Assistant management – Athena Site http://athenasite.net/ Wed, 11 May 2022 20:23:59 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://athenasite.net/wp-content/uploads/2021/11/icon-1-120x120.png Assistant management – Athena Site http://athenasite.net/ 32 32 COTA Successfully Completes USDOT State Management Review Audit | News https://athenasite.net/cota-successfully-completes-usdot-state-management-review-audit-news/ Wed, 11 May 2022 16:00:00 +0000 https://athenasite.net/cota-successfully-completes-usdot-state-management-review-audit-news/ (Governor’s Office) – On May 2, 2022, Special Assistant for Public Transportation Alfreda Camacho Maratita received an official notice from U.S. Department of Transportation Region IX Administrator – Federal Transit Administration Ray Tellis thanking the Commonwealth Office of Transit Authority for have passed the required state management review audit. Special Assistant for Public Transportation Alfreda […]]]>

(Governor’s Office) – On May 2, 2022, Special Assistant for Public Transportation Alfreda Camacho Maratita received an official notice from U.S. Department of Transportation Region IX Administrator – Federal Transit Administration Ray Tellis thanking the Commonwealth Office of Transit Authority for have passed the required state management review audit.






Special Assistant for Public Transportation Alfreda Camacho Maratita with officials from USDOT-FTA Region IX – Bernardo Bustamante, Director of the Office of Program Management and Project Oversight and Ryan Fujii, General Engineer – during introductory presentations territorial climate and infrastructure update held in March in Honolulu, Hawaii.




During the periods between March and July 2021, the USDOT0FTA conducted a full review audit of the CNMI Transit Agency. The FTA State Management Review is a comprehensive recipient monitoring review designed to assess management practices and program implementation to ensure that programs are administered in accordance with all provisions of the Federal Public Transit Act, meet the requirements of the FTA and meet the objectives of the program.

Specifically, the USDOT-FTA inspected the following areas: Transit Asset Management, Procurement, Drug and Alcohol Program, Disadvantaged Business Enterprise, Public Transit Agency Safety Plan, Maintenance, Satisfactory Continuing Control, Legal, Financial Management and Capacity, Technical Capacity – Awards Management, Program Management, Project Management, Title VI, ADA and the following specific Federal Section requirements: 5307, 5310, and 5311.

“The successful completion of this State Management Review audit is a true reflection of the Commonwealth Office of Transit Authority’s continued commitment to sound program management, financial capability and technical capability. It also reflects our commitment as FTA grant recipients for the CNMI that we are responsible for the administration of millions of federal funds that have been dedicated to the creation and expansion of surface transportation for the enhancement of our beloved Commonwealth,” said Special Assistant Camacho Maratita.

“I join the U.S. Department of Transportation in thanking Special Assistant Alfreda Camacho Maratita and the Commonwealth Office of Transit Authority — everyone from bus drivers to office staff — for adhering to federal transportation requirements after having passed the State Management Review Audit, and I commend them for their hard work in continuing to provide, secure and develop reliable, safe and comfortable public transportation in the Marianas,” the Governor said. Ralph DLG Torres.

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CLOVER HEALTH INVESTMENTS, CORP. /DE Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q) https://athenasite.net/clover-health-investments-corp-de-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ Mon, 09 May 2022 20:35:14 +0000 https://athenasite.net/clover-health-investments-corp-de-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The discussion should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto for the three months ended March 31, 2022, contained in this Quarterly […]]]>
The following discussion and analysis provides information that management
believes is relevant to an assessment and understanding of our consolidated
results of operations and financial condition. The discussion should be read in
conjunction with the unaudited condensed consolidated financial statements and
notes thereto for the three months ended March 31, 2022, contained in this
Quarterly Report on Form 10-Q (the "Form 10-Q") and the consolidated financial
statements and notes thereto for the year ended December 31, 2021, contained in
the Company's Annual Report on Form 10-K for the year ended December 31, 2021,
filed with the Securities and Exchange Commission (the "SEC") on February 28,
2022 (the "2021 Form 10-K"). This discussion contains forward-looking statements
and involves numerous risks and uncertainties, including, but not limited to,
those described in the "Risk Factors" section of the 2021 Form 10-K. Actual
results may differ materially from those contained in any forward-looking
statements. See "Cautionary Note Regarding Forward-Looking Statements" for
additional information. Unless the context otherwise requires, references in
this "Management's Discussion and Analysis of Financial Condition and Results of
Operations" to "we," "us," "our," "Clover," "Clover Health," and the "Company"
mean the business and operations of Clover Health Investments, Corp. and its
consolidated subsidiaries.

Overview

At Clover Health, we are singularly focused on creating great, sustainable
healthcare to improve every life. We have centered our strategy on building and
deploying technology that we believe will enable us to solve a significant data
problem while avoiding the limitations of legacy approaches. By empowering
physicians with access to data-driven, personalized insights at the point of
care through our software platform, the Clover Assistant, we believe we can
improve clinical decision making.

We operate Preferred Provider Organization (PPO) and Health Maintenance
Organization (HMO) Medicare Advantage (MA) plans for Medicare-eligible
consumers. We aim to provide great, affordable healthcare for all. We offer most
members in our MA plans (the "members") the lowest average out-of-pocket costs
for primary care provider co-pays, specialist co-pays, drug deductibles and drug
costs in their markets. We deeply believe in providing our members provider
choice, and we consider our PPO plan to be our flagship insurance plan. An
important feature of our MA product is wide network access. We believe the use
of the Clover Assistant and related data insights allows us to improve clinical
decision-making through a highly scalable asset-light approach. As of March 31,
2022, we operated our MA plans in nine states and 209 counties, with 85,026
members.

On April 1, 2021, our subsidiary, Clover Health Partners, LLC (Health Partners),
began participating as a Direct Contracting Entity (DCE) in the Global and
Professional Direct Contracting Model (DC Model) of the Centers for Medicare and
Medicaid Services (CMS), which will transition to the Accountable Care
Organization Realizing Equity, Access, and Community Health Model (ACO Reach) in
2023. Our DCE assumes full risk (i.e., 100.0% shared savings and shared losses)
for the total cost of care of aligned Original Medicare beneficiaries (the
"Non-Insurance Beneficiaries" and, collectively with the members, "Lives under
Clover Management" or the "beneficiaries"). Through our Direct Contracting
operations, we focus on leveraging our technology platform, the Clover
Assistant, to enhance healthcare delivery, reduce expenditures, and improve care
for our Non-Insurance Beneficiaries. As of March 31, 2022, we had approximately
1,880 contracted participating providers who manage primary care for our
Non-Insurance Beneficiaries. Additionally, as of March 31, 2022, we had
approximately 1,560 preferred providers and preferred facilities in our DCE
network. Our participation in the DC Model has enabled us to move beyond the MA
market and target the Medicare fee-for-service (FFS) market, which is the
largest segment of Medicare. We believe that expanding into the FFS market is
not only a strategic milestone for Clover but also demonstrates the scalability
of the Clover Assistant.

From March 31, 2022we partnered with providers to care for 257,442 lives under Clover management, which included 85,026 insured members and 172,416 uninsured aligned beneficiaries.

RECENT DEVELOPMENTS

Geographic expansion


In January 2022, we launched our MA plans in 101 new counties and an additional
state, and we announced that membership in our MA plans had grown by over 25%
versus the beginning of 2021. This expansion makes our MA plans available in a
total of 209 counties across nine states. Additionally, after launching our DCE
in eight states in April 2021, we have grown our Non-Insurance presence to 22
states in 2022.

Subsidiary Updates

On February 4, 2022one of our subsidiaries, Clover Therapeutics Company
(Clover TX), completed a private equity transaction in which it raised
$17.9 million. Therefore, we reassessed our interest in Clover TX and determined that even though Clover TX is a variable

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interest entity (VIE), we are not considered the primary beneficiary of the VIE
because we do not have the power to direct the activities of Clover TX that most
significantly impact Clover TX's economic performance. However, we determined
that we do have significant influence over Clover TX and, therefore, began
accounting for our common stock investment in Clover TX using the equity method.
Accordingly, we derecognized all of Clover TX's assets and liabilities from our
balance sheet and our noncontrolling interest related to Clover TX, and
recognized the retained common stock and preferred stock equity interests at
fair values of $3.7 million and $4.9 million, respectively, which are included
in equity method investment and other assets on the Condensed Consolidated
Balance Sheets, and recognized a gain of $12.4 million, which is included in
gain on investment on the Condensed Consolidated Statements of Operations and
Comprehensive Loss for the three months ended March 31, 2022.

In addition, the Company’s indirect wholly-owned subsidiary, Search Insurance Services, Inc. (Seek), is in the process of winding down its operations.

Impact of COVID-19

The societal and economic impact of the COVID-19 pandemic and its variants continues to evolve, and the ultimate impact on our business, results of operations, financial condition and cash flows is uncertain and difficult to provide. The global pandemic has severely impacted businesses around the world, including many in the health insurance industry.


We are continuing to monitor the ongoing financial impact of COVID-19 on our
business and operations and are making adjustments accordingly. A large portion
of our membership is elderly and generally in the high-risk category for
COVID-19, and we have worked closely with our network of providers to ensure
that members are receiving necessary care. During the first quarter of 2022 and
all of 2021, we incurred elevated costs as compared to prior to the outbreak of
the pandemic in 2020 to care for those members who have contracted the virus,
and indirect costs attributable to the COVID-19 pandemic increased as well, as
deferral of services and increased costs related to conditions that were
exacerbated by a lack of diagnoses and treatment in the earlier periods of the
pandemic contributed to increased utilization. Additionally, CMS increases
inpatient hospital fees by 20.0% for any patient diagnosed with COVID-19
regardless of whether that patient was admitted directly for COVID-19 or for a
different condition or procedure. This has impacted medical costs especially due
to the widespread transmission of recent COVID-19 variants. We will continue to
monitor the pandemic's emerging treatment-related trends as well as the impact
on our beneficiaries. Additionally, CMS risk adjustment requires that a member's
health issues be documented annually regardless of the permanence of the
underlying causes. Historically, this documentation was required to be completed
during an in-person visit with a patient. As part of relief measures adopted
pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the "CARES
Act"), CMS is allowing documentation prepared during video visits with patients
to serve as support for CMS risk adjustments. Due to fewer visits in 2020, the
providers' ability to document health conditions accurately and formulate
treatment plans was adversely impacted due to COVID-19. However, we experienced
improvements in documentation in 2021 with increased utilization of health
services, impacting our 2022 risk score, as anticipated. We believe that this
increase in documentation has supported our provider partners with better
diagnosis accuracy and improved care planning and that this will result in
increased revenue and reduced medical care ratio (MCR).

Main performance measures of our operating segments

Operating segments


We manage our operations based on two reportable operating segments: Insurance
and Non-Insurance. Through our Insurance segment, we provide PPO and HMO plans
to Medicare Advantage members in several states. Our Non-Insurance segment
consists of our operations in connection with our participation in the Direct
Contracting program, which will transition to the ACO Reach model in 2023. All
other clinical services and all corporate overhead not included in the
reportable segments are included within Corporate/Other.

These segment groupings are consistent with the information used by our Chief
Executive Officer, our chief operating decision maker, to assess performance and
allocate resources.

During the first quarter of 2022, we updated the names of our Medicare Advantage
and Direct Contracting segments to the Insurance and Non-Insurance segments,
respectively. We believe that this approach better reflects each segment's
current role and contribution to its business. There has been no change to the
existing composition of these segments, and previously reported consolidated and
segment-level financial results of the Company were not impacted by these
changes.

We review several key performance measures, discussed below, to evaluate our
business and results, measure performance, identify trends, formulate plans, and
make strategic decisions. We believe that the presentation of such metrics is
useful to management and counterparties to model the performance of healthcare
companies such as Clover.
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Insurance Division

Through our Insurance segment, we offer PPO and HMO plans to members in multiple states. We seek to improve care and reduce costs for our insurance members by empowering providers with personalized, data-driven insights at the point of care through our software platform, the Clover Assistant.


Three Months Ended March 31,                              2022                                  2021
                                                Total               PMPM              Total              PMPM
                                               (Premium and expense amounts in thousands, except PMPM amounts)
Insurance members as of period end (#)          85,026                   N/A          66,348                  N/A
Premiums earned, gross                      $  278,288           $  1,094          $ 199,500          $  1,006
Premiums earned, net                           278,169              1,094            199,376             1,005
Insurance medical claim expense incurred,
gross                                          268,214              1,055            215,307             1,085
Insurance net medical claims incurred          268,126              1,054            215,177             1,085
Medical care ratio, gross (1)                     96.4   %               N/A           107.9  %               N/A
Medical care ratio, net                           96.4                   N/A           107.9                  N/A

(1) Defined as gross medical insurance claims incurred divided by gross earned premiums.

Membership and associated premiums earned and medical expenses.


We define new and returning members on a calendar year basis. Any member who is
active on July 1 of a given year is considered a returning member in the
following year. Any member who joins a Clover plan after July 1 in a given year
is considered a new member for the entirety of the following calendar year. We
view our number of members and associated PMPM premiums earned and medical claim
expenses, in the aggregate and on a PMPM basis, as important metrics to assess
our financial performance because member growth aligns with our mission, drives
our total revenues, expands brand awareness, deepens our market penetration,
creates additional opportunities to inform our data-driven insights to improve
care and decrease medical claim expenses, and generates additional data to
continue to improve the functioning of the Clover Assistant. Among other things,
the longer a member is enrolled in one of our Insurance plans, the more data we
collect and synthesize and the more actionable insights we generate. We believe
these data-driven insights lead to better care delivery as well as improved
identification and documentation of members' chronic conditions, helping to
lower PMPM medical claim expenses.

Premiums earned, gross.


Premiums earned, gross is the amount received, or to be received, for insurance
policies written by us during a specific period of time without reduction for
premiums ceded to reinsurance. We believe premiums earned, gross provides useful
insight into the gross economic benefit generated by our business operations and
allows us to evaluate our underwriting performance without regard to changes in
our underlying reinsurance structure. Premiums earned, gross excludes the
effects of premiums ceded to reinsurers, and therefore should not be used as a
substitute for premiums earned, net, total revenue or any other measure
presented in accordance with GAAP.

Earned premiums, net.


Premiums earned, net represents the earned portion of our premiums earned,
gross, less the earned portion that is ceded to third-party reinsurers under our
reinsurance agreements. Premiums are earned in the period in which members are
entitled to receive services, and are net of estimated uncollectible amounts,
retroactive membership adjustments, and any adjustments to recognize rebates
under the minimum benefit ratios required under the Patient Protection and
Affordable Care Act.

Premiums earned, gross is the amount received, or to be received, for insurance
policies written by us during a specific period of time without reduction for
premiums ceded to reinsurance. We earn premiums through our plans offered under
contracts with CMS. We receive premiums from CMS on a monthly basis based on our
actuarial bid and the risk-adjustment model used by CMS. Premiums anticipated to
be received within twelve months based on the documented diagnostic criteria of
our members are estimated and included in revenue for the period including the
member months for which the payment is designated by CMS.

Premiums ceded is the amount of premiums earned, gross ceded to reinsurers. From
time to time, we enter into reinsurance contracts to limit our exposure to
potential losses as well as to provide additional capacity for growth. Under
these agreements, the "reinsurer," agrees to cover a portion of the claims of
another insurer, i.e., us, the "primary insurer," in return for a portion of
their premium. Ceded earned premiums are earned over the reinsurance contract
period in proportion to the period of risk covered. The volume of our ceded
earned premium is impacted by the level of our premiums earned, gross and any
decision we make to adjust our reinsurance agreements.
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Gross medical insurance claims incurred.


Insurance gross medical claims incurred reflects claims incurred excluding
amounts ceded to reinsurers and the costs associated with processing those
claims. We believe gross medical claims incurred provides useful insight into
the gross medical expense incurred by members and allows us to evaluate our
underwriting performance without regard to changes in our underlying reinsurance
structure.

Insurance gross medical claims incurred excludes the effects of medical claims
and associated costs ceded to reinsurers, and therefore should not be used as a
substitute for net claims incurred, total expenses or any other measure
presented in accordance with GAAP.

Medical claims net of insurance incurred.


Insurance net medical claims incurred are our medical expenses and consists of
the costs of claims, including the costs incurred for claims net of amounts
ceded to reinsurers. We enter into reinsurance contracts to limit our exposure
to potential catastrophic losses. These expenses generally vary based on the
total number of members and their utilization rate of our services.

Ratio of medical care, gross and net.


We calculate our medical care ratio by dividing total Insurance medical claim
expenses incurred by premiums earned, in each case on a gross or net basis, as
the case may be, in a given period. We believe our MCR is an indicator of our
gross margin for our Insurance plans and the ability of our Clover Assistant
platform to capture and analyze data over time to generate actionable insights
for returning members to improve care and reduce medical expenses.

Non-insurance segment


Our Non-Insurance segment consists of operations in connection with our
participation in the Direct Contracting program, which we began in April 2021
and which will transition to the ACO Reach model in 2023. As part of our
Non-Insurance operations, we empower providers with the Clover Assistant and
offer a variety of programs aimed at reducing expenditures and preserving or
enhancing the quality of care for our Non-Insurance Beneficiaries.

                                                                  Three 

months ended March 31, 2022

                                                                  Total                         PBPM
                                                          (Revenue and 

amounts of claims in thousands, except

                                                                            PBPM amounts)
Non-Insurance Beneficiaries as of period end (#)                     172,416                             N/A
Non-Insurance revenue                                    $           594,898            $           1,140
Non-Insurance net medical claims incurred                            593,999                        1,138
Non-Insurance MCR(1)                                                    99.8    %                        N/A

(1) Defined as Non-insurance net incurred medical claims divided by
Non-insurance revenue.

Uninsured Beneficiaries.


A Non-Insurance Beneficiary is defined as an eligible Original Medicare covered
life that has been aligned to our DCE, Health Partners, via attribution to a
DCE-participating provider through alignment based on claims data or by
beneficiary election through voluntary alignment. A beneficiary alignment is
effective as of the first of the month, for the full calendar month, regardless
of whether eligibility is lost during the course of the month.

Non-insurance revenue.


Non-Insurance revenue represents CMS' total expense incurred for medical
services provided on behalf of Non-Insurance Beneficiaries during months in
which they were alignment eligible during the performance year. Non-Insurance
revenue is calculated by taking the sum of the capitation payments made to us
for services within the scope of our capitation arrangement and FFS payments
made to providers directly from CMS. Non-Insurance revenue is also known in the
DC Model as performance year expenditures and is the primary component used to
calculate shared savings or shared loss versus the performance year benchmark.
Non-Insurance revenue includes a direct reduction or increase of shared savings
or loss, as applicable. Premiums and recoupments incurred in direct relation to
the DC Model are recognized as a reduction or increase in Non-Insurance revenue,
as applicable. We believe Non-Insurance revenue provides useful insight into the
gross economic benefit generated by our business operations and allows us to
evaluate our performance without regard to changes in our underlying reinsurance
structure.
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Non-insurance net medical claims incurred.


Non-Insurance net medical claims incurred consists of the total incurred expense
that CMS and we will remit for medical services provided on behalf of
Non-Insurance Beneficiaries during the months in which they are alignment
eligible and aligned to the DCE. Additionally, Non-Insurance net medical claims
incurred is inclusive of fees paid to providers for Clover Assistant usage, care
coordination, and any shared savings or shared loss agreements with providers.

MCR excluding insurance.


We calculate our MCR by dividing Non-Insurance net medical claims incurred by
Non-Insurance revenue in a given period. We believe our MCR is an indicator of
our gross profitability and the ability to capture and analyze data over time to
generate actionable insights for returning beneficiaries to improve care and
reduce medical expenses.

Results of Operations

Comparison of the three months ended March 31, 2022 and 2021


The following table summarizes our consolidated results of operations for the
three months ended March 31, 2022 and 2021. The period-to-period comparison of
results is not necessarily indicative of results for future periods.

                                                                                                     Change between
                                                          Three Months Ended March 31,               2022 and 2021
                                                             2022                  2021                          ($)                 (%)
                                                                ($ in thousands)
Revenues
Premiums earned, net (Net of ceded premiums of $119
and $124 for the three months ended March 31, 2022
and 2021, respectively)                               $       278,169          $ 199,376                     $  78,793                 39.5  %
Non-Insurance revenue                                         594,898                  -                       594,898                       *
Other income                                                    1,312                949                           363                 38.3
Total revenues                                                874,379            200,325                       674,054                336.5
Operating expenses
Net medical claims incurred                                   861,722            214,420                       647,302                301.9

Salaries and benefits                                          69,091             66,024                         3,067                  4.6
General and administrative expenses                            57,697             38,618                        19,079                 49.4
Premium deficiency reserve benefit                            (27,657)                 -                       (27,657)                      *
Depreciation and amortization                                     826                160                           666                416.3
Other expense                                                       -                191                          (191)                      *
Total operating expenses                                      961,679            319,413                       642,266                201.1
Loss from operations                                          (87,300)          (119,088)                       31,788                (26.7)

Change in fair value of warrants payable                            -            (85,506)                       85,506                       *
Interest expense                                                  403              1,175                          (772)               (65.7)
Amortization of notes and securities discount                       -             13,660                       (13,660)                      *

Gain on investment                                            (12,394)                 -                       (12,394)                      *
Net loss                                              $       (75,309)         $ (48,417)                    $ (26,892)                55.5  %


*  Not presented because the prior period amount is zero or the amount for the
line item changed from a gain to a loss (or vice versa) and thus yields a result
that is not meaningful.

Premiums Earned, Net

Premiums earned, net increased $78.8 million, or 39.5%, to $278.2 million for
the three months ended March 31, 2022, compared to the three months ended March
31, 2021. The increase was primarily due to membership growth of 28.2% from
66,348 Insurance members at March 31, 2021, to 85,026 Insurance members at
March 31, 2022. Additional risk adjustment revenue of $22.6 million was
recognized during the three months ended March 31, 2022.
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Non-Insurance Revenue

Our participation in Direct contracting launched in April 2021. Our
Non-insurance income was $594.9 million for the three months ended March 31, 2022. This revenue is attributable to the alignment of Original Medicare beneficiaries with our DCE, which was 172,416 at March 31, 2022.

Other income


Other income increased $0.4 million, or 38.3%, to $1.3 million for the three
months ended March 31, 2022, compared to the three months ended March 31, 2021.
The increase was due to higher net investment income and higher commission
income.

Net medical claims incurred


Net medical claims incurred increased $647.3 million, or 301.9%, to $861.7
million for the three months ended March 31, 2022, compared to the three months
ended March 31, 2021. The increase was primarily associated with net medical
claims attributable to our Non-Insurance Beneficiaries of $594.0 million for the
three months ended March 31, 2022, as compared to $0 for the three months ended
March 31, 2021, prior to the launch of the Direct Contracting program, and an
increase of $52.9 million in net medical claims attributable to our Insurance
members, which was primarily driven by an increase in Insurance Members.

Salaries and benefits


Salaries and benefits increased $3.1 million, or 4.6%, to $69.1 million for the
three months ended March 31, 2022, compared to the three months ended March 31,
2021. The increase was primarily driven by increased headcount, partially offset
by a $2.1 million decrease in stock-based compensation expense.

General and administrative expenses


General and administrative expenses increased $19.1 million, or 49.4%, to $57.7
million for the three months ended March 31, 2022, compared to the three months
ended March 31, 2021. The increase was driven in part by increases in legal and
other professional fees to support our growth and public company costs,
including costs associated with obtaining and maintaining directors' and
officers' liability insurance. Legal and professional fees increased $6.1
million for the three months ended March 31, 2022, compared to the three months
ended March 31, 2021. Residual commissions, which are attributable to members
retained by the Company from the previous plan year, increased by $4.1 million.
For the three months ended March 31, 2022, we recognized $11.8 million of
deferred acquisition costs related to the acquisition of new members, compared
to $1.8 million for the three months ended March 31, 2021. These increases were
offset by decreases in marketing material expenses of $1.1 million, broker
events expenses of $0.2 million, and research and development costs of $0.1
million.

Reserve benefit for insufficient premiums


A $27.7 million premium deficiency reserve benefit was recorded for the three
months ended March 31, 2022, associated with amortization of the reserve that
was deemed necessary as of the end of fiscal year 2021 for fiscal year 2022.
There was no premium deficiency reserve amortization for the three months ended
March 31, 2021, as there was no reserve recorded as of the end of fiscal year
2020 for fiscal year 2021.

Change in fair value of warrants payable


There was no change in fair value of warrants payable to report for the three
months ended March 31, 2022, as there were no warrants outstanding. There was a
decrease of $85.5 million for the three months ended March 31, 2021, due to the
mark-to-market adjustment of the Public Warrants and Private Placement Warrants
recognized for the three months ended March 31, 2021. For additional
information, see Note 5 (Fair Value Measurements) and Note 13 (Warrants Payable)
in our 2021 Form 10-K.

Interest Expense

Interest expense decreased $0.8 million, or 65.7%, to $0.4 million for the three
months ended March 31, 2022, compared to the three months ended March 31, 2021,
primarily related to the voluntary prepayment and termination of the remaining
principal and interest associated with our Term Loan Notes.

Amortization of tickets and discounts on titles


In 2021, all of our outstanding warrants were exercised or redeemed by us, and
we voluntarily prepaid and terminated the remaining principal and interest on
our Term Loans, thereby reducing the amortization of notes and securities
discounts to none for the three months ended March 31, 2022, as compared to
$13.7 million for the three months ended March 31, 2021.
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Gain on investment


In February 2022, one of our subsidiaries, Clover Therapeutics (Clover TX)
completed a private capital transaction in which it raised $17.9 million from
the issuance of 16,210,602 shares of its preferred stock. After evaluating our
ownership interest in Clover TX, we began applying the equity method of
accounting during the three months ended March 31, 2022, and recorded a gain on
investment of $12.4 million, which is attributable to our proportionate share of
the gain on equity of that entity.

Cash and capital resources


We manage our liquidity and financial position in the context of our overall
business strategy. We continually forecast and manage our cash, investments,
working capital balances, and capital structure to meet the short-term and
long-term obligations of our businesses while seeking to maintain liquidity and
financial flexibility.

As of March 31, 2022, we had cash, cash equivalents, and short-term investments
of $486.1 million. Additionally, as of March 31, 2022, we had $236.8 million of
available-for-sale and held-to-maturity investment securities, and an
outstanding balance of $22.4 million on convertible notes issued by Seek. Our
cash equivalents, short-term investments, and investment securities consist
primarily of money market funds and U.S. government debt securities.

Since inception, we have financed our operations primarily from the proceeds we
received through public and private sales of equity securities, funds received
in connection with the Business Combination, issuances of convertible notes,
premiums earned under our MA plans, borrowings under our term loan facility and,
most recently, with our Non-Insurance revenues. We expect that our cash, cash
equivalents, short-term investments, and our current projections of cash flows,
taken together, will be sufficient to meet our projected operating and
regulatory requirements for the next 12 months based on our current plans. Our
future capital requirements will depend on many factors, including our needs to
support our business growth, to respond to business opportunities, challenges or
unforeseen circumstances, or for other reasons. We may be required to seek
additional equity or debt financing to provide the capital required to maintain
or expand our operations. Any future equity financing may be dilutive to our
existing investors, and any future debt financing may include debt service
requirements and financial and other restrictive covenants that may constrain
our operations and growth strategies. In the event that additional financing is
required from outside sources, we may not be able to raise it on terms
acceptable to us, or at all. If we are unable to raise additional capital when
desired, our business, results of operations, and financial condition would be
adversely affected.

We operate as a holding company in a highly regulated industry. As such, we may
receive dividends and administrative expense reimbursements from our
subsidiaries, two of which are subject to regulatory restrictions. We continue
to maintain significant levels of aggregate excess statutory capital and surplus
in our state-regulated insurance subsidiaries. Cash, cash equivalents, and
short-term investments at the parent company, Clover Health Investments, Corp.,
were $241.9 million and $350.9 million as of March 31, 2022, and December 31,
2021, respectively. This decrease at the parent company primarily reflects
operating expenses and capital contributions made to our regulated insurance
subsidiaries. Our unregulated subsidiaries held $97.2 million and $52.2 million
of cash, cash equivalents, and short-term investments as of March 31, 2022, and
December 31, 2021, respectively. Our regulated insurance subsidiaries held
$147.0 million and $190.7 million of cash, cash equivalents, and short-term
investments as of March 31, 2022, and December 31, 2021, respectively.
Additionally, our regulated insurance subsidiaries held $134.2 million and
$118.0 million of available-for-sale and held-to-maturity investment securities
as of March 31, 2022, and December 31, 2021, respectively. Our use of operating
cash derived from our unregulated subsidiaries is generally not restricted by
departments of insurance (or comparable state regulatory agencies). Our
regulated insurance subsidiaries have not paid dividends to the parent, and
applicable insurance laws restrict the ability of our regulated insurance
subsidiary to declare and pay dividends to the parent. Insurance regulators have
broad powers to prevent reduction of statutory surplus to inadequate levels, and
there is no assurance that dividends of the maximum amounts calculated under any
applicable formula would be permitted. State insurance regulatory authorities
that have jurisdiction over the payment of dividends by our regulated insurance
subsidiary may in the future adopt statutory provisions more restrictive than
those currently in effect.

For a detailed discussion of our regulatory requirements, including aggregate
statutory capital and surplus as well as dividends paid from the subsidiaries to
the parent, please refer to Notes 24, 25, and 26 in our 2021 Form 10-K.
                                       35
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Cash flow

The following table summarizes our condensed consolidated cash flows for the three months ended March 31, 2022 and 2021.


Three Months Ended March 31,                             2022           

2021

                                                            (in thousands)
Cash Flows Data:
Net cash used in operating activities                 $ (57,042)     $ 

(92,869)

Net cash provided by (used in) investing activities      36,513       (257,476)
Net cash (used in) provided by financing activities      (5,608)       662,504
(Decrease) increase in cash and cash equivalents        (26,137)       312,159



Cash Requirements

Our cash requirements within the next twelve months include medical claims
payable, accounts payable and accrued liabilities, current liabilities, purchase
commitments, and other obligations. We expect the cash required to meet these
obligations to be primarily generated through cash flows from current operations
and cash available for general corporate use.

Operational activities


Our largest source of operating cash flows is capitated payments from CMS. Our
primary uses of cash from operating activities are payments for medical benefits
and payments of operating expenses.

For the three months ended March 31, 2022, net cash used in operating activities
was $57.0 million, which reflects net loss of $75.3 million. Non-cash activities
included a $40.6 million charge to stock-based compensation expense, $27.7
million amortization of the 2022 premium deficiency reserve, and a $12.4 million
gain on investment related to the change in the equity structure of Clover TX.
Payments due to CMS related to our Non-Insurance operations increased by $43.2
million. Change in our working capital included an increase in unpaid claims of
$25.3 million.

For the three months ended March 31, 2021, net cash used in operating activities
was $92.9 million, which reflects a net loss of $48.4 million. Non-cash
activities primarily consisted of a $85.5 million gain as a result of the change
in fair value of warrants payable and $42.7 million of stock-based compensation
expense.

Investing Activities

Net cash used in investing activities for the three months ended March 31, 2022,
of $36.5 million was primarily due to $113.1 million used to purchase investment
securities, offset by $150.0 million provided from the sale and maturity of
investment securities.

Net cash provided by investing activities for the three months ended March 31,
2021, of $257.5 million was primarily due to $274.9 million used to purchase
investment securities, partially offset by $17.5 million provided from the sale
and maturity of investment securities.

For more information on our investing activities, please refer to Note 3 (Investment security) to our condensed consolidated financial statements included in this Form 10-Q.

Fundraising activities


Net cash used in financing activities for the three months ended March 31, 2022,
of $5.6 million was primarily the result of the acquisition of $5.9 million in
treasury stock.

Net cash provided by financing activities for the three months ended March 31,
2021, of $662.5 million was the result of $666.2 million in proceeds from the
reverse capitalization in connection with the Business Combination, net of
transaction costs, and $1.3 million in proceeds from the issuance of common
stock, offset by $5.0 million in principal payments on our outstanding Term Loan
Notes.

Financing Arrangements

No material changes have been made to our funding arrangements
March 31, 2022compared to those disclosed in our 2021 Form 10-K.

                                       36
--------------------------------------------------------------------------------

Contractual obligations and commitments

We believe that funds from future operating cash flows, treasury and investments will be sufficient for future operations and commitments, as well as capital acquisitions and other strategic transactions, for at least the next 12 month.


Material cash requirements from known contractual obligations and commitments as
of March 31, 2022 include: (1) the recognition of a performance guarantee of
$1,780.3 million in connection with the Company's participation in the DC Model,
(2) operating lease obligations of $7.4 million, and (3) the outstanding
principal balance related to the convertible note entered into by Seek, our
indirect wholly-owned subsidiary, on September 25, 2020, for an aggregate
principal amount of $20.0 million. These commitments are associated with
contracts that were enforceable and legally binding as of March 31, 2022, and
that specified all significant terms, including fixed or minimum serves to be
used, fixed, minimum, or variable price provisions, and the approximate timing
of the actions under the contracts. There were no other material cash
requirements from known contractual obligations and commitments. For additional
information regarding our remaining estimated contractual obligations and
commitments, see Note 8 (Notes and Securities Payable), Note 15 (Commitments and
Contingencies), and Note 16 (Non-Insurance) to Financial Statements in this
report, and Note 16 (Leases) in the 2021 Form 10-K.

Indemnification agreements


In the ordinary course of business, we enter into agreements, with various
parties (providers, vendors, consultants, etc.), of varying scope and terms
pursuant to which we may agree to defend, indemnify, and hold harmless the other
parties from any claim, demand, loss, lawsuit, settlement, judgment, fine, or
other liability, and all related expenses which may accrue there from (including
reasonable attorney's fees), arising from or in connection with third party
claims, including, but not limited to, negligence, recklessness, willful
misconduct, fraud, or otherwise wrongful act or omission with respect to our
obligations under the applicable Agreement.

Off-balance sheet arrangements


We do not have any off-balance sheet arrangements, as defined by applicable
regulations of the SEC, that are reasonably likely to have a current or future
material effect on our financial condition, results of operations, liquidity,
capital expenditures, or capital resources.

Critical Accounting Policies and Estimation


We believe that the accounting policies and estimates involve a significant
degree of judgment and complexity. There have been no significant changes in our
critical accounting policies and estimates during the three months ended
March 31, 2022, as compared to the critical accounting policies and estimates
disclosed in the section titled "Management's Discussion and Analysis of
Financial Condition and Results of Operations" included in the 2021 Form 10-K.

For recently adopted accounting pronouncements, see Note 2 (Summary of Significant Accounting Policies) to the financial statements of this Form 10-Q.

Recently issued and adopted accounting pronouncements


See Note 2 (Summary of Significant Accounting Policies) to the Financial
Statements in this report for a discussion of accounting pronouncements recently
adopted and recently issued accounting pronouncements not yet adopted and their
potential impact to our financial statements.

© Edgar Online, source Previews

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disease management, dietary care, quality of life and more https://athenasite.net/disease-management-dietary-care-quality-of-life-and-more/ Sat, 07 May 2022 15:39:22 +0000 https://athenasite.net/disease-management-dietary-care-quality-of-life-and-more/ ADD A SUBJECT TO EMAIL ALERTS Receive an email when new articles are published on Please provide your email address to receive an email when new articles are published on . ” data-action=subscribe> Subscribe We have not been able to process your request. Please try again later. If you continue to have this problem, please […]]]>

We have not been able to process your request. Please try again later. If you continue to have this problem, please contact customerservice@slackinc.com.

May is Celiac Disease Awareness Month, and the Celiac Disease Foundation – along with members of the celiac community – have dedicated the month to raising awareness and funds for critical illness research and prevention efforts. advocacy.

Celiac disease is a chronic autoimmune digestive disease that damages small intestinal villi and interferes with nutrient absorption. It affects 1% of the US population and, if left untreated, can lead to debilitating complications including bowel cancer, diabetes, malnutrition, infertility and even death.

Celiac Disease Awareness Month

Although much is known about the development of the disease and its effects on the body, questions remain about screening, diagnosis and patient care.

In support of Celiac Disease Awareness Month, Healio has compiled eight recent reports that include updates on dietary care, disease management strategies, patient quality of life and more.

Microbiome status unrelated to current celiac disease activity, severity

According to data published in Clinical and translational gastroenterology.

“Celiac disease (CD) investigations have postulated a role for the gut microbiome in multiple aspects of disease development and progression,” Yael R. Nobel, MD, a fellow in gastroenterology and hepatology at Columbia University Irving Medical Center in New York, and his colleagues wrote. “Certain taxa, including Bifidobacterium and Clostridian species such as Faecalibacterium prausnitzii, have a decrease in abundance in patients with active CD or treated CD compared to controls. ” Read more.

A low-FODMAP diet improves gastrointestinal symptoms in patients with celiac disease

According to one study, a short-term, moderately low-FODMAP diet, in addition to a strict gluten-free diet, significantly reduced gastrointestinal symptoms and improved disease-specific health in celiac patients.

“There are no recommendations or guidelines for patients with [celiac disease (CeD)] in remission with persistent symptoms, but dietary interventions, in addition to a gluten-free diet, may be a treatment option for persistent IBS-like symptoms in CeD,” Frida van Megen, a doctoral researcher in the Department of Clinical Services at Oslo University Hospital Rikshospitalet in Norway, and his colleagues wrote in Clinical gastroenterology and hepatology. Read more.

Group education improves symptom management and quality of life in celiac disease

According to research published in BMC Gastroenterology.

“Complete elimination of gluten from the diet is the only treatment available. [for celiac disease]. Failure to adhere to a gluten-free diet (GFD) results in reduced quality of life and worsening of symptoms. However, strict adherence to this diet can be difficult,” Zahra Akbari Namvar, from the Tabriz University of Medical Sciences, and his colleagues wrote. “Individual education from an expert dietitian is the usual management for these patients. … Group education is another method of nutrition education. This method provides more detailed information and support from other patients who suffer from the same disease and promotes discussion of patient issues. ” Read more.

Entering the “Age of Enlightenment” with a New Generation of Celiac Disease Leaders

I’ve been involved with celiac disease for over 30 years, and for a long time it was what I call an orphan disease, with less than a handful of expatriate scholars taking an interest in it.

The irony is that in the 1960s there was great interest in celiac disease in academic gastroenterology, with GI giants publishing about celiac disease before it spread through the desert. A renaissance of interest was born in the 90s and turned into what I call the “Age of Enlightenment”, where celiac disease is not only considered a major gastrointestinal disease, but also as an excellent example of autoimmune disease. It’s getting a lot more attention as a model disease in which we can manipulate the immune system. Read more.

In silico models could identify celiac disease biomarkers

Using in silico models is an effective method for identifying celiac disease biomarkers, according to a presentation at the annual meeting of the North American Society for Pediatric Gastroenterology, Hepatology & Nutrition.

“We found that metabolic modeling can provide a functional link to RNA-seq data,” Isabelle Aldridge, an undergraduate research assistant at the Gastroenterology Data Science Laboratory at the University of Virginia in Charlottesville, said during the presentation. “We have demonstrated the value of this in silico method to identify disease biomarkers and drug targets that will bring us closer to precision medicine in celiac disease.” Read more.

Caring for patients with celiac disease is “a marathon, not a sprint”

If left untreated, celiac disease can lead to a plethora of complications including malnutrition, weakened bones, infertility and miscarriages, nervous system problems and more.

“It’s a really fascinating disease because it’s one of the few diseases that can be treated by strictly removing a particular type of food from the diet,” Lisa M. Fahey, MD, attending physician and co-director of the Celiac Center at Children’s Hospital of Philadelphia, said. Read more.

VIDEO: Brain fog, very common neurocognitive symptoms in celiac disease

In this exclusive video, Alice Bast and Jessica Edwards George, Ph.D., discuss how brain fog and other neurocognitive symptoms affect patients with celiac disease.

“Brain fog doesn’t get as much attention from researchers as gastrointestinal symptoms,” said Bast, CEO of Beyond Celiac, which collaborated with researchers at Northeastern University to help fund a survey of of 1,400 patients with celiac disease or non-celiac gluten sensitivity. Read more.

ZED1227 prevents increased mucosal damage in celiac disease

According to a study published in The New England Journal of Medicine.

“The only treatment available for celiac disease is lifelong adherence to a strict gluten-free diet, a diet that is difficult to maintain. … Additionally, many patients with celiac disease report having persistent symptoms despite adherence to the gluten-free diet. Thus, there is an unmet medical need for an effective treatment adjunct to a strict gluten-free diet,” Detlef Schuppan, MD, PhD, from Johannes Gutenberg University, and his colleagues wrote. “ZED1227 inhibits transglutaminase 2 with high specificity and prevents the formation of deamidated gluten and, presumably, the initial steps of gluten-induced T-cell activation. Our Phase 1 clinical studies…did not show any adverse drug-related effects or signs of drug toxicity. Read more.

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New research shows promise in managing ADHD symptoms in children – SheKnows https://athenasite.net/new-research-shows-promise-in-managing-adhd-symptoms-in-children-sheknows/ Fri, 06 May 2022 13:40:00 +0000 https://athenasite.net/new-research-shows-promise-in-managing-adhd-symptoms-in-children-sheknows/ I think my eldest son accidentally left his manual in my womb the day he popped in 16 years ago. Because since that day – even though I had three more children after him – I feel like a complete and total novice in parenting. As if I was groping around in a dark room, […]]]>

I think my eldest son accidentally left his manual in my womb the day he popped in 16 years ago. Because since that day – even though I had three more children after him – I feel like a complete and total novice in parenting. As if I was groping around in a dark room, fumbling for a switch that would suddenly brighten the situation.

Related story

Exclusive: Holly Robinson Peete is at her peak


Of course, the ADHD diagnosis he received when he was in second grade didn’t help. Until then, we had struggled to find a solution that worked for him, but came up empty-handed. The kid was brilliant; he was tested gifted in kindergarten, and his teacher that year even gave me a private email from the guidance counselor that said they would need to make “special concessions” to accommodate its accelerated pace. But then the notes started coming home. Tirelessly.

He doesn’t follow the proceduresthey said. He does not stay in his place. He keeps talking to other students. He acts very stupidly. He had a tough day today. It seemed like everyone, every day, from the class teacher to the music teacher to the lunchroom monitor, had something negative to say about his behavior. He wasn’t belligerent or aggressive or anything – but he was considered a nuisance, which absolutely broke my heart.

“That’s what he was doing when he was supposed to do his worksheet,” his kindergarten teacher once told me at an impromptu school reunion, and handed me the worksheet… with a strange cut-out band. Then she handed me the cut strip; glue dried on each end, I could tell it was meant to be a bracelet. One side said “FOR MOM”, and the other side said “I LOVE YOU MOM”. I want to cry. My baby.

He was still at a separate desk to improve his concentration, still in the hallway, still at another lunch table, still in a failed attempt to keep him quiet and in line. It was meant to “minimize distractions”…although at its core it felt personal. Very naturally, he hated being so ostracized all the time – but his father and I were completely lost. Someone was dropping the ball when it came to this poor kid, but was it us? Was it his school?

When you are the parent of a child like this, you feel helpless. You know your child can be fickle and boring, and you don’t blame the teachers for being pissed off having to deal with that and a class of other students. But at the same time, you feel outraged on behalf of your child, who clearly can’t help it and is hurting.

School staff didn’t see the sweet, patient big brother my son was at home, nor his hyper-focus as he intently watched YouTube documentaries on everything from parasitic wasp larvae to functioning inner vocal cords. They only saw the kid who didn’t finish his worksheets or stay in his chair. It felt like they were missing a crucial part of who he was, the exact thing that could have changed the way he was treated at school. I knew my child wasn’t a “bad seed,” but it seemed no one else was.

Eventually, we had him evaluated for ADHD, and he received a clear diagnosis. We put him on medication, which helped tremendously for a while, and I even wondered why we hadn’t tried it sooner. But as he got older and his dosage needs changed, he started to develop side effects and we decided to take him off the meds in fifth grade. Then we were back to square one because non-medicated ADHD doesn’t do well in the classroom.

To be clear: ADHD medications have been a godsend for a long time. Even despite my son’s less than ideal experience later on, I have no regrets. I know making the decision to take drugs is one of the hardest because there is such an unfair stigma attached to “drugging your child”. (Insert all eye rolls here.) But if your child is struggling, know that there is absolutely nothing wrong with going this route!

However, if you’re on the fence – or if you’re in the same boat as me and still don’t go for the meds but want to Something to help your child manage their ADHD, there is a study described in the most recent Journal of the American Academy of Child and Adolescent Psychiatry (JAACAP) which has shown promising results: Vitamin and mineral supplementation has been shown to help relieve ADHD symptoms.

In the triple-blind study — meaning neither parents, children, nor clinicians knew who was receiving treatment and who was receiving a placebo — 135 children with non-medicated ADHD were given micronutrient or placebo for eight weeks. The micronutrient capsule contained all known essential vitamins and minerals. At the end of the eight-week study, the nutrient-treated group showed three more time improvement in their ADHD symptoms (54% versus 18% in the placebo group). The results of this study seem to confirm similar findings from a 2019 study conducted in New Zealand, which is also exciting.

“Supplementation with all known essential vitamins and minerals, at doses between the recommended daily allowance and the tolerable upper limit, may improve mood and concentration in children with ADHD and emotional dysregulation,” said lead author Jeanette Johnstone, Ph.D., assistant professor, Department of Child and Adolescent Psychiatry, Oregon Health and Science University and Helfgott Research Institute, National University of natural medicine, said in a press release. “These findings may offer guidance to physicians and families seeking integrative treatments for their children with ADHD and related emotional dysregulation.”

Not only did the research uncover behavioral and emotional benefits for children with ADHD, but also surprising physical benefits: the micronutrient group grew six millimeters taller than the placebo group. “The growth finding, also a replication of the previous micronutrient study in children, is particularly encouraging, as height suppression is a concern with first-line ADHD medications,” noted the Dr Johnstone.

For parents who are at their wit’s end – and ADHD kids who are frustrated and misunderstood – the idea of ​​being able to manage symptoms with a simple, well-tolerated treatment is very exciting news. Of course, further testing is needed to refine Why this treatment seems to be effective, and no treatment works 100% of the time. But sometimes, when things seem hopeless, something like this is a bit like finding that ever-elusive switch: Could this be it?

In the meantime, until science comes up with an ADHD treatment that works with pinpoint accuracy, we’re going to stock up on multivitamins and cling to hope. We will continue to repeat instructions such as “put on your shoes” and try not to be frustrated when, 10 minutes later, our child still shows up barefoot with a book in one hand and a sock in the other. We will present the school grades and be their advocates in endless teacher meetings, and we will know in our hearts that their ADHD symptoms should never define the wonderful, amazing children they are.

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GLADSTONE COMMERCIAL CORP Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q) https://athenasite.net/gladstone-commercial-corp-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ Wed, 04 May 2022 20:05:18 +0000 https://athenasite.net/gladstone-commercial-corp-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ All statements contained herein, other than historical facts, may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may relate to, among other things, future events or our future performance […]]]>
All statements contained herein, other than historical facts, may constitute
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). These statements may relate to, among other
things, future events or our future performance or financial condition. In some
cases, you can identify forward-looking statements by terminology such as "may,"
"might," "believe," "will," "provided," "anticipate," "future," "could,"
"growth," "plan," "intend," "expect," "should," "would," "if," "seek,"
"possible," "potential," "likely" or the negative of such terms or comparable
terminology. These forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our business, financial
condition, liquidity, results of operations, funds from operations or prospects
to be materially different from any future business, financial condition,
liquidity, results of operations, funds from operations or prospects expressed
or implied by such forward-looking statements. For further information about
these and other factors that could affect our future results, please see the
captions titled "Forward-Looking Statements" and "Risk Factors" in this report
and in our Annual Report on Form 10-K for the year ended December 31, 2021. We
caution readers not to place undue reliance on any such forward-looking
statements, which are made pursuant to the Private Securities Litigation Reform
Act of 1995 and, as such, speak only as of the date made. We undertake no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, after the date of
this Quarterly Report on Form 10-Q.

All references to “we”, “us”, “our” and the “Company” in this report mean
Gladstone Commercial Corporation and its consolidated subsidiaries, unless otherwise indicated or where the context indicates that the term refers only
Gladstone Commercial Corporation.

General


We are an externally-advised real estate investment trust ("REIT") that was
incorporated under the General Corporation Law of the State of Maryland on
February 14, 2003. We focus on acquiring, owning, and managing primarily office
and industrial properties. Our properties are geographically diversified and our
tenants cover a broad cross section of business sectors and range in size from
small to very large private and public companies, many of which are corporations
that do not have publicly-rated debt. We have historically entered into, and
intend in the future to enter into, purchase agreements primarily for real
estate having net leases with remaining terms of approximately seven to 15 years
and contractual rental rate increases. Under a net lease, the tenant is required
to pay most or all operating, maintenance, repair and insurance costs and real
estate taxes with respect to the leased property.

We actively communicate with buyout funds, real estate brokers and other third
parties to locate properties for potential acquisition or to provide mortgage
financing in an effort to build our portfolio. We target secondary growth
markets that possess favorable economic growth trends, diversified industries,
and growing population and employment.

All references to annualized rents under generally accepted accounting principles (“GAAP”) are rents that each tenant pays in accordance with the terms of their respective lease and reported evenly over the non-cancellable term of the lease.

From May 4, 2022:


•we owned 133 properties totaling 16.6 million square feet of rentable space,
located in 27 states;
•our occupancy rate was 97.2%;
•the weighted average remaining term of our mortgage debt was 3.7 years and the
weighted average interest rate was 4.11%; and
•the average remaining lease term of the portfolio was 7.1 years.

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Business Environment

Since the onset of the COVID-19 pandemic in March 2020, authorities throughout
the United States and the world have implemented at various time widespread
measures attempting to contain the spread and impact of COVID-19, such as travel
bans and restrictions, quarantines, the promotion of social distancing and
limitations on business activity. Generally, certain restrictive measures that
were implemented during certain periods of 2021 have been limited during the
first part of 2022, and the prevalence and scale of closures and operating
limitations are far less severe as compared to 2020. These measures and the
pandemic generally caused significant national and global economic disruption,
including disrupted business operations, such as those of certain of our
tenants, and continue to have an adverse effect on office demand for space in
the short term, at a minimum. Economic recovery in the United States and various
other regions of the world has continued but may be threatened by the continued
adverse effects of COVID-19 and other factors. The demand for industrial space
has continued due to the continuing growth of e-commerce and appears to be
partially counterbalancing the adverse effects of COVID-19 on the commercial
real estate industry. However, product delivery delays caused by supply chain
disruption, and the apparent labor shortage we are facing nationally, have
resulted in inflation and higher costs for both industrial and office
construction projects. Industrial absorption increased on a nominal basis in
2020, compared to 2019, according to research reports and continues to be strong
through the fourth quarter of 2021 averaging approximately 100 million square
feet of absorption each quarter. Construction activity for the industrial sector
remains strong as both third quarter and year end 2021 estimates have
approximately $500.0 million of properties under construction with over 30% of
that space pre-leased. Research reports also reflect that the office sector
experienced negative absorption for each of the first three quarters and only
approximately 10 million square feet of positive absorption in the fourth
quarter of 2021. Office space available for sublease has increased and is
placing downward pressure on office rental rates.

Interest rates remain volatile in response to competing concerns about
inflationary pressures and the spread and effect of COVID-19 variants and are
expected to increase. The yield on the 10 year US Treasury Note has increased
since the beginning of 2021, and finished 2021 at 1.51%, and has significantly
increased during the first quarter of 2022. After completing the 11th year of
the current cycle, some national research firms had been estimating that both
pricing and investment sales volume would be peaking and the national economy
would be slowing in the near term. Global recessionary conditions may occur over
the next 12-24 months in part by the COVID-19 pandemic and geopolitical
conditions, although the actual timeline, impact and duration are unknown. See
"Impact of COVID-19 on Our Business," below.

From a more macroeconomic perspective, there remain significant uncertainties associated with the COVID-19 pandemic, particularly regarding the continued impact of COVID-19 on businesses and economic activity.

Impact of COVID-19 on our business


The extent to which the COVID-19 pandemic and subsequent inflationary pressures
and supply chain disruption may impact our business, financial condition,
liquidity, results of operations, funds from operations or prospects will depend
on numerous evolving factors that we are not able to predict at this time,
including the impact on economic activity from the pandemic (such as the effect
on market rental rates and commercial real estate values) and actions taken in
response; the effect on our tenants and their businesses; the ability of our
tenants to make their rental payments; any closures of our tenants' properties;
and our ability to secure debt financing, service future debt obligations or pay
distributions to our stockholders. Any of these events could materially
adversely impact our business, financial condition, liquidity, results of
operations, funds from operations or prospects.

From May 4, 2022we have collected 100% of all outstanding rent collections for calendar year 2021 and the first quarter of 2022. In the past, we have received rent change requests from our tenants, and we may receive additional requests at the future.


We believe we currently have adequate liquidity in the near term, and we believe
the availability on our Credit Facility (defined in "Other Business Environment
Considerations" below) is sufficient to cover all near-term debt obligations and
operating expenses and to continue our industrial growth strategy. We are in
compliance with all of our debt covenants. We amended our Credit Facility in
2019 to increase our borrowing capacity and extend its maturity date. In
addition, on February 11, 2021, we added a new $65.0 million term loan
component. We have had numerous conversations with lenders, and credit continues
to be available for well capitalized borrowers. We continue to monitor our
portfolio and intend to maintain a reasonably conservative liquidity position
for the foreseeable future.

We will continue to actively monitor the situation and may take further actions
that alter our business operations as may be required by federal, state or local
authorities or that we determine are in the best interests of our personnel,
tenants and stockholders. While we are unable to determine or predict the
nature, duration or scope of the overall impact the COVID-19 pandemic, will have
on our business, financial condition, liquidity, results of operations, funds
from operations or prospects, we
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believe that it is important to share where we stand today, how our response to
COVID-19 is progressing and how our operations and financial condition may
change as the fight against COVID-19 continues.

Other business environment considerations


The short-term and long-term economic implications are unknown, in relation to
recent world events, including inflation, supply chain disruptions, labor
shortages, rapidly rising interest rates, the ongoing COVID-19 pandemic and
associated government response in addition to any subsequent shift in policy,
geopolitical conditions, new regulations or the long-term impact of social and
infrastructure spending and tax reform in the U.S. Finally, the continuing
uncertainty surrounding the ability of the federal government to address its
fiscal condition in both the near and long term, as well as other geopolitical
issues relating to the global economic slowdown has increased domestic and
global instability. These developments could cause interest rates and borrowing
costs to be volatile, which may adversely affect our ability to access both the
equity and debt markets and could have an adverse impact on our tenants as well.

All of our variable rate debt is based upon one-month London Interbank Offered
Rate ("LIBOR"), although LIBOR is currently anticipated to be phased out by June
2023. LIBOR is expected to transition to a new standard rate, Secured Overnight
Financing Rate ("SOFR"), which will incorporate repo data collected from
multiple data sets. The intent is to adjust the SOFR to minimize differences
between the interest that a borrower would be paying using LIBOR versus what it
will be paying using SOFR. We are currently monitoring the transition as SOFR
becomes the standard benchmark for variable rate debt. During the transition
further changes or reforms to the determination of supervision of LIBOR may
result in a sudden or prolonged increase or decrease in reported LIBOR, which
could have an adverse impact on the market for LIBOR-based debt, or the value of
our portfolio of LIBOR-indexed, floating-rate debt.

We continue to focus on re-leasing vacant space, renewing upcoming lease
expirations, re-financing upcoming loan maturities, and acquiring additional
properties with associated long-term leases. Currently, we have eight partially
vacant buildings and two fully vacant buildings.

Our available vacant space at March 31, 2022 represents 3.0% of our total square
footage and the annual carrying costs on the vacant space, including real estate
taxes and property operating expenses, are approximately $3.6 million. We
continue to actively seek new tenants for these properties.

We believe our lease expiration schedule for 2022 is quite manageable, as it
equates to 4.2% of our lease revenue and the expirations are due to occur at the
end of June, July, and October. Property acquisitions since the beginning of
2019 have totaled nearly $375.0 million and all transactions were industrial in
nature, with a weighted average lease term of 12.6 years and a current weighted
average lease term today of 10.6 years.

Our ability to make new investments is highly dependent upon our ability to
procure financing. Our principal sources of financing generally include the
issuance of equity securities, long-term mortgage loans secured by properties,
borrowings under our $100.0 million senior unsecured revolving credit facility
("Revolver"), with KeyBank National Association ("KeyBank"), which matures in
July 2023, our $160.0 million term loan facility ("Term Loan A"), which matures
in July 2024 and our $65.0 million term loan facility ("Term Loan B"), which
matures in February 2026. We refer to the Revolver, Term Loan A and Term Loan B
collectively herein as the Credit Facility. While lenders' credit standards have
tightened, we continue to look to national and regional banks, insurance
companies and non-bank lenders, in addition to the collateralized mortgage
backed securities market ("CMBS"), to issue mortgages to finance our real estate
activities.

Recent Developments

Acquisition Activity

In the three months ended March 31, 2022we acquired two industrial properties located in Wilkesboro, North Carolina and Oklahoma City, Oklahomawhich are summarized below (in thousands of dollars):

                                                                                                 Aggregate               Aggregate
                                         Weighted Average                                       Capitalized           Annualized GAAP
                                       Remaining Lease Term        Aggregate Purchase           Acquisition             Fixed Lease
   Aggregate Square Footage           at Time of Acquisition              Price                   Expenses               Payments
              136,000                       10.2 years             $         13,463          $           163          $        876



On May 4, 2022, we purchased a 260,719 square foot, two property portfolio in
Cleveland, Ohio and Fort Payne, Alabama, for $19.3 million. These properties are
fully leased to one tenant on a triple net basis with a remaining lease term of
11.4 years.

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Leasing Activity

During and after the completed three months March 31, 2022we signed four leases, which are summarized below (in thousands of dollars):


                                                                  Aggregate 

annualized

                                       Weighted Average             GAAP Fixed Lease           Aggregate Tenant           Aggregate Leasing
   Aggregate Square Footage          Remaining Lease Term               Payments                  Improvement                Commissions
             257,978                      10.6 years             $             2,856          $          3,771          $              963


On May 2, 2022we signed a lease for 29,505 square feet of vacant space in our Blaine, Minnesota ownership for 5.1 years, allowing the building to be fully occupied.

In the three months ended March 31, 2022we had a lease termination, which is detailed below (in thousands of dollars):

Global Accelerated Rent

                                                                                   Recognized through March 31,
Aggregate Square Footage Reduced                Aggregate Accelerated Rent                     2022
                     155,984                  $                     2,138          $                      356



Financing Activity

On April 22, 2022we have agreed with the lender to extend the due date of $7.6 million variable rate debt maturing in one year.


On April 27, 2022, we refinanced $14.8 million of fixed rate debt coming due on
May 1, 2022 with a new $15.0 million note, collateralized by two properties, at
a variable interest rate of SOFR plus 2.50%, subject to a 3.25% minimum, and a
two year term.

On May 4, 2022, we issued $10.0 million of fixed rate debt in connection with
the two property portfolio acquired on the same date, with a term of 5.0 years
and interest rate of 4.0%.

Equity Activities

Common Stock ATM Program

During the three months ended March 31, 2022, we sold 0.9 million shares of
common stock, raising $20.3 million in net proceeds under our At-the-Market
Equity Offering Sales Agreements (the "Common Stock Sales Agreement") with sales
agents Robert W. Baird & Co. Incorporated ("Baird"), Goldman Sachs & Co. LLC
("Goldman Sachs"), Stifel, Nicolaus & Company, Incorporated ("Stifel"), BTIG,
LLC, and Fifth Third Securities, Inc. ("Fifth Third"), On February 22, 2022, we
entered into Amendment No. 1 to our existing At-the-Market Equity Offering Sales
Agreement (the "Common Stock Sales Agreement"), with Baird, Goldman Sachs,
Stifel, BTIG, and Fifth Third (the "Common Stock Sales Agents"), dated December
3, 2019. The amendment permits shares of common stock to be issued pursuant to
the Common Stock Sales Agreement under the Company's Registration Statement on
Form S-3 (File No. 333-236143) and future registration statements on Form S-3
(the "Common Stock ATM Program"). As of March 31, 2022, we had remaining
capacity to sell up to $47.0 million of common stock pursuant to the Common
Stock ATM Program under the 2020 Universal Shelf (as defined below).

Universal Shelf Record Statements


On January 11, 2019, we filed a universal registration statement on Form S-3,
File No. 333-229209, and an amendment thereto on Form S-3/A on January 24, 2019
(collectively referred to as the "2019 Universal Shelf"). The 2019 Universal
Shelf allowed us to issue up to $500.0 million of securities and expired on
February 13, 2022.

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On January 29, 2020, we filed an additional universal registration statement on
Form S-3, File No. 333-236143 (the "2020 Universal Shelf"). The 2020 Universal
Shelf was declared effective on February 11, 2020 and, at the time, was in
addition to the 2019 Universal Shelf. The 2020 Universal Shelf allows us to
issue up to an additional $800.0 million of securities. Of the $800.0 million of
available capacity under our 2020 Universal Shelf, approximately $636.5 million
is reserved for the sale of our 6.00% Series F Cumulative Redeemable Preferred
Stock, par value $0.001 per share (the "Series F Preferred Stock") and
$63.0 million is reserved for our Common Stock ATM Program. As of March 31,
2022, we had the ability to issue up to $671.8 million of securities under the
2020 Universal Shelf.

Series F Preferred Stock

On February 20, 2020, we filed with the Maryland Department of Assessments and
Taxation Articles Supplementary (i) setting forth the rights, preferences and
terms of the Series F Preferred Stock and (ii) reclassifying and designating
26,000,000 shares of our authorized and unissued shares of Common Stock as
shares of Series F Preferred Stock. The reclassification decreased the number of
shares classified as common stock from 86,290,000 shares immediately prior to
the reclassification to 60,290,000 shares immediately after the
reclassification. We sold 62,883 shares of our Series F Preferred Stock, raising
$1.4 million in net proceeds during the three months ended March 31, 2022. As of
March 31, 2022, we had remaining capacity to sell up to $624.3 million of Series
F Preferred Stock.

Non-controlling interest in Operational partnership

From March 31, 2022 and December 31, 2021we owned approximately 99.3% and 99.3%, respectively, of the outstanding operating partnership units in the
Operational partnership (“OP Units”). In the three months ended March 31, 2022we repurchased 246,039 OP Units for an equivalent amount of ordinary shares.

From March 31, 2022 and December 31, 2021there were 256,994 and 256,994 OP units outstanding held by holders who do not control the Operational partnership (“Non-Controlling PO Unitholders”), respectively.

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Diversity of Our Portfolio

Gladstone Management Corporation, a Delaware corporation (our "Adviser"), seeks
to diversify our portfolio to avoid dependence on any one particular tenant,
industry or geographic market. By diversifying our portfolio, our Adviser
intends to reduce the adverse effect on our portfolio of a single
under-performing investment or a downturn in any particular industry or
geographic market. For the three months ended March 31, 2022, our largest tenant
comprised only 4.4% of total lease revenue. The table below reflects the
breakdown of our total lease revenue by tenant industry classification for the
three months ended March 31, 2022 and 2021 (dollars in thousands):

                                                                                        For the three months ended March 31,
                                                                              2022                                             2021
                                                                Lease           Percentage of Lease                                Percentage of Lease
Industry Classification                                        Revenue                Revenue                Lease Revenue               Revenue
Telecommunications                                           $   5,609                       15.8  %       $        5,586                       16.0  %
Automotive                                                       4,636                       13.0                   2,721                        7.8
Diversified/Conglomerate Services                                4,537                       12.8                   4,690                       13.5
Healthcare                                                       3,984                       11.2                   4,248                       12.3
Diversified/Conglomerate Manufacturing                           2,626                        7.4                   1,998                        5.8
Banking                                                          2,608                        7.3                   2,543                        7.3
Buildings and Real Estate                                        2,338                        6.6                   2,343                        6.8
Personal, Food & Miscellaneous Services                          1,548                        4.4                   2,475                        7.1
Beverage, Food & Tobacco                                         1,381                        3.9                   1,477                        4.3
Chemicals, Plastics & Rubber                                     1,205                        3.4                   1,088                        3.1
Information Technology                                           1,045                        2.9                   1,652                        4.8
Machinery                                                          976                        2.7                     991                        2.9
Containers, Packaging & Glass                                      869                        2.4                     593                        1.7
Personal & Non-Durable Consumer Products                           859                        2.4                     617                        1.8
Childcare                                                          573                        1.6                     573                        1.7
Printing & Publishing                                              229                        0.6                     348                        1.0
Education                                                          204                        0.6                     201                        0.6
Electronics                                                        181                        0.5                     412                        1.2
Home & Office Furnishings                                          123                        0.5                     121                        0.3
Total                                                        $  35,531                      100.0  %       $       34,677                      100.0  %


The tables below reflect the breakdown of total rental revenue by state for the three months ended March 31, 2022 and 2021 (in thousands of dollars):

                          Lease Revenue                                  Number of          Lease Revenue                                  Number of
                          for the three                               Leases for the        for the three                               Leases for the
                          months ended                                 three months         months ended                                 three months
                            March 31,           Percentage of         ended March 31,         March 31,           Percentage of         ended March 31,
State                         2022              Lease Revenue              2022                 2021              Lease Revenue              2021
Texas                     $    5,167                    14.5  %                14           $    4,130                    11.9  %                13
Florida                        4,236                    11.9                    9                4,223                    12.2                   11
Pennsylvania                   3,733                    10.5                   10                3,821                    11.0                   10
Ohio                           3,585                    10.1                   15                3,760                    10.8                   16
Georgia                        2,908                     8.2                   10                2,669                     7.7                    9
North Carolina                 1,887                     5.3                    9                1,850                     5.3                    7
Michigan                       1,609                     4.5                    6                1,573                     4.5                    6
Alabama                        1,556                     4.4                    5                1,585                     4.6                    5
South Carolina                 1,393                     3.9                    2                1,202                     3.5                    2
Utah                           1,322                     3.7                    3                1,891                     5.5                    4
All Other States               8,135                    23.0                   49                7,973                    23.0                   46
Total                     $   35,531                   100.0  %               132           $   34,677                   100.0  %               129



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Our Adviser and Administrator

Our Adviser is led by a management team with extensive experience purchasing
real estate and originating mortgage loans. Our Adviser and Gladstone
Administration, LLC, a Delaware limited liability company (our "Administrator")
are controlled by Mr. David Gladstone, who is also our chairman and chief
executive officer. Mr. Gladstone also serves as the chairman and chief executive
officer of both our Adviser and Administrator, as well as president and chief
investment officer of our Adviser. Mr. Terry Lee Brubaker, our vice chairman and
chief operating officer, is also the vice chairman and chief operating officer
of our Adviser and Administrator and assistant secretary of our Adviser.
Mr. Robert Cutlip, our co-president, also serves as executive vice president of
commercial and industrial real estate of our Adviser. Our Administrator employs
our chief financial officer, treasurer, chief compliance officer, general
counsel and secretary, Michael LiCalsi (who also serves as our Administrator's
president, general counsel, and secretary, as well as executive vice president
of administration of our Adviser) and their respective staffs.

Our Adviser and Administrator also provide investment advisory and
administrative services, respectively, to certain of our affiliates, including,
but not limited to, Gladstone Capital Corporation and Gladstone Investment
Corporation, both publicly-traded business development companies, as well as
Gladstone Land Corporation, a publicly-traded REIT that primarily invests in
farmland. With the exception of Mr. Gary Gerson, our chief financial officer,
Mr. Jay Beckhorn, our treasurer, and Messrs. Robert Cutlip and Arthur "Buzz"
Cooper, our co-presidents, all of our executive officers and all of our
directors serve as either directors or executive officers, or both, of Gladstone
Capital Corporation and Gladstone Investment Corporation. In addition, with the
exception of Mr. Cutlip, Mr. Cooper and Mr. Gerson, all of our executive
officers and all of our directors, serve as either directors or executive
officers, or both, of Gladstone Land Corporation. Mr. Cutlip, Mr. Cooper and Mr.
Gerson do not put forth any material efforts in assisting affiliated companies.
In the future, our Adviser may provide investment advisory services to other
companies, both public and private.

Consulting and administration agreements


We are externally managed pursuant to contractual arrangements with our Adviser
and our Administrator, which collectively employ all of our personnel and pay
their salaries, benefits and other general expenses directly. Both our Adviser
and Administrator are affiliates of ours, as their parent company is owned and
controlled by Mr. David Gladstone, our chairman and chief executive officer. We
have entered into an advisory agreement with our Adviser, as amended from time
to time (the "Advisory Agreement"), and an administration agreement with our
Administrator (the "Administration Agreement"). The services and fees under the
Advisory Agreement and Administration Agreement are described below.

Under the terms of the Advisory Agreement, we are responsible for all expenses
incurred for our direct benefit. Examples of these expenses include legal,
accounting, interest, directors' and officers' insurance, stock transfer
services, stockholder-related fees, consulting and related fees. In addition, we
are also responsible for all fees charged by third parties that are directly
related to our business, which include real estate brokerage fees, mortgage
placement fees, lease-up fees and transaction structuring fees (although we may
be able to pass all or some of such fees on to our tenants and borrowers). Our
entrance into the Advisory Agreement and each amendment thereto has been
approved unanimously by our Board of Directors. Our Board of Directors reviews
and considers renewing the agreement with our Adviser each July. During its July
2021 meeting, our Board of Directors reviewed and renewed the Advisory Agreement
and Administration Agreement for an additional year, through August 31, 2022.

Basic management fees


On July 14, 2020, we amended and restated the previous Advisory Agreement by
entering into the Sixth Amended and Restated Investment Advisory Agreement
between us and the Adviser (the "Sixth Amended Advisory Agreement"). The Sixth
Amended Advisory Agreement replaced the previous calculation of the base
management fee with a calculation based on Gross Tangible Real Estate. The
revised base management fee will be payable quarterly in arrears and calculated
at an annual rate of 0.425% (0.10625% per quarter) of the prior calendar
quarter's "Gross Tangible Real Estate," defined in the Sixth Amended Advisory
Agreement as the current gross value of our property portfolio (meaning the
aggregate of each property's original acquisition price plus the cost of any
subsequent capital improvements thereon). The calculation of the other fees in
the Amended Agreement remain unchanged.

Our Adviser does not charge acquisition or disposition fees when we acquire or
dispose of properties as is common in other externally managed REITs; however,
our Adviser may earn fee income from our borrowers, tenants or other sources.

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Incentive Fee

Pursuant to the Advisory Agreement, the calculation of the incentive fee rewards
the Adviser in circumstances where our quarterly Core FFO (defined at the end of
this paragraph), before giving effect to any incentive fee, or pre-incentive fee
Core FFO, exceeds 2.0% quarterly, or 8.0% annualized, of adjusted total
stockholders' equity (after giving effect to the base management fee but before
giving effect to the incentive fee). We refer to this as the hurdle rate. The
Adviser will receive 15.0% of the amount of our pre-incentive fee Core FFO that
exceeds the hurdle rate. However, in no event shall the incentive fee for a
particular quarter exceed by 15.0% (the cap) the average quarterly incentive fee
paid by us for the previous four quarters (excluding quarters for which no
incentive fee was paid). Core FFO (as defined in the Advisory Agreement) is GAAP
net income (loss) available to common stockholders, excluding the incentive fee,
depreciation and amortization, any realized and unrealized gains, losses or
other non-cash items recorded in net income (loss) available to common
stockholders for the period, and one-time events pursuant to changes in GAAP.

Capital gain charges


Under the Advisory Agreement, we will pay to the Adviser a capital gain-based
incentive fee that will be calculated and payable in arrears as of the end of
each fiscal year (or upon termination of the Advisory Agreement). In determining
the capital gain fee, we will calculate aggregate realized capital gains and
aggregate realized capital losses for the applicable time period. For this
purpose, aggregate realized capital gains and losses, if any, equals the
realized gain or loss calculated by the difference between the sales price of
the property, less any costs to sell the property and the current gross value of
the property (equal to the property's original acquisition price plus any
subsequent non-reimbursed capital improvements) of the disposed property. At the
end of the fiscal year, if this number is positive, then the capital gain fee
payable for such time period shall equal 15.0% of such amount. No capital gain
fee was recognized during the three months ended March 31, 2022 or 2021.

Termination Fee


The Advisory Agreement includes a termination fee clause whereby, in the event
of our termination of the agreement without cause (with 120 days' prior written
notice and the vote of at least two-thirds of our independent directors), a
termination fee would be payable to the Adviser equal to two times the sum of
the average annual base management fee and incentive fee earned by the Adviser
during the 24-month period prior to such termination. A termination fee is also
payable if the Adviser terminates the agreement after the Company has defaulted
and applicable cure periods have expired. The agreement may also be terminated
for cause by us (with 30 days' prior written notice and the vote of at least
two-thirds of our independent directors), with no termination fee payable. Cause
is defined in the agreement to include if the Adviser breaches any material
provisions of the agreement, the bankruptcy or insolvency of the Adviser,
dissolution of the Adviser and fraud or misappropriation of funds.

Administration Agreement


Under the terms of the Administration Agreement, we pay separately for our
allocable portion of our Administrator's overhead expenses in performing its
obligations to us including, but not limited to, rent and our allocable portion
of the salaries and benefits expenses of our Administrator's employees,
including, but not limited to, our chief financial officer, treasurer, chief
compliance officer, general counsel and secretary (who also serves as our
Administrator's president, general counsel and secretary), and their respective
staffs. Our allocable portion of the Administrator's expenses are generally
derived by multiplying our Administrator's total expenses by the appropriate
percentage of time the Administrator's employees perform services for us in
relation to their time spent performing services for all companies serviced by
our Administrator under contractual agreements.

Significant Accounting Policies and Estimates


The preparation of our financial statements in accordance with GAAP requires
management to make judgments that are subjective in nature to make certain
estimates and assumptions. Application of these accounting policies involves the
exercise of judgment regarding the use of assumptions as to future
uncertainties, and as a result, actual results could materially differ from
these estimates. A summary of all of our significant accounting policies is
provided in Note 1 to our consolidated financial statements in our Annual Report
on Form 10-K for the year ended December 31, 2021, filed by us with the U.S.
Securities and Exchange Commission (the "SEC") on February 15, 2022 (our "2021
Form 10-K"). There were no material changes to our critical accounting policies
or estimates during the three months ended March 31, 2022.

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Results of Operations

The weighted average yield on our total portfolio, which was 7.4% and 8.1% as of
March 31, 2022 and 2021, respectively, is calculated by taking the annualized
straight-line rents plus operating expense recoveries, reflected as lease
revenue on our condensed consolidated statements of operations and other
comprehensive income, less property operating expenses, of each acquisition
since inception, as a percentage of the acquisition cost plus subsequent capital
improvements. The weighted average yield does not account for the interest
expense incurred on the mortgages placed on our properties.

A comparison of our operating results for the three months ended March 31, 2022
and 2021 is below (in thousands of dollars, except per share amounts):

                                                                        For 

the three months have ended March, 31st,

                                                        2022                 2021             $ Change              % Change
Operating revenues
Lease revenue                                     $      35,531          $  34,677          $     854                       2.5  %
Total operating revenues                          $      35,531          $  34,677          $     854                       2.5  %
Operating expenses
Depreciation and amortization                     $      14,689          $  16,710          $  (2,021)                    (12.1) %
Property operating expenses                               6,623              6,561                 62                       0.9  %
Base management fee                                       1,547              1,444                103                       7.1  %
Incentive fee                                             1,340              1,236                104                       8.4  %
Administration fee                                          462                297                165                      55.6  %
General and administrative                                  997                656                341                      52.0  %

Total operating expenses                          $      25,658          $  26,904          $  (1,246)                     (4.6) %
Other (expense) income
Interest expense                                  $      (6,586)         $  (7,164)         $     578                      (8.1) %
Loss on sale of real estate, net                              -               (882)               882                    (100.0) %
Other income                                                104                311               (207)                    (66.6) %
Total other expense, net                          $      (6,482)         $  (7,735)         $   1,253                     (16.2) %
Net income                                        $       3,391          $      38          $   3,353                   8,823.7  %
Distributions attributable to Series D, E,
F, and G preferred stock                                 (2,946)            (2,847)               (99)                      3.5  %

Distributions attributable to senior common
stock                                                      (116)              (187)                71                     (38.0) %
Loss on extinguishment of Series F
preferred stock                                              (5)                 -                 (5)                    100.0  %
Net income (loss) available (attributable)
to common stockholders and Non-controlling
OP Unitholders                                    $         324          $  (2,996)         $   3,320                    (110.8) %
Net income (loss) available (attributable)
to common stockholders and Non-controlling
OP Unitholders per weighted average share
and unit - basic & diluted                        $        0.01          $   (0.08)         $    0.09                    (112.5) %

FFO available to ordinary shareholders and holders of non-controlling OP units – basic (1) $15,013 $14,596 $417

                       2.9  %
FFO available to common stockholders and
Non-controlling OP Unitholders - diluted
(1)                                               $      15,129          $  14,783          $     346                       2.3  %

FFO per weighted average share of common
stock and Non-controlling OP Units - basic
(1)                                               $        0.39          $    0.40          $   (0.01)                     (2.5) %
FFO per weighted average share of common
stock and Non-controlling OP Units -
diluted (1)                                       $        0.39          $    0.40          $   (0.01)                     (2.5) %


(1)Refer to the "Funds from Operations" section below within the Management's
Discussion and Analysis section for the definition of FFO and FFO adjusted for
comparability.

Same Store Analysis

For the purposes of the following discussion, same store properties are
properties we owned as of January 1, 2021, which have not been subsequently
vacated, or disposed of. Acquired and disposed of properties are properties
which were acquired, disposed of or classified as held for sale at any point
subsequent to December 31, 2020. Properties with vacancy are properties that
were fully vacant or had greater than 5.0% vacancy, based on square footage, at
any point subsequent to January 1, 2021.

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Operating Revenues

                                                                    For the three months ended March 31,
                                                                           (Dollars in Thousands)
Lease Revenues                                      2022                 2021             $ Change               % Change
Same Store Properties                         $      29,258          $  30,163          $     (905)                    (3.0) %
Acquired & Disposed Properties                        1,842                528               1,314                    248.9  %
Properties with Vacancy                               4,431              3,986                 445                     11.2  %

                                              $      35,531          $  34,677          $      854                      2.5  %



Lease revenues consist of rental income and operating expense recoveries earned
from our tenants. Lease revenues from same store properties decreased for the
three months ended March 31, 2022, primarily due to accelerated rent recognized
during the three months ended March 31, 2021 from two tenants that terminated
their leases early, partially offset by increased rent from lease amendments
executed subsequent to March 31, 2021. We fully re-leased the space from the two
terminations with no downtime. Lease revenues increased for acquired and
disposed of properties for the three months ended March 31, 2022, as compared to
the three months ended March 31, 2021, because we acquired 12 properties
subsequent to March 31, 2021. This increase was partially offset by a loss of
lease revenues from one property we sold subsequent to March 31, 2021. Lease
revenues increased for our properties with vacancy for the three months ended
March 31, 2022 due to vacant space being leased.

Functionnary costs


Depreciation and amortization decreased for the three months ended March 31,
2022, as compared to the three months ended March 31, 2021, due to accelerated
depreciation and amortization related to two tenants with early lease
terminations during the three months ended March 31, 2021, partially offset by
an increase in depreciation on the 12 properties we acquired subsequent to
March 31, 2021.

                                                                    For the three months ended March 31,
                                                                           (Dollars in Thousands)
Property Operating Expenses                         2022                 2021             $ Change               % Change
Same Store Properties                         $       4,451          $   4,312          $      139                      3.2  %
Acquired & Disposed Properties                           19                146                (127)                   (87.0) %
Properties with Vacancy                               2,153              2,103                  50                      2.4  %

                                              $       6,623          $   6,561          $       62                      0.9  %



Property operating expenses consist of franchise taxes, property management
fees, insurance, ground lease payments, property maintenance and repair expenses
paid on behalf of certain of our properties. The increase in property operating
expenses for same store properties for the three months ended March 31, 2022,
from the comparable 2021 period, is a result of our tenants having more
employees on site during the three months ended March 31, 2022 due to fewer
COVID-19 restrictions in most states in the U.S. The decrease in property
operating expenses for acquired and disposed of properties for the three months
ended March 31, 2022, as compared to the three months ended March 31, 2021, is
primarily a result of our sale of two fully vacant properties during the three
months ended March 31, 2021. The increase in property operating expenses for
properties with vacancy for the three months ended March 31, 2022, as compared
to the three months ended March 31, 2021, is a result of our tenants having more
employees on site during the three months ended March 31, 2022, from the
comparable 2021 period due to fewer COVID-19 restrictions in most states in the
U.S.

The base management fee paid to the Adviser increased for the three months ended
March 31, 2022, as compared to the three months ended March 31, 2021, due to an
increase in Gross Tangible Real Estate over the three months ended March 31,
2022 as compared to the increase in Gross Tangible Real Estate during the three
months ended March 31, 2021. The calculation of the base management fee is
described in detail above in "Advisory and Administration Agreements."

The incentive fee paid to the Adviser increased for the three months ended
March 31, 2022, as compared to the three months ended March 31, 2021, due to a
higher pre-incentive fee Core FFO. The increase in Core FFO is a result of an
increase in operating revenues, coupled with a decrease in interest expense. The
calculation of the incentive fee is described in detail above in "Advisory and
Administration Agreements."

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The administration fee paid to the Administrator increased for the three months
ended March 31, 2022, as compared to the three months ended March 31, 2021, due
to our Administrator incurring greater costs that are allocated to us. The
calculation of the administration fee is described in detail above in "Advisory
and Administration Agreements."

General and administrative expenses increased for the quarter ended
March 31, 2022compared to the three months ended March 31, 2021mainly due to an increase in legal costs.

Other income and expenses


Interest expense decreased for the three months ended March 31, 2022, as
compared to the three months ended March 31, 2021. This decrease was primarily a
result of costs incurred to repay outstanding mortgage debt during the three
months ended March 31, 2021, partially offset by an increase in interest expense
on our Credit Facility due to higher outstanding balances.

We did not sell any properties during the three months ended March 31, 2022, and
as a result, incurred no gain or loss. Loss on sale of real estate, net, for the
three months ended March 31, 2021, is attributable to two non-core office assets
located in Rancho Cordova, California and Champaign, Illinois, being sold during
the period.

Other income decreased for the three months ended March 31, 2022, as compared to
the three months ended March 31, 2021, primarily due to a cancelled sale fee we
earned during the three months ended March 31, 2021.

Net income (loss) available (attributable) to common shareholders and holders of non-controlling PO units


Net income available to common stockholders and Non-controlling OP Unitholders
increased for the three months ended March 31, 2022, as compared to the three
months ended March 31, 2021, primarily due to the increase in operating revenues
due to asset acquisition activity during and subsequent to March 31, 2021,
coupled with a decrease in interest expense due to costs incurred to repay
outstanding mortgage debt during the three months ended March 31, 2021.

Cash and capital resources

Insight


Our sources of liquidity include cash flows from operations, cash and cash
equivalents, borrowings under our Credit Facility and issuing additional equity
securities. Our available liquidity as of March 31, 2022, was $35.2 million,
consisting of approximately $9.6 million in cash and cash equivalents and
available borrowing capacity of $25.6 million under our Credit Facility. Our
available borrowing capacity under the Credit Facility decreased to $21.7
million as of May 4, 2022.

Future capital needs


We actively seek conservative investments that are likely to produce income to
pay distributions to our stockholders. We intend to use the proceeds received
from future equity raised and debt capital borrowed to continue to invest in
industrial and office real property, make mortgage loans, or pay down
outstanding borrowings under our Revolver. Accordingly, to ensure that we are
able to effectively execute our business strategy, we routinely review our
liquidity requirements and continually evaluate all potential sources of
liquidity. Our short-term liquidity needs include proceeds necessary to fund our
distributions to stockholders, pay the debt service costs on our existing
long-term mortgages, refinancing maturing debt and fund our current operating
costs. Our long-term liquidity needs include proceeds necessary to grow and
maintain our portfolio of investments.

We believe that our available liquidity is sufficient to fund our distributions
to stockholders, pay the debt service costs on our existing long-term mortgages
and fund our current operating costs in the near term. We also believe we will
be able to refinance our mortgage debt as it matures. Additionally, to satisfy
our short-term obligations, we may request credits to our management fees that
are issued from our Adviser, although our Adviser is under no obligation to
provide any such credits, either in whole or in part. We further believe that
our cash flow from operations coupled with the financing capital available to us
in the future are sufficient to fund our long-term liquidity needs.

Equity


During the three months ended March 31, 2022, we raised net proceeds of $20.3
million of common equity under our Common Stock ATM Program at a net weighted
average per share price of $21.51. We used these proceeds to fund acquisitions,
pay down outstanding debt and for other general corporate purposes. We did not
sell any of our Series E Preferred Stock under our
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Series E Preferred Stock Sales Agreement during the three months ended March 31,
2022. We raised net proceeds of $1.4 million from sales of our Series F
Preferred Stock during the three months ended March 31, 2022.

As of May 4, 2022, we had the ability to raise up to $669.3 million of
additional equity capital through the sale and issuance of securities that are
registered under the 2020 Universal Shelf, in one or more future public
offerings. Of the $669.3 million of available capacity under our 2020 Universal
Shelf, approximately $45.0 million is reserved for additional sales under our
Common Stock ATM Program, and approximately $623.8 million is reserved for the
sale of our Series F Preferred Stock as of May 4, 2022. We expect to continue to
use our Common Stock ATM Program as a source of liquidity for the remainder of
2022.

Debt Capital

As of March 31, 2022, we had 52 mortgage notes payable in the aggregate
principal amount of $449.4 million, collateralized by a total of 67 properties
with a remaining weighted average maturity of 3.7 years. The weighted-average
interest rate on the mortgage notes payable as of March 31, 2022 was 4.19%.

We continue to see banks and non-bank lenders willing to issue mortgages. Therefore, we focus on obtaining mortgages through regional banks, non-bank lenders and the CMBS market.


As of March 31, 2022, we had mortgage debt in the aggregate principal amount of
$101.7 million payable during the remainder of 2022 and $72.7 million payable
during 2023. The 2022 principal amount payable includes both amortizing
principal payments and nine balloon principal payments due during the remaining
nine months of 2022. We anticipate being able to refinance our mortgages that
come due during 2022 and 2023 with a combination of new mortgage debt,
availability under our Credit Facility and the issuance of additional equity
securities. In addition, we have raised substantial equity under our
at-the-market programs and plan to continue to use these programs.

Operational activities


Net cash provided by operating activities during the three months ended
March 31, 2022, was $17.2 million, as compared to net cash provided by operating
activities of $16.9 million for the three months ended March 31, 2021. This
change was primarily a result of an increase in operating revenues from our 12
property acquisitions completed subsequent to March 31, 2021, coupled with a
decrease in interest expense, partially offset by an increase in general and
administrative expenses due to higher legal costs. The majority of cash from
operating activities is generated from the lease revenues that we receive from
our tenants. We utilize this cash to fund our property-level operating expenses
and use the excess cash primarily for debt and interest payments on our mortgage
notes payable, interest payments on our Credit Facility, distributions to our
stockholders, management fees to our Adviser, Administration fees to our
Administrator and other entity-level operating expenses.

Investing activities


Net cash used in investing activities during the three months ended March 31,
2022, was $17.6 million, which primarily consisted of two property acquisitions,
coupled with capital improvements performed at certain of our properties. Net
cash used in investing activities during the three months ended March 31, 2021,
was $6.5 million, which primarily consisted of one property acquisition, coupled
with capital improvements performed at certain of our properties, partially
offset by proceeds from the sale of two properties.

Fundraising activities


Net cash provided in financing activities during the three months ended
March 31, 2022, was $1.9 million, which primarily consisted of the issuance of
$22.2 million of common and preferred equity, partially offset by the repayment
of $3.5 million of outstanding mortgage debt, and distributions paid to common,
senior common and preferred shareholders. Net cash used in financing activities
for the three months ended March 31, 2021, was $11.8 million, which primarily
consisted of $7.5 million of mortgage principal repayments, and distributions
paid to common, senior common and preferred shareholders, partially offset by
$5.5 million in new mortgage borrowings coupled with the issuance of $11.5
million of equity.

Credit facility


On July 2, 2019, we amended, extended and upsized our Credit Facility, expanding
Term Loan A from $75.0 million to $160.0 million, and increasing our Revolver
from $85.0 million to $100.0 million. Term Loan A has a maturity date of July 2,
2024, and the Revolver has a maturity date of July 2, 2023. The interest rate
for the Credit Facility is equal to LIBOR plus a spread
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ranging from 125 to 215 basis points depending on our leverage. We entered into
multiple interest rate cap agreements on Term Loan A, which cap LIBOR ranging
from 2.50% to 2.75%, to hedge our exposure to variable interest rates. The bank
syndicate is comprised of KeyBank, Fifth Third Bank, U.S. Bank National
Association, The Huntington National Bank, Goldman Sachs Bank USA, and Wells
Fargo Bank, National Association.

On February 11, 2021, we added Term Loan B, a new $65.0 million term loan
component to our Credit Facility. Term Loan B has a maturity date of
February 11, 2026 and a LIBOR floor of 25 basis points plus a spread ranging
from 140 to 225 basis points depending on our leverage. We entered into multiple
interest rate cap agreements on Term Loan B, which cap LIBOR from 1.50% to
1.75%. We incurred fees of approximately $0.5 million in connection with issuing
Term Loan B. As of March 31, 2022, there was $65.0 million outstanding under
Term Loan B, and we used all net proceeds to repay all outstanding borrowings on
the Revolver.

As of March 31, 2022, there was $259.6 million outstanding under our Credit
Facility at a weighted average interest rate of approximately 2.35% and $20.5
million outstanding under letters of credit at a weighted average interest rate
of 1.90%. As of May 4, 2022, the maximum additional amount we could draw under
the Credit Facility was $21.7 million. We were in compliance with all covenants
under the Credit Facility as of March 31, 2022.

For more information on the impact of COVID-19 on our liquidity and capital resources, see Impact of COVID-19 on our business under Business environment.

Contractual obligations

The following table reflects our main contractual obligations as of
March 31, 2022 (in thousands):


                                                                               Payments Due by Period
Contractual Obligations                  Total             Less than 1 Year          1-3 Years          3-5 Years           More than 5 Years
Debt Obligations (1)                  $ 708,956          $         121,447 

$310,385 $164,437 $112,687 Interest on debt securities (2)

                                      75,199                     21,516             30,194             15,613                       7,876
Operating Lease Obligations (3)           9,152                        491                986                994                       6,681
Purchase Obligations (4)                  8,109                      4,337              3,772                  -                           -
                                      $ 801,416          $         147,791          $ 345,337          $ 181,044          $          127,244


(1)Debt obligations represent borrowings under our Revolver, which represents
$34.6 million of the debt obligation due in 2023, our Term Loan A, which
represents $160.0 million of the debt obligation due in 2024, our Term Loan B,
which represents $65.0 million of the debt obligation due in 2026 and mortgage
notes payable that were outstanding as of March 31, 2022. This figure does not
include $(0.1) million of premiums and (discounts), net and $3.5 million of
deferred financing costs, net, which are reflected in mortgage notes payable,
net and borrowings under Term Loan, net on the condensed consolidated balance
sheets.
(2)Interest on debt obligations includes estimated interest on borrowings under
our Revolver and Term Loan and mortgage notes payable. The balance and interest
rate on our Revolver and Term Loan A and Term Loan B is variable; thus, the
interest payment obligation calculated for purposes of this table was based upon
rates and balances as of March 31, 2022.
(3)Operating lease obligations represent the ground lease payments due on four
of our properties.
(4)Purchase obligations consist of tenant and capital improvements at 12 of our
properties.

Off-balance sheet arrangements

We had no significant off-balance sheet arrangements at March 31, 2022.

Funds from operations


The National Association of Real Estate Investment Trusts ("NAREIT") developed
Funds from Operations ("FFO") as a relevant non-GAAP supplemental measure of
operating performance of an equity REIT to recognize that income-producing real
estate historically has not depreciated on the same basis determined under GAAP.
FFO, as defined by NAREIT, is net income (computed in accordance with GAAP),
excluding gains or losses from sales of property and impairment losses on
property, plus depreciation and amortization of real estate assets, and after
adjustments for unconsolidated partnerships and joint ventures.

FFO does not represent cash flows from operating activities in accordance with
GAAP, which, unlike FFO, generally reflects all cash effects of transactions and
other events in the determination of net income. FFO should not be considered an
alternative
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to net income as an indication of our performance or to cash flows from
operations as a measure of liquidity or ability to make distributions.
Comparison of FFO, using the NAREIT definition, to similarly titled measures for
other REITs may not necessarily be meaningful due to possible differences in the
application of the NAREIT definition used by such REITs.

FFO available to common stockholders is FFO adjusted to subtract distributions
made to holders of preferred stock and senior common stock. We believe that net
income available to common stockholders is the most directly comparable GAAP
measure to FFO available to common stockholders.

Basic funds from operations per share ("Basic FFO per share"), and diluted funds
from operations per share ("Diluted FFO per share"), is FFO available to common
stockholders divided by the number of weighted average shares of common stock
outstanding and FFO available to common stockholders divided by the number of
weighted average shares of common stock outstanding on a diluted basis,
respectively, during a period. We believe that FFO available to common
stockholders, Basic FFO per share and Diluted FFO per share are useful to
investors because they provide investors with a further context for evaluating
our FFO results in the same manner that investors use net income and earnings
per share ("EPS"), in evaluating net income available to common stockholders. In
addition, because most REITs provide FFO available to common stockholders, Basic
FFO and Diluted FFO per share information to the investment community, we
believe these are useful supplemental measures when comparing us to other REITs.
We believe that net income is the most directly comparable GAAP measure to FFO,
Basic EPS is the most directly comparable GAAP measure to Basic FFO per share,
and that Diluted EPS is the most directly comparable GAAP measure to Diluted FFO
per share.

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The following table provides a reconciliation of our FFO available to common
stockholders for the three months ended March 31, 2022 and 2021, respectively,
to the most directly comparable GAAP measure, net income available to common
stockholders, and a computation of basic and diluted FFO per weighted average
share of common stock:

                                                                   For the three months ended March 31,
                                                                  (Dollars in Thousands, Except for Per
                                                                              Share Amounts)
                                                                       2022                    2021

Calculation of basic FFO per ordinary share and net income of the OP without control

                                                      $         3,391          $           38

Less: distributions attributable to preferred and first common shares

                                                             (3,062)                 (3,034)

Less: Loss on extinguishment of Series F preferred stock                     (5)                      -

Net income (loss) available (attributable) to common shareholders and holders of non-controlling PO units

                 $           324          $       (2,996)
Adjustments:
Add: Real estate depreciation and amortization                  $        

14,689 $16,710


Add: Loss on sale of real estate, net                                         -                     882

FFO available to ordinary shareholders and non-controlling OP unitholders – basic

                                          $        15,013          $       14,596
Weighted average common shares outstanding - basic                   37,902,653              35,714,107
Weighted average Non-controlling OP Units outstanding                   256,994                 500,299
Total common shares and Non-controlling OP Units                     38,159,647              36,214,406

Basic FFO per share Weighted average common stock and non-controlling PO unit

                                         $          0.39          $         0.40
Calculation of diluted FFO per share of common stock and
Non-controlling OP Unit
Net income                                                      $         3,391          $           38

Less: distributions attributable to preferred and first common shares

                                                             (3,062)                 (3,034)

Less: Loss on extinguishment of Series F preferred stock                     (5)                      -

Net income (loss) available (attributable) to common shareholders and holders of non-controlling PO units

                 $           324          $       (2,996)
Adjustments:
Add: Real estate depreciation and amortization                  $        

14,689 $16,710

Add: revenue impact of assumed conversion of senior common stock

                                                                       116                     187
Add: Loss on sale of real estate, net                                         -                     882

FFO available to ordinary shareholders and non-controlling OP unitholders plus assumed conversions

                         $        15,129          $       14,783
Weighted average common shares outstanding - basic                   37,902,653              35,714,107
Weighted average Non-controlling OP Units outstanding                   256,994                 500,299
Effect of convertible senior common stock                               374,123                 592,156

Weighted Average Common Shares and Non-Controlling PO Units Outstanding – Diluted

                                          38,533,770              36,806,562

Diluted FFO per weighted average share of common stock and non-controlling share price

                                     $          

$0.39 0.40

Distributions declared per common share and non-controlling OP share

                                         $       0.37620          $      0.37545



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Contents

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Associate Director of Systems – Office of Enrollment Management Operations at University of Tennessee https://athenasite.net/associate-director-of-systems-office-of-enrollment-management-operations-at-university-of-tennessee/ Mon, 02 May 2022 15:23:07 +0000 https://athenasite.net/associate-director-of-systems-office-of-enrollment-management-operations-at-university-of-tennessee/ The Office of Enrollment Management Operations at the University of Tennessee, Knoxville, (UTK) invites applications and nominations for our Associate Director of Systems position. We are looking for candidates who can contribute significantly to the diversity and intercultural goals of the University. The university and the region UTK is the flagship land-granting university in the […]]]>

The Office of Enrollment Management Operations at the University of Tennessee, Knoxville, (UTK) invites applications and nominations for our Associate Director of Systems position. We are looking for candidates who can contribute significantly to the diversity and intercultural goals of the University.

The university and the region

UTK is the flagship land-granting university in the state. We are a 1 research university with 11 colleges and over 30,000 students. With new leadership at the system, university and college levels, UTK is poised for dramatic and positive change, focused on solving some of the boldest and most pressing issues facing our country and the world are facing today. The town of Knoxville is a hidden gem surrounded by eight beautiful lakes, with a beautiful and walkable downtown, a diverse music scene including internationally recognized festivals, active neighborhoods, unique restaurants and a solid offering of cultural activities and various outdoors. UTK is located a short drive from the Great Smoky Mountains, Atlanta, Nashville, Asheville, Charlotte, Louisville and Cincinnati. It is only a day’s drive from Memphis, Chicago and Washington DC Knoxville and surrounding counties have a population of over 850,000 people.

The division

The Enrollment Management (EM) Division includes over 170 full-time staff who serve our students through the following departments and functions: Undergraduate Admissions, International Recruitment, Transfer Center, One-Stop Student Services, Student Financial and Scholarships, University Registrar, EM Communications, and Research and Analysis. The Enrollment Management Office is committed to our vision, mission and values. We are passionate about fulfilling our mission of land-granting accessible education and making a life-changing impact through the student experience.

The position

The primary purpose of this position is to serve as the Technical Project Manager/Project Manager for the Enrollment Management (EM) Division, which includes Undergraduate Admissions, International Recruitment, Transfer Center, financial aid, the registrar, the one-stop shop, research and analysis of registrations, registration management. Communications, EM Operations and Office of the Vice-Rector. The role of this position is to oversee and maintain the division’s repository of software applications and integrations through best practices and the proper staffing and management of a technical team. This position is also responsible for planning and coordinating processes and activities related to the development, delivery and integration of software programs, applications and potential third-party solutions, as required, to meet business objectives. and the requirements of the division and the University as a whole. This position will oversee the configuration and security management of Banner, Argos, and OnBase systems, which are used campus-wide, and will use queries and SQL to assist with security/system maintenance and changes. access. This position should provide proven communication and problem solving skills to guide and assist the division on issues related to the design, development and deployment of critical information systems and software.

Training and experience required:

Bachelor’s degree in Commerce or Computer Science

• 3 years minimum of managerial experience

• 2 to 3 years of technical support experience in a large complex organization

• 2 to 3 years of experience in system administration in complex multi-module systems

Desired education and experience:

Master’s degree

• 5 years minimum of managerial experience

• 4 to 5 years of experience in technical support in a large university

Knowledge, skills and abilities required:

• Technical knowledge and expertise in Windows operating systems, Microsoft Office products, SharePoint, Internet Native Banner Security, relational databases, SQL query language, Oracle databases, system administration and project management.

• In-depth knowledge of the operations of the Registration Management and Operations Division of the Office of Information Technology; general knowledge of the functioning of the University.

• Strong leadership, planning, organizational and communication (written and verbal) and critical thinking skills.

• Ability to support various computer operating systems, imaging, word processing, spreadsheet and database software.

• Ability to audit software system accounts.

• Strong reporting skills to inform division managers to enable data-driven decisions.

• Ability to make client-focused decisions.

• Must be self-motivated and have the ability to research, plan, coordinate, make decisions, and implement divisional projects without assistance from the Associate Vice President of Enrollment Management Operations.

• Ability to interact and communicate with University leaders, department staff, vendors and consultants (soft skills).

• Ability to prioritize project objectives, create project task list, assign and manage all tasks.

• Ability to quickly identify, research and resolve issues as they arise.

• Ability to build and maintain relationships with leaders and staff within enrollment management, information technology office, and other campus departments.

• Ability to create and track useful KPIs for divisional projects and operations.

• Ability to create and implement customer-focused solutions in purchased software packages.

Preferred Knowledge, Skills and Abilities:

• Knowledge and experience of OnBase Imaging System, Argos Reporting System, RingCentral Phone Management Console and Internet Native Banner.

• Must be skilled in the art of advocacy to ensure EM’s voice is heard in University-wide projects.

• Ability to build relationships within the division and across campus to encourage collaboration and break down barriers.

• Ability to gain staff buy-in and trust

• Ability to explain projects at granular and holistic levels

For full consideration, applicants should submit a cover letter detailing their relevant experience along with a resume and the name, email address, and phone number of three to five professional references.

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What’s in City Press Sport: Safa’s big break-in; Tim Spirit: Player management is what our coaches lack https://athenasite.net/whats-in-city-press-sport-safas-big-break-in-tim-spirit-player-management-is-what-our-coaches-lack/ Sat, 30 Apr 2022 22:55:26 +0000 https://athenasite.net/whats-in-city-press-sport-safas-big-break-in-tim-spirit-player-management-is-what-our-coaches-lack/ Content from City Press Sport, May 1, 2022 COLUMNS Tim Spirit: Player management is what our coaches lack I will never forget the one time I had an interview with rising young cricket star Thami Tsolekile in the early 2000s. I had been to their cricket match at Wits University and after watching him run […]]]>

Content from City Press Sport, May 1, 2022

COLUMNS

Tim Spirit: Player management is what our coaches lack

I will never forget the one time I had an interview with rising young cricket star Thami Tsolekile in the early 2000s.

I had been to their cricket match at Wits University and after watching him run a few errands before he was knocked out, I wanted to catch him for a brief interview.

As a young journalist, I was delighted to speak to this youngster who was making waves in local cricket. But as I was about to approach him, I was held back by a referee who asked me to let the player “calm down” because he was not in a good state of mind after his dismissal.

Suspended judge: Referees finally have a grip

Over the years, I have noticed a deterioration in officiating standards.

I have noticed the questioning and sometimes violent contestation of referees’ decisions by teams, coaches, managers, spectators and, in some cases, the media. However, lately I have noticed a change for the better.

Side entry: SJN hearings look like missed opportunity after Smith verdict

If losing and having to pay the legal costs of arbitration over racism allegations against their former cricket manager Graeme Smith is anything to see, Cricket SA’s Social Justice and Nation Building (SJN) process begins to look like a missed opportunity.

STORIES

The great “robbery” of Safa

Cash-strapped Safa brazenly awarded his National Executive Committee members a staggering fee of R20.8 million.

The sun goes down for Jomo Cosmos

It was a long time coming and the sun finally set on Jomo Cosmos yesterday.

Dramatic turn in the preparation of the elections in Safa

In a move likely to shake tongues and spark a backlash in South African football, Safa’s presidential hopeful Ria Ledwaba could be disqualified from running in next month’s election.

What sets Downs apart from their PSL rivals?

Winning the league championship should no longer be seen as an achievement for Mamelodi Sundowns. But securing the DStv Premiership title with four games to spare reaffirmed Sundowns as a dominant force in domestic club football.

Budding Daveyton star earns cowboy stripes in Texas

Last weekend was a big one for USA-based South African soccer player Katlego Ntsabeleng. Daniel Mothowagae profiles little-known midfielder Daveyton in Ekurhuleni, who is making waves for FC Dallas in Major League Soccer

The phenomenon of PSL co-coaches

It’s not something entirely new in domestic professional club football, but there has recently been a spike in the trend of co-coaches in PSL. As it stands, the mighty Mamelodi Sundowns, Orlando Pirates and Kaizer Chiefs are all under tacticians who share the coaching title.

Agnes hopes coaching will change her life for good

This season’s Super League Hollywoodbets marked Mamelodi Sundowns Ladies assistant coach Agnes Nkosi’s first official campaign as a full-time tactician.

Relations between Saru and the EP continue to deteriorate as leaders clash

The fragile relationship between SA Rugby Union (Saru) and Eastern Province (EP) is further crumbling after Saru chairman Mark Alexander harshly reprimanded EP chairman Maasdorp Cannon at the annual meeting from Friday of the main council of the national governing body of rugby in Cape Town.

ASA’s goal is to do better for young female athletes

If there was a theme at the recently concluded SA Senior National Athletics Championships, it was that the kids – especially in women’s events – are coming.

Dambile is ready to fill Bolt’s giant shoes

When sporting goods maker Puma offered sponsorship of Sinesipho Dambile in 2020, it completed the company’s search for “the next big thing” and, in a way, put the sprinter in the shoes of his idol, Usain Bolt.


Deliver the

news you need

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No Time to Lose: We Need to Start Prioritizing Solid Waste Management in First Nations Communities https://athenasite.net/no-time-to-lose-we-need-to-start-prioritizing-solid-waste-management-in-first-nations-communities/ Thu, 28 Apr 2022 19:32:15 +0000 https://athenasite.net/no-time-to-lose-we-need-to-start-prioritizing-solid-waste-management-in-first-nations-communities/ Breadcrumb Links PMN Policy PMN News Author of the article: Content of the article THE CONVERSATION This article originally appeared on The Conversation, an independent, nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. —— Author: Anderson Assuah, Assistant Professor, Indigenous and Northern Studies, University College […]]]>

Content of the article

THE CONVERSATION

This article originally appeared on The Conversation, an independent, nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site.

——

Author: Anderson Assuah, Assistant Professor, Indigenous and Northern Studies, University College of the North

Last year, Harry Towtongie, the mayor of Rankin Inlet, Nunavut, lamented how toxic substances dumped from the community dump into the nearby ocean harmed local food sources. He said the landfill was full and overflowing and needed to be decommissioned before a new one was built, but financial support was not readily available.

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Content of the article

Many First Nations, Northern, and remote communities face similar challenges as they struggle to properly manage municipal solid waste (MSW). They also often don’t have access to waste diversion programs, such as recycling. Inadequate funding and infrastructure, lack of capacity, adverse weather conditions, small population size and socio-economic factors add to their woes, making waste management a daunting task. Burning and burying waste have therefore become common management practices in these remote communities.

Despite the enormous challenges communities have faced, recent research has revealed that some First Nations in Western Canada now have access to DSM infrastructure, offering them a potential way out of the waste management crisis. .

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Content of the article

As a researcher interested in solid waste management in Indigenous and northern communities, I believe these issues need to be prioritized in policy discourse, research and development to encourage sustained action that protects First Nations. against environmental damage and also protects the environment.

Challenges persist despite community action

Our research of 12 First Nations communities in Western Canada revealed that the majority of them have solid waste management infrastructure in their communities, including transfer stations and recycling depots, which had been missing for several years.

These facilities and the additional infrastructure have enabled many communities to pursue waste diversion programs. The Heiltsuk Nation, for example, has recycling, composting, and reuse programs, and all 12 communities offer garbage collection services to community members.

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Although data on community efforts is lacking, the communities we have worked with have attributed the success of their MDS management programs to community participation, free and regular residential curbside collections, and their ability to transport their waste collected to regional facilities.

Our research shows that communities have improved their MSD management systems that previously existed, but two communities still operated dumps or open pits, and only one community, Peguis First Nation, had a disposal site. artificial burial.

However, funding challenges remain for all communities and without regular and dedicated funding, programs cannot be sustained.

Extended Producer Responsibility Programs

Since the introduction of Extended Producer Responsibility (EPR) programs in Canada, which require producers to manage the end of life of products, provincial stewardship agencies collect and process products when their life cycle ends.

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Five of the 12 communities we worked with had signed up for stewardship programs for items such as beverage containers, used oil and electronics. Through these programs, they have received monetary compensation from stewardship organizations such as Multi-Material Stewardship Manitoba, Recycle BC and Alberta Recycling. However, this is not representative of many other First Nations communities, as there are approximately 379 First Nations in Western Canada.

A major challenge mentioned by participants was their inability to find stewardship organizations to work with. Reasons included organizations’ reluctance to work with remote and rural communities, lack of community capacity to comply with EPR program requirements – such as proper handling and storage of materials – and lack of dedicated staff to manage onerous administrative formalities.

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We found that provincial stewardship organizations do not discriminate against First Nations on paper and that some stewardship programs make an effort to work with First Nations. However, their mandates do not specify that they must work with First Nations, particularly those in remote and rural areas.

This is despite the fact that First Nations also pay environmental handling fees or container recycling fees on designated materials, which support stewardship programs.

A clear mandate for stewardship organizations to work directly with First Nations and other rural communities could be an important solution to bringing waste diversion to these communities.

The First Nations Solid Waste Management Initiative

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In 2016, the federal government committed $409 million over five years to directly address solid waste management in First Nations communities across the country.

The First Nations Waste Management Initiative (FNWMI) provided funding to eligible First Nations, organizations and groups to pursue solid waste management initiatives and develop programs for First Nations. Some of these activities and programs include community capacity building and training as well as waste awareness and education programs.

A recent evaluation of this initiative concluded that it was effective in meeting the waste management needs of First Nations while highlighting five areas for improvement.

He also identified two outstanding issues: gaps exist in the provision of adequate funding to support waste management systems, and access to funding may somewhat favor First Nations who are close to urban centers and are part of tribal councils.

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The evaluation highlighted the need to provide regular and sustained funding for the operation and maintenance of existing systems.

Look forward

First Nations have faced many challenges over the years when it comes to MSW management and there is no quick fix. There is no single solution.

Rather, sustainable and community-specific solutions must be developed. This requires federal and provincial governments, stewardship organizations and communities to commit to working together through policies and programs that work for First Nations.

The federal government must commit to funding First Nations each year, provinces must design waste diversion policies focused on First Nations, particularly those in remote areas, and stewardship agencies must develop diversion models sustainable waste with communities.

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This approach will help First Nations take control of decision-making and establish long-term MSW management plans and programs to improve current systems.

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Anderson Assuah does not work for, consult, own stock, or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond his academic appointment.

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This article is republished from The Conversation under a Creative Commons license. Disclosure information is available on the original site. Read the original article: https://theconversation.com/no-time-to-waste-we-need-to-start-priori https://theconversation.com/no-time-to-waste-we-need – start-pr

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Carla Hammonds Management Aids in Education | Wednesday’s wife https://athenasite.net/carla-hammonds-management-aids-in-education-wednesdays-wife/ Wed, 27 Apr 2022 08:00:00 +0000 https://athenasite.net/carla-hammonds-management-aids-in-education-wednesdays-wife/ Carla Hammonds returned to her alma mater college for a long career in higher education. The 45-year-old graduated from Central Hardin High School in 1994, then earned an associate’s degree from Elizabethtown Community and Technical College, then called Elizabethtown Community College. After graduating, Hammonds went to work for Knight’s Mechanical, where she worked for 12 […]]]>

Carla Hammonds returned to her alma mater college for a long career in higher education.

The 45-year-old graduated from Central Hardin High School in 1994, then earned an associate’s degree from Elizabethtown Community and Technical College, then called Elizabethtown Community College.

After graduating, Hammonds went to work for Knight’s Mechanical, where she worked for 12 years in accounting and human resources.

When she went on maternity leave, she learned that a senior administrative assistant position was open at the ECTC.

“It really piqued my interest, as I was also very interested in being in an environment where I could impact the education of students in our area,” she said.

Hammonds held this position for 12 years before taking on her current position as Facilities Manager and Project Coordinator. She has held this position for four years.

Since 2018, Hammonds has worked with college management, Kentucky Community and Technical College System officials, and the Kentucky Division of Engineering on a student center renovation project. Demolition is underway and the goal is for the facility to be completed in 2023.

The Student Center will house a food service operated by the Culinary Arts Department as well as the University Center which will provide office space for four-year University Transfer Partners. The partnership allows students to obtain a bachelor’s degree without leaving the region.

The building also includes an elevator, new restrooms, and new fire alarm and sprinkler systems.

Brent Holsclaw, operations manager for facilities management, called Hammonds “the go-to person” when something needs to be done with college facilities.

“She has the perfect personality, always patient and meticulous,” he said. “She has an incredible ability to build relationships and overcome any obstacles in her path.”

Its vision for the future of campuses is forward-thinking, Holsclaw said, adding that it prepares the ECTC to meet the needs of future students and the community.

“One of the best parts of my job is working with my colleagues to create innovative classrooms that support learning,” Hammonds said.

This helps students achieve their own educational goals, she said.

Many of the school’s buildings were built in the 1960s and 1970s, Hammonds said. Another of its goals is to ensure classrooms are 21st century with furniture and technology.

In addition to the work she does in the facilities, Hammonds enjoys working with colleagues and appreciates the value of teamwork among staff.

Sheila Musick, senior administrative assistant for facilities management, called Hammonds a body of knowledge and experience that comes in a small package.

“When I started here three and a half years ago, she helped me up and trained me on procedures here in college, while juggling a dozen campus projects,” said Musick. “Carla is a truly caring and helpful person who will drop everything and step in where and when needed without ever thinking about how it affects all of her other deadlines.”

Musick said Hammonds was a pleasure to work with ECTC.

Future goals for Hammonds’ work include the completion of the Glendale Training Centre, renovations to the Professional Technical Building, expansion of the Leitchfield campus and continued maintenance and upgrades of existing facilities across all campuses to support students, faculty and staff.

Becca Owsley can be reached at 270-505-1416 bowsley@thenewsenterprise.com.

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YouTube hires Amazon veteran Toni Reid as vice president of product management https://athenasite.net/youtube-hires-amazon-veteran-toni-reid-as-vice-president-of-product-management/ Mon, 25 Apr 2022 14:00:00 +0000 https://athenasite.net/youtube-hires-amazon-veteran-toni-reid-as-vice-president-of-product-management/ Toni Reid, after 24 years at Amazon, joins YouTube as VP of Product Management to lead the video platform’s emerging experiences and community team. In the role, she will oversee YouTube Shorts – the TikTok-like short form video format that YouTube has seen gain traction – as well as YouTube Gaming, live streaming and community […]]]>

Toni Reid, after 24 years at Amazon, joins YouTube as VP of Product Management to lead the video platform’s emerging experiences and community team.

In the role, she will oversee YouTube Shorts – the TikTok-like short form video format that YouTube has seen gain traction – as well as YouTube Gaming, live streaming and community products.

Reid, who begins Monday (April 25), reports to Neal Mohan, YouTube’s chief product officer. She succeeds Chris Jaffe, who after three years in the role took on a new role last month as YouTube’s chief design officer, continuing to report to Mohan.

Reid most recently served as Amazon’s vice president for the Alexa experience and Echo devices. In 2014, she was part of the team that launched voice assistant Alexa and smart speakers Echo. Reid is credited with establishing Alexa’s personality and extending Alexa to new countries. In previous roles at the e-commerce giant, she was responsible for launching display advertising for amazon.com, the Dash instant purchase device (since discontinued) and the entertainment news feature. x-ray on Amazon’s Prime Video.

“Toni brings an impressive track record of building high-level initiatives from the ground up, championing users, and building diverse, high-performing teams,” Mohan said in a statement to Variety. “We’re thrilled to have Toni join the team in their mission to make YouTube the best place for creators of all stripes and their fans around the world.”

Reid said she was “really drawn to YouTube’s mission to give everyone a voice and show them the world.”

“As a longtime advocate for consumers and underserved communities, I’m excited for the opportunity to create products for creators and viewers from different backgrounds,” Reid commented. “I’m really excited about this next chapter in my career, where I’ll be working with the YouTube team to tackle big challenges and help grow the creator economy.”

At YouTube, Reid will remain based in the Seattle area. Before joining Amazon in 1998, Reid worked at Microsoft as a recruiter. She holds a bachelor’s degree in anthropology from the University of North Texas.

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