Gladstone Commercial Corp Q2 2024 10-Q Filing

TL;DR

GLADSTONE COMMERCIAL CORP 10-Q FILED FOR Q2 2024. FINANCIALS UPDATED.

AI Summary

Gladstone Commercial Corporation filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial position, including its real estate assets and preferred stock series. Key financial data and operational metrics are presented for the second quarter of 2024.

Why It Matters

This filing provides investors with an update on Gladstone Commercial's financial health and operational performance for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the real estate sector can be subject to market fluctuations and interest rate risks.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-08-06 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2023-12-31 — Previous Year End Date (Provides a comparison point to the end of the prior fiscal year.)

Key Players & Entities

• GLADSTONE COMMERCIAL CORP (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240806 (date) — Filing date
• 0001234006 (company) — CIK number for Gladstone Commercial Corp

FAQ

Key Financial Figures

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

Filing Documents

• good-20240630.htm (10-Q) — 1731KB
• ex3116302024.htm (EX-31.1) — 8KB
• ex3126302024.htm (EX-31.2) — 8KB
• ex3216302024.htm (EX-32.1) — 4KB
• ex3226302024.htm (EX-32.2) — 4KB
• ex9916302024seriesfvaluati.htm (EX-99.1) — 4KB
• 0001234006-24-000011.txt ( ) — 8662KB
• good-20240630.xsd (EX-101.SCH) — 64KB
• good-20240630_cal.xml (EX-101.CAL) — 95KB
• good-20240630_def.xml (EX-101.DEF) — 323KB
• good-20240630_lab.xml (EX-101.LAB) — 704KB
• good-20240630_pre.xml (EX-101.PRE) — 506KB
• good-20240630_htm.xml (XML) — 1334KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 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 41 Item 4.

Controls and Procedures

Controls and Procedures 42 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 43

SIGNATURES

SIGNATURES 45 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) June 30, 2024 December 31, 2023 ASSETS Real estate, at cost $ 1,230,206 $ 1,221,364 Less: accumulated depreciation 311,433 299,662 Total real estate, net 918,773 921,702 Lease intangibles, net 95,935 101,048 Real estate and related assets held for sale 4,179 28,787 Cash and cash equivalents 10,416 11,985 Restricted cash 4,003 4,150 Funds held in escrow 5,497 7,515 Right-of-use assets from operating leases 4,083 4,889 Deferred rent receivable, net 42,864 41,006 Other assets 19,796 12,389 TOTAL ASSETS $ 1,105,546 $ 1,133,471 LIABILITIES, MEZZANINE EQUITY AND EQUITY LIABILITIES Mortgage notes payable, net $ 273,783 $ 295,853 Borrowings under Revolver 81,150 75,750 Borrowings under Term Loan A, Term Loan B and Term Loan C, net 367,603 367,258 Deferred rent liability, net 25,484 29,324 Operating lease liabilities 4,182 5,093 Asset retirement obligation 4,994 4,928 Accounts payable and accrued expenses 16,177 13,588 Liabilities related to assets held for sale 656 676 Due to Adviser and Administrator (1) 3,641 2,556 Other liabilities 12,014 14,138 TOTAL LIABILITIES $ 789,684 $ 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 June 30, 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 June 30, 2024 and December 31, 2023, respectively (3) $ 1 $ 1 Common stock, par value $ 0.001 per share, 62,340,139 and 62,326,818 shares authorized; and 41,030,864

View Full Filing

View this 10-Q filing on SEC EDGAR