Gladstone Commercial Corp Files Q3 2024 10-Q

TL;DR

GOOD Q3 10-Q filed. Financials updated.

AI Summary

Gladstone Commercial Corporation (GOOD) filed its 10-Q for the period ending September 30, 2024. The company's fiscal year ends on December 31. Key financial data points and related party information were submitted as of September 30, 2024, and December 31, 2023.

Why It Matters

This filing provides investors with an update on Gladstone Commercial's financial performance and position for the third quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Numbers

• 2024-09-30 — Reporting Period End Date (As of this date, financial information is reported.)
• 2023-12-31 — Previous Year End Date (Comparative financial data is often presented against this date.)

Key Players & Entities

• GLADSTONE COMMERCIAL CORP (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241104 (date) — Filing Date
• 0001234006 (company) — Central Index Key

FAQ

Key Financial Figures

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

Filing Documents

• good-20240930.htm (10-Q) — 1750KB
• keybank_gladstone-firsta.htm (EX-10.1) — 19KB
• ex3119302024.htm (EX-31.1) — 8KB
• ex3129302024.htm (EX-31.2) — 8KB
• ex3219302024.htm (EX-32.1) — 4KB
• ex3229302024.htm (EX-32.2) — 4KB
• ex9919302024seriesfvaluati.htm (EX-99.1) — 3KB
• keybank_gladstone-firsta001.jpg (GRAPHIC) — 220KB
• keybank_gladstone-firsta002.jpg (GRAPHIC) — 257KB
• keybank_gladstone-firsta003.jpg (GRAPHIC) — 297KB
• keybank_gladstone-firsta004.jpg (GRAPHIC) — 287KB
• keybank_gladstone-firsta005.jpg (GRAPHIC) — 77KB
• keybank_gladstone-firsta006.jpg (GRAPHIC) — 146KB
• keybank_gladstone-firsta007.jpg (GRAPHIC) — 131KB
• keybank_gladstone-firsta008.jpg (GRAPHIC) — 113KB
• keybank_gladstone-firsta009.jpg (GRAPHIC) — 111KB
• keybank_gladstone-firsta010.jpg (GRAPHIC) — 63KB
• keybank_gladstone-firsta011.jpg (GRAPHIC) — 66KB
• keybank_gladstone-firsta012.jpg (GRAPHIC) — 62KB
• keybank_gladstone-firsta013.jpg (GRAPHIC) — 47KB
• keybank_gladstone-firsta014.jpg (GRAPHIC) — 51KB
• keybank_gladstone-firsta015.jpg (GRAPHIC) — 45KB
• keybank_gladstone-firsta016.jpg (GRAPHIC) — 57KB
• 0001234006-24-000015.txt ( ) — 11597KB
• good-20240930.xsd (EX-101.SCH) — 64KB
• good-20240930_cal.xml (EX-101.CAL) — 96KB
• good-20240930_def.xml (EX-101.DEF) — 330KB
• good-20240930_lab.xml (EX-101.LAB) — 713KB
• good-20240930_pre.xml (EX-101.PRE) — 514KB
• good-20240930_htm.xml (XML) — 1349KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 43 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 44 Item 1A.

Risk Factors

Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults Upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 44

SIGNATURES

SIGNATURES 47 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) September 30, 2024 December 31, 2023 ASSETS Real estate, at cost $ 1,214,288 $ 1,221,364 Less: accumulated depreciation 313,730 299,662 Total real estate, net 900,558 921,702 Lease intangibles, net 97,802 101,048 Real estate and related assets held for sale 16,964 28,787 Cash and cash equivalents 10,531 11,985 Restricted cash 3,999 4,150 Funds held in escrow 5,673 7,515 Right-of-use assets from operating leases 4,023 4,889 Deferred rent receivable, net 44,855 41,006 Other assets 11,910 12,389 TOTAL ASSETS $ 1,096,315 $ 1,133,471 LIABILITIES, MEZZANINE EQUITY AND EQUITY LIABILITIES Mortgage notes payable, net $ 271,621 $ 295,853 Borrowings under Revolver 53,250 75,750 Borrowings under Term Loan A, Term Loan B and Term Loan C, net 367,776 367,258 Deferred rent liability, net 23,599 29,324 Operating lease liabilities 4,123 5,093 Asset retirement obligation 5,027 4,928 Accounts payable and accrued expenses 15,666 13,588 Liabilities related to assets held for sale 169 676 Due to Adviser and Administrator (1) 3,063 2,556 Other liabilities 12,934 14,138 TOTAL LIABILITIES $ 757,228 $ 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 September 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 399,483 and 406,425 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively (3) $ 1 $ 1 Common stock, par value $ 0.001 per share, 62,384,569 and 62,326,818 shares authorized

View Full Filing

View this 10-Q filing on SEC EDGAR