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 (NASDAQ:) 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 |
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|
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 |
6.6% |
|||||||||||
|
Add: Bad debt write off |
64 |
– |
64 |
100.0% |
||||||||||||||
|
Add: Write off shelf registration statement costs and prepaid A™ costs |
– |
183 |
(183 |
) |
(100.0)% |
|||||||||||||
|
Add: Asset retirement obligation expense |
33 |
33 |
– |
-% |
||||||||||||||
|
Add: Realized loss on interest rate… |
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