Gladstone Commercial Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Gladstone Commercial Corp has submitted its annual 10-K filing for the fiscal year 2023, detailing financial performance and corporate structure.</b>

AI Summary

GLADSTONE COMMERCIAL CORP (GOODO) filed a Annual Report (10-K) with the SEC on February 21, 2024. Gladstone Commercial Corp filed its 10-K for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial data points from previous fiscal years (2020, 2021, 2022) are referenced. The company's principal business address is located at 1521 Westbranch Drive, Suite 100, McLean, VA 22102. The filing includes details on various series of preferred stock and common stock.

Why It Matters

For investors and stakeholders tracking GLADSTONE COMMERCIAL CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Gladstone Commercial Corp's financial health, operational performance, and strategic positioning for the fiscal year 2023, which is crucial for investors to assess the company's stability and growth prospects. The detailed financial data and disclosures within the 10-K are essential for investors and analysts to make informed decisions regarding the company's common and preferred stock, as well as its overall market valuation.

Risk Assessment

Risk Level: medium — GLADSTONE COMMERCIAL CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies. However, the specific financial performance and market conditions detailed within the report will determine the actual risk level for investors.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand the company's performance and potential risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-21 — Filing Date (Filed as of date)
• 2023-01-01 — Reporting Period Start (Fiscal year 2023 start date)
• 2023-12-31 — Reporting Period End (Fiscal year 2023 end date)

Key Players & Entities

• GLADSTONE COMMERCIAL CORP (company) — Filer name
• 1521 WESTBRANCH DRIVE (location) — Business address street 1
• SUITE 100 (location) — Business address street 2
• MCLEAN (location) — Business address city
• VA (location) — Business address state
• 22102 (location) — Business address zip
• MD (location) — State of incorporation

FAQ

Industry Context

Gladstone Commercial Corp operates in the real estate sector, specifically as a lessor of real property. This sector is influenced by economic conditions, interest rates, and tenant demand.

Regulatory Implications

The company is subject to SEC regulations governing public company filings, including the requirement to submit annual reports on Form 10-K.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, net income, and asset values.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into the company's performance and outlook.
3. Examine the risk factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2024-02-21: 10-K Filing — Filing of the annual report for the fiscal year ended December 31, 2023.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, superseding previous quarterly and annual reports with updated financial and operational information.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share GOOD The Nasdaq Stock Market
• $12.37 — ed on the closing price on that date of $12.37 on the Nasdaq Global Select Market, was
• $250.0 million — sale of an aggregate offering amount of $250.0 million of common stock. Investment Policies

Filing Documents

• good-20231231.htm (10-K) — 3544KB
• ex4612312023.htm (EX-4.6) — 87KB
• ex2112312023.htm (EX-21) — 29KB
• ex2312312023.htm (EX-23) — 3KB
• ex31112312023.htm (EX-31.1) — 8KB
• ex31212312023.htm (EX-31.2) — 8KB
• ex32112312023.htm (EX-32.1) — 4KB
• ex32212312023.htm (EX-32.2) — 4KB
• ex97112312023.htm (EX-97.1) — 42KB
• ex99112312023seriesfvaluat.htm (EX-99.1) — 3KB
• good-20231231_g1.jpg (GRAPHIC) — 94KB
• 0001234006-24-000003.txt (&nbsp;) — 16867KB
• good-20231231.xsd (EX-101.SCH) — 121KB
• good-20231231_cal.xml (EX-101.CAL) — 105KB
• good-20231231_def.xml (EX-101.DEF) — 584KB
• good-20231231_lab.xml (EX-101.LAB) — 1167KB
• good-20231231_pre.xml (EX-101.PRE) — 777KB
• good-20231231_htm.xml (XML) — 2943KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 35 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 52 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 53 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 92 Item 9A.

Controls and Procedures

Controls and Procedures. 93 Item 9B. Other Information. 93 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 93 PART III Item 10. Directors, Executive Officers and Corporate Governance. 93 Item 11.

Executive Compensation

Executive Compensation. 94 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 94 Item 13. Certain Relationships and Related Transactions, and Director Independence. 95 Item 14. Principal Accountant Fees and Services. 95 PART IV Item 15. Exhibits and Financial Statement Schedules. 95 Item 16. Form 10-K Summary. 98

SIGNATURES

SIGNATURES 98 3 Table of Contents

Forward-Looking Statements

Forward-Looking Statements Our disclosure and analysis in this Annual Report on Form 10-K (the "Form 10-K") and the documents that are incorporated by reference herein contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements involve inherent risks and uncertainties as they relate to expectations, beliefs, projections, future plans and strategies, anticipated events, or trends concerning matters that are not historical facts and may ultimately prove to be incorrect or false. Forward-looking statements include information about possible or assumed future events, including, without limitation, those relating to the discussion and analysis of our business, financial condition, results of operations, and our strategic plans and objectives. Words such as "may," "might," "believe," "will," "anticipate," "future," "could," "growth," "plan," "intend," "expect," "should," "would," "if," "seek," "possible," "potential," "likely" and variations of these words and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements contain these words. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those included within or contemplated by such statements, including, but not limited to, the description of risks and uncertainties in "Item 1A. Risk Factors" of this Form 10-K. Additional information regarding risk factors that may affect us is included in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Form 10-K, and readers of our Form 10-K should also read our SEC and other publicly filed documents for further discussion regarding su

Business

Item 1. Business. Overview Gladstone Commercial Corporation (which we refer to as "we," "us," or the "Company") was incorporated under the General Corporation Law of the State of Maryland on February 14, 2003. We have elected to be taxed as a REIT for federal income tax purposes. We focus on acquiring, owning, and managing primarily industrial and office properties. Our shares of common stock, par value $0.001 per share, 6.625% Series E Cumulative Redeemable Preferred Stock, par value $0.001 per share ("Series E Preferred Stock"), and 6.00% Series G Cumulative Redeemable Preferred Stock, par value $0.001 per share ("Series G Preferred Stock"), trade on the Nasdaq Global Select Market ("Nasdaq") under the trading symbols "GOOD," "GOODN" and "GOODO," respectively. Our senior common stock, par value $0.001 per share ("Senior Common Stock") and our 6.00% Series F Cumulative Redeemable Preferred Stock, par value $0.001 per share ("Series F Preferred Stock"), are not listed or traded on any exchange or automated quotation system. 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 for real estate having net leases with terms of approximately seven to 15 years with built-in 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 gro

View Full Filing

View this 10-K filing on SEC EDGAR