Fri, Nov 8, 6:25 PM (127 days ago)
GTJ REIT, Inc. (GTJ) reported a mixed performance for the quarter ending September 30, 2024. Quarterly revenues increased 3% to $19.5 million, driven by higher rental income. However, net income attributable to common stockholders fell 6% to $3.2 million, reflecting rising interest expenses and increased general and administrative costs. For the nine months, total revenues rose 5% to $58.8 million, but net income dropped significantly by 38% to $4.4 million, largely due to higher operating expenses and interest costs. Cash flow from operations was $17.1 million, down from $18.8 million the previous year. The company maintained a strong liquidity position with $93.9 million available, bolstered by a recent $125 million mortgage loan. GTJ's total liabilities increased to $507.3 million, primarily from mortgage notes payable, reflecting an aggressive financing strategy amidst rising interest rates. The company continues to focus on property acquisitions and operational efficiency while navigating uncertainties in the market, including inflationary pressures affecting operating costs. Overall, GTJ's financial health remains stable, but profit margins are under pressure from escalating expenses.