Press release
Gladstone Commercial Corporation Reports Results for the Second Quarter Ended June 30, 2020
Please note that the limited information that follows in this press release is not adequate to make an informed investment judgment. MCLEAN, Va., July 27,
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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., July 27, 2020 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq: GOOD) (\"Gladstone Commercial\") today reported financial results for the second quarter ended June 30, 2020. 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 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 June 30, 2020 March 31, 2020 $ Change % ChangeOperating Data: Total operating revenue $33,525 $33,619 $(94) (0.3)%Total operating expenses (25,853)(1)(24,092) (1,761) 7.3%Other expense, net (6,707) (7,269) 562 (7.7)%Net income $965 $2,258 $(1,293) (57.3)%Less: Dividends attributable to preferred stock (2,688) (2,678) (10) 0.4%Less: Dividends attributable to senior common stock (204) (208) 4 (1.9)%Net loss attributable to common stockholders and Non-controlling OP Unitholders $(1,927) $(628) $(1,299) 206.8%Add: Real estate depreciation and amortization 14,182 14,096 86 0.6%Add: Impairment charge 1,721 — 1,721 100.0%Add: Loss on sale of real estate — 12 (12) 100.0%Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic $13,976 $13,480 $496 3.7%Add: Convertible senior common distributions 204 208 (4) (1.9)%Funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted $14,180 $13,688 $492 3.6% Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic 13,976 13,480 496 3.7%Add: Acquisition related expenses 8 7 1 14.3%Add: PACE financing amortization, net — 31 (31) (100.0)%Add: Asset retirement obligation expense 31 41 (10) (24.4)%Core funds from operations available to common stockholders and Non-c...
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