Gladstone Commercial Corporation (NASDAQ:GOOD) Q2 2022 Earnings Conference Call August 2, 2022 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

Conference Call Participants

Gaurav Mehta - EF Hutton

Craig Kucera - B. Riley

James Allen Villard - Ladenburg Thalmann

Operator

Greetings and welcome to the Gladstone Commercial Corporation Second Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, David Gladstone, CEO. Thank you, David. You may begin.

David Gladstone

Thank you, Paul and thanks to all of these nice people who are coming into this call. Enjoy the time that we have with all of you and I wish we had many more times to spend with you. We are going to start off, of course, with Michael LiCalsi. He is our General Counsel and Secretary. He gives us a legal warning. So Michael, go ahead.

Michael LiCalsi

Thanks, David. Good morning, everybody. Today’s report may include forward-looking statements under the Securities Act of 1933, the Securities Exchange Act of 1934, including those regarding our future performance. Some of these statements involve certain risks and uncertainties that are based upon our current plans, which we believe to be reasonable. 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 listed on our Forms 10-Q, 10-K, other documents we file with the SEC and you can find them on our website at gladstonecommercial.com, specifically the Investors page. You can always go to the SEC’s website as well and that’s 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.

And today, we will discuss FFO, which is funds from operations. Now, 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 will also discuss core FFO, which generally adjust FFO 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.