Gladstone Commercial Corp Stock Price, News & Analysis

Gladstone Commercial Corporation (Nasdaq: GOOD) reported its second-quarter results for 2020, revealing total operating revenue of $33.5 million, dipping slightly by 0.3% from Q1. Operating expenses rose by 7.3% to $25.9 million. The company experienced a net income drop of 57.3%, resulting in a loss of $1.9 million attributable to common stockholders. Despite challenges, Core Funds From Operations increased by 3.3% to $14.2 million. Gladstone successfully collected 98% of second-quarter rents and 99% in July, while renewing leases and selling non-core assets to strengthen its portfolio.

Gladstone Commercial Corporation (Nasdaq: GOOD) will hold its Second Quarter Earnings Call on July 28, 2020, at 8:30 a.m. EDT. Investors can join via webcast or by phone at (833) 519-1257 using conference number 5688933. A replay will be accessible until August 4, 2020. The call can also be archived on the company's website until September 28, 2020. Gladstone focuses on acquiring and operating net leased industrial and office properties across the United States.

Gladstone Commercial Corporation (Nasdaq: GOOD) reported strong performance amid COVID-19, with approximately 99% of July cash base rent paid, maintaining a consistent 98% collection rate since April. The company retained its dividend rate and reported a 97% portfolio occupancy. A six-year lease extension with Conduent State Healthcare increased GAAP rents by 24% and enhanced overall rental income by 14%. Since January, Gladstone has raised $31 million in capital, maintaining liquidity over $35 million.

Gladstone Commercial Corporation (Nasdaq: GOOD) announced cash distributions for July, August, and September 2020. Common stockholders will receive $0.12515 per share, totaling $0.37545 for the quarter, maintaining 186 consecutive monthly payouts. Senior common stockholders will receive $0.0875 per share for a total of $0.2625. Series D, E, and F preferred stockholders will receive $0.1458333, $0.138021, and $0.125 per share, respectively. The company plans to report second-quarter earnings on July 27, 2020, with a conference call scheduled for July 28.

Gladstone Commercial Corporation (Nasdaq: GOOD) announced a six-year lease extension with Conduent State Healthcare, LLC for its 42,213 square foot office in Richmond, VA, ensuring full occupancy through September 2026. This extension highlights the property’s significance to Conduent's operations, as the company has been a tenant since 2014. Senior Managing Director Buzz Cooper stated their commitment to tenant renewals and increasing cash flow, alongside a focus on industrial acquisitions.

Gladstone Commercial Corporation (Nasdaq: GOOD) reported strong rent collection amid COVID-19, with 98% of cash base rent collected in June, matching April and May figures. The company maintains a 97% portfolio occupancy rate and has successfully amended a lease with Morgan Stanley, increasing GAAP rent by 51%. Gladstone raised $29.2 million in capital since January 2020 and boasts over $30 million in liquidity. However, there may be future rent relief requests, with uncertain outcomes regarding negotiations.

Gladstone Commercial Corporation (Nasdaq: GOOD) has announced a lease amendment with Morgan Stanley to expand its office space by 16,000 square feet at 4343 Easton Commons, Columbus, OH. This expansion will allow Morgan Stanley to occupy the entire 103,000 square foot building until December 2025. The move aligns with Gladstone’s strategy of flexible growth for its anchor tenants, and it will result in increased cash and straight-line rents, contributing to the overall portfolio's lease term.

Gladstone Commercial (Nasdaq: GOOD) provided a business update on May 20, 2020, emphasizing portfolio performance amidst COVID-19. Key highlights include a portfolio occupancy rate of approximately 97% and a cash base rent collection rate of around 98% for May, consistent with April. The company anticipates additional rent relief requests but cannot estimate the impact of negotiations. Core Funds From Operations for Q1 were $13.8 million, a 4.2% increase from the previous quarter. The firm maintained cash distributions at $0.12515 per share for April, May, and June, and has over $30 million in liquidity.

Gladstone Commercial (Nasdaq: GOOD) has announced that Benedictine Health System (BHS) has moved its headquarters to a newly leased property at 6499 University Avenue, Fridley, Minnesota. The 10-year lease is for 35,757 square feet, with construction completed ahead of schedule and under budget, involving over $1 million in property improvements. Additionally, the lease with Bosch Service Solutions has been renewed through January 2023. Gladstone is highlighting strong leasing activity, indicating resilience in its property management despite current market conditions.