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Jun 30, 2022
Gladstone Commercial Q2 2022 Earnings Report
Reported financial results for the second quarter ended June 30, 2022.
Key Takeaways
Gladstone Commercial Corporation reported consistent performance with stabilized revenues, driven by same-store property occupancy, rent collection, and accretive real estate investments. Core FFO available to common shareholders was $15.3 million, or $0.39 per share. Net loss attributable to common stockholders was $1.5 million, or $0.04 per share.
Collected 100% of cash rents due during April, May, and June.
Purchased five fully-occupied industrial properties for $38.1 million at a weighted average cap rate of 6.57%.
Issued 576,604 shares of common stock for net proceeds of $11.4 million under the ATM program.
Core FFO available to common shareholders and Non-controlling OP Unitholders was $15.3 million, equaling $0.39 per share.
Forward Guidance
Gladstone Commercial expects to face challenges due to the continuing COVID-19 pandemic, significant inflation with a corresponding increase in interest rates, and the geo-political and economic issues arising from the war in Ukraine. The company feels strongly about the depth of their tenant credit underwriting and anticipates their tenants will successfully navigate the current economic climate.
Positive Outlook
- Same store rents, which have increased by 2% annually in recent years, should be continuing to rise as we grow.
- We'll continue to primarily focus on investing in our target markets, with an emphasis on industrial properties and actively managing our portfolio.
- We are looking forward to continued growth and success for our shareholders.
- We are in good standing on our credit facility, which continues to provide us added financial flexibility and are actively marketing our remaining vacant space and anticipate positive outcomes.
- We expect to continue to have access to the debt and equity markets, as necessary, for added liquidity and are extremely pleased with our solid performance over the last several years.
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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