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.
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.
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