Gladstone Commercial Corporation Reports Results for the First Quarter Ended March 31, 2017


Please note that the limited information that follows in this press release is not adequate to make an informed investment judgment. 

MCLEAN, Va., May 2, 2017 (GLOBE NEWSWIRE) --  Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial" or the "Company") today reported financial results for the first quarter ended March 31, 2017.  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, 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 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
 
 
 
 
 
 
March 31, 2017
 
December 31, 2016
 
$ Change
 
% Change
Operating Data:
 
 
 
 
 
 
 
 
Total operating revenue
 
$
22,314

 
$
22,009

 
$
305

 
1.4
 %
Total operating expenses
 
(17,708
)
(1)
(13,733
)

(3,975
)
 
28.9
 %
Other expense, net
 
(250
)
(2)
(5,981
)

5,731

 
(95.8
)%
Net income available
 
$
4,356

 
$
2,295

 
$
2,061

 
89.8
 %
Less: Dividends attributable to preferred stock
 
(2,373
)
 
(2,353
)
 
(20
)
 
0.8
 %
Less: Dividends attributable to senior common stock
 
(248
)
 
(254
)
 
6

 
(2.4
)%
Net income (loss) available (attributable) to common stockholders
 
$
1,735

 
$
(312
)
 
$
2,047

 
(656.1
)%
Add: Real estate depreciation and amortization
 
9,921

 
9,720

 
201

 
2.1
 %
Add: Impairment charge
 
3,746

 

 
3,746

 
100.0
 %
Less: Gain on sale of real estate
 
(5,906
)
 
(266
)
 
(5,640
)
 
2,120.3
 %
Funds from operations available to common stockholders - basic
 
$
9,496

 
$
9,142

 
$
354

 
3.9
 %
Add: Convertible senior common distributions
 
248

 
254

 
(6
)
 
(2.4
)%
Funds from operations available to common stockholders - diluted
 
$
9,744

 
$
9,396

 
$
348

 
3.7
 %
 
 
 
 
 
 
 
 
 
Funds from operations available to common stockholders - basic
 
9,496

 
9,142

 
354

 
3.9
 %
Add: Acquisition related expenses
 

 
(14
)
 
14

 
(100.0
)%
Core funds from operations available to common stockholders - basic
 
$
9,496

 
$
9,128

 
$
368

 
4.0
 %
Add: Convertible senior common distributions
 
248

 
254

 
(6
)
 
(2.4
)%
Core funds from operations available to common stockholders - diluted
 
$
9,744

 
$
9,382

 
$
362

 
3.9
 %
 
 
 
 
 
 
 
 
 
Share and Per Share Data:
 
 
 
 
 
 
 
 
Net income (loss) available (attributable) to common stockholders - basic and diluted
 
0.07

 
(0.01
)
 
0.08

 
800.0
 %
FFO available to common stockholders - basic
 
0.38

 
0.38

 

 
 %
FFO available to common stockholders - diluted
 
0.38

 
0.38

 

 
 %



The following information was filed by Gladstone Commercial Corp (GOOD) on Tuesday, May 2, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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