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Mar 31, 2022
Gladstone Commercial Q1 2022 Earnings Report
Reported financial results, showing consistent performance and stabilized revenues driven by property occupancy, rent collection, real estate investments, and tenant renewals.
Key Takeaways
Gladstone Commercial Corporation reported a net income of $3.391 million for the first quarter ended March 31, 2022, compared to $3.076 million for the previous quarter. Core FFO available to common shareholders was $15.3 million, or $0.40 per share, a 1.3% increase from the previous quarter.
Collected 100% of cash rents due during January, February, and March.
Purchased two fully-occupied industrial properties for $13.3 million.
Renewed 257,978 square feet of leases at three properties.
Core FFO increased primarily due to additional lease revenue from acquisitions during the quarter.
Forward Guidance
Gladstone Commercial intends to continue its capital recycling program by selling non-core assets to deleverage the portfolio and acquire properties in target growth markets. The company anticipates facing challenges due to the COVID-19 pandemic and geopolitical issues but feels confident in its tenant credit underwriting.
Positive Outlook
- Same store rents are expected to continue rising.
- Focus on investing in target markets, particularly industrial properties.
- Actively managing the portfolio to optimize performance.
- Collected 100% of first quarter cash rents and 100% of April cash rents.
- Renewed 257,978 square feet with three tenants and leased 29,505 square feet of vacant space.
Challenges Ahead
- Potential challenges due to the continuing COVID-19 pandemic.
- Geo-political and economic issues arising from the war in Ukraine.
- Economic uncertainty may impact tenant performance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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