Gladstone Commercial Corporation Reports Results for the First Quarter Ended March 31, 2024

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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 6, 2024 / Gladstone Commercial Corporation (Nasdaq:GOOD) (\"Gladstone Commercial\" or the \"Company\") today reported financial results for the first quarter ended March 31, 2024. 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, 2024 December 31, 2023 $ Change % Change Operating Data: Total operating revenue $35,721 $35,908 $(187) (0.5)%Total operating expenses (23,315)(1) (28,136)(4) 4,821 (17.1)%Other expense, net (8,880)(2) (3,221)(5) (5,659) 175.7%Net income $3,526 $4,551 $(1,025) (22.5)%Less: Dividends attributable to preferred stock (3,112) (3,106) (6) 0.2%Less: Dividends attributable to senior common stock (105) (107) 2 (1.9)%Less/Add: (Loss) gain on extinguishment of Series F preferred stock (3) 1 (4) (400.0)%Net income available to common stockholders and Non-controlling OP Unitholders $306 $1,339 $(1,033) (77.1)%Add: Real estate depreciation and amortization 13,326 13,731 (405) (2.9)%Add: Impairment charge 493 5,719 (5,226) (91.4)%Less: Gain on sale of real estate, net (283) (3,492) 3,209 (91.9)%Less: Gain on debt extinguishment, net (300) (2,830) 2,530 (89.4)%Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic $13,542 $14,467 $(925) (6.4)%Add: Convertible senior common distributions 105 107 (2) (1.9)%Funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted $13,647 $14,574 $(927) (6.4)% Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic $13,542 $14,467 $(925) (6.4)%Add: Write off shelf regis...

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