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Mar 31, 2023
Gladstone Commercial Q1 2023 Earnings Report
Reported financial results, showing a net loss attributable to common stockholders of $0.7 million, or $0.02 per share, and core FFO available to common shareholders of $15.0 million, or $0.37 per share.
Key Takeaways
Gladstone Commercial Corporation reported financial results for the first quarter ended March 31, 2023. Core FFO available to common shareholders was $15.0 million, or $0.37 per share. Net loss attributable to common stockholders was $0.7 million, or $0.02 per share.
Collected 100% of cash rents due during January, February, and March.
Renewed leases of 356,406 square feet with remaining lease terms ranging from 5.2 to 5.8 years.
Issued 236,302 shares of common stock for net proceeds of $4.0 million under ATM program.
Paid monthly cash distributions for the quarter totaling $0.30 per share on common stock and Non-controlling OP Units.
Forward Guidance
Gladstone Commercial anticipates facing challenges due to the lingering effects of the pandemic and significant inflation with a corresponding increase in interest rates. They expect to continue to have access to the debt and equity markets, as necessary, for added liquidity. They believe their same store rents should continue to rise and will continue to primarily focus on investing in target markets, with an emphasis on industrial properties and actively managing their portfolio.
Positive Outlook
- Continue capital recycling program to de-lever portfolio and acquire properties in target growth markets
- Focus on industrial investment opportunities
- Depth of tenant credit underwriting will allow them to acquire accretive assets in this business environment
- Collected 100% of first quarter's cash rents and 100% of April cash rents
- Anticipate tenants will successfully navigate the current economic climate
Challenges Ahead
- Expect to face challenges due to the lingering effects of the pandemic
- Expect to face challenges due to significant inflation
Historical Earnings Impact
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Avg. Return Before/After Earnings
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