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Jun 30, 2021
Gladstone Commercial Q2 2021 Earnings Report
Reported financial results with Core FFO at $0.37 per share.
Key Takeaways
Gladstone Commercial Corporation reported consistent performance with stabilized revenues, full rent collection, and strategic real estate investments, while successfully exiting non-core assets and redeploying capital into target growth markets.
Collected 100% of cash rents owed during the second quarter 2021.
Acquired a 25,200 square foot industrial facility in Baytown, Texas for $8.2 million, which is 100% leased to one tenant for 12.6 years.
Core FFO available to common shareholders was $13.6 million, an 11.5% decrease compared to the previous quarter.
Net loss attributable to common stockholders was $3.1 million, or $0.08 per share.
Forward Guidance
Gladstone Commercial anticipates stable and rising same store rents, continues to focus on industrial properties in target markets, and expects to have access to debt and equity markets as needed.
Positive Outlook
- Continue to opportunistically sell non-core assets and redeploy the proceeds into stronger target growth markets with a focus on industrial investment opportunities.
- We have collected 100% of second quarter cash rents and 99% of July cash rents.
- We anticipate our tenants will successfully navigate the current economic climate and will be able to continue operating successfully when remaining operating restrictions are lifted and economic normalcy returns.
- We amended our credit facility to add a $65.0 million term loan, with a $15.0 million delayed funding component, which was drawn subsequent to the end of the quarter to help fund an acquisition.
- We also raised $100.0 million with the issuance of our new 6.00% Series G Preferred Stock and used the majority of the proceeds to redeem our 7.00% Series D Preferred Stock, saving on dividend costs to lower our overall cost of capital.
Challenges Ahead
- We expect to face challenges due to the continuing COVID-19 pandemic.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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