Broad Street Realty CEO update: acquired two properties in Q4, no dividend in 2023 due to rate headwinds

Broad Street Realty, Inc.

Q4 2022 closed on Lamar Station Plaza (98% leased, 187k sq ft) in CO and Midtown Row (240 student units, 64k sq ft retail) in VA.
Midtown Row retail expected to add ~$2.5M ABR; residential ~$8.0M base rent in 2023; financed with $80M preferred equity + $15M mezzanine from Fortress and $76M mortgage from Blackstone.
No dividend in 2023; CEO cites ~$95M senior loans maturing in 2023 requiring refinancing at higher rates and capital expenditure demands.
Portfolio occupancy improved to 90.4% at year-end 2022 from 89.1% a year earlier; anchor space up to 96.3%.
2022 leasing: 45 renewals (298k sq ft) and 34 new leases (130k sq ft); overall rent spread +3.4%; notable new lease: AutoZone 52,706 sq ft at Cromwell Field.

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