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Sep 30, 2024
Gladstone Commercial Q3 2024 Earnings Report
Reported financial results, showing increased total operating revenue and net income.
Key Takeaways
Gladstone Commercial Corporation reported increased total operating revenue and net income for the third quarter ended September 30, 2024. Total operating revenue increased by 5.9% to $39.235 million, and net income increased significantly to $11.721 million. Core FFO available to common shareholders was $16.3 million, or $0.38 per share.
Total operating revenue increased by 5.9% to $39.235 million.
Net income increased to $11.721 million, or $0.20 per share.
Core FFO available to common shareholders was $16.3 million, or $0.38 per share.
Collected 100% of cash rents due during July, August, and September.
Forward Guidance
The company anticipates challenges due to the lingering effects of the pandemic, significant inflation, and geo-political and economic issues arising from international wars. They expect to continue to have access to the debt and equity markets, as necessary, for added liquidity and same store rents should continue to rise.
Positive Outlook
- Same store property occupancy is tremendous.
- Revenues are stabilized.
- Accretive real estate investments were made during 2023 and 2024.
- Ability to renew tenants.
- Same store rents, which have increased by 2% annually in recent years, should continue to rise.
Challenges Ahead
- Challenges due to the lingering effects of the pandemic.
- Significant inflation with a corresponding increase in interest rates.
- Geo-political and economic issues arising from international wars.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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