Gladstone Commercial Corporation Reports Results for the Third Quarter Ended September 30, 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 / November 7, 2022 / Gladstone Commercial Corporation (Nasdaq:GOOD) (\"Gladstone Commercial\" or the \"Company\") today reported financial results for the third quarter ended September 30, 2022. 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 the quarterly financial supplement and the Company's Quarterly Report on Form 10-Q, which can be retrieved from 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, 2022 June 30, 2022 $ Change % Change Operating Data: Total operating revenue $39,834 $36,399 $3,435 9.4%Total operating expenses (37,448)(1) (27,825)(4) (9,623) 34.6%Other expense, net 111 (2) (7,002) 7,113 (101.6)%Net income $2,497 $1,572 $925 58.8%Less: Dividends attributable to preferred stock (2,987) (2,967) (20) 0.7%Less: Dividends attributable to senior common stock (114) (114) - -%Net loss attributable to common stockholders and Non-controlling OP Unitholders $(604) $(1,509) $905 (60.0)%Add: Real estate depreciation and amortization 15,764 15,219 545 3.6%Add: Impairment charge 10,718 1,374 9,344 680.1%Less: Gain on sale of real estate, net (8,902) - (8,902) 100.0%Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic $16,976 $15,084 $1,892 12.5%Add: Convertible senior common distributions 114 114 - -%Funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted $17,090 $15,198 $1,892 12.4% Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic 16,976 15,084 1,892 12.5%Add: Write off deferred financing fees 434 - 434 100.0%Add: Write off shelf registration statement costs and prepaid ATM costs - 46 (46) (100.0)%Add: Asset retirement obligation expense 25 23 2 8.7%Core fu...

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