Gladstone Commercial Corporation Reports Results for the Second Quarter Ended June 30, 2024
Gladstone Commercial Corporation Reports Results for the Second Quarter Ended June 30, 2024
Please note that the limited information that follows in this press release is not adequate to make an informed investment judgment.
請注意,本新聞稿中提供的有限信息不足以做出明智的投資判斷。
MCLEAN, VA / ACCESSWIRE / August 6, 2024 / Gladstone Commercial Corporation (Nasdaq:GOOD) ("Gladstone Commercial" or the "Company") today reported financial results for the second quarter ended June 30, 2024. A description of funds from operations, or FFO, and Core FFO, both non-GAAP (generally accepted accounting principles in the United States) financial measures, are located at the end of this press release. All per share references are to fully-diluted weighted average shares of common stock and Non-controlling OP Units, unless otherwise noted. For further detail, please also refer to both the quarterly financial supplement and the Company's Quarterly Report on Form 10-Q, which can be retrieved from the Investors section of our website at .
MCLEAN,VA / ACCESSWIRE / 2024年8月6日 / Gladstone商業公司(Nasdaq:GOOD)(以下簡稱"Gladstone商業公司"或"公司")今天發佈了2024年6月30日結束的第二季度財務業績報告。有關基金運營(FFO)和核心FFO(均爲非普通會計原則(GAAP)財務指標)的描述位於本新聞稿的末尾。所有每股引用均指全攤薄加權平均普通股和非控制OP單位,除非另有說明。更多細節,請參閱季度財務補充說明和公司的《第10-Q表格季度報告》,可從我們網站的投資者部分檢索。
Summary Information (dollars in thousands, except share and per share data):
簡要信息(金額以千美元爲單位,股份和每股數據以美元爲單位):
As of and for the three months ended |
||||||||||||||||||
June 30, 2024 |
March 31, 2024 |
$ Change |
% Change |
|||||||||||||||
Operating Data: |
||||||||||||||||||
Total operating revenue |
$ |
37,057 |
$ |
35,721 |
$ |
1,336 |
3.7% |
|||||||||||
Total operating expenses |
(25,973) | (23,315) | (3) |
(2,658) | 11.4% |
|||||||||||||
Other expense, net |
(9,484) | (1) |
(8,880) | (4) |
(604) | 6.8% |
||||||||||||
Net income |
$ |
1,600 |
$ |
3,526 |
$ |
(1,926) | (54.6)% |
|||||||||||
Less: Dividends attributable to preferred stock |
(3,116) | (3,112) | (4) | 0.1% |
||||||||||||||
Less: Dividends attributable to senior common stock |
(105) | (105) | - |
-% |
||||||||||||||
Less: Loss on extinguishment of Series F preferred stock |
(4) | (3) | (1) | 33.3% |
||||||||||||||
Net (loss) income (attributable) available to common stockholders and Non-controlling OP Unitholders |
$ |
(1,625) | $ |
306 |
$ |
(1,931) | (631.0)% |
|||||||||||
Add: Real estate depreciation and amortization |
16,015 |
13,326 |
2,689 |
20.2% |
||||||||||||||
Add: Impairment charge |
- |
493 |
(493) | (100.0)% |
||||||||||||||
Add: Loss on sale of real estate, net |
47 |
- |
47 |
100.0% |
||||||||||||||
Less: Gain on sale of real estate, net |
- |
(283) | 283 |
(100.0)% |
||||||||||||||
Less: Gain on debt extinguishment, net |
- |
(300) | 300 |
(100.0)% |
||||||||||||||
Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic |
$ |
14,437 |
$ |
13,542 |
$ |
895 |
6.6% |
|||||||||||
Add: Convertible senior common distributions |
105 |
105 |
- |
-% |
||||||||||||||
Funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted |
$ |
14,542 |
$ |
13,647 |
$ |
895 |
6.6% |
|||||||||||
Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic |
$ |
14,437 |
$ |
13,542 |
$ |
895 |
6.6% |
|||||||||||
Add: Bad debt write off |
64 |
- |
64 |
100.0% |
||||||||||||||
Add: Write off shelf registration statement costs and prepaid ATM costs |
- |
183 |
(183) | (100.0)% |
||||||||||||||
Add: Asset retirement obligation expense |
33 |
33 |
- |
-% |
||||||||||||||
Add: Realized loss on interest rate hedging instruments |
- |
81 |
(81) | (100.0)% |
||||||||||||||
Core funds from operations available to common stockholders and Non-controlling OP Unitholders - basic |
$ |
14,534 |
$ |
13,839 |
$ |
695 |
5.0% |
|||||||||||
Add: Convertible senior common distributions |
105 |
105 |
- |
-% |
||||||||||||||
Core funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted |
$ |
14,639 |
$ |
13,944 |
$ |
695 |
5.0% |
|||||||||||
Share and Per Share Data: |
||||||||||||||||||
Net (loss) income (attributable) available to common stockholders and Non-controlling OP Unitholders - basic and diluted |
$ |
(0.04) | $ |
0.01 |
$ |
(0.05) | (500.0)% |
|||||||||||
FFO available to common stockholders and Non-controlling OP Unitholders - basic |
$ |
0.36 |
$ |
0.34 |
$ |
0.02 |
5.9% |
|||||||||||
FFO available to common stockholders and Non-controlling OP Unitholders - diluted |
$ |
0.36 |
$ |
0.34 |
$ |
0.02 |
5.9% |
|||||||||||
Core FFO available to common stockholders and Non-controlling OP Unitholders - basic |
$ |
0.36 |
$ |
0.34 |
$ |
0.02 |
5.9% |
|||||||||||
Core FFO available to common stockholders and Non-controlling OP Unitholders - diluted |
$ |
0.36 |
$ |
0.34 |
$ |
0.02 |
5.9% |
|||||||||||
Weighted average shares of common stock and Non-controlling OP Units outstanding - basic |
40,553,113 |
40,314,124 |
238,989 |
0.6% |
||||||||||||||
Weighted average shares of common stock and Non-controlling OP Units outstanding - diluted |
40,895,360 |
40,656,371 |
238,989 |
0.6% |
||||||||||||||
Cash dividends declared per common share and Non-controlling OP Unit |
$ |
0.30 |
$ |
0.30 |
$ |
- |
-% |
|||||||||||
Financial Position |
||||||||||||||||||
Real estate, before accumulated depreciation |
$ |
1,239,476 |
(2) |
$ |
1,230,541 |
(5) |
$ |
8,935 |
0.7% |
|||||||||
Total assets |
$ |
1,105,546 |
$ |
1,105,157 |
$ |
389 |
-% |
|||||||||||
Mortgage notes payable, net, borrowings under revolver, and borrowings under term loan, net |
$ |
722,536 |
$ |
719,356 |
$ |
3,180 |
0.4% |
|||||||||||
Total equity and mezzanine equity |
$ |
315,862 |
$ |
318,292 |
$ |
(2,430) | (0.8)% |
|||||||||||
Properties owned |
136 |
(2) |
132 |
(5) |
4 |
3.0% |
||||||||||||
Square feet owned |
16,825,776 |
(2) |
16,702,090 |
(5) |
123,686 |
0.7% |
||||||||||||
Square feet leased |
98.5% | 98.9% | (0.4)% | (0.4)% |
截至和截至三個月 |
||||||||||||||||||
2024年6月30日 |
酒精飲料銷售 $ 32,907 45.5% $ 30,136 42.1% $ 66,223 |
$ 變化 |
% 變化 |
|||||||||||||||
經營數據: |
||||||||||||||||||
營業收入總額 |
$ |
37,057 |
$ |
35,721 |
$ |
1,336 |
3.7% |
|||||||||||
營業費用總計 |
(25,973) | (23,315) | (3) |
(2,658) | 11.4% |
|||||||||||||
其他費用,淨額 |
(9,484) | (1) |
(8,880) | (4) |
(604) | 6.8% |
||||||||||||
淨收入 |
$ |
1,600 |
$ |
3,526 |
$ |
(1,926) | (54.6)% |
|||||||||||
減:分紅派息歸屬於優先股 |
(3,116) | (3,112) | (4) | 0.1% |
||||||||||||||
減:分紅派息歸屬於優先普通股 |
(105) | (105) | - |
-% |
||||||||||||||
減:熄滅F系列優先股所產生的虧損 |
(4) | (3) | (1) | 33.3% |
||||||||||||||
普通股東和非控制OP持有人的淨(虧損)收入 |
$ |
(1,625) | $ |
306 |
$ |
(1,931) | (631.0)% |
|||||||||||
加:房地產折舊和攤銷 |
16,015 |
13,326 |
2,689 |
20.2% |
||||||||||||||
增加: 減少價值 |
- |
493 |
(493) | (100.0)% |
||||||||||||||
增加:房地產銷售淨虧損 |
47 |
- |
47 |
100.0% |
||||||||||||||
減少: 房地產業出售收益,淨額 |
- |
(283) | 283 |
(100.0)% |
||||||||||||||
減少: 債務清償的收益,淨額 |
- |
(300) | 300 |
(100.0)% |
||||||||||||||
普通股東和非控制OP持有人的基本資金來源 |
$ |
每股收益計算: |
$ |
13,542 |
$ |
895 |
6.6% |
|||||||||||
加:可轉換高級普通股分配 |
105 |
105 |
- |
-% |
||||||||||||||
普通股東和非控制OP持有人的攤薄資金來源 |
$ |
14,542 |
$ |
13,647 |
$ |
895 |
6.6% |
|||||||||||
普通股東和非控制OP持有人的基本資金來源 |
$ |
每股收益計算: |
$ |
13,542 |
$ |
895 |
6.6% |
|||||||||||
增加:壞賬覈銷 |
64 |
- |
64 |
100.0% |
||||||||||||||
增加:註銷上市登記聲明成本和預付ATM成本 |
- |
183 |
(183) | (100.0)% |
||||||||||||||
加:資產退役義務費用 |
33 |
33 |
- |
-% |
||||||||||||||
加:實現的利率對沖工具損失 |
- |
81 |
(81) | (100.0)% |
||||||||||||||
普通股股東和非控制 OP 研究者可獲得的核心經營現金流資金-基本 |
$ |
14,534 |
$ |
13,839 |
$ |
695 |
5.0% |
|||||||||||
加:可轉換高級普通股分配 |
105 |
105 |
- |
-% |
||||||||||||||
普通股股東和非控制性OP權益單位可以獲得的核心經營活動資金-攤薄 |
$ |
14,639 |
$ |
13,944 |
$ |
695 |
5.0% |
|||||||||||
股票數據: |
||||||||||||||||||
基本和攤薄的淨(損失)收入(歸屬)可獲得普通股股東和非控制 OP 研究者 |
$ |
(0.04) | $ |
0.01 |
$ |
(0.05) | (500.0)% |
|||||||||||
普通股股東和非控制歐洲公共單位可獲得的FFO-基本 |
$ |
0.36 |
$ |
0.34 |
$ |
0.02 |
5.9% |
|||||||||||
普通股股東和非控制歐洲公共單位可獲得的FFO-稀釋 |
$ |
0.36 |
$ |
0.34 |
$ |
0.02 |
5.9% |
|||||||||||
普通股股東和非控制 OP 研究者可獲得的核心 FFO - 基本 |
$ |
0.36 |
$ |
0.34 |
$ |
0.02 |
5.9% |
|||||||||||
普通股股東和非控制 OP 研究員可獲得的核心 FFO - 攤薄 |
$ |
0.36 |
$ |
0.34 |
$ |
0.02 |
5.9% |
|||||||||||
普通股股份和非控制 OP 單位的加權平均股數 - 基本 |
40,553,113 |
40,314,124 |
238,989 |
0.6% |
||||||||||||||
攤薄後普通股和非控制性OP單位的加權平均股數 |
40,895,360 |
40,656,371 |
238,989 |
0.6% |
||||||||||||||
每股普通股和非控制性OP單位宣佈的現金股利 |
$ |
0.30 |
$ |
0.30 |
$ |
- |
-% |
|||||||||||
財務狀況 |
||||||||||||||||||
房地產業,扣除累計折舊前 |
$ |
1,239,476 |
(2) |
$ |
1,230,541 |
(5) |
$ |
8,935 |
0.7% |
|||||||||
總資產 |
$ |
1,105,546 |
$ |
1,105,157 |
$ |
389 |
-% |
|||||||||||
按揭註銷應付款、循環貸款借款和定期貸款借款的淨額 |
$ |
722,536 |
$ |
719,356 |
$ |
3,180 |
0.4% |
|||||||||||
股本和次級股本權益總額 |
$ |
315,862 |
$ |
318,292 |
$ |
(2,430) | (下降0.8%) |
|||||||||||
所擁有的財產 |
136 |
(2) |
132 |
(5) |
4 |
3.0% |
||||||||||||
所擁有的平方英尺數 |
16,825,776 |
(2) |
16,702,090 |
(5) |
123,686 |
0.7% |
||||||||||||
租用的平方英尺數 |
98.5% | 98.9% | (0.4)% | (0.4)% |
(1) Includes a $0.05 million loss on sale, net, from the sale of one property during the three months ended June 30, 2024. |
(2) Includes two properties classified as held for sale of $9.3 million and 26,331 square feet, in the aggregate. |
(3) Includes a $0.5 million impairment charge recognized on one property during the three months ended March 31, 2024. |
(4) Includes a $0.3 million gain on sale, net, from the sale of three properties and a $0.3 million gain on debt extinguishment, net, during the three months ended March 31, 2024. |
(5) Includes two properties classified as held for sale of $20.6 million and 705,288 square feet, in the aggregate. |
(1)包括2024年6月30日結束的三個月中銷售一處房產造成的 $5萬 淨虧損。 |
(2)包括價值930萬美元和26,331平方英尺的兩個標爲待售的屬性。 |
(3)包括一項50萬美元的減值損失,是在2024年3月31日結束的三個月內,針對一處物業確認的。 |
(4)包括在2024年3月31日結束的三個月內,出售三處房產所產生的30萬美元的淨收益以及債務攤銷所產生的30萬美元的淨收益。 |
(5)包括價值2060萬美元和705,288平方英尺的兩個標爲待售的屬性。 |
Second Quarter Activity:
第二季度活動:
Collected 100% of cash rents: Collected 100% of cash rents due during April, May, and June;
Acquired property: Purchased a five-property portfolio comprised of 142,125 square feet in the aggregate for $12.0 million at a cap rate of 12.3%;
Sold property: Sold one non-core property as part of our capital recycling program for $2.6 million;
Extended mortgage debt maturity date: Extended the maturity date of a $7.4 million fixed rate mortgage note from June 2024 to September 2025. As part of the extension, the interest rate became variable at SOFR + 2.25%;
Renewed and leased space: Renewed or leased 2,383,732 square feet with remaining lease terms ranging from 0.7 to 11.0 years at five of our properties;
Issued common stock under ATM Program: Issued 756,214 shares of common stock for net proceeds of $10.6 million;
Issued Series F Preferred Stock: Issued 18,200 shares of our Series F Preferred Stock for net proceeds of $0.4 million; and
Paid distributions: Paid monthly cash distributions for the quarter totaling $0.30 per share on our common stock and Non-controlling OP Units, $0.414063 per share on our Series E Preferred Stock, $0.375 per share on our Series F Preferred Stock, $0.375 per share on our Series G Preferred Stock, and $0.2625 per share on our senior common stock.
租金收取全額:在四、五和六月收取了全部應付現金租金;
購買物業:按12.3%的資本化率以1,200萬美元購買了142,125平方英尺的五個物業組合。
出售物業:作爲我們資本循環計劃的一部分,以260萬美元的價格出售了一處非核心物業;
延長抵押債務的到期日:將一筆740萬美元的固定利率抵押債券的到期日從2024年6月延長至2025年9月。在延期過程中,利率變成了SOFR+2.25%;
更新和租用空間:在我們的五個物業中,續租或租用了2,383,732平方英尺,剩餘租約期限從0.7年到11年不等;
在ATM計劃下發行普通股:發行了756,214股普通股,淨收益爲1060萬美元;
發行F系列優先股:發行了18,200股F系列優先股,淨收益爲40萬美元;
支付分配:向普通股和非控股OP單位,發放本季度合計每股0.30美元的月度現金分配、發放每股E系列優先股0.414063美元的月度現金分配、發放每股F系列優先股0.375美元的月度現金分配、發放每股G系列優先股0.375美元的月度現金分配以及每股普通高級股0.2625美元的月度現金分配。
Second Quarter 2024 Results: Core FFO available to common shareholders and Non-controlling OP Unitholders for the three months ended June 30, 2024 was $14.6 million, a 5.0% increase when compared to the three months ended March 31, 2024, equaling $0.36 per share. Core FFO increased primarily due to accelerated rent related to a termination fee on a property sold during the current quarter.
第二季度2024年核心FFO可供普通股股東和非控制OP單位使用,爲1460萬美元,比截至2024年3月31日結束的三個月的FFO增長了5.0%,每股爲0.36美元。由於在本季度售出物業的終止費用相關的租金加速增長,核心FFO主要增長。
Net loss attributable to common stockholders and Non-controlling OP Unitholders for the three months ended June 30, 2024 was $1.6 million, or $0.04 per share, compared to net income available to common stockholders and Non-controlling OP Unitholders for the three months ended March 31, 2024 of $0.3 million, or $0.01 per share. In the Summary Information table above, we provide a reconciliation of Core FFO to net (loss) income (which we believe is the most directly comparable GAAP measure to Core FFO) for the three months ended June 30, 2024 and March 31, 2024, a computation of basic and diluted Core FFO per weighted average share of common stock and Non-controlling OP Unit, and basic and diluted net loss per weighted average share of common stock and Non-controlling OP Unit.
截至2024年6月30日結束的三個月,歸屬於普通股股東和非控制OP單位的淨損失爲160萬美元,每股爲0.04美元,這相對於截至2024年3月31日結束的三個月,歸屬於普通股股東和非控制OP單位的淨收益30萬美元,每股爲0.01美元。在上面的概述信息表中,我們提供了核心FFO與淨(損失)收入(我們認爲是最直接可比的GAAP指標,與核心FFO)的三個月的調節,基本和攤薄後的核心FFO每股普通股和非控股OP單位計算,以及基本和攤薄後的每股普通股和非控股OP單位淨損失的計算。
Subsequent to the end of the quarter:
季度結束後:
Collected 100% of July cash rents: Collected 100% of cash rents due in July;
Issued common stock under ATM Program: Issued 1,499,509 shares for net proceeds of $21.6 million;
Issued Series F Preferred Stock: Issued 3,200 shares for net proceeds of $0.1 million;
Renewed space: Renewed 91,304 square feet with remaining lease terms ranging from 6.4 to 6.6 years at two of our properties; and
Declared distributions: Declared monthly cash distributions for July, August, and September 2024, totaling $0.30 per share on our common stock and Non-controlling OP Units, $0.414063 per share on our Series E Preferred Stock, $0.375 per share on our Series F Preferred Stock, $0.375 per share on our Series G Preferred Stock, and $0.2625 per share on our senior common stock.
收取7月份現金租金的全額:收到了7月的全部現金租金。
在ATM計劃下發行普通股:發行了1,499,509股普通股,淨收益爲2160萬美元;
發行F系列優先股:發行了3,200股F系列優先股,淨收益爲10萬美元;
更新空間:在我們的兩個物業中,更新了91,304平方英尺,剩餘租約期限爲6.4到6.6年不等;
宣佈分配:宣佈7月、8月和9月2024年的月度現金分配,共計每股普通股和非控股OP單位0.30美元、每股E系列優先股0.414063美元、每股F系列優先股0.375美元、每股G系列優先股0.375美元以及每股普通高級股0.2625美元。
Comments from Gladstone Commercial's President, Buzz Cooper: "Our financial results reflect consistent performance and stabilized revenues from our tremendous same store property occupancy, rent collection and growth, accretive real estate investments made during 2023 and 2024, and our ability to renew tenants, as well as our deleveraging and capital recycling programs. We have continued our capital recycling program, whereby we have sold non-core assets and used the proceeds to de-lever our portfolio, as well as acquire properties in our target growth markets. We have successfully exited four non-core assets thus far in 2024, and we have additional non-core assets we anticipate selling over the next one to two years that we believe will result in capital gains. We will continue to opportunistically sell non-core assets and redeploy the proceeds into stronger target growth markets with a focus on industrial investment opportunities. While we expect to face challenges due to the lingering effects of the pandemic, significant inflation with a corresponding increase in interest rates, and the geo-political and economic issues arising from international wars, we feel strongly about the depth of our tenant credit underwriting. We have collected 100% of the first and second quarter's cash rents and 100% of July cash rents. We anticipate our tenants will successfully navigate the current economic climate and will be able to continue operating successfully when economic normalcy returns fully. Despite economic uncertainty, so far during 2024, we renewed or newly leased 2,475,036 square feet with seven tenants. We are actively marketing our remaining vacant space and currently anticipate positive outcomes. We expect to continue to have access to the debt and equity markets, as necessary, for added liquidity. We believe our same store rents, which have increased by 2% annually in recent years, should continue to rise as we grow, and we will continue to primarily focus on investing in our target markets, with an emphasis on industrial properties and actively managing our portfolio."
Gladstone Commercial總裁Buzz Cooper的評論:“我們的財務結果反映了我們非常穩定的同店房產佔用率、租金收入和增長、2023年和2024年的增值房地產投資以及我們續簽租戶的能力,以及我們的去槓桿化和資本回收計劃。我們繼續進行資本回收計劃,通過出售非核心資產並利用收益減槓桿化投資組合,以及在我們的目標增長市場收購物業。到目前爲止,我們已成功退出了四個非核心資產,並預計在未來一到兩年將出售其他非核心資產,我們相信這將產生資本收益。我們將繼續機會主義地出售非核心資產,並將收益重新投資於更強的目標增長市場,重點關注工業投資機會。儘管我們預計將面臨由國際戰爭引發的疫情持續影響、顯著的通貨膨脹以及相應的利率上升以及地緣政治和經濟問題等方面的挑戰,但我們對租戶信用保證的深度感到非常有信心。我們已經收到了第一季度和第二季度的全部現金租金和7月份的全部現金租金。我們預計我們的租戶將成功應對當前的經濟形勢,並在經濟正常化完全恢復時能夠繼續成功運營。儘管經濟不確定性,但到目前爲止,在2024年期間,我們已與七個租戶續訂或新籤2,475,036平方英尺。我們正在積極市場營銷我們剩餘的空置空間,目前預計將出現積極的結果。我們預計將繼續有必要進入債務和股權市場,以加強流動性。我們相信我們的同店租金,在近年來每年增長2%的基礎上,應該會繼續上漲,我們將繼續重點投資於目標市場,重點關注工業物業,並積極管理我們的投資組合。”
Conference Call: Gladstone Commercial will hold a conference call on Wednesday, August 7, 2024, at 8:30 a.m. Eastern Time to discuss its earnings results. Please call (866) 424-3437 to enter the conference call. An operator will monitor the call and set a queue for questions. A conference call replay will be available beginning one hour after the call and will be accessible through August 14, 2024. To hear the replay, please dial (877) 660-6853 and use playback conference number 13746756. The live audio broadcast of the Company's quarterly conference call will also be available on the investors section of our website, .
電話會議:Gladstone Commercial將於2024年8月7日星期三上午8:30舉行電話會議,以討論其收益結果。請致電(866) 424-3437進入電話會議。操作員將監視通話並設置問題隊列。一小時後將提供會議記錄,並可在2024年8月14日前訪問。要聽取回放,請撥打(877) 660-6853並使用回放會議編號13746756。公司季度電話會議的現場音頻廣播也將在我們的網站投資者部分提供。
About Gladstone Commercial: Gladstone Commercial Corporation is a real estate investment trust focused on acquiring, owning, and operating net leased industrial and office properties across the United States. Further information can be found at .
關於Gladstone Commercial: Gladstone Commercial Corporation是一家房地產投資信託,專注於收購、擁有和經營美國各地的淨租賃工業和辦公房地產。更多信息可在。
About the Gladstone Companies: Information on the business activities of the Gladstone family of funds can be found at .
關於Gladstone Companies: 有關Gladstone系列基金業務活動的信息可在。
Investor Relations: For Investor Relations inquiries related to any of the monthly distribution-paying Gladstone family of funds, please visit .
投資者關係:針對任何月度分配付款的Gladstone家族基金的投資者關係查詢,請訪問。
Non-GAAP Financial Measures:
非依據GAAP的財務指標:
FFO: The National Association of Real Estate Investment Trusts ("NAREIT") developed FFO as a relative non-GAAP supplemental measure of operating performance of an equity REIT to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. FFO, as defined by NAREIT, is net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property and impairment losses on property, plus depreciation and amortization of real estate assets, and after adjustments for unconsolidated partnerships and joint ventures. FFO does not represent cash flows from operating activities determined in accordance with GAAP and should not be considered an alternative to net income as an indication of its performance or to cash flow from operations as a measure of liquidity or ability to make distributions. The Company believes that FFO per share provides investors with an additional context for evaluating its financial performance and as a supplemental measure to compare it to other REITs; however, comparisons of its FFO to the FFO of other REITs may not necessarily be meaningful due to potential differences in the application of the NAREIT definition used by such other REITs.
FFO: 國家房地產投資信託協會(“NAREIT”)開發了FFO作爲一個相對的非GAAP補充法對股權REIT的營業績進行測量,以認識到按照GAAP確定收入產生的房地產歷史上並沒有被折舊。根據NAREIT定義的FFO是淨利潤(按照GAAP計算),不包括財產銷售和財產減值損失的收益(或損失),加上房地產資產的折舊和攤銷,以及對未合併的合作伙伴和聯營企業進行調整。FFO不代表根據GAAP確定的營業活動現金流,不應將其視爲業績或現金流量的流動性或能力的替代指標。公司認爲每股FFO提供了一個額外的背景用於評估其財務業績,並作爲與其他房地產投資信託比較的補充指標;然而,與其他REIT的FFO進行比較可能並不一定有意義,因爲這些其他REIT使用的NAREIT定義的應用可能存在差異。
Core FFO: Core FFO is FFO adjusted for certain items that are not indicative of the results provided by the Company's operating portfolio and affect the comparability of the Company's period-over-period performance. These items include the adjustment for acquisition related expenses, gains or losses from early extinguishment of debt and any other non-recurring expense adjustments. Although the Company's calculation of Core FFO differs from NAREIT's definition of FFO and may not be comparable to that of other REITs, the Company believes it is a meaningful supplemental measure of its operating performance. Accordingly, Core FFO should be considered a supplement to net income computed in accordance with GAAP as a measure of our performance.
核心FFO: 核心FFO是調整後的FFO,其調整了某些不表徵公司經營投資組合提供的結果且影響公司期間-期間表現可比性的項目。這些項目包括與收購有關的費用的調整,來自早期債務清償的收益或損失以及任何其他非經常性費用調整。儘管公司的核心FFO計算與NAREIT的FFO定義不同,可能與其他REIT的計算不可比,但公司認爲它是衡量其經營業績的有意義的補充指標。因此,核心FFO應視爲根據GAAP計算的淨利潤的補充內容,作爲我們業績的一個衡量標準。
The Company's presentation of FFO, as defined by NAREIT, or presentation of Core FFO, does not represent cash flows from operating activities determined in accordance with GAAP and should not be considered an alternative to net income as an indication of its performance or to cash flow from operations as a measure of liquidity or ability to make distributions.
公司根據NAREIT定義的FFO或根據Core FFO的展示不代表根據GAAP確定的營業活動現金流,並且不應將其視爲業績或現金流量作爲流動性或能力的衡量標準。
The statements in this press release regarding the forecasted stability of Gladstone Commercial's income, its ability, plans or prospects to re-lease its unoccupied properties, and grow its portfolio are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements inherently involve certain risks and uncertainties, although they are based on Gladstone Commercial's current plans that are believed to be reasonable as of the date of this press release. Factors that may cause actual results to differ materially from these forward-looking statements include, but are not limited to, Gladstone Commercial's ability to raise additional capital; availability and terms of capital and financing, both to fund its operations and to refinance its indebtedness as it matures; downturns in the current economic environment; the performance of its tenants; the impact of competition on its efforts to renew existing leases or re-lease space; and significant changes in interest rates. Additional factors that could cause actual results to differ materially from those stated or implied by its forward-looking statements are disclosed under the caption "Risk Factors" of its Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on February 21, 2024, and other reports filed with the SEC. Gladstone Commercial cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Gladstone Commercial undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
本新聞稿中有關Gladstone Commercial收入預測穩定性、其重新租賃無人佔領物業和擴大其投資組合的能力、計劃或前景的聲明屬於“前瞻性聲明”,在1933年修訂版證券法第27單元以及1934年修訂版證券交易法第21E條下,具有內在風險和不確定性,儘管它們基於Gladstone Commercial截至本新聞稿發佈日期認爲合理的當前計劃。會導致實際結果與這些前瞻性聲明存在實質性差異的因素包括,但不限於,Gladstone Commercial籌集額外資本的能力;資本和融資的可用性和條款,既用於資助其運營,也用於在到期時重新融資其負債;當前經濟環境的走低;其租戶的表現;競爭對其續簽現有租約或重新租賃空間的努力產生的影響;以及利率的重大變化。可能導致實際結果與其前瞻性聲明所述或暗示的結果差異的其他因素在Gladstone Commercial於2023年12月31日結束的財年第10-K表中的“風險因素”標題下和提交於2024年2月21日向證券交易委員會提交的其他報告中公開披露。Gladstone Commercial提醒讀者不要過度依賴任何這樣的前瞻性聲明,這些聲明僅在本新聞稿發佈之日表示。Gladstone Commercial除法律要求外,不承擔公開更新或修訂任何前瞻性聲明的義務,無論是因爲新信息、未來事件還是其他原因,對此不做任何保證。
CONTACT:
聯繫人:
Gladstone Commercial Corporation
(703) 287-5893
Gladstone商業公司
(703) 287-5893
SOURCE: Gladstone Commercial Corporation
消息來源:Gladstone Commercial Corporation