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Mar 31, 2021
Gladstone Commercial Q1 2021 Earnings Report
Reported financial results, showing a Core FFO increase due to lease revenue from acquisitions and lease acceleration, offset by increased interest expense.
Key Takeaways
Gladstone Commercial Corporation reported a net loss attributable to common stockholders of $3.0 million, or $0.08 per share. Core FFO available to common shareholders was $15.4 million, a 14.8% increase compared to the previous quarter, equating to $0.42 per share.
Collected 98% of cash rents owed during the first quarter 2021.
Acquired a 180,152 square foot industrial facility in Findlay, Ohio for $11.1 million, which is 100% leased to one tenant for 14.2 years.
Sold two non-core properties as part of capital recycling strategy for $5.5 million.
Leased 189,210 vacant square feet with a 5.2 year lease term at one property.
Forward Guidance
The company anticipates tenants will successfully navigate the current economic climate and will be able to continue operating successfully when operating restrictions are lifted and economic normalcy improves. The company expects to continue to have access to the debt and equity markets, as necessary, for added liquidity.
Positive Outlook
- Same store rents, which have increased by 2% annually in recent years, should be stable and rising as we continue our growth.
- Focus on investing in target markets, with an emphasis on industrial properties and actively managing our portfolio.
- Remain in good standing on credit facility, which continues to provide added flexibility on balance sheet.
- Continue capital recycling program, whereby non-core assets are sold and the proceeds are used to de-lever the portfolio and acquire properties in target growth markets.
- Actively marketing remaining vacant space and anticipate positive outcomes.
Challenges Ahead
- Expect to face challenges due to the COVID-19 pandemic.
- Downturns in the current economic environment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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