Gladstone Commercial Corporation (NASDAQ:GOOD) Q2 2023 Earnings Call Transcript August 9, 2023 8:30 AM ET

Company Participants

David Gladstone - Chief Executive Officer

Michael LiCalsi - General Counsel and Secretary

Buzz Cooper - President

Gary Gerson - Chief Financial Officer

EJ Wislar - Chief Investment Officer

Conference Call Participants

Rob Stevenson - Janney Montgomery Scott

Craig Kucera - B. Riley Securities

Operator

Greetings and welcome to the Gladstone Commercial Corporation Second Quarter Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Mr. David Gladstone, Chief Executive Officer. Thank you. You may begin, sir.

David Gladstone

All right. Thank you very much. Very nice introduction. And thanks to all of you for calling in. We really do enjoy this time we have with you on the phone and wish we had more time to talk with you. But first, before we get started, Michael LiCalsi, our General Counsel and Secretary is to give a little legal and regulatory matters overview. Michael?

Michael LiCalsi

Thanks, David. Good morning, everybody. Today's report may include forward-looking statements under the Securities Act of 1933 and the Securities Exchange Act of 1934, including those regarding our future performance. These forward-looking statements involve certain risks and uncertainties that are based on our current plans, which we believe to be reasonable and many factors may cause our actual results to be materially different from any future results expressed or implied by these forward-looking statements, including all risk factors in our forms 10-Q, 10-K and other documents we filed with the SEC. If you go to the Investors page of our website, you can find them there. You can also find them on the SEC's website at www.sec.gov. Now, we undertake no obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Today, we will discuss FFO, which is funds from operations. FFO is a non-GAAP accounting term defined as net income excluding the gains or losses from the sale of real estate and any impairment losses on property, plus depreciation and amortization of real estate assets. We'll also discuss core FFO, which are generally FFO adjusted for certain other non-recurring revenues and expenses. And we believe these metrics are a better indication of our operating results and allow better comparability of our period-over-period performance. Please take the opportunity to visit our website, once again, that’s gladstonecommercial.com to sign up for our email notification service. On Facebook, you can find us at The Gladstone Companies, and on Twitter, the handle is @gladstonecomps.