Gladstone Commercial Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2020

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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 / February 16, 2021 / Gladstone Commercial Corporation (NASDAQ:GOOD) (\"Gladstone Commercial\" or the \"Company\") today reported financial results for the fourth quarter and year ended December 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 the quarterly financial supplement and the Company's Annual Report on Form 10-K which can be retrieved from the investors section of our website at www.GladstoneCommercial.com.Summary Information (dollars in thousands, except per share data): As of and for the three months ended December 31, 2020 September 30, 2020 $ Change % ChangeOperating Data: Total operating revenue $32,866 $33,142 $(276) (0.8)%Total operating expenses (24,656) (1)(25,254) (4)598 (2.4)%Other expense, net 708 (2)(5,044) (5)5,752 (114.0)%Net income $8,918 $2,844 $6,074 213.6%Less: Dividends attributable to preferred stock (2,836) (2,771) (65) 2.3%Less: Dividends attributable to senior common stock (201) (203) 2 (1.0)%Net income (loss) available (attributable) to common stockholders and Non-controlling OP Unitholders $5,881 $(130) $6,011 (4,623.8)%Add: Real estate depreciation and amortization 13,348 13,798 (450) (3.3)%Add: Impairment charge 716 1,184 (468) (39.5)%Less: Gain on sale of real estate (6,912) (1,196) (5,716) 477.9%Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic $13,033 $13,656 $(623) (4.6)%Add: Convertible senior common distributions 201 203 (2) (1.0)%Funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted $13,234 $13,859 $(625) (4.5)% Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic $13,033 $13,656 $(623) (4.6)%Add: Acquisition related expenses 78 74 4 5.4%Add: Asset retirement obligation expense 30 32 (2) (6.3)%Add: Bad debt wr...

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