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
