格拉德斯通商业 2025年季度报告

WASHINGTON, D.C. 20549FORM10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE TRANSITION PERIOD FROMTOCOMMISSION FILE NUMBER:001-33097GLADSTONE COMMERCIAL CORPORATION(Exact name of registrant as specified in its charter) Maryland(State or other jurisdiction of (§ 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☐ growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. Non-acceleratedfiler☐Smallerreportingcompany 2 TABLE OF CONTENTSFINANCIAL INFORMATIONFinancial Statements (Unaudited)Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 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 Delaware company (the “Administrator”), each pursuant to a contractual arrangement with us. Our Adviser and Administrator collectivelyemploy all of our personnel and pay their salaries, benefits, and general expenses directly. Gladstone Commercial Corporation partnership (the “Operating Partnership”).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 required 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 should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the yearended December31, 2024, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 18, 2025. The resultsof operations for the three months ended March31, 2025 are not necessarily indicative of the results that may be expected for otherinterim periods or for the full 2025 fiscal year. the 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 and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis formaking judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual resultsmay differ from these estimates under different assumptions or conditions.Significant Accounting Policies from these estimates. A summary of all of our significant accounting policies is provided in Note 1, “Organization, Basis ofPresentation and Significant Accounting Policies,” to our consolidated financial statements included in our Annual Report on Form 10- K for the year ended December31, 2024. There were no material changes to our critical accounting policies during the three monthsended March31, 2025.Segment Reporting consolidated net income is disclosed. Recently Issued Accounting Pronouncements Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires publicentities to disaggregate specific types of expenses, including disclosures for depreciation, intangible asset amortization, and selling expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, with prospective application required andretrospective application or early adoption permitted. We are currently evaluating the impact from adopting ASU 2024-03 on ourconsolidated financial statements and disclosures.2.Related-Party Transactions We are externally managed pursuant to contractual arrangements with our Adviser and our Administrator, which collectively employall of our personnel and pay their salaries, benefits, and general expenses directly. Both our Adviser and Administrator are affiliates of ours, as their parent company is owned and controlled by Mr.David Gladstone, our chairman and chief executive officer.Oneof ourexecutive officers, Mr.Gladstone, serves as a director and executive officer of our Adviser and our Administrator. Our president, Mr. Arthur “Buzz” Cooper, is also an executive vice president of commercial and in