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: |
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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: |
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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 |
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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
