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 $983,000, or $0.02 per share, down 32.5% from $1.457 million, or $0.03 per share in Q2 2025[3][8] - Core FFO available to common stockholders 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[4][7] Asset Management - Total assets increased by 4.5% to $1.265 billion as of September 30, 2025, up from $1.210 billion as of June 30, 2025[4] - Acquired a six-facility portfolio for $54.8 million, with a weighted average cap rate of 9.53%[10] - Sold a non-core industrial property for $3.0 million as part of a capital recycling strategy[10] - Completed leasing activity on 734,464 square feet of property with remaining lease terms ranging from 0.7 to 11.4 years[10] Revenue Collection - The company collected 100% of cash rents due during Q3 2025 and October 2025[10] - Collected 100% of cash rents due in October[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] Distributions - Declared monthly cash distributions totaling $0.30 per share on common stock and Non-controlling OP Units for October, November, and December 2025[15] Operational Insights - The company anticipates continued growth in same store rents, which have increased by 2% annually in recent years[11] - Core FFO is adjusted for non-recurring expenses and acquisition-related costs, providing a supplemental measure of operating performance[16] - The presentation of FFO and Core FFO does 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] - Factors affecting actual results include capital raising ability, economic downturns, and tenant performance[18]
Gladstone Commercial Corporation(GOODN) - 2025 Q3 - Quarterly Results