Gladstone Commercial Corporation reported its financial results for the second quarter ended June 30, 2024. The company saw an increase in total operating revenue and core FFO. However, the company experienced a net loss attributable to common stockholders.
Collected 100% of cash rents due during April, May, and June.
Purchased a five-property portfolio for $12.0 million at a cap rate of 12.3%.
Sold one non-core property for $2.6 million.
Core FFO available to common shareholders and Non-controlling OP Unitholders was $14.6 million, a 5.0% increase compared to the previous quarter, equaling $0.36 per share.
Gladstone Commercial anticipates challenges due to the lingering effects of the pandemic, significant inflation with a corresponding increase in interest rates, and the geo-political and economic issues arising from international wars.
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