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Sep 30, 2021
Gladstone Commercial Q3 2021 Earnings Report
Reported financial results, showing increased total operating revenue and net income compared to the previous quarter.
Key Takeaways
Gladstone Commercial Corporation reported a net income of $4.5 million for the third quarter of 2021, a significant increase compared to the $2.1 million net income in the previous quarter. Total operating revenue also increased by 2.9% to $34.3 million. Core FFO available to common stockholders was $14.7 million, up 8.0% from the previous quarter.
Total operating revenue increased by 2.9% to $34.3 million.
Net income increased significantly to $4.5 million, up from $2.1 million in the previous quarter.
Core FFO available to common stockholders increased by 8.0% to $14.7 million, or $0.39 per share.
Collected 100% of cash rents for the third quarter and October.
Forward Guidance
Gladstone Commercial anticipates facing challenges due to the continuing COVID-19 pandemic but feels strongly about the depth of their tenant credit underwriting. They expect to continue to have access to the debt and equity markets, as necessary, for added liquidity and are looking forward to continued growth and success for their shareholders.
Positive Outlook
- Expect same store rents to continue to rise as they grow.
- Will continue to primarily focus on investing in their target markets, with an emphasis on industrial properties and actively managing their portfolio.
- Believe their same store rents, which have increased by 2% annually in recent years, should be continuing to rise as they grow.
- Have collected 100% of third quarter cash rents and 100% of October cash rents.
- Anticipate their tenants will successfully navigate the current economic climate and will be able to continue operating successfully when remaining operating restrictions are fully lifted and economic normalcy returns.
Challenges Ahead
- Expect to face challenges due to the continuing COVID-19 pandemic.
- Economic uncertainty.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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