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

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 obligation expense
31 32 (1) (3.1) %
Add: Loan defeasance costs
130 - 130 100.0 %
Add: Realized loss on interest rate hedging instruments
326 - 326 100.0 %
Core funds from operations available to common stockholders and Non-controlling OP Unitholders - basic
$ 13,614 $ 16,484 $ (2,870) (17.4) %
Add: Convertible senior common distributions
108 106 2 1.9 %
Core funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted
$ 13,722 $ 16,590 $ (2,868) (17.3) %

Share and Per Share Data:
Net loss attributable to common stockholders and Non-controlling OP Unitholders - basic and diluted
$ (0.04) $ (0.19) $ 0.15 (78.9) %
FFO available to common stockholders and Non-controlling OP Unitholders - basic
$ 0.33 $ 0.41 $ (0.08) (19.5) %
FFO available to common stockholders and Non-controlling OP Unitholders - diluted
$ 0.33 $ 0.41 $ (0.08) (19.5) %
Core FFO available to common stockholders and Non-controlling OP Unitholders - basic
$ 0.34 $ 0.41 $ (0.07) (17.1) %
Core FFO available to common stockholders and Non-controlling OP Unitholders - diluted
$ 0.34 $ 0.41 $ (0.07) (17.1) %
Weighted average shares of common stock and Non-controlling OP Units outstanding - basic
40,309,463 40,370,142 (60,679) (0.2) %
Weighted average shares of common stock and Non-controlling OP Units outstanding - diluted
40,654,595 40,715,274 (60,679) (0.1) %
Cash dividends declared per common share and Non-controlling OP Unit
$ 0.30 $ 0.30 $ - - %

Financial Position
Real estate, before accumulated depreciation
$ 1,279,332 (3) $ 1,296,283 $ (16,951) (1.3) %
Total assets
$ 1,167,156 $ 1,181,935 $ (14,779) (1.3) %
Mortgage notes payable, net, borrowings under revolver, net and borrowings under term loan, net
$ 749,009 $ 753,734 $ (4,725) (0.6) %
Total equity and mezzanine equity
$ 346,627 $ 353,764 $ (7,137) (2.0) %
Properties owned
135 (3) 136 (6) (1) (0.7) %
Square feet owned
17,160,398 (3) 17,216,094 (6) (55,696) (0.3) %
Square feet leased
96.6 % 96.0 % 0.6 % 0.6 %


View source version on accesswire.com:
https://www.accesswire.com/800270/gladstone-commercial-corporation-reports-results-for-the-third-quarter-ended-september-30-2023

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