Gladstone Commercial Corporation Reports Results for the First Quarter Ended March 31, 2021

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[{"type":"text","content":"Please note that the limited information that follows in this press release is not adequate to make an informed investment judgment.MCLEAN, VA / ACCESSWIRE / May 10, 2021 / Gladstone Commercial Corporation (NASDAQ:GOOD) (\"Gladstone Commercial\" or the \"Company\") today reported financial results for the first quarter ended March 31, 2021. A description of funds from operations, or FFO, and Core FFO, both non-GAAP (generally accepted accounting principles in the United States) financial measures, are located at the end of this press release. All per share references are to fully-diluted weighted average shares of common stock and Non-controlling OP Units, unless otherwise noted. For further detail, please also refer to both the quarterly financial supplement and the Company's Quarterly Report on Form 10-Q, which can be retrieved from the investors section of our website at www.GladstoneCommercial.com.Summary Information (dollars in thousands, except share and per share data): As of and for the three months ended March 31, 2021 December 31, 2020 $ Change % ChangeOperating Data: Total operating revenue $34,677 $32,866 $1,811 5.5%Total operating expenses (26,904) (24,656) (2)(2,248) 9.1%Other expense, net (7,735) (1)708 (3)(8,443) (1,192.5)%Net income $38 $8,918 $(8,880) (99.6)%Less: Dividends attributable to preferred stock (2,847) (2,836) (11) 0.4%Less: Dividends attributable to senior common stock (187) (201) 14 (7.0)%Net (loss) income (attributable) available to common stockholders and Non-controlling OP Unitholders $(2,996) $5,881 $(8,877) (150.9)%Add: Real estate depreciation and amortization 16,710 13,348 3,362 25.2%Add: Impairment charge - 716 (716) (100.0)%Add: Loss on sale of real estate 882 - 882 100%Less: Gain on sale of real estate - (6,912) 6,912 (100.0)%Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic $14,596 $13,033 $1,563 12.0 %Add: Convertible senior common distributions 187 201 (14) (7.0)%Funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted $14,783 $13,234 $1,549 11.7 % Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic 14,596 13,033 1,563 12.0%Add: Asset retirement obligation expense 30 30 - -%Add: Loan defeasance costs 669 - 669 100.0%(Less) Add: PACE financing amortiza...

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