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.
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.
Analyze how earnings announcements historically affect stock price performance