Broad Street Realty, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period. The company recorded total revenues of $10.2 million for the third quarter, a 2% increase from $10.0 million in the same period of 2023. This growth was primarily driven by a 5% rise in rental income, which reached $9.7 million, up from $9.2 million, attributed to improved occupancy levels.
However, the company faced a net loss of $6.3 million for the third quarter, an increase of 23% from the $5.1 million loss reported in the prior year. The net loss attributable to common stockholders also rose to $9.3 million, compared to $7.9 million in 2023. For the nine months ended September 30, 2024, total revenues decreased by 5% to $30.4 million, down from $32.2 million, largely due to a decline in rental income and commissions following the sale of two properties in 2023. The net loss for this period ballooned to $12.7 million, a significant increase from $3.8 million in 2023.
Operating expenses for the third quarter decreased by 15% to $10.1 million, down from $11.9 million, contributing to an operating income of $72,000, a notable improvement from an operating loss of $2.0 million in the prior year. The company’s total liabilities rose to $261.6 million as of September 30, 2024, compared to $248.0 million at the end of 2023, with mortgage and other indebtedness increasing to $245.8 million.
Strategically, Broad Street Realty is focused on expanding its portfolio, particularly through acquisitions of grocery-anchored and mixed-use properties in key markets. The company is also actively seeking to refinance loans maturing in 2025 and has extended the maturity date of one mortgage loan to March 1, 2025. As of September 30, 2024, the company maintained compliance with all covenants under its debt agreements.
The company’s cash and cash equivalents increased to $18.0 million, up from $9.8 million at the end of 2023, reflecting improved liquidity. Despite the challenges, Broad Street Realty's occupancy rates improved, with properties 90.7% leased and 89.3% occupied as of September 30, 2024, compared to 90.1% leased and 86.2% occupied at the end of 2023.
About Broad Street Realty, Inc.
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