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Gladstone Commercial Corporation Reports Results for the First Quarter Ended March 31, 2016

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

MCLEAN, Va., April 27, 2016 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation GOOD, -0.30% today reported financial results for the first quarter ended March 31, 2016. 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, 2016 As of and for the three months ended December 31, 2015 Change % Change
Operating Data:
Total operating revenue $ 21,527 $ 21,823 $ (296 ) -1.4 %
Total operating expenses (13,257 ) [(1] [)] (12,970 ) (287 ) 2.2 %
Other expense (7,417 ) (6,286 ) [(2] [)] (1,131 ) 18.0 %
Net income $ 853 $ 2,567 $ (1,714 ) -66.8 %
Less: Dividends attributable to preferred stock (1,027 ) (1,025 ) (2 ) 0.2 %
Less: Dividends attributable to senior common stock (252 ) (259 ) 7 -2.7 %
Net (loss) income (attributable) available to common stockholders $ (426 ) $ 1,283 $ (1,709 ) -133.2 %
Add: Real estate depreciation and amortization 9,133 9,128 5 0.1 %
Add: Impairment charge 43 - 43 NM [(6] [)]
Less: Gain on sale of real estate - (1,538 ) 1,538 -100.0 %
Funds from operations available to common stockholders - basic $ 8,750 $ 8,873 $ (123 ) -1.4 %
Add: Convertible senior common distributions 252 259 (7 ) -2.7 %
Funds from operations available to common stockholders - diluted $ 9,002 $ 9,132 [(3] [)] $ (130 ) -1.4 %
Funds from operations available to common stockholders - basic $ 8,750 $ 8,873 $ (123 ) -1.4 %
Add: Acquisition related expenses 9 33 (24 ) -72.7 %
Add: Write-off of offering costs 65 - 65 NM [(6] [)]
Core funds from operations available to common stockholders - basic $ 8,824 $ 8,906 $ (82 ) -0.9 %
Add: Convertible senior common distributions 252 259 (7 ) -2.7 %
Core funds from operations available to common stockholders - diluted $ 9,076 $ 9,165 [(3] [)] $ (89 ) -1.0 %
Share and Per Share Data:
Net (loss) income (attributable) available to common stockholders - basic & diluted $ (0.02 ) $ 0.06 $ (0.08 ) -133.3 %
FFO available to common stockholders - basic $ 0.39 $ 0.40 $ (0.01 ) -2.5 %
FFO available to common stockholders - diluted $ 0.39 $ 0.40 $ (0.01 ) -2.5 %
Core FFO available to common stockholders - basic $ 0.39 $ 0.40 $ (0.01 ) -2.5 %
Core FFO available to common stockholders - diluted $ 0.39 $ 0.40 $ (0.01 ) -2.5 %
Weighted average shares outstanding-basic 22,545,285 22,165,654 379,631 1.7 %
Weighted average shares outstanding-diluted 23,345,402 22,976,182 369,220 1.6 %
Cash dividends declared per common share $ 0.375 $ 0.375 $ - 0.0 %
Financial Position:
Real estate, before accumulated depreciation $ 782,558 [(4] [)] $ 782,276 [(5] [)] $ 282 0.0 %
Total assets $ 811,461 $ 827,184 $ (15,723 ) -1.9 %
Mortgage notes payable, term preferred stock, term loan facility & line of credit, net $ 556,204 $ 563,432 $ (7,228 ) -1.3 %
Total stockholders' equity $ 227,558 $ 233,871 $ (6,313 ) -2.7 %
Properties owned 99 [(4] [)] 99 [(5] [)] - 0.0 %
Square feet owned 11,039,454 [(4] [)] 11,039,454 [(5] [)] - 0.0 %
Square feet leased 97.5 % 97.4 % 0.1 % 0.1 %
(1) Includes a $0.04 million impairment charge recognized on our Dayton, Ohio property during the three months ended March 31, 2016.
(2) Includes $1.5 million gain on sale from three properties sold during the three months ended December 31, 2015.
(3) Diluted FFO available to common stockholders was not previously adjusted for the income impact of the assumed conversion of senior common stock, in accordance with ASC 260 ("Earnings per Share").
(4) Includes four properties classified as held for sale as of March 31, 2016. Includes real estate, held for sale of $5.6 million and 214,000 square feet.
(5) Includes one property classified as held for sale as of December 31, 2015. Includes real estate, held for sale of $1.9 million and 60,000 square feet.
(6) NM...

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