Gladstone Commercial Corporation (GOOD) SEC Filings & Earnings Calls

Interest Rate Exposure

“the weighted average remaining term of our mortgage debt was 2.1 years, and the weighted average interest rate was 4.20%” · word for word

Geopolitical Risk

“Geopolitical conflict, particularly in the Middle East, continues to create risk for global trade flows, energy markets, and supply chains.” · word for word

Vacancy Risk

“Our available vacant space at June 30, 2026 represented 1.3% of our total square footage and the annual carrying costs on the vacant space, including real estate taxes and property operating expenses, are approximately $2.5 million.” · word for word

Interest rate and inflation sensitivity

“we expect to face challenges due to inflation, with a corresponding increase in interest rates” · word for word

Geopolitical and economic uncertainty

“various geo-political and economic issues” · word for word

No material financial or operational risk identified from board addition

“Routine board expansion with independent director; no financial impact disclosed”

Core FFO declined 4.7% sequentially due to non-recurring benefits in prior period

“Core FFO decreased primarily due to a lease termination fee and proceeds from an easement settlement recognized in the prior period” · word for word

Geopolitical Conflict Impact

“Geopolitical conflict, particularly in the Middle East, continues to create risk for global trade flows, energy markets, and supply chains.” · word for word

Interest Rate Exposure

“Interest expense increased 25.3% YoY due to higher debt and rates; 31% of debt floating rate.”

Lease Expiration Concentration

“lease expiration schedule for the remainder of 2026 is manageable, equating to 9.9% of our lease revenue” · word for word

Leadership transition risk but mitigated by internal promotion and continuity

“Founder/Chairman remains; successor has long tenure”

Interest rate sensitivity could pressure net income and FFO growth.

“Other expense, net increased 9.6% QoQ to $11.7M, partly due to interest costs.”

Interest rate exposure

“Interest expense increased 12.1% YoY due to higher variable rate debt and new notes.”

Concentration in secondary markets

“We target secondary growth markets that possess favorable economic growth trends, diversified industries, and growing population and employment.” · word for word

Increased leverage with $85M new debt; interest rate step-up if credit rating falls below BBB-.

“Notes bear 5.99% fixed rate; rate increases by 1% if rating falls below BBB- (BIG Event).”

Property Operating Expense Inflation

“The increase in property operating expenses for same store properties... was a result of general cost increases due to the inflationary environment and increased repair expenses” · word for word

Interest Rate Exposure

“Interest expense increased for the three and nine months ended September 30, 2025... primarily the result of increased interest costs on variable rate debt” · word for word

Tariff and Macro Uncertainty

“the more recent government shutdown and new tariff announcements caused many to pause.” · word for word

Interest expense and other costs increasing, pressuring net income.

“Other expense, net increased 9.5% to $10.7M.”

Debt levels increased with acquisition financing.

“Mortgage notes payable increased 6.2% to $843.3M.”