Gladstone Commercial Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Gladstone Commercial Corp filed its Q1 2024 10-Q, detailing financial performance and operational status.</b>

AI Summary

GLADSTONE COMMERCIAL CORP (GOODO) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Gladstone Commercial Corp filed a 10-Q report for the quarter ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business is owning and operating a portfolio of commercial real estate. The report details financial information and operational updates for the specified quarter. Gladstone Commercial Corp is incorporated in Maryland.

Why It Matters

For investors and stakeholders tracking GLADSTONE COMMERCIAL CORP, this filing contains several important signals. This 10-Q provides investors with the latest financial statements and management's discussion of results for the first quarter of 2024, crucial for assessing the company's current financial health and strategic direction. Understanding the details within this filing is important for evaluating Gladstone Commercial Corp's real estate portfolio performance, debt levels, and any new developments impacting its operations and future outlook.

Risk Assessment

Risk Level: medium — GLADSTONE COMMERCIAL CORP shows moderate risk based on this filing. The company operates in the commercial real estate sector, which is subject to market fluctuations, interest rate changes, and tenant default risks, as detailed in typical 10-Q filings.

Analyst Insight

Investors should review the financial statements and risk factors in this 10-Q to assess the company's performance and potential risks in the current economic environment.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-06 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)
• 020681276 — IRS Number (IRS number)

Key Players & Entities

• GLADSTONE COMMERCIAL CORP (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-06 (date) — Filed as of date
• MD (state) — State of incorporation
• 1521 WESTBRANCH DRIVE (address) — Business address street 1
• MCLEAN (city) — Business address city
• VA (state) — Business address state
• 22102 (zip_code) — Business address zip

FAQ

Industry Context

Gladstone Commercial Corporation operates as a real estate investment trust (REIT) focused on acquiring and owning net leased commercial properties.

Regulatory Implications

As a publicly traded company, Gladstone Commercial Corp is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Review the detailed financial statements for the quarter ended March 31, 2024.
2. Analyze management's discussion and analysis (MD&A) for insights into operational performance and strategic initiatives.
3. Examine any disclosed risk factors and their potential impact on the company's future performance.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, following previous filings which would include annual reports (10-K) and potentially other quarterly reports.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share GOOD The Nasdaq Stock Market

Filing Documents

• good-20240331.htm (10-Q) — 1330KB
• ex3113312024.htm (EX-31.1) — 8KB
• ex3123312024.htm (EX-31.2) — 8KB
• ex3213312024.htm (EX-32.1) — 4KB
• ex3223312024.htm (EX-32.2) — 4KB
• ex9913312024seriesfvaluati.htm (EX-99.1) — 3KB
• 0001234006-24-000007.txt (&nbsp;) — 7753KB
• good-20240331.xsd (EX-101.SCH) — 60KB
• good-20240331_cal.xml (EX-101.CAL) — 92KB
• good-20240331_def.xml (EX-101.DEF) — 325KB
• good-20240331_lab.xml (EX-101.LAB) — 660KB
• good-20240331_pre.xml (EX-101.PRE) — 499KB
• good-20240331_htm.xml (XML) — 1098KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 39 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 40

SIGNATURES

SIGNATURES 42 3 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Gladstone Commercial Corporation Condensed Consolidated Balance Sheets (Dollars in Thousands, Except Share and Per Share Data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Real estate, at cost $ 1,209,932 $ 1,221,364 Less: accumulated depreciation 304,000 299,662 Total real estate, net 905,932 921,702 Lease intangibles, net 97,663 101,048 Real estate and related assets held for sale 18,297 28,787 Cash and cash equivalents 10,451 11,985 Restricted cash 4,467 4,150 Funds held in escrow 5,334 7,515 Right-of-use assets from operating leases 4,143 4,889 Deferred rent receivable, net 41,912 41,006 Other assets 16,958 12,389 TOTAL ASSETS $ 1,105,157 $ 1,133,471 LIABILITIES, MEZZANINE EQUITY AND EQUITY LIABILITIES Mortgage notes payable, net $ 275,976 $ 295,853 Borrowings under Revolver 75,950 75,750 Borrowings under Term Loan A, Term Loan B and Term Loan C, net 367,430 367,258 Deferred rent liability, net 27,551 29,324 Operating lease liabilities 4,241 5,093 Asset retirement obligation 4,961 4,928 Accounts payable and accrued expenses 14,256 13,588 Liabilities related to assets held for sale 676 676 Due to Adviser and Administrator (1) 2,922 2,556 Other liabilities 12,902 14,138 TOTAL LIABILITIES $ 786,865 $ 809,164 Commitments and contingencies (2) MEZZANINE EQUITY Series E and G redeemable preferred stock, net, par value $ 0.001 per share; $ 25 per share liquidation preference; 10,750,886 and 10,750,886 shares authorized; and 7,052,334 and 7,052,334 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively (3) $ 170,041 $ 170,041 TOTAL MEZZANINE EQUITY $ 170,041 $ 170,041 EQUITY Senior common stock, par value $ 0.001 per share; 950,000 shares authorized; and 402,817 and 406,425 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively (3) $ 1 $ 1 Common stock, par value $ 0.001 per share, 62,329,084 and 62,326,818 shares authorized; and 40,003

View Full Filing

View this 10-Q filing on SEC EDGAR