Press release
Gladstone Commercial Corporation Reports Results for the First Quarter Ended March 31, 2022
Please note that the limited information that follows in this press release is not adequate to make an informed investment judgment.MCLEAN, VA / ACCESSWIRE /
About this update from Gladstone Commercial Corporation - Real Estate Investment Trust
[{"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 4, 2022 / Gladstone Commercial Corporation (Nasdaq:GOOD) (\"Gladstone Commercial\" or the \"Company\") today reported financial results for the first quarter ended March 31, 2022. 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, 2022 December 31, 2021 $ Change % Change Operating Data: Total operating revenue $35,531 $35,306 $225 0.6%Total operating expenses (25,658) (25,411) (247) 1.0%Other expense, net (6,482) (6,819)(1) 337 (4.9)%Net income $3,391 $3,076 $315 10.2%Less: Dividends attributable to preferred stock (2,946) (2,917) (29) 1.0%Less: Dividends attributable to senior common stock (116) (164) 48 (29.3)%Less: Loss on extinguishment of Series F preferred stock (5) - (5) 100.0%Net income (loss) available (attributable) to common stockholders and Non-controlling OP Unitholders $324 $(5) $329 (6,580.0)%Add: Real estate depreciation and amortization 14,689 14,650 39 0.3%Add: Loss on sale of real estate - 266 (266) (100.0)%Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic $15,013 $14,911 $102 0.7%Add: Convertible senior common distributions 116 164 (48) (29.3)%Funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted $15,129 $15,075 $54 0.4% Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic 15,013 14,911 102 0.7%Add: Write off shelf registration statement costs and prepaid ATM costs 131 - 131 100.0%Add: Asset retirement obligation expense 22 19 3 15.8%Less: Acquisition related expenses - (3) 3 (100....
More updates from Gladstone Commercial Corporation - Real Estate Investment Trust