Gladstone Commercial Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2019

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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.\nMCLEAN, Va., Feb. 12, 2020 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone Commercial” or the “Company”) today reported financial results for the fourth quarter and year ended December 31, 2019. 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 investor relations section of our website at www.GladstoneCommercial.com.\n Summary Information (dollars in thousands, except per share data): As of and for the three months ended December 31, 2019 September 30, 2019 $ Change % ChangeOperating Data: Total operating revenue $29,386 $28,667 $719 2.5%Total operating expenses (22,462)(1)(19,445) (3,017) 15.5%Other expense, net (6,452) (7,031) 579 (8.2)%Net income $472 $2,191 $(1,719) (78.5)%Less: Dividends attributable to preferred stock (2,986) (2,612) (374) 14.3%Less: Series A and B Preferred Stock offering costs write off (2,674) — (2,674) 100.0%Less: Dividends attributable to senior common stock (217) (226) 9 (4.0)%Net loss attributable to common stockholders and Non-controlling OP Unitholders $(5,405) $(647) $(4,758) 735.4%Add: Real estate depreciation and amortization 13,428 12,979 449 3.5%Add: Impairment charge 1,813 — 1,813 100.0%Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic $9,836 $12,332 $(2,496) (20.2)%Add: Convertible senior common distributions 217 226 (9) (4.0)%Funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted $10,053 $12,558 $(2,505) (19.9)%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 $12,727 $12,558 $169 1.3% Funds ...

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