格拉德斯通商业 2025年季度报告

FORM10-Q GLADSTONE COMMERCIAL CORPORATION Table of Contents Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ The number of shares of the registrant’s common stock, $0.001 par value, outstanding as of May7, 2025 was46,282,863. GLADSTONE COMMERCIAL CORPORATIONFORM 10-Q FOR THE QUARTER ENDED TABLE OF CONTENTS PART IFINANCIAL INFORMATION Item 1.Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 Gladstone Commercial CorporationCondensed Consolidated Balance Sheets Gladstone Commercial CorporationCondensed Consolidated Statements of Operations and Comprehensive Income Gladstone Commercial CorporationCondensed Consolidated Statements of Cash Flows(Dollars in Thousands)(Unaudited) The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidatedbalance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows (dollars in thousands): The accompanying notes are an integral part of these condensed consolidated financial statements. Gladstone Commercial CorporationNotes to Condensed Consolidated Financial Statements (Unaudited) 1.Organization, Basis of Presentation and Significant Accounting Policies Gladstone Commercial Corporation is a real estate investment trust (“REIT”) that was incorporated under the General CorporationLaw of the State of Maryland on February14, 2003. We focus on acquiring, owning and managing primarily industrial and officeproperties. Subject to certain restrictions and limitations, our business is managed by Gladstone Management Corporation, a Delawarecorporation (the “Adviser”), and administrative services are provided by Gladstone Administration, LLC, a Delaware limited liabilitycompany (the “Administrator”), each pursuant to a contractual arrangement with us. Our Adviser and Administrator collectively All references herein to “we,” “our,” “us” and the “Company” mean Gladstone Commercial Corporation and its consolidatedsubsidiaries, except where it is made clear that the term means only Gladstone Commercial Corporation. Interim Financial Information Our interim financial statements are prepared in accordance with generally accepted accounting principles (“GAAP”) for interimfinancial information and pursuant to the requirements for reporting on Form 10-Q and in accordance with Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. Theyear-end balance sheet data presented herein was derived from audited financial statements but does not include all disclosuresrequired by GAAP. In the opinion of our management, all adjustments, consisting solely of normal recurring accruals, necessary forthe fair statement of financial statements for the interim period, have been included. The interim financial statements and notes thereto Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affectthe reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statementsand the reported amounts of revenues and expenses during the reporting periods. We base our estimates on historical experience andon various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for Significant Accounting Policies The preparation of our financial statements in accordance with GAAP requires management to make judgments that are subjective innature and requires management to make certain estimates and assumptions. Application of these accounting policies involves theexercise of judgment regarding the use of assumptions as to future uncertainties, and as a result, actual results could materially differfrom these estimates. A summary of all of our significant accounting policies is provided in Note 1, “Organization, Basis of Segment Reporting Our current business strategy inclu