Gladstone Commercial Corporation Reports Results for the Third Quarter Ended September 30, 2023

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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 6, 2023 / Gladstone Commercial Corporation (Nasdaq:GOOD) (\"Gladstone Commercial\" or the \"Company\") today reported financial results for the third quarter ended September 30, 2023. 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, 2023 June 30, 2023 $ Change % Change Operating Data: Total operating revenue $36,464 $38,658 $(2,194) (5.7)%Total operating expenses (29,587)(1) (33,716)(4) 4,129 (12.2)%Other expense, net (5,085)(2) (9,530)(5) 4,445 (46.6)%Net income (loss) $1,792 $(4,588) $6,380 (139.1)%Less: Dividends attributable to preferred stock (3,099) (3,058) (41) 1.3%Less: Dividends attributable to senior common stock (108) (106) (2) 1.9%Less: Loss on extinguishment of Series F preferred stock (1) (6) 5 (83.3)%Net loss attributable to common stockholders and Non-controlling OP Unitholders $(1,416) $(7,758) $6,342 (81.7)%Add: Real estate depreciation and amortization 12,485 16,936 (4,451) (26.3)%Add: Impairment charge 6,754 6,823 (69) (1.0)%Add: Loss on sale of real estate, net - 451 (451) (100.0)%Less: Gain on sale of real estate (4,696) - (4,696) 100.0%Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic $13,127 $16,452 $(3,325) (20.2)%Add: Convertible senior common distributions 108 106 2 1.9%Funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted $13,235 $16,558 $(3,323) (20.1)% Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic $13,127 $16,452 $(3,325) (20.2)%Add: Asset retirement obl...

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