Gladstone Commercial Corp. (NASDAQ:GOOD) Q4 2019 Earnings Conference Call - Final Transcript

Feb 13, 2020 • 08:30 am ET


Gladstone Commercial Corp. (NASDAQ:GOOD) Q4 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Gladstone Commercial Corporation Fourth Quarter and Year Ended December 31, 2019 Earnings Conference Call and Webcast. [Operator Instructions] Please be advised that today's conference is being recorded.

[Operator Instructions] I would now like to hand the conference to your speaker today, David Gladstone. Please go ahead sir.

David Gladstone

All right. Thank you, Joelle, for that nice introduction, and thanks all of you calling in this morning. We enjoy the time we have with you on these phone calls. I wish we did it more times every year, but it's once a quarter. Now, we'll hear from Michael LiCalsi, our General Counsel and Secretary, to give you the legal and regulatory matters concerning this call. Michael, go ahead.

Michael LiCalsi

Thanks, David. Good morning, everyone. Today's report may include forward-looking statements under the Securities Act of 1933 and 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 that we file with the SEC. You can find them on our website,, specifically the Investor Relations page or on the SEC's, website which is 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.

Today, we will discuss FFO, which is funds from operations. The 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 FFO as adjusted for comparability and 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.

We ask that you visit our website, once again,, sign up for our e-mail notification service. You can also find us on Facebook, keyword keyword there is The Gladstone Companies. And we even have our own Twitter handle and that's @GladstoneComps.

Today's call is an overview of our results, so we ask that you review our press release and the Form 10-K that we issued yesterday for a more detailed information. Again, you can find them on the Investor Relations page of our website.

With that, I'll pass the presentation over to Gladstone Commercial's President, Bob Cutlip. Bob?

Robert Cutlip

Thanks, Mike. Good morning, everyone. During the fourth quarter, we acquired a 212,000 square-foot industrial property in Indianapolis; a 241,000 square-foot industrial property in Jackson, Tennessee; a 117,000 square-foot industrial property in Carlton, Georgia; a six-building, 509,000 square-foot industrial portfolio in