Shares of Gladstone Commercial Corp (GOOD) soared 5.18% in early trading on Monday, November 5, after the company reported better-than-expected financial results for the third quarter of 2024.
The diversified real estate investment trust (REIT) posted adjusted earnings of $0.18 per share for the quarter ended September 30, surpassing analysts' expectations of a loss of $0.05 per share. Revenue rose 7.6% year-over-year to $39.24 million, also exceeding Wall Street's projections of $36.94 million.
Gladstone Commercial reported net income of $8.47 million for the quarter, a significant improvement from the same period last year when the company reported a net loss. The company's stock had gained nearly 21% so far this year prior to the earnings release.
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