Gladstone Commercial Q1 2024 Earnings Report

Gladstone Commercial reported financial results, showing a decrease in net income and core FFO compared to the previous quarter, while maintaining 100% rent collection.

Key Takeaways

Gladstone Commercial Corporation reported a decrease in net income available to common stockholders and Non-controlling OP Unitholders to $0.3 million, or $0.01 per share, for the quarter ended March 31, 2024, compared to $1.3 million, or $0.03 per share, for the quarter ended December 31, 2023. Core FFO also decreased to $13.9 million, or $0.34 per share, primarily due to the elimination of an incentive fee and higher property expenses. The company maintained 100% rent collection and sold three non-core properties.

Net income available to common stockholders decreased to $0.3 million, or $0.01 per share.

Core FFO decreased to $13.9 million, or $0.34 per share, due to the elimination of an incentive fee and higher property expenses.

The company collected 100% of cash rents during January, February, March and April.

Three non-core properties were sold for $19.5 million as part of the capital recycling program.

Total Revenue

$35.7M

Previous year: $36.6M