PRESS RELEASE

from Gladstone Commercial Corporation (NASDAQ:GOOD)

Gladstone Commercial Corporation Reports Results for the Third Quarter Ended September 30, 2024

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 4, 2024 / Gladstone Commercial Corporation (Nasdaq:GOOD) ("Gladstone Commercial" or the "Company") today reported financial results for the third quarter ended September 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

September 30, 2024

June 30, 2024

$ Change

% Change

Operating Data:

Total operating revenue

$

39,235

$

37,057

$

2,178

5.9

%

Total operating expenses

(28,546

)

(1)

(25,973

)

(2,573

)

9.9

%

Other income (expense), net

1,032

(2)

(9,484

)

(4)

10,516

(110.9

)%

Net income

$

11,721

$

1,600

$

10,121

632.6

%

Less: Dividends attributable to preferred stock

(3,106

)

(3,116

)

10

(0.3

)%

Less: Dividends attributable to senior common stock

(106

)

(105

)

(1

)

1.0

%

Add/Less: Gain (loss) on extinguishment of Series F preferred stock, net

2

(4

)

6

(150.0

)%

Net income (loss) available (attributable) to common stockholders and Non-controlling OP Unitholders

$

8,511

$

(1,625

)

$

10,136

(623.8

)%

Add: Real estate depreciation and amortization

13,343

16,015

(2,672

)

(16.7

)%

Add: Impairment charge

4,549

-

4,549

100.0

%

Add: Loss on sale of real estate, net

-

47

(47

)

(100.0

)%

Less: Gain on sale of real estate, net

(10,319

)

-

(10,319

)

100.0

%

Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic

$

16,084

$

14,437

$

1,647

11.4

%

Add: Convertible senior common distributions

106

105

1

1.0

%

Funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted

$

16,190

$

14,542

$

1,648

11.3

%

Funds from operations available to common stockholders and Non-controlling OP Unitholders - basic

$

16,084

$

14,437

$

1,647

11.4

%

Add: Bad debt write off

-

64

(64

)

(100.0

)%

Add: Asset retirement obligation expense

33

33

-

-

%

Add: Realized loss on interest rate hedging instruments

51

-

51

100.0

%

Core funds from operations available to common stockholders and Non-controlling OP Unitholders - basic

$

16,168

$

14,534

$

1,634

11.2

%

Add: Convertible senior common distributions

106

105

1

1.0

%

Core funds from operations available to common stockholders and Non-controlling OP Unitholders - diluted

$

16,274

$

14,639

$

1,635

11.2

%

Share and Per Share Data:

Net income (loss) available (attributable) to common stockholders and Non-controlling OP Unitholders - basic and diluted

$

0.20

$

(0.04

)

$

0.24

(600.0

)%

FFO available to common stockholders and Non-controlling OP Unitholders - basic

$

0.38

$

0.36

$

0.02

5.6

%

FFO available to common stockholders and Non-controlling OP Unitholders - diluted

$

0.38

$

0.36

$

0.02

5.6

%

Core FFO available to common stockholders and Non-controlling OP Unitholders - basic

$

0.38

$

0.36

$

0.02

5.6

%

Core FFO available to common stockholders and Non-controlling OP Unitholders - diluted

$

0.38

$

0.36

$

0.02

5.6

%

Weighted average shares of common stock and Non-controlling OP Units outstanding - basic

42,830,159

40,553,113

2,277,046

5.6

%

Weighted average shares of common stock and Non-controlling OP Units outstanding - diluted

43,169,458

40,895,360

2,274,098

5.6

%

Cash dividends declared per common share and Non-controlling OP Unit

$

0.30

$

0.30

$

-

-

%

Financial Position

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