Broad Street Realty, Inc. reported a net loss of $14.8 million for the fiscal year ending December 31, 2024, a significant increase from the $7.0 million loss recorded in the previous year. The company's revenues decreased by approximately $0.8 million, or 2%, to $41.3 million, primarily due to declines in rental income and commissions. Rental income fell by $0.2 million, attributed to the sale of two properties in 2023, while commissions decreased by $0.6 million due to lower transaction volumes in leasing activities. The company’s funds from operations (FFO) also saw a decline, dropping to $0.1 million from $2.4 million in 2023.
In terms of operational performance, Broad Street Realty's portfolio consisted of 15 properties across four states, with a total rentable square footage of approximately 1.9 million. As of December 31, 2024, the overall leased percentage of the portfolio improved to 92.1%, up from 90.1% in the prior year, while the occupied percentage increased to 89.5% from 86.2%. The company signed 64 leases totaling 228,235 square feet during the year, which included 27 new leases and 29 renewals. The average rental rates for residential units increased by 16% compared to the previous year, reflecting a positive trend in rental income.
Strategically, Broad Street Realty focused on refinancing efforts, securing a $19.2 million loan backed by two properties, which was used to pay off a senior secured term loan. The company also refinanced another loan for $16.2 million, primarily to cover existing debt and fund tenant improvements. However, the company faces challenges with significant debt obligations, including approximately $24 million maturing within the next year, and is actively seeking refinancing options. The company’s total indebtedness stood at $348.8 million as of December 31, 2024.
Looking ahead, Broad Street Realty aims to continue expanding its portfolio by acquiring strategically positioned properties in established and developing neighborhoods, particularly in the Southeastern United States. The company is also focused on enhancing its operational efficiency and increasing cash flows through effective property management and leasing strategies. However, the company acknowledges potential risks, including reliance on external capital, economic conditions affecting tenant performance, and compliance with financial covenants, which could impact its ability to meet financial obligations and pursue growth opportunities.
About Broad Street Realty, Inc.
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