Gladstone Commercial Corporation reported a net loss of $4.588 million for the second quarter of 2023, with total operating revenue of $38.658 million. Core FFO available to common shareholders was $16.6 million, or $0.41 per share.
Collected 100% of cash rents due during April, May, and June.
Purchased one fully-occupied property for $5.3 million at a cap rate of 9.71%.
Sold two non-core properties for $4.7 million as part of the capital recycling program.
Renewed 502,362 square feet with remaining lease terms ranging from 5.4 to 14.0 years at six properties.
Gladstone Commercial anticipates facing challenges due to the lingering effects of the pandemic and significant inflation with a corresponding increase in interest rates. They feel strongly about the depth of their tenant credit underwriting, which will allow them to acquire accretive assets in this business environment.
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