Gladstone Commercial Corp Stock Price, News & Analysis

Gladstone Commercial Corporation (Nasdaq:GOOD) reported robust portfolio performance amidst market volatility. Key updates include:

• 100% of July cash base rents collected.
• 97.3% portfolio occupancy as of August 1, 2022.
• Sale of Jupiter office property for $19 million, yielding an $8 million gain.
• Year-to-date acquisitions of 742,303 square feet of industrial real estate for $51.4 million.
• Current liquidity of $39.2 million from revolving credit and cash reserves.

The company has never suspended its dividend since the IPO in 2003.

Gladstone Commercial Corporation (Nasdaq:GOOD) reported its Q2 2022 financial results, showing total operating revenue of $36.4 million, a 2.4% increase from Q1 2022. However, the company experienced a net loss of $1.5 million, or $0.04 per share, compared to a net income of $0.3 million in the previous quarter. Core funds from operations (FFO) decreased by 0.1%, totaling $15.3 million. The firm acquired five industrial properties for $38.1 million, extending its total square footage owned to approximately 16.975 million. Despite challenges from inflation and the pandemic, occupancy remains stable at 97.3%, with 100% of cash rents collected for July.

Gladstone Commercial Corporation (NASDAQ:GOOD) will host its Second Quarter Earnings Call on Tuesday, August 2, 2022, at 8:30 a.m. EDT. This event will cover the earnings results for the quarter ending June 30, 2022. Investors can join the call via webcast or by calling (877) 407-9045. A replay will be accessible through August 9, 2022, using conference number 13730106. The company specializes in acquiring and operating net leased industrial and office properties across the U.S.

Gladstone Commercial Corporation (Nasdaq:GOOD) has secured a 5.7-year lease with Cognizant Technology Solutions for 41,225 square feet in its office building in Austin, Texas, raising occupancy to approximately 70%. This deal underscores the strength of the Austin market and the office sector's resilience. Perry Finney, Senior VP, expressed satisfaction with Cognizant as a tenant, while President Buzz Cooper praised the speed of the transaction. Gladstone's portfolio includes 131 properties across 27 states, totaling around 16.4 million square feet.

Gladstone Commercial Corporation (NASDAQ:GOOD) provided a business update amid market volatility caused by the COVID-19 pandemic. As of July 13, 2022, 100% of June cash base rents were collected and portfolio occupancy stood at 96.6%. The company has acquired 742,303 square feet of industrial properties in 2022 for $51.4 million and extended leases covering 292,710 square feet, generating an additional $3.2 million in annualized rent. Despite these successes, they anticipate potential rent relief requests due to ongoing pandemic impacts. Liquidity remains strong at approximately $27.6 million.

Gladstone Commercial Corporation (Nasdaq: GOOD) appointed EJ Wislar as Chief Investment Officer effective July 12, 2022. Wislar, who joined in 2018, continues to lead the Southeast and Northeast regions overseeing acquisitions and asset management. The company also announced Buzz Cooper as the sole President, succeeding Bob Cutlip, who retired. Cooper, a key figure since 2001, will focus on net leased real estate acquisitions and corporate strategy. Gladstone's portfolio includes 131 properties across 27 states, covering approximately 16.4 million square feet.

Gladstone Commercial Corporation (Nasdaq:GOOD) has declared cash distributions for July, August, and September 2022. The common stock will receive a distribution of $0.1254 per share, totaling $0.3762 for the quarter. Senior common stockholders will receive $0.0875 per share, totaling $0.2625. The Series E and F preferred stocks will receive $0.138021 and $0.125 respectively. The company has consistently paid distributions without deferral since its inception in 2003. Earnings for the second quarter ended June 30, 2022 will be reported on August 1, 2022.

Gladstone Commercial Corporation (Nasdaq: GOOD) has successfully sold its 60,000 SF office building in Jupiter, FL, for $19.0 million. The sale, completed on July 1, 2022, generated a gain of approximately $8.1 million, reflecting a leveraged internal rate of return of around 18%. Originally purchased for $15.5 million in 2012, this strategic move aligns with the company’s capital recycling plan, allowing for reinvestment into industrial properties. Senior executives have expressed satisfaction with the transaction's outcome.

Gladstone Commercial Corporation (Nasdaq:GOOD) has reported strong performance amid ongoing market volatility due to the COVID-19 pandemic. As of June 8, 2022, 100% of May cash base rents were collected, with portfolio occupancy at 97.0%. The company has successfully maintained its dividend payments since its IPO in 2003. In terms of growth, it acquired two industrial properties for a total of $38.1 million and has bought 742,303 square feet of real estate year-to-date. Despite this success, the company anticipates potential rent relief requests as the pandemic continues.