Press release
Gladstone Commercial Corporation Reports Results for the Second Quarter Ended June 30, 2024
Please note that the limited information that follows in this press release is not adequate to make an informed investment judgment. MCLEAN, VA / ACCESSWIRE /
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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 / August 6, 2024 / Gladstone Commercial Corporation (Nasdaq:GOOD) (\"Gladstone Commercial\" or the \"Company\") today reported financial results for the second quarter ended June 30, 2024. 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 June 30, 2024 March 31, 2024 $ Change % Change Operating Data: Total operating revenue $37,057 $35,721 $1,336 3.7% Total operating expenses (25,973) (23,315)(3) (2,658) 11.4% Other expense, net (9,484)(1) (8,880)(4) (604) 6.8% Net income $1,600 $3,526 $(1,926) (54.6)% Less: Dividends attributable to preferred stock (3,116) (3,112) (4) 0.1% Less: Dividends attributable to senior common stock (105) (105) - -% Less: Loss on extinguishment of Series F preferred stock (4) (3) (1) 33.3% Net (loss) income (attributable) available to common stockholders and Non-controlling OP Unitholders $(1,625) $306 $(1,931) (631.0)% Add: Real estate depreciation and amortization 16,015 13,326 2,689 20.2% Add: Impairment charge - 493 (493) (100.0)% Add: Loss on sale of real estate, net 47 - 47 100.0% Less: Gain on sale of real estate, net - (283) 283 (100.0)% Less: Gain on debt extinguishment, net - (300) 300 (100.0)% Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic $14,437 $13,542 $895 6.6% Add: Convertible senior common distributions 105 105 - -% Funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted $14,542 $13,647 $895 6.6% Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic $14,437 $13,542 $895 6....
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