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Mar 31, 2020
Gladstone Commercial Q1 2020 Earnings Report
Reported financial results for the first quarter ended March 31, 2020.
Key Takeaways
Gladstone Commercial Corporation reported an increase in total operating revenue to $33.619 million and a net income of $2.258 million for the first quarter ended March 31, 2020. Core FFO available to common shareholders was $13.8 million, or $0.40 per share.
Total operating revenue increased by 14.4% to $33.619 million.
Net income increased significantly to $2.258 million, a 378.4% increase.
Core FFO available to common shareholders was $13.8 million, or $0.40 per share, a 4.2% increase compared to the previous quarter.
The company invested $71.7 million in five industrial assets and sold one non-core asset.
Forward Guidance
Gladstone Commercial anticipates facing challenges due to the COVID-19 pandemic, but feels strongly in their tenant credit underwriting and expects tenants to successfully navigate the current economic climate.
Positive Outlook
- Expects tenants will successfully navigate the current economic climate.
- Tenants will be able to continue operating successfully when operating restrictions are lifted and economic normalcy improves.
- In good standing on Credit Facility.
- Expects to have access to the debt and equity markets, as necessary, for added liquidity.
- Same store rents, which have increased by 2% annually in recent years, should be stable and rising as we continue our growth.
Challenges Ahead
- Expects to face challenges due to the COVID-19 pandemic.
- Successfully exited on non-core asset so far during 2020, recognizing a net capital loss of $0.01 million.
- Availability and terms of capital and financing, both to fund its operations and to refinance its indebtedness as it matures.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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