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Gladstone Commercial Corporation (GOOD) Q1 2023 Earnings Call Transcript

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Gladstone Commercial Corporation (NASDAQ:GOOD) Q1 2023 Earnings Conference Call May 4, 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 - President & Chief Investment Officer

Conference Call Participants

Gaurav Mehta - EF Hutton

Rob Stevenson - Janney Montgomery Scott

John Massocca - Ladenburg Thalmann


Greetings and welcome to the Gladstone Commercial Corporation First Quarter Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, David Gladstone, Chief Executive Officer. Please proceed, sir.

David Gladstone

Well, thank you, Latoya. This is a nice introduction that you do each time. Thanks to all of you for calling in this morning. It's a chilly day here in McLean, Virginia, just outside of Washington, D.C. and we'll warm you up with some good news in a minute. We enjoy this time, we have with you on the phone and wish we had more time to talk with you. Now we'll hear from Michael LiCalsi, our General Counsel and Secretary, give us legal and regulatory matters concerning our reports.

Michael LiCalsi

Thanks, David. Good morning, everybody. 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 and many factors may cause our actual results to be materially different from any future results expressed or implied forward-looking statements, including all risk factors in our Forms 10-Q, 10-K and other documents that we filed with the SEC. You find these on our website, gladstonecommercial.com, specifically the Investors page or the SEC's website which is www.sec.gov.

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Comments (9)

doobiedoo profile picture
For a negative view on $GOOD by SA author OldTimeREITster:
Rob G. in Vegas profile picture
Gary Gerson

"So the Series F preferred is a nontraded and it's being -- it's not sold through the public markets and we are not selling it at a discount."

Almost unbelievable that they were able to sell any of this 6% private preferred at $25 when the other preferred series are trading in the $15-$17 range. Wow.
BeaBaggage profile picture
@Early Retirement Advisor I didnt think this looked bad overall at GOOD, I am ok in $GOODO here. Bea
Early Retirement Advisor profile picture
@BeaBaggage - I agree with you, results were decent overall and now almost 60% of the portfolio is industrial. Both GOODO and GOODN look attractive now. Considering interest rates may increase it is possible the common dividend could be cut again, so I see zero reason to be in the common stock when the preferred is yielding about 10% with lots of upside potential a few years down the road.
@BeaBaggage small position in goodO @ 18. Think I might double down on it in the next few days. Ride out a few more days of red before I do tho
@BeaBaggage @jjslater why do you guys prefer GOODO vs GOODN? :)

I bought a small batch of GOODN as the yield was a bit higher, both trade far below 25$ so I would think in any case if they are called (which I think they will not have money to do anyways) would mean quite a lot of upside for the preferred stock.

But while waiting for that never going to happen call event I get slighly more yield from GOODN at the moment.
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