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Gladstone Commercial Corporation Reports Results for the First Quarter Ended March 31, 2020
Please note that the limited information that follows in this press release is not adequate to make an informed investment judgment. MCLEAN, Va., April 28,
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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.\n MCLEAN, Va., April 28, 2020 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq: GOOD) (\"Gladstone Commercial\") today reported financial results for the first quarter ended March 31, 2020. A description of funds from operations, or FFO, FFO as adjusted for comparability, and Core FFO, all three 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 Gladstone Commercial's quarterly financial supplement and Quarterly Report on Form 10-Q, each of which are available on the Investor Relations 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, 2020 December 31, 2019 $ Change % ChangeOperating Data: Total operating revenue$33,619 $29,386 $4,233 14.4%Total operating expenses(24,092) (22,462)(1)(1,630) 7.3%Other expense, net(7,269) (6,452) (817) 12.7%Net income$2,258 $472 $1,786 378.4%Less: Dividends attributable to preferred stock(2,678) (2,986) 308 (10.3)%Less: Series A and B Preferred Stock offering costs write off— (2,674) 2,674 (100.0)%Less: Dividends attributable to senior common stock(208) (217) 9 (4.1)%Net loss attributable to common stockholders and Non-controlling OP Unitholders$(628) $(5,405) $4,777 (88.4)%Add: Real estate depreciation and amortization14,096 13,428 668 5.0%Add: Impairment charge— 1,813 (1,813) (100.0)%Add: Loss on sale of real estate12 — 12 100.0%Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic$13,480 $9,836 $3,644 37.0%Add: Convertible senior common distributions208 217 (9) (4.1)%Funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted$13,688 $10,053 $3,635 36.2%Add: Series A and B preferred stock offering costs write off— 2,674 (2,674) (100.0)%Funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted, as adjusted for comparability$13,688 $12,...
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