

Broad Street Realty, Inc. (OTCQX: BRST) appointed Donna Brandin to its Board of Directors, effective immediately. Michael Z. Jacoby, the company's CEO, expressed enthusiasm for her expertise. Brandin boasts a robust background, having served as CFO at Equity Residential (NYSE: EQR) and held key financial roles at various REITs. Her educational qualifications include a B.S. in Accounting and a master's in Finance. Broad Street Realty focuses on essential grocery-anchored and mixed-use assets, primarily in densely populated areas. The company aims to enhance its cash flow and drive same-store NOI.

Broad Street Realty (OTCQX: BRST) provided a mid-quarter update highlighting challenges due to ongoing COVID-19 impacts and economic factors like inflation and rising employment costs. In 2021, the company completed four acquisitions, adding over $7.6 million in Annualized Base Rent (ABR). Current occupancy is at 88.1% leased and 84.7% occupied. The company is set to acquire additional properties, which are expected to add approximately $9.1 million in ABR. Revenue for Q3 2021 saw a 34% increase, bolstered by acquisitions. The firm is optimistic about its growth trajectory in 2022.

Broad Street Realty, Inc. (OTCQX: BRST) announced the acquisition of Midtown Row for $122 million, located in Williamsburg, Virginia. This mixed-use property features 240 student housing units with 620 beds and a retail area of 63,573 square feet. The acquisition is expected to close by the end of Q2 2022, pending customary conditions. This marks Broad Street's fifth property in Virginia and strengthens their commitment to the region, as the company has previously managed and leased portions of Midtown Row.

Broad Street Realty, Inc. (OTCQX: BRST) has successfully finalized its merger with The Shops at Greenwood Village, a retail center in Colorado, as of October 6, 2021. The company issued 2,752,568 shares of common stock as part of this merger. Additionally, Broad Street secured a $23.5 million mortgage loan for the property, with a fixed interest rate of 4.082% through an interest rate swap. This merger expands Broad Street's portfolio to fifteen grocery-anchored centers, totaling over 1.7 million square feet across five states.