Wed, May 15, 1:04 PM (244 days ago)
Broad Street Realty, Inc. reported a net loss of $1.9 million for Q1 2024, compared to a $1.7 million net loss in Q1 2023. Rental income decreased by 7% to $9.5 million, primarily due to the sale of two properties in 2023. Total revenues fell by 10% to $10.1 million, while operating expenses decreased by 14% to $11.0 million, driven by lower depreciation and amortization. The company’s Same-center NOI increased by 6% to $5.8 million. Cash flow from operations improved to $1.3 million, while cash used in investing activities rose to $2.3 million due to higher capital expenditures. Financing activities generated $4.5 million, mainly from debt refinancing. As of March 31, 2024, the company had $14.6 million in cash and equivalents, with $21.6 million in mortgage loans maturing within the next 12 months. Management is seeking to refinance these loans. The company's liquidity position remains a concern, but it is actively managing its debt obligations and exploring refinancing options.