Broad Street Realty, Inc.

Broad Street Realty, Inc. is a U.S. real estate owner and operator focused on grocery-anchored and mixed-use retail properties, with a small student housing component at one asset. The company owns 15 properties concentrated in the Mid-Atlantic and Colorado and operates as a single reporting segment through an Up-C structure. In addition to property ownership and management, it provides commercial real estate brokerage services for its own portfolio and for third-party office, industrial and retail clients. The portfolio is positioned in dense, high-traffic submarkets near technology employment hubs and higher education centers, where necessity-based retail demand tends to be more resilient.

35,4 %

−35,8 %

−2,0 %

— Broad Street Realty, Inc.
%
Retail property leasing80% Leasing and managing grocery-anchored and necessity-based retail space across the portfolio.
Mixed-use property operations10% Operating mixed-use assets that combine retail with other uses, including a student housing component at one property.
Commercial brokerage services10% Brokerage services for the company’s own assets and third-party office, industrial and retail clients.

Broad Street Realty’s core customers are retail tenants that need well-located, high-visibility space in dense...

  • Grocery-anchored retail tenantsprimary

    Lease space in centers anchored by grocery or necessity-based retailers because these locations drive steady traffic and support daily-needs shopping.

  • Local retail and service tenantsprimary

    Smaller retailers and service businesses lease space in dense submarkets to capture nearby residential and commuter demand.

  • Mixed-use and student housing userssecondary

    Occupants tied to the Midtown Row mixed-use asset, including the student housing portion, where demand is linked to nearby education centers.

  • Third-party brokerage clientssecondary

    Office, industrial and retail owners and tenants use the company’s brokerage services for leasing and transaction support.

The portfolio is concentrated in the Mid-Atlantic and Colorado, with 12 of 15 properties in the Mid-Atlantic and three...

  • •Mid-Atlantic is the core operating region and holds most properties
  • •Colorado is the second operating region and adds geographic diversification
  • •Maryland and Virginia represent the largest property concentrations
  • •Washington, D.C. is a small but distinct urban market exposure
  • •Portfolio is placed in dense submarkets with strong traffic and visibility
  • •Market selection is tied to tech employment hubs and higher education centers

Broad Street Realty’s strategy is centered on owning and managing essential retail assets in dense, high-traffic...

01
Improve occupancy and portfolio qualitymedium-term

Higher occupancy supports rental income and makes the portfolio more resilient in weaker retail markets.

02
Maintain essential retail positioninglong-term

Grocery-anchored and necessity-based centers are intended to attract stable tenant demand and traffic.

03
Preserve liquidity and manage leverageshort-term

The company’s ability to operate and execute strategy depends on refinancing, debt service and access to capital.

The most material company-specific risk is the Fortress Member’s control rights over the Eagles Sub-OP, which...

critical

Fortress Member control and trigger-event rights

The Fortress Member can control the Eagles Sub-OP and cash accounts, which can impede operations and limit management’s flexibility.

Scope
All historically consolidated income-producing real estate assets
Materiality
high
critical

Liquidity shortfall and going-concern pressure

Management states it may not have sufficient cash flow to cover obligations over the next twelve months.

Scope
Debt service, operating expenses and capital expenditures
Materiality
high
high

Retail real estate demand and occupancy risk

Revenue depends on leasing and tenant retention in grocery-anchored and mixed-use centers.

Scope
Portfolio occupancy and rental income
Materiality
high
high

Interest rate and financing risk

Higher rates can raise borrowing costs, reduce refinancing options and pressure asset values.

Scope
Debt refinancing and valuation
Materiality
high
medium

Geographic concentration

Most properties are in the Mid-Atlantic, so regional downturns can disproportionately affect results.

Scope
Maryland, Virginia, Washington D.C. and Colorado
Materiality
medium
Revenue recognition and straight-line rent
Affects reported rental income and comparability across quarters
Real estate asset impairment
Can create non-cash write-downs that materially affect earnings
Derivative fair value accounting
Can cause significant quarterly volatility in net income
Consolidation and deconsolidation of Eagles Sub-OP
Reduces comparability and changes balance sheet and income statement presentation

Wheeler Real Estate Investment Trust, Inc.

WHLR · Real Estate Investment Trusts

Broadstone Net Lease, Inc.

BNL · Real Estate Investment Trusts

Brixmor Property Group Inc.

BRX · Real Estate Investment Trusts

BRANDYWINE REALTY TRUST

BDN · Real Estate Investment Trusts

AH Realty Trust, Inc.

AHRT · Real Estate

SAUL CENTERS, INC.

BFS · Real Estate Investment Trusts

: 11/08/2026