Gladstone Commercial Corp - GOOD STOCK NEWS

Gladstone Commercial (NASDAQ: GOOD) reported its fourth quarter 2024 financial results. The company achieved revenue of $37.4 million, slightly below consensus estimates of $38.0 million. Core FFO per share was $0.35, compared to $0.38 in Q3 2024, with the decrease primarily attributed to a property settlement.

The company demonstrated strong operational performance with 98.7% occupancy levels and achieved 100% rent collection year-to-date. Notably, GOOD's liquidity position improved significantly, showing a 57.1% year-over-year increase.

Gladstone Commercial (GOOD) reported its Q4 and full-year 2024 financial results. For Q4 2024, the company reported net income of $7.2 million, with FFO of $15.3 million ($0.35 per share). Full-year 2024 net income was $24.0 million, with FFO of $59.7 million ($1.41 per share).

Key 2024 highlights include: acquisition of seven fully-occupied properties for $26.8 million at a 10.99% cap rate; sale of seven non-core properties for $39.0 million; 100% collection of base rent; issuance of $53.5 million in common stock; and issuance of $75.0 million in senior unsecured notes at 6.47%. The company maintained a high occupancy rate of 98.7% and renewed leases totaling 1.1 million square feet.

Gladstone Commercial (Nasdaq:GOOD) has announced its Fourth Quarter 2024 Earnings Call & Webcast, scheduled for Wednesday, February 19, 2025, at 8:30 a.m. ET. The event will be accessible via webcast and phone, with a conference call replay available through February 26, 2025, using playback conference number 13750256.

Participants can join the webcast through the company's website or dial (866) 424-3437 for the live call. The replay can be accessed by dialing (877) 660-6853. Gladstone Commercial operates as a REIT specializing in net leased industrial and office properties across the United States.

Gladstone Commercial (Nasdaq:GOOD) reported key business developments for 2024, highlighting significant progress in portfolio optimization and financial strengthening. The company secured a $75.0 million private placement of 6.47% senior unsecured notes due December 2029, expanding its financing options. Acquisition activity included $26.8 million in new industrial properties across seven locations, totaling 316,727 square feet with average lease terms exceeding 20 years.

The company increased its industrial portfolio concentration to 63% of annualized straight-line rent, up from 60% in 2023. Leasing activity saw renewals and extensions of 2.94 million square feet across 11 properties, generating a $3.8 million increase in GAAP rent. Property dispositions included seven non-core assets (five office and two medical office properties). Occupancy improved to 98.7% from 96.8% year-over-year, with $93.0 million in available liquidity at year-end.

Gladstone Commercial (Nasdaq:GOOD) has announced its monthly cash distributions for Q1 2025 and upcoming earnings release schedule. The company declared a $0.10 monthly cash distribution per common share for January, February, and March 2025, totaling $0.30 for the quarter. This marks their 240th consecutive monthly distribution.

Additional distributions include $0.0875 per share for Senior Common Stock, $0.138021 for Series E Preferred Stock (GOODN), $0.125 for Series F Preferred Stock, and $0.125 for Series G Preferred Stock (GOODO) for each month.

The company will report Q4 2024 earnings after market close on February 18, 2025, with a conference call scheduled for February 19, 2025. As of September 30, 2024, GOOD's portfolio includes 135 properties across 27 states, comprising approximately 16.8 million square feet.

Gladstone Commercial (Nasdaq:GOOD) announced that its subsidiary, Gladstone Commercial Partnership, has closed $75 million in 6.47% senior unsecured notes due December 18, 2029, through a private placement with institutional investors. The proceeds will be used to repay outstanding debt under its senior unsecured revolving credit facility, pre-pay a portion of its $60 million Term Loan B facility, and for general corporate purposes.

This marks Gladstone's first issuance in the long-term unsecured debt market, representing a strategic shift away from secured mortgage debt. KeyBanc Capital Markets led the placement, with Bank of America Securities, Goldman Sachs, Huntington Securities, and Fifth Third Securities serving as co-placement agents.

Gladstone Commercial (Nasdaq:GOOD) has acquired a 124,500 square foot industrial manufacturing, distribution, and warehouse facility in St. Clair, Missouri. The property is subject to a 20-year absolute NNN lease to ATRO, , a manufacturer of heavy-duty polyurethane truck parts. The facility is described as mission-critical and high-quality, strategically located in a region with strong industrial demand. This acquisition aligns with Gladstone's strategy to expand its industrial portfolio, increases its industrial concentration, and extends its weighted average lease term.

Gladstone Commercial (Nasdaq:GOOD) announced the retirement of Terry Lee Brubaker as Chief Operating Officer, effective December 2, 2024. Brubaker will also step down from his roles at Gladstone Management and Gladstone Administration, Michael LiCalsi, the Company's General Counsel and Secretary, will assume additional operational responsibilities while a national search for a Chief Investment Officer is conducted. The company's portfolio currently includes 135 properties across 27 states, totaling approximately 16.8 million square feet.

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.