Gladstone Commercial Corporation Reports Second Quarter 2024 Results

MCLEAN, VA / ACCESSWIRE / August 6, 2024 / Gladstone Commercial Corporation (Nasdaq: GOOD) has announced its financial outcomes for Q2 ending June 30, 2024. Total operating revenue rose by 3.7% to $37.1 million, while operating expenses increased by 11.4% to $26 million. This resulted in a net income decline of 54.6%, totaling $1.6 million.

Dividend payouts to preferred stockholders remained consistent at about $3.1 million. However, net losses attributing to common stockholders and Non-controlling OP Unitholders amounted to $1.6 million. Real estate depreciation and amortization costs surged by 20.2% to $16.0 million.

Funds from operations (FFO) available to stockholders and Non-controlling OP Unitholders grew by 6.6% to $14.5 million, and core FFO followed with a 5.0% rise to $14.6 million. The company collected 100% of cash rents and acquired a five-property portfolio for $12.0 million, while selling a non-core property for $2.6 million.