Financial Performance - Total operating revenue for Q2 2025 was $39.5 million, a 5.4% increase from $37.5 million in Q1 2025[3] - Net income available to common stockholders for Q2 2025 was $1.5 million, or $0.03 per share, down 24.0% from $1.9 million, or $0.04 per share in Q1 2025[8] - Core funds from operations (Core FFO) for Q2 2025 was $16.1 million, a 5.4% increase compared to $15.3 million in Q1 2025, equating to $0.35 per share[7] Asset Management - The company acquired two fully-occupied facilities for $79.3 million, with a weighted average cap rate of 8.88%[9] - The company sold one non-core office property for $5.1 million and one non-core industrial property for $18.5 million as part of its capital recycling strategy[9] - Total assets increased to $1.21 billion, up 4.3% from $1.16 billion in Q1 2025[4] Cash Management - The company collected 100% of cash rents due during April, May, and June 2025[9] - Collected 100% of cash rents due in July[15] - The company repaid $7.2 million in variable rate mortgage debt at an interest rate of SOFR + 2.25%[9] - Issued 750,426 shares of common stock under its ATM program for net proceeds of $10.4 million[9] - Issued 50,540 shares of common stock under the ATM program for net proceeds of $0.7 million[15] - Declared monthly cash distributions totaling $0.30 per share on common stock and Non-controlling OP Units[15] Operational Insights - The company anticipates continued growth in same store rents, which have increased by 2% annually in recent years[11] - Leased or renewed 143,844 square feet with remaining lease terms ranging from 5.3 to 11.4 years[15] Performance Metrics - Core FFO is adjusted for acquisition-related expenses and non-recurring items, providing a meaningful supplemental measure of operating performance[16] - The company emphasizes that FFO and Core FFO do not represent cash flows from operating activities as per GAAP[17] Forward-Looking Statements - Forward-looking statements regarding income stability and portfolio growth involve risks and uncertainties[18]
Gladstone Commercial Corporation(GOODN) - 2025 Q2 - Quarterly Results