Gladstone Commercial Corporation Reports Results For Its Second Quarter Ended June 30, 2010
- Funds from operations ("FFO") for the three and six months ended June 30, 2010, continues to hold steady at approximately $3.4 million and $6.8 million, respectively.
- Received a full early repayment of our $10.0 million mortgage loan, with additional interest and prepayment fees of $3.3 million, for total proceeds of $13.3 million.
MCLEAN, Va., Aug. 3, 2010 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq:GOOD) (the "Company") today reported financial results for its second quarter ended June 30, 2010. A description of FFO, a relative non-GAAP (generally accepted accounting principles in the United States) financial measure, is located at the end of this earnings release. All per share references herein are to fully-diluted weighted average shares of common stock, unless otherwise noted.
FFO for the three months ended June 30, 2010 was approximately $3.4 million, or $0.39 per share, which remained constant as compared to the same period one year ago. FFO for the six months ended June 30, 2010 was approximately $6.8 million, or $0.79 per share, which also remained constant as compared to the same period one year ago. The Company's results reflect an increase in our professional fees, offset by a decrease in our stockholder related expenses, interest expense, administrative and base management fees. Professional fees increased because of higher legal fees incurred during the three and six months ended June 30, 2010 related to legal matters at certain of our properties. Stockholder related expenses decreased significantly during the periods due to a reduction in costs incurred for the printing and filing of our 2010 proxy statement and annual report. Interest expense also decreased due to the decrease in the London Interbank Offered Rate ("LIBOR") from 2009, which reduced our interest expense under our line of credit, coupled with reduced interest expense on our long-term financings from amortizing principal payments made during 2009 and 2010. Administrative fees also decreased because of a decrease in the amount of the total expenses allocated by the Company's Administrator during the periods, and the base management fee decreased because of a decrease in total common stockholders' equity, the main component of the calculation.
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