Gladstone Commercial Corporation Reports Results for the Third Quarter Ended September 30, 2020

About this update from Gladstone Commercial Corporation - Real Estate Investment Trust

[{"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 / November 5, 2020 / Gladstone Commercial Corporation (NASDAQ:GOOD) (\"Gladstone Commercial\") today reported financial results for the third quarter ended September 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 Investors 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 September 30, 2020 June 30, 2020 $ Change % ChangeOperating Data: Total operating revenue $33,142 $33,525 $(383) (1.1)%Total operating expenses (25,254) (1)(25,853) (4)599 (2.3)%Other expense, net (5,044) (2)(6,707) 1,663 (24.8)%Net income $2,844 $965 $1,879 194.7%Less: Dividends attributable to preferred stock (2,771) (2,688) (83) 3.1%Less: Dividends attributable to senior common stock (203) (204) 1 (0.5)%Net loss attributable to common stockholders and Non-controlling OP Unitholders $(130) $(1,927) $1,797 (93.3)%Add: Real estate depreciation and amortization 13,798 14,182 (384) (2.7)%Add: Impairment charge 1,184 1,721 (537) (31.2)%Less: Gain on sale of real estate (1,196) - (1,196) 100.0%Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic $13,656 $13,976 $(320) (2.3)%Add: Convertible senior common distributions 203 204 (1) (0.5)%Funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted $13,859 $14,180 $(321) (2.3)% Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic 13,656 13,976 (320) (2.3)%Add: Acquisition related expenses 74 8 66 825.0%Add: Asset retirement obligation expense 32 31 1 3.2%Add: Bad debt write off 56 - 56 100.0%Less: PACE financing amortization, net (35) - (35) (100.0)%Cor...

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