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Sep 30, 2020
Gladstone Commercial Q3 2020 Earnings Report
Reported financial results reflecting consistent performance and stabilized revenues.
Key Takeaways
Gladstone Commercial Corporation reported consistent performance and stabilized revenues for the third quarter ended September 30, 2020. The company collected 99% of cash rents, acquired an industrial facility, sold a property, and renewed leases.
Collected 99% of cash rents owed during the third quarter.
Acquired a 153,600 square foot industrial facility in Indianapolis, Indiana for $10.6 million.
Sold our Maple Heights, Ohio property for $11.4 million, resulting in a gain on sale of $1.2 million.
Renewed four leases totaling 617,699 square feet with remaining lease terms ranging from 5.6 to 12.0 years.
Forward Guidance
Gladstone Commercial expects to face challenges due to the COVID-19 pandemic but feels strongly about the depth of their tenant credit underwriting. They anticipate their tenants will successfully navigate the current economic climate and will be able to continue operating successfully when operating restrictions are lifted and economic normalcy improves.
Positive Outlook
- Collected over 99% of third quarter cash rents and 100% of October cash rents.
- Believe same store rents, which have increased by 2% annually in recent years, should be stable and rising as we continue our growth.
- Will continue to primarily focus on investing in our target markets with an emphasis on industrial properties and actively managing our portfolio.
- Expect to continue to have access to the debt and equity markets, as necessary, for added liquidity.
- Continue to opportunistically sell non-core assets and redeploy the proceeds into stronger target growth markets.
Challenges Ahead
- Expect to face challenges due to the COVID-19 pandemic.
- Downturns in the current economic environment
Historical Earnings Impact
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Avg. Return Before/After Earnings
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