Gladstone Commercial Corporation Announces 2005 Year End Financial Results.

Publication: Business Wire

Bookmark this article Print this article Link to this article Email this article Digg It! Add to del.icio.us RSS

COPYRIGHT 2006 Business Wire

MCLEAN, Va. -- Gladstone Commercial Corporation (NASDAQ:GOOD):

--Net income increased to $3,601,945 or $0.47 per diluted common share, a 124% per share increase over 2004

--Funds from Operations ("FFO") increased to $7,253,064 million or $0.94 per diluted common share, an increase of 179% per share over 2004

--Acquired 18 properties, for a total investment of $116.8 million

Gladstone Commercial Corp. (NASDAQ:GOOD) (the "Company") today reported financial results for the quarter and year ended December 31, 2005. A description of Funds from Operations, or "FFO" a non - Generally Accepted Accounting Principles in the United States ("GAAP") financial measure, is located at the end of this news release. All per share references are based on diluted weighted average common share unless otherwise noted.

Net income for the year ended December 31, 2005 was $3,601,945 or $0.47 per share, compared to $1,623,928 or $0.21 per share one year ago. For the quarter ended December 31, 2005 net income was $1,049,819 or $0.14 per share, compared to net income for the quarter ended December 31, 2004 of $999,920 or $0.13 per share.

FFO for the year ended December 31, 2005 was $7,253,064 or $0.94 per share, compared to $2,597,273 or $0.34 per share for the same period one year ago. For the quarter ended December 31, 2005 FFO was $2,326,024 or $0.30 per share, compared to $1,454,132 or $0.19 per share for the same period one year ago. A reconciliation of net income, which we believe is the most directly comparable GAAP measure, to FFO is set forth below:

For the For the three months three months For the year For the year ended ended ended ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2005 2004 2005 2004 ------------ ------------ ------------ ------------ Net income $ 1,049,819 $ 999,920 $ 3,601,945 $ 1,623,928 Real estate depreciation and amortization 1,276,207 454,212 3,651,119 973,345 ------------ ------------ ------------ ------------ Funds from operations 2,326,026 1,454,132 7,253,064 2,597,273 ------------ ------------ ------------ ------------ Weighted average shares outstanding - basic 7,672,000 7,667,000 7,670,219 7,649,855 Weighted average shares outstanding - diluted 7,737,297 7,725,434 7,723,220 7,708,534 Basic net income per weighted average common share $ 0.14 $ 0.13 $ 0.47 $ 0.21 ============ ============ ============ ============ Diluted net income per weighted average common share $ 0.14 $ 0.13 $ 0.47 $ 0.21 ============ ============ ============ ============ Basic funds from operations per weighted average common share $ 0.30 $ 0.19 $ 0.95...

Read the full article for free courtesy of your local library.