Gladstone mercial (GOOD) - 2025 Q3 - Quarterly Results

Financial Performance - Total operating revenue for Q3 2025 was $40.841 million, a 3.3% increase from $39.533 million in Q2 2025[3] - Net income available to common stockholders for Q3 2025 was $0.983 million, or $0.02 per share, down 32.5% from $1.457 million, or $0.03 per share in Q2 2025[3][8] - Core funds from operations (Core FFO) for Q3 2025 was $16.400 million, a 1.8% increase compared to $16.114 million in Q2 2025, equating to $0.35 per share[3][7] Asset and Portfolio Growth - Total assets increased to $1.265 billion, a 4.5% rise from $1.210 billion in Q2 2025[4] - Properties owned increased to 151, up from 143 in the previous quarter, representing a 5.6% growth[4] - The company acquired a six-facility portfolio for $54.8 million, with a weighted average cap rate of 9.53%[10] Cash Management and Dividends - The company collected 100% of cash rents due during Q3 2025 and October 2025[10] - Cash dividends declared per common share remained stable at $0.30[4] - Declared monthly cash distributions totaling $0.30 per share on common stock for October, November, and December 2025[15] Financing Activities - The company issued 1,891,807 shares under its ATM program for net proceeds of $23.0 million[10] - Increased credit facility from $505.0 million to $600.0 million, with revolver maturity extended to October 2029[15] - Repaid $3.1 million in fixed rate mortgage debt at an interest rate of 4.59%[15] Future Outlook and Risks - The company anticipates continued growth in same store rents, which have increased by 2% annually in recent years[11] - Forward-looking statements regarding income stability and portfolio growth involve risks and uncertainties[18] - Factors affecting actual results include capital raising ability, economic downturns, and tenant performance[18] Operational Performance - Core FFO is adjusted for non-recurring expenses and acquisition-related costs, providing a meaningful measure of operating performance[16] - The presentation of FFO and Core FFO does not represent cash flows from operating activities as per GAAP[17] - Collected 100% of cash rents due in October[15]