Gladstone Commercial Corporation (NASDAQ:GOOD) Q4 2023 Earnings Call Transcript February 22, 2024 8:30 AM ET

Company Participants

David Gladstone - CEO

Michael LiCalsi - General Counsel and Secretary

Buzz Cooper - President

Gary Gerson - CFO

EJ Wislar - CIO

Conference Call Participants

John Massocca - B Riley Securities

Dave Storms - Stonegate

Operator

Greetings. Welcome to the Gladstone Commercial Year-End and Fourth Quarter Earnings Call. At this time, all participants will be in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] I'll now turn the conference over to Mr. David Gladstone, Chief Executive Officer. Mr. Gladstone, you may now begin your presentation.

David Gladstone

Okay, thank you, Rob. That's a nice introduction, and thank all of you for calling in this morning. It's nice of you. We enjoy the time that you take away from your day to come listen to our phone presentation. Wish I had more time to talk to you. We only get this sort of once a quarter. Now we’ll hear from Michael LiCalsi, our General Counsel and Secretary, give us legal and regulatory matters concerning the call today. 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. 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 the risk factors in our Forms 10-Q,10-K and other documents we file with the SEC, you can find them on our website, gladstonecommercial.com, specifically the Investors page, or on the SEC's website, which is www.sec.gov. And 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.

Now, today we'll 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'll also discuss core FFO, which is 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. Now, please visit our website once again, gladstonecommercial.com, sign-up for our email notification service. You can also find us on Facebook, key word there is The Gladstone Companies. And on Twitter, @gladstonecomps.