Gladstone Commercial Corporation Reports Results for the First Quarter Ended March 31, 2023

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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 3, 2023 / Gladstone Commercial Corporation (NASDAQ:GOOD) (\"Gladstone Commercial\" or the \"Company\") today reported financial results for the first quarter ended March 31, 2023. 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, 2023 December 31, 2022 $ Change % Change Operating Data: Total operating revenue $36,554 $37,217 $(663) (1.8)%Total operating expenses (25,434) (26,827) 1,393 (5.2)%Other expense, net (8,723) (8,578)(2) (145) 1.7%Net income $2,397 $1,812 $585 32.3%Less: Dividends attributable to preferred stock (3,022) (3,003) (19) 0.6%Less: Dividends attributable to senior common stock (109) (114) 5 (4.4)%Less: Loss on extinguishment of Series F preferred stock (5) (5) - -%Add: Gain on repurchase of Series G preferred stock 3 37 (34) (91.9)%Net loss attributable to common stockholders and Non-controlling OP Unitholders $(736) $(1,273) $537 (42.2)%Add: Real estate depreciation and amortization 15,474 15,992 (518) (3.2)%Less: Gain on sale of real estate, net - (1,150) 1,150 (100.0)%Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic $14,738 $13,569 $1,169 8.6%Add: Convertible senior common distributions 109 114 (5) (4.4)%Funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted $14,847 $13,683 $1,164 8.5% Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic $14,738 $13,569 $1,169 8.6%Add: Write off shelf registration statement costs and prepaid ATM costs 110 - 110 100.0%Add: Asset retirement obliga...

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