BROAD STREET REALTY, INC. Update from Michael Z. Jacoby, Chairman of the Board and Chief Executive Officer

BETHESDA, Md., March 9, 2023 /PRNewswire/ -- Broad Street Realty, Inc. (OTCQX:BRST)

To all our stakeholders.

Last year at this time, I wrote a similar letter to all our stakeholders. I pointed out our significant 2021 growth and talked about being poised to grow again in 2022. Grow we did: virtually doubling the total assets owned by the company. We remain focused on essential grocery anchored and mixed-use assets throughout the Mid-Atlantic, Southeast and Colorado markets. In the fourth quarter of 2022, we completed our previously announced merger of the 98% leased 187,000 square foot Lamar Station Plaza shopping center and the acquisition of 6575 W. Colfax Avenue, an adjoining property in Lakewood, Colorado. In addition, in the fourth quarter of 2022, we acquired the mixed-use property known as Midtown Row in Williamsburg, Virginia, which is comprised of 240 student housing units (approximately 415,000 square feet) and approximately 64,000 square feet of retail space. Prior to its acquisition, we developed Midtown Row on a fee basis for a related-party joint venture, and we currently manage and lease the retail portions of these buildings. These retail properties are projected to add approximately $2.5 million of annualized base rent (ABR) in 2023, while the residential portion of Midtown Row is expected to generate approximately $8.0 million of base rental revenue in 2023 (based on leases in place as of December 31, 2022). All together, these new acquisitions offer further upside through leasing and are immediately accretive to the company. For more details, please refer to our Form 8-K/A filed on February 9, 2023.