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Dec 31, 2023
Gladstone Commercial Q4 2023 Earnings Report
Reported financial results, showing an increase in net income and FFO, driven by property sales and debt extinguishment.
Key Takeaways
Gladstone Commercial Corporation reported a net income of $4.551 million for the fourth quarter of 2023, a significant increase compared to the previous quarter. FFO and Core FFO also increased, driven by decreased property operating expenses and successful real estate tax appeals. The company continues its capital recycling strategy, selling non-core assets and reinvesting in target growth markets.
Net income available to common stockholders was $1.3 million, or $0.03 per share.
FFO available to common stockholders was $14.6 million, or $0.36 per share.
Core FFO available to common stockholders was $14.6 million, or $0.36 per share.
Collected 100% of 2023 base rent and continued capital recycling program.
Forward Guidance
Gladstone Commercial anticipates facing challenges due to the pandemic, inflation, and geopolitical issues but feels strongly about its tenant credit underwriting and expects to continue having access to debt and equity markets.
Positive Outlook
- Financial results reflect consistent performance and stabilized revenues
- Accretive real estate investments made during 2023 and 2022
- Ability to renew tenants, as well as deleveraging and capital recycling programs
- Investing $29.5 million in five assets at accretive cap rates
- Amended credit facility to add a new term loan component and increased revolver
Challenges Ahead
- Expect to face 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 the war in Ukraine
Historical Earnings Impact
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Avg. Return Before/After Earnings
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