Gladstone Commercial Corporation Announces Monthly Cash Distributions for January, February and March 2023 and Fourth Quarter Ended December 31, 2022 Earnings Release and Conference Call Dates

Rhea-AI Summary

Gladstone Commercial Corporation (Nasdaq: GOOD) declared cash distributions for January, February, and March 2023, reducing its monthly dividend from $0.1254 to $0.10 per share. This decision aims to bolster capital reserves in light of anticipated economic challenges. Additionally, the company’s investment adviser will waive the incentive fee for Q1 and Q2 2023 to support capital preservation. Gladstone is set to announce its earnings for Q4 2022 on February 22, 2023, followed by an earnings call on February 23, 2023.

Positive

• Continuous cash distributions have been made for 216 consecutive months on common stock.
• Investment adviser waiving the incentive fee could help strengthen capital retention.

Negative

• Dividend cut from $0.1254 to $0.10 indicates potential financial strain.

MCLEAN, VA / ACCESSWIRE / January 10, 2023 / Gladstone Commercial Corporation (Nasdaq:GOOD) (the "Company") announced today that its board of directors declared cash distributions for the months of January, February and March 2023 and also announced its plan to report earnings for the fourth quarter ended December 31, 2022.

In an effort to increase retained capital in anticipation of further economic headwinds, the board of directors has taken what it believes is the prudent path and reduced the run rate on its monthly dividend (from $0.1254 to $0.10). In addition, and in support of the capital preservation effort, the Company's investment adviser has agreed to amend the current Advisory Agreement to waive the applicable incentive fee for the quarters ending March 31, 2023 and June 30, 2023. Buzz Cooper, the Company's President, stated, "We believe that the dividend cut, along with the temporary incentive fee waiver, will help the Company to maintain a strong balance sheet in 2023."

Cash Distributions:

Common Stock: $0.10 cash distribution per common share for each of January, February and March 2023, payable per Table 1 below. The Company has paid 216 consecutive monthly cash distributions on its common stock. Prior to paying distributions on a monthly basis, the Company paid five consecutive quarterly cash distributions.

Table 1: Summary of common stock cash distributions:

Record Date	Payment Date	Cash Distribution
January 20	January 31	$0.10
February 17	February 28	$0.10
March 17	March 31	$0.10
	Total for the Quarter:	$0.30

Senior Common Stock: $0.0875 cash distribution per share of the Company's senior common stock ("Senior Common") for each of January, February and March 2023, payable per Table 2 below. The Company has paid 153 consecutive monthly cash distributions on its Senior Common. The Company has never skipped, reduced or deferred a monthly Senior Common distribution.

Table 2: Summary of Senior Common cash distributions:

Payable to Holders of Record During the Month of:	Payment Date	Amount
January	February 6	$0.0875
February	March 6	$0.0875
March	April 6	$0.0875
	Total for the Quarter	$0.2625

Series E Preferred Stock: $0.138021 cash distribution per share of the Company's 6.625% Series E Preferred Stock ("Series E Preferred Stock") for each of January, February and March 2023, payable per Table 3 below. The Series E Preferred Stock trades on Nasdaq under the symbol "GOODN." The Company has paid 30 consecutive monthly cash distributions on its Series E Preferred Stock. The Company has never skipped, reduced or deferred a monthly Series E Preferred Stock distribution.

Table 3: Summary of Series E Preferred Stock cash distributions:

Record Date	Payment Date	Cash Distribution
January 20	January 31	$0.138021
February 17	February 28	$0.138021
March 17	March 31	$0.138021
	Total for the Quarter:	$0.414063

Series F Preferred Stock: $0.125 cash distribution per share of the Company's 6.0% Series F Preferred Stock ("Series F Preferred Stock") for each of January, February and March 2023, payable per Table 4 below. The Series F Preferred Stock is not listed on a national securities exchange. The Company has never skipped, reduced or deferred a monthly Series F Preferred Stock distribution.

Table 4: Summary of Series F Preferred Stock cash distributions:

Record Date	Payment Date	Cash Distribution
January 26	February 6	$0.125
February 23	March 6	$0.125
March 29	April 6	$0.125
	Total for the Quarter:	$0.375

The Company offers a dividend reinvestment plan (the "DRIP") to its common stockholders and Series F Preferred stockholders. For more information regarding the DRIP, please visit www.gladstonecommercial.com.

Series G Preferred Stock: $0.125 cash distribution per share of the Company's 6.00% Series G Preferred Stock ("Series G Preferred Stock") for each of January, February and March 2023, payable per Table 5 below. The Series G Preferred Stock trades on Nasdaq under the symbol "GOODO." The Company has never skipped, reduced or deferred a monthly Series G Preferred Stock distribution.

Table 5: Summary of Series G Preferred Stock cash distributions:

Record Date	Payment Date	Cash Distribution
January 20	January 31	$0.125
February 17	February 28	$0.125
March 17	March 31	$0.125
	Total for the Quarter:	$0.375

Earnings Announcement:

The Company also announced today that it plans to report earnings for the fourth quarter ended December 31, 2022, after the stock market closes on Wednesday, February 22, 2023. The Company will hold a conference call Thursday, February 23, 2023 at 8:30 a.m. ET to discuss its earnings results. Please call (877) 407-9045 to enter the conference call. An operator will monitor the call and set a queue for questions.

A conference call replay will be available after the call and will be accessible through March 2, 2023. To hear the replay, please dial (877) 660-6853 and use playback conference number 13734662.

The live audio broadcast of the Company's conference call will be available online at www.gladstonecommercial.com.

If you have questions prior to or following the earnings release you may e-mail them to info@gladstonecompanies.com.

Gladstone Commercial Corporation is a real estate investment trust ("REIT") focused on acquiring, owning and operating net leased industrial and office properties across the United States. As of September 30, 2022, Gladstone Commercial's real estate portfolio consisted of 137 properties located in 27 states, totaling approximately 17.2 million square feet. Additional information can be found at www.gladstonecommercial.com.

Investor Relations Inquiries: Please visit www.gladstonecommercial.com or (703) 287-5893.

SOURCE: Gladstone Commercial Corporation

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FAQ

What is the latest cash distribution declared by Gladstone Commercial Corporation for GOOD stock?

Gladstone Commercial Corporation has declared a cash distribution of $0.10 per share for January, February, and March 2023.

When will Gladstone Commercial Corporation report earnings for Q4 2022?

Gladstone Commercial Corporation plans to report its earnings for the fourth quarter of 2022 on February 22, 2023.

What is the reason behind the dividend reduction announced by Gladstone Commercial Corporation?

The board of directors reduced the dividend to enhance retained capital in anticipation of potential economic headwinds.

What was the previous dividend amount before the reduction for GOOD stock?

The previous monthly dividend was $0.1254 per share before being reduced to $0.10.