Business Context and Reporting Period
Company: Gladstone Commercial Corporation (Maryland REIT)
Filing Type: Form 8-K (Current Report)
Date of Report: May 10, 2004
Reporting Period: First quarter ended March 31, 2004
This filing announces financial results for the quarter and includes a press release as Exhibit 99.1. The company reports Funds from Operations (FFO), a non-GAAP measure defined by NAREIT, alongside GAAP net income.
Key Financial Metrics
| Metric | Value (Three Months Ended March 31, 2004) |
|---|---|
| Net Loss (GAAP) | $(193,305) |
| Real Estate Depreciation and Amortization | $79,330 |
| Funds from Operations (FFO) | $(113,975) |
| Weighted Average Shares Outstanding (Diluted) | 7,642,000 |
| Diluted Net Loss Per Share | $(0.03) |
| Diluted FFO Per Share | $(0.01) |
Note: The filing text does not provide specific values for total revenue, cash flow from operating activities, debt levels, or liquidity ratios.
Material Changes
The filing text does not provide comparative data for the prior period (e.g., Q1 2003 or Q4 2003) to calculate material changes in revenue, profit, or margins. The document focuses solely on the reconciliation of Q1 2004 results.
Guidance, Outlook, and Risks
- Management Commentary: Management states that Diluted FFO per share is a useful supplemental measure for investors to evaluate performance and compare the company to other REITs, similar to how EPS is used for net income.
- Non-GAAP Disclosure: The filing explicitly warns that FFO does not represent cash flows from operating activities under GAAP and should not be considered an alternative to net income or a measure of liquidity.
- Risks/Contingencies: No specific risks, contingencies, or forward-looking guidance are detailed in this excerpt.
Investor Verification Checklist
- Verify the full text of the press release (Exhibit 99.1) for revenue figures and debt details not included in this summary.
- Confirm the company's liquidity position and cash flow from operations, as these are not provided in the 8-K text.
- Review the reconciliation of FFO to ensure understanding of the adjustments made to GAAP net loss.
- Check subsequent filings for comparative period data to assess year-over-year or quarter-over-quarter trends.