Cash flow Gladstone Commercial Corporation

Equities

GOOD

US3765361080

Diversified REITs

Market Closed - Nasdaq Other stock markets 04:00:00 2026-02-06 pm EST			5-day change	1st Jan Change
11.52 ^USD	-1.54%		-1.12%	+7.97%

Jan. 12	Gladstone Commercial Corporation announces Monthly dividend, payable on January 30, 2026	CI
Jan. 12	Gladstone Commercial Corporation announces Monthly dividend, payable on March 31, 2026	CI

9910a8d4c47857dcb24a6ab349d9cf7.3spaeiXRDsAIgZFFqfCFRb7fe_b7CjyssWSEjBFrjuQ.n7sjSkOefLhRxNMA2KrRJ9OMSc6cfkjp8kn0zn8Au76TiA8ob7pR8zrIwA

Published financial data: GLADSTONE COMMERCIAL CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Rental Revenues	133M	138M	149M	148M	149M
Tenant Reimbursements	-	-	-	-	-
Interest Income On Mortgage Securities	-	-	-	-	-
Total Revenues	133M	138M	149M	148M	149M
Property Expenses	31.65M	32.98M	33.16M	32.24M	31.53M
Selling General & Admin Expenses, Total	9.16M	9.51M	10.84M	6.71M	8.67M
Depreciation & Amortization - (IS) - (Collected)	55.42M	60.31M	61.66M	57.86M	55.79M
Total Operating Expenses	96.23M	103M	106M	96.81M	95.99M
Operating Income (REIT / Utility Template)	36.92M	34.89M	43.32M	50.78M	53.4M
Interest Expense, Total	-26.8M	-26.89M	-32.46M	-37.33M	-37.4M
Net Interest Expenses	-26.8M	-26.89M	-32.46M	-37.33M	-37.4M
Other Non Operating Income (Expenses)	395K	480K	454K	204K	326K
EBT, Excl. Unusual Items	10.51M	8.48M	11.31M	13.65M	16.33M
Total Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) on Sale of Assets	8.1M	-1.15M	10.05M	7.74M	14.23M
Asset Writedown	-3.62M	-	-12.09M	-19.3M	-6.82M
Legal Settlements	-	2.4M	-	-	-
Other Unusual Items	-	-	-	2.83M	300K
EBT, Incl. Unusual Items	14.98M	9.73M	9.27M	4.92M	24.04M
Earnings From Continuing Operations	14.98M	9.73M	9.27M	4.92M	24.04M
Net Income to Company	14.98M	9.73M	9.27M	4.92M	24.04M
Minority Interest	-47K	40K	23K	63K	-42K
Net Income - (IS)	14.94M	9.77M	9.3M	4.98M	24M
Preferred Dividend and Other Adjustments	11.79M	14.33M	12.33M	12.72M	12.87M
Net Income to Common Incl Extra Items	3.15M	-4.55M	-3.04M	-7.74M	11.12M
Net Income to Common Excl. Extra Items	3.15M	-4.55M	-3.04M	-7.74M	11.12M
Per Share Items
Net EPS - Basic	0.09	-0.12	-0.08	-0.19	0.27
Basic EPS - Continuing Operations	0.09	-0.12	-0.08	-0.19	0.27
Basic Weighted Average Shares Outstanding	34.04M	36.54M	38.95M	39.94M	41.77M
Net EPS - Diluted	0.09	-0.12	-0.08	-0.19	0.27
Diluted EPS - Continuing Operations	0.09	-0.12	-0.08	-0.19	0.27
Diluted Weighted Average Shares Outstanding	34.04M	36.54M	38.95M	39.94M	41.77M
Normalized Basic EPS	0.19	0.15	0.18	0.22	0.24
Normalized Diluted EPS	0.19	0.15	0.18	0.22	0.24
Dividend Per Share	1.5	1.5	1.5	1.2	1.2
Payout Ratio	421.75	686.72	764.84	1.22K	261.64
Supplemental Items
EBITDA	90.51M	92.02M	101M	101M	103M
EBITA	54.49M	52.41M	58.3M	60.15M	63.02M
EBIT	36.92M	34.89M	43.32M	50.78M	53.4M
EBITDAR	91.01M	92.52M	101M	102M	103M
Total Revenues (As Reported)	133M	138M	149M	148M	149M
Normalized Net Income	6.52M	5.34M	7.09M	8.59M	10.17M
Interest on Long-Term Debt	-	-	-	-	-
Supplemental Operating Expense Items
General and Administrative Expenses	9.16M	9.51M	10.84M	6.71M	8.67M
Net Rental Expense, Total	500K	500K	400K	300K	300K
Imputed Operating Lease Interest Expense	164K	155K	141K	119K	124K
Imputed Operating Lease Depreciation	336K	345K	259K	181K	176K

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Gross Property Plant And Equipment	1.13B	1.23B	1.29B	1.23B	1.22B
Accumulated Depreciation	-228M	-267M	-287M	-300M	-320M
Net Property Plant And Equipment	906M	964M	1.01B	927M	896M
Total Real Estate Assets	906M	964M	1.01B	927M	896M
Cash And Equivalents	11.02M	7.96M	11.65M	11.98M	10.96M
Accounts Receivable, Total	36.56M	40.47M	39.98M	42.51M	46.72M
Other Receivables	-	-	-	-	18.62M
Other Intangibles, Total	81.47M	76.99M	72.08M	62.3M	54.98M
Notes Receivable (Collected)	53K	336K	181K	-	90K
Mortgage Loans	-	-	-	-	-
Restricted Cash	5.06M	5.22M	4.34M	4.15M	4.12M
Other Current Assets, Total	17.64M	7.3M	11.83M	36.3M	9.73M
Trading Asset Securities, Total	9K	1.16M	12.89M	6.91M	8.96M
Deferred Charges Long-Term	35.91M	37.5M	39.54M	38.75M	40.13M
Other Long-Term Assets, Total	4.4M	2.46M	3.57M	3.98M	3.93M
Total Assets	1.1B	1.14B	1.2B	1.13B	1.09B
Liabilities
Current Portion of Long-Term Debt	3.06M	1.22M	897K	25.75M	19.93M
Current Portion of Leases	477K	489K	492K	493K	457K
Short-Term Borrowings	-	-	-	-	-
Long-Term Debt	669M	708M	749M	714M	673M
Long-Term Leases	5.21M	5.02M	4.82M	4.6M	3.61M
Accounts Payable, Total	4.46M	6.74M	9.61M	13.59M	13.2M
Accrued Expenses, Total	2.96M	3.43M	3.36M	2.56M	2.54M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	-	-	-	676K	-
Unearned Revenue Non Current	20.7M	26.83M	40.03M	29.72M	22M
Other Non Current Liabilities	17.04M	19.28M	18.48M	18M	17.8M
Total Liabilities	723M	771M	827M	809M	753M
Preferred Stock Redeemable	159M	170M	170M	170M	170M
Total Preferred Equity	159M	170M	170M	170M	170M
Common Stock, Total	36K	38K	40K	41K	45K
Additional Paid In Capital	627M	671M	721M	730M	784M
Distributions In Excess Of Earnings	-409M	-469M	-530M	-585M	-624M
Comprehensive Income and Other	-4.34M	-1.35M	11.64M	7.76M	10.65M
Total Common Equity	213M	201M	203M	153M	171M
Minority Interest	2.85M	1.26M	1.79M	986K	130K
Total Equity	375M	373M	375M	324M	341M
Total Liabilities And Equity	1.1B	1.14B	1.2B	1.13B	1.09B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	35.73M	37.8M	39.99M	40M	44.19M
ECS Total Common Shares Outstanding	35.33M	37.47M	39.74M	40M	43.99M
Book Value / Share	6.03	5.37	5.1	3.83	3.89
Tangible Book Value	132M	124M	131M	90.98M	116M
Tangible Book Value Per Share	3.73	3.32	3.29	2.27	2.64
Total Debt	677M	714M	755M	745M	697M
Net Debt	666M	705M	731M	726M	678M
Debt Equivalent Oper. Leases	4M	4M	3.2M	2.4M	2.4M
Minority Interest, Total (Incl. Fin. Div)	2.85M	1.26M	1.79M	986K	130K
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	143M	150M	153M	143M	140M
Buildings, Total	917M	1B	1.07B	1.02B	1.02B

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	14.94M	9.77M	9.3M	4.98M	24M
Depreciation, Depletion & Amortization	36.08M	39.65M	42.59M	41.18M	39.49M
Amortization of Goodwill and Intangible Assets - (CF)	17.57M	17.52M	14.98M	9.37M	9.62M
Total Depreciation, Depletion & Amortization	53.64M	57.18M	57.58M	50.55M	49.11M
Amortization of Deferred Charges, Total	1.59M	1.64M	3.53M	1.69M	1.66M
(Gain) Loss On Sale of Asset - (CF)	-8.1M	1.15M	-10.05M	-7.74M	-14.23M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Total Asset Writedown	3.62M	-	12.09M	19.3M	6.82M
Provision and Write-off of Bad Debts	56K	-	-	-	64K
Change in Accounts Receivable	-1.9M	-2.9M	-1.33M	-3.16M	-5.54M
Change in Accounts Payable	-1.68M	2.83M	1.6M	-11K	-41K
Change in Other Net Operating Assets (Collected)	4.74M	2.49M	-1.64M	-39K	279K
Other Operating Activities	-1.42M	-2.03M	-1.9M	-5.2M	-5.18M
Cash from Operations	65.49M	70.13M	69.18M	60.37M	56.95M
Acquisition of Real Estate Assets, Total	-134M	-106M	-120M	-36.69M	-40.15M
Sale of Real Estate Assets, Total	35.83M	8.84M	39.5M	37.01M	37.64M
Net Sale / Acquisition of Real Estate Assets	-98.46M	-96.66M	-80.29M	316K	-2.52M
Cash Acquisitions	-300K	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	-1.5M	1.88M	-2.22M	822K	792K
Cash from Investing	-100M	-94.78M	-82.51M	1.14M	-1.73M
Long-Term Debt Issued, Total	233M	156M	325M	133M	174M
Total Debt Issued	233M	156M	325M	133M	174M
Long-Term Debt Repaid, Total	-192M	-119M	-281M	-141M	-219M
Total Debt Repaid	-192M	-119M	-281M	-141M	-219M
Issuance of Common Stock	63.61M	145M	49.68M	10.22M	55.42M
Repurchase of Common Stock	-	-	-	-1.05M	-
Repurchase of Preferred Stock	-	-87.74M	-360K	-500K	-1.71M
Common & Preferred Stock Dividends Paid	-63M	-67.11M	-71.09M	-60.62M	-62.79M
Common & Preferred Stock Dividends Paid	-63M	-67.11M	-71.09M	-60.62M	-62.79M
Other Financing Activities, Total	-2.37M	-5.75M	-5.94M	-834K	-2.04M
Cash from Financing	39.35M	21.75M	16.15M	-61.36M	-56.29M
Net Change in Cash	4.59M	-2.9M	2.81M	143K	-1.06M
Supplemental Items
Cash Interest Paid	26.1M	23.39M	27.84M	33.14M	35.67M
Net Debt Issued / Repaid	41.12M	37.68M	43.87M	-8.58M	-45.17M
Levered Free Cash Flow	54.2M	74.25M	67.68M	38.16M	63.38M
Unlevered Free Cash Flow	69.36M	89.42M	84.44M	59.8M	85.09M
Change In Net Working Capital	7.36M	-10.43M	212K	22.48M	-2.6M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	2.16	1.95	2.31	2.72	3
Return on Total Capital	2.25	2.04	2.44	2.88	3.17
Return On Equity %	4.06	2.6	2.48	1.41	7.22
Return on Common Equity	1.49	-2.2	-1.5	-4.33	6.86
Margin Analysis
Gross Profit Margin %	76.23	76.05	77.74	78.16	78.89
SG&A Margin	6.88	6.91	7.28	4.55	5.8
EBITDA Margin %	67.97	66.84	67.7	68.64	68.62
EBITA Margin %	40.92	38.07	39.13	40.75	42.19
EBIT Margin %	27.73	25.34	29.07	34.41	35.75
Income From Continuing Operations Margin %	11.25	7.07	6.22	3.34	16.09
Net Income Margin %	11.22	7.1	6.24	3.38	16.06
Net Avail. For Common Margin %	2.36	-3.31	-2.04	-5.24	7.45
Normalized Net Income Margin	4.9	3.88	4.76	5.82	6.81
Levered Free Cash Flow Margin	40.7	53.92	45.43	25.86	42.43
Unlevered Free Cash Flow Margin	52.09	64.94	56.68	40.52	56.96
Asset Turnover
Asset Turnover	0.12	0.12	0.13	0.13	0.13
Fixed Assets Turnover	0.15	0.15	0.15	0.15	0.16
Receivables Turnover (Average Receivables)	3.61	3.5	3.7	3.58	3.35
Short Term Liquidity
Current Ratio	6.42	5.26	5.64	2.37	2.75
Quick Ratio	4.34	4.18	4.5	1.43	2.36
Operating Cash Flow to Current Liabilities	5.98	5.91	4.82	1.4	1.58
Days Sales Outstanding (Average Receivables)	101.33	104.34	98.55	102.01	109.31
Average Days Payable Outstanding	58	61.95	89.93	131.3	155.47
Long Term Solvency
Total Debt/Equity	180.49	191.58	201.64	229.6	204.33
Total Debt / Total Capital	64.35	65.7	66.85	69.66	67.14
LT Debt/Equity	179.55	191.12	201.27	221.51	198.36
Long-Term Debt / Total Capital	64.01	65.55	66.73	67.21	65.18
Total Liabilities / Total Assets	65.81	67.39	68.82	71.39	68.81
EBIT / Interest Expense	1.38	1.3	1.33	1.36	1.43
EBITDA / Interest Expense	3.4	3.44	3.12	2.72	2.75
(EBITDA - Capex) / Interest Expense	3.4	3.44	3.12	2.72	2.75
Total Debt / EBITDA	7.44	7.72	7.46	7.33	6.78
Net Debt / EBITDA	7.32	7.62	7.22	7.14	6.59
Total Debt / (EBITDA - Capex)	7.44	7.72	7.46	7.33	6.78
Net Debt / (EBITDA - Capex)	7.32	7.62	7.22	7.14	6.59
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	16.4	3.41	8.2	-0.94	1.22
Gross Profit, 1 Yr. Growth %	5.05	3.16	10.61	-0.41	2.18
EBITDA, 1 Yr. Growth %	4.42	1.67	9.61	0.44	1.19
EBITA, 1 Yr. Growth %	1.2	-3.8	11.23	0.56	4.78
EBIT, 1 Yr. Growth %	2.64	-5.5	24.15	13.28	5.17
Earnings From Cont. Operations, 1 Yr. Growth %	57.06	-35.05	-4.74	-54.35	388.42
Net Income, 1 Yr. Growth %	55.15	-34.58	-4.89	-53.86	381.4
Diluted EPS Before Extra, 1 Yr. Growth %	-156.25	-238.49	-35.81	384.32	-237.48
Normalized Net Income, 1 Yr. Growth %	22.17	-18.11	32.81	6.94	18.28
Net Property, Plant and Equip., 1 Yr. Growth %	5.91	6.42	4.3	-7.92	-3.29
Accounts Receivable, 1 Yr. Growth %	-1.67	5.78	-1.19	6.31	9.92
Total Assets, 1 Yr. Growth %	5.62	4.14	5.09	-5.75	-3.45
Common Equity, 1 Yr. Growth %	2.43	-5.57	0.73	-24.83	11.67
Tangible Book Value, 1 Yr. Growth %	3.53	-5.62	5.13	-30.98	27.71
Cash From Operations, 1 Yr. Growth %	8.8	7.07	-1.35	-12.74	-5.66
Levered Free Cash Flow, 1 Yr. Growth %	-1.35	41.43	-8.84	-42.91	66.09
Unlevered Free Cash Flow, 1 Yr. Growth %	-2.18	32.15	-5.57	-28.46	42.28
Dividend Per Share, 1 Yr. Growth %	0.12	0.02	0.17	-20.26	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	11.66	9.71	5.78	3.53	0.14
Gross Profit, 2 Yr. CAGR %	6.03	4.1	6.82	4.96	0.88
EBITDA, 2 Yr. CAGR %	4.63	3.04	5.56	4.92	0.81
EBITA, 2 Yr. CAGR %	1.63	-1.34	3.44	5.96	2.65
EBIT, 2 Yr. CAGR %	1.75	-1.51	8.32	18.68	9.15
Earnings From Cont. Operations, 2 Yr. CAGR %	10.27	1	-21.34	-32.79	49.32
Net Income, 2 Yr. CAGR %	10.11	0.75	-21.12	-32.48	49.03
Diluted EPS Before Extra, 2 Yr. CAGR %	73.21	-11.74	-5.72	44.46	158.04
Normalized Net Income, 2 Yr. CAGR %	4.5	0.02	4.29	19.02	12.47
Net Property, Plant and Equip., 2 Yr. CAGR %	8.57	6.16	5.36	-1.96	-5.63
Accounts Receivable, 2 Yr. CAGR %	2.53	4.33	2.23	2.49	8.1
Total Assets, 2 Yr. CAGR %	8.14	4.88	4.61	-0.43	-4.61
Common Equity, 2 Yr. CAGR %	-7.61	-1.65	-2.47	-12.74	-8.38
Tangible Book Value, 2 Yr. CAGR %	-11.95	-1.15	-0.39	-14.45	-6.11
Cash From Operations, 2 Yr. CAGR %	8.53	7.94	2.77	-7.22	-9.26
Levered Free Cash Flow, 2 Yr. CAGR %	-2.13	16.25	13.55	-28.1	-2.62
Unlevered Free Cash Flow, 2 Yr. CAGR %	-1.51	12.29	11.71	-18.02	0.89
Dividend Per Share, 2 Yr. CAGR %	0.06	0.07	0.1	-10.62	-10.7
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	11.99	8.84	9.21	3.49	2.76
Gross Profit, 3 Yr. CAGR %	7.3	5.06	6.23	4.35	4.02
EBITDA, 3 Yr. CAGR %	6.29	3.64	5.18	3.83	3.66
EBITA, 3 Yr. CAGR %	3.98	-0.22	2.69	3.35	5.56
EBIT, 3 Yr. CAGR %	3.5	-0.73	6.39	11.21	13.99
Earnings From Cont. Operations, 3 Yr. CAGR %	36.15	-7.57	-0.95	-31	30.19
Net Income, 3 Yr. CAGR %	36.01	-7.43	-1.17	-30.64	29.95
Diluted EPS Before Extra, 3 Yr. CAGR %	-22.05	60.76	-20.63	29.12	42.09
Normalized Net Income, 3 Yr. CAGR %	5.93	-3.65	9.94	9.64	18.78
Net Property, Plant and Equip., 3 Yr. CAGR %	6.76	7.85	5.54	0.76	-2.4
Accounts Receivable, 3 Yr. CAGR %	3.12	5.19	2.46	3.57	4.91
Total Assets, 3 Yr. CAGR %	5.75	6.79	4.95	1.07	-1.45
Common Equity, 3 Yr. CAGR %	-7.21	-6.94	-0.87	-10.41	-5.26
Tangible Book Value, 3 Yr. CAGR %	-9.98	-9.88	0.9	-11.6	-2.23
Cash From Operations, 3 Yr. CAGR %	11.82	8.04	4.75	-2.68	-6.7
Levered Free Cash Flow, 3 Yr. CAGR %	6.51	9.48	7.2	-10.09	-4.95
Unlevered Free Cash Flow, 3 Yr. CAGR %	5.78	7.73	5.99	-4.03	-1.48
Dividend Per Share, 3 Yr. CAGR %	0.04	0.05	0.11	-7.21	-7.21
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	9.71	9.78	9.46	6.68	5.48
Gross Profit, 5 Yr. CAGR %	6.24	6.46	7.11	5.02	4.05
EBITDA, 5 Yr. CAGR %	5.78	5.69	6	4.15	3.41
EBITA, 5 Yr. CAGR %	3.37	2.79	3.76	2.66	3.2
EBIT, 5 Yr. CAGR %	2.01	1.25	5.4	7.32	8.22
Earnings From Cont. Operations, 5 Yr. CAGR %	33.04	19.72	9.33	-16.77	20.3
Net Income, 5 Yr. CAGR %	32.95	19.81	9.38	-16.55	20.04
Diluted EPS Before Extra, 5 Yr. CAGR %	4.82	-4.87	-15.89	45.22	10.73
Normalized Net Income, 5 Yr. CAGR %	31.24	9.48	5.27	7.55	13.75
Net Property, Plant and Equip., 5 Yr. CAGR %	6.28	6.91	6.2	3.82	0.94
Accounts Receivable, 5 Yr. CAGR %	5.9	6.36	3.71	4.1	4.68
Total Assets, 5 Yr. CAGR %	5.83	6.07	5.29	3.84	1.03
Common Equity, 5 Yr. CAGR %	-1.84	-3.45	-5.34	-9.3	-3.84
Tangible Book Value, 5 Yr. CAGR %	-3.64	-5.36	-6.26	-11.74	-1.8
Cash From Operations, 5 Yr. CAGR %	15.77	11.24	8.11	1.66	-1.1
Levered Free Cash Flow, 5 Yr. CAGR %	9.41	17.37	8.58	-7.57	2.9
Unlevered Free Cash Flow, 5 Yr. CAGR %	6	13	7.58	-3.51	3.71
Dividend Per Share, 5 Yr. CAGR %	0.02	0.03	0.06	-4.36	-4.36