Stonegate Capital Partners Updates 3Q24 Report on Gladstone Commercial Corp. (GOOD)

Rhea-AI Summary

Gladstone Commercial Corp (NASDAQ: GOOD) reported strong Q3 2024 financial results, exceeding both revenue and FFO estimates. Revenue reached $39.2M, while FFO per share was $0.38 and AFFO per share was $0.14. The company's Core FFO increased from $0.36 in Q2 2024 to $0.38, primarily due to a $2.0M settlement received for deferred maintenance. Notable operational highlights include a 98.5% occupancy rate, with industrial properties comprising 63% of the portfolio, and a 100% rent collection rate year-to-date.

Positive

• Revenue of $39.2M exceeded consensus estimates of $36.9M
• Core FFO per share increased to $0.38 from $0.36 in Q2 2024
• High occupancy rate at 98.5%
• 100% rent collection rate year-to-date
• Received $2.0M settlement for deferred maintenance

Negative

• AFFO per share of $0.14 fell below consensus estimate of $0.28

Dallas, Texas--(Newsfile Corp. - November 5, 2024) - Gladstone Commercial Corporation. (NASDAQ: GOOD): Stonegate Capital Partners Updates Coverage on Gladstone Commercial Corp. (NASDAQ: GOOD). Gladstone Commercial Corp. reported revenue, FFO per share, and AFFO per share of $39.2M, $0.38, and $0.14, respectively. This compares to our/consensus estimates of $36.8M/$36.9M, $0.36/$0.35, and $0.31/$0.28. Core FFO for the quarter was $0.38 per share, up from $0.36 in 2Q24. This sequential increase was primarily driven by a $2.0M settlement received at one property related to deferred maintenance.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

• Fundamentals remain strong with 98.5% occupancy levels.
• Diversification continues as 63% of properties are industrial.
• 100% of rents collected in YTD.

Click image above to view full announcement.

---

About Stonegate

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

Contacts:

Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com

Source: Stonegate, Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228977

FAQ

What was Gladstone Commercial's (GOOD) revenue in Q3 2024?

Gladstone Commercial reported revenue of $39.2M in Q3 2024, exceeding consensus estimates of $36.9M.

What was GOOD's Core FFO per share in Q3 2024?

GOOD's Core FFO per share was $0.38 in Q3 2024, up from $0.36 in Q2 2024.

What is the current occupancy rate for Gladstone Commercial (GOOD)?

Gladstone Commercial maintained a strong occupancy rate of 98.5%.

What percentage of Gladstone Commercial's (GOOD) properties are industrial?

63% of Gladstone Commercial's properties are industrial.