Gladstone Commercial Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2022

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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 22, 2023 / Gladstone Commercial Corporation (NASDAQ:GOOD) (\"Gladstone Commercial\" or the \"Company\") today reported financial results for the fourth quarter and year ended December 31, 2022. 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 found on 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, 2022 September 30, 2022 $ Change % Change Operating Data: Total operating revenue$37,217 $39,834 $(2,617) (6.6)%Total operating expenses (26,827) (37,448)(3) 10,621 (28.4)%Other expense, net (8,578)(1) 111 (4) (8,689) (7,827.9)%Net income$1,812 $2,497 $(685) (27.4)%Less: Dividends attributable to preferred stock (3,003) (2,987) (16) 0.5%Less: Dividends attributable to senior common stock (114) (114) - -%Less: Loss on extinguishment of Series F preferred stock (5) - (5) 100.0%Add: Gain on repurchase of Series G preferred stock 37 - 37 100.0%Net loss attributable to common stockholders and Non-controlling OP Unitholders$(1,273) $(604) $(669) 110.8%Add: Real estate depreciation and amortization 15,992 15,764 228 1.4%Add: Impairment charge - 10,718 (10,718) (100.0)%Less: Gain on sale of real estate, net (1,150) (8,902) 7,752 (87.1)%Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic$13,569 $16,976 $(3,407) (20.1)%Add: Convertible senior common distributions 114 114 - -%Funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted$13,683 $17,090 $(3,407) (19.9)% Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic$13,569 $16,976 $(3,407) (20.1)%Ad...

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