Cash flow Gladstone Commercial Corporation

Equities

GOOD

US3765361080

Diversified REITs

Market Closed - Nasdaq Other stock markets 04:00:00 2024-12-06 pm EST			5-day change	1st Jan Change
16.92 ^USD	-1.63%		-3.92%	+27.79%

Dec. 04	Gladstone Commercial Corporation Announces Resignation of Paul W. Adelgren as Board of Director, Effective December 15, 2024	CI
Nov. 18	Gladstone Commercial Acquires Missouri Industrial Manufacturing, Distribution, Warehouse Facility	MT

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Published financial data: GLADSTONE COMMERCIAL CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Rental Revenues	114M	133M	138M	149M	148M
Tenant Reimbursements	-	-	-	-	-
Interest Income On Mortgage Securities	-	-	-	-	-
Total Revenues	114M	133M	138M	149M	148M
Property Expenses	17.77M	31.65M	32.98M	33.16M	32.24M
Selling General & Admin Expenses, Total	8.61M	9.16M	9.51M	10.84M	6.71M
Depreciation & Amortization - (IS) - (Collected)	52.04M	55.42M	60.31M	61.66M	57.86M
Total Operating Expenses	78.42M	96.23M	103M	106M	96.81M
Operating Income (REIT / Utility Template)	35.97M	36.92M	34.89M	43.32M	50.78M
Interest Expense, Total	-28.28M	-26.8M	-26.89M	-32.46M	-37.33M
Net Interest Expenses	-28.28M	-26.8M	-26.89M	-32.46M	-37.33M
Other Non Operating Income (Expenses)	712K	395K	480K	454K	204K
EBT, Excl. Unusual Items	8.4M	10.51M	8.48M	11.31M	13.65M
Total Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) on Sale of Assets	2.95M	8.1M	-1.15M	10.05M	7.74M
Asset Writedown	-1.81M	-3.62M	-	-12.09M	-19.3M
Legal Settlements	-	-	2.4M	-	-
Other Unusual Items	-	-	-	-	2.83M
EBT, Incl. Unusual Items	9.54M	14.98M	9.73M	9.27M	4.92M
Earnings From Continuing Operations	9.54M	14.98M	9.73M	9.27M	4.92M
Net Income to Company	9.54M	14.98M	9.73M	9.27M	4.92M
Minority Interest	87K	-47K	40K	23K	63K
Net Income - (IS)	9.63M	14.94M	9.77M	9.3M	4.98M
Preferred Dividend and Other Adjustments	14.39M	11.79M	14.33M	12.33M	12.72M
Net Income to Common Incl Extra Items	-4.76M	3.15M	-4.55M	-3.04M	-7.74M
Net Income to Common Excl. Extra Items	-4.76M	3.15M	-4.55M	-3.04M	-7.74M
Per Share Items
Net EPS - Basic	-0.16	0.09	-0.12	-0.08	-0.19
Basic EPS - Continuing Operations	-0.16	0.09	-0.12	-0.08	-0.19
Basic Weighted Average Shares Outstanding	30.7M	34.04M	36.54M	38.95M	39.94M
Net EPS - Diluted	-0.16	0.09	-0.12	-0.08	-0.19
Diluted EPS - Continuing Operations	-0.16	0.09	-0.12	-0.08	-0.19
Diluted Weighted Average Shares Outstanding	30.7M	34.04M	36.54M	38.95M	39.94M
Normalized Basic EPS	0.17	0.19	0.15	0.18	0.22
Normalized Diluted EPS	0.17	0.19	0.15	0.18	0.22
Dividend Per Share	1.5	1.5	1.5	1.5	1.2
Payout Ratio	600.73	421.75	686.72	764.84	1.22K
Supplemental Items
EBITDA	86.68M	90.51M	92.02M	101M	101M
EBITA	53.84M	54.49M	52.41M	58.3M	60.15M
EBIT	35.97M	36.92M	34.89M	43.32M	50.78M
EBITDAR	87.18M	91.01M	92.52M	101M	102M
Total Revenues (As Reported)	114M	133M	138M	149M	148M
Normalized Net Income	5.34M	6.52M	5.34M	7.09M	8.59M
Interest on Long-Term Debt	-	-	-	-	-
Supplemental Operating Expense Items
General and Administrative Expenses	8.61M	9.16M	9.51M	10.84M	6.71M
Net Rental Expense, Total	500K	500K	500K	400K	300K
Imputed Operating Lease Interest Expense	189K	164K	155K	141K	119K
Imputed Operating Lease Depreciation	311K	336K	345K	259K	181K

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Gross Property Plant And Equipment	1.06B	1.13B	1.23B	1.29B	1.23B
Accumulated Depreciation	-208M	-228M	-267M	-287M	-300M
Net Property Plant And Equipment	855M	906M	964M	1.01B	927M
Total Real Estate Assets	855M	906M	964M	1.01B	927M
Cash And Equivalents	6.85M	11.02M	7.96M	11.65M	11.98M
Accounts Receivable, Total	37.18M	36.56M	40.47M	39.98M	42.51M
Other Intangibles, Total	80.91M	81.47M	76.99M	72.08M	62.3M
Notes Receivable (Collected)	-	53K	336K	181K	-
Mortgage Loans	-	-	-	-	-
Restricted Cash	4.64M	5.06M	5.22M	4.34M	4.15M
Other Current Assets, Total	11.22M	17.64M	7.3M	11.83M	36.3M
Trading Asset Securities, Total	250K	9K	1.16M	12.89M	6.91M
Deferred Charges Long-Term	34.55M	35.91M	37.5M	39.54M	38.75M
Other Long-Term Assets, Total	8.66M	4.4M	2.46M	3.57M	3.98M
Total Assets	1.04B	1.1B	1.14B	1.2B	1.13B
Liabilities
Current Portion of Long-Term Debt	-	3.06M	1.22M	897K	25.75M
Current Portion of Leases	466K	477K	489K	492K	493K
Short-Term Borrowings	1.17M	-	-	-	-
Long-Term Debt	627M	669M	708M	749M	714M
Long-Term Leases	5.38M	5.21M	5.02M	4.82M	4.6M
Accounts Payable, Total	5.57M	4.46M	6.74M	9.61M	13.59M
Accrued Expenses, Total	2.9M	2.96M	3.43M	3.36M	2.56M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	21K	-	-	-	676K
Unearned Revenue Non Current	19.32M	20.7M	26.83M	40.03M	29.72M
Other Non Current Liabilities	14.88M	17.04M	19.28M	18.48M	18M
Total Liabilities	676M	723M	771M	827M	809M
Preferred Stock Redeemable	152M	159M	170M	170M	170M
Total Preferred Equity	152M	159M	170M	170M	170M
Common Stock, Total	33K	36K	38K	40K	41K
Additional Paid In Capital	571M	627M	671M	721M	730M
Distributions In Excess Of Earnings	-361M	-409M	-469M	-530M	-585M
Comprehensive Income and Other	-2.13M	-4.34M	-1.35M	11.64M	7.76M
Total Common Equity	208M	213M	201M	203M	153M
Minority Interest	2.9M	2.85M	1.26M	1.79M	986K
Total Equity	363M	375M	373M	375M	324M
Total Liabilities And Equity	1.04B	1.1B	1.14B	1.2B	1.13B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	33.93M	35.73M	37.8M	39.99M	40M
ECS Total Common Shares Outstanding	32.59M	35.33M	37.47M	39.74M	40M
Book Value / Share	6.39	6.03	5.37	5.1	3.83
Tangible Book Value	127M	132M	124M	131M	90.98M
Tangible Book Value Per Share	3.9	3.73	3.32	3.29	2.27
Total Debt	634M	677M	714M	755M	745M
Net Debt	627M	666M	705M	731M	726M
Debt Equivalent Oper. Leases	4M	4M	4M	3.2M	2.4M
Minority Interest, Total (Incl. Fin. Div)	2.9M	2.85M	1.26M	1.79M	986K
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	138M	143M	150M	153M	143M
Buildings, Total	851M	917M	1B	1.07B	1.02B

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	9.63M	14.94M	9.77M	9.3M	4.98M
Depreciation, Depletion & Amortization	32.84M	36.08M	39.65M	42.59M	41.18M
Amortization of Goodwill and Intangible Assets - (CF)	17.87M	17.57M	17.52M	14.98M	9.37M
Total Depreciation, Depletion & Amortization	50.71M	53.64M	57.18M	57.58M	50.55M
Amortization of Deferred Charges, Total	1.7M	1.59M	1.64M	3.53M	1.69M
(Gain) Loss On Sale of Asset - (CF)	-2.95M	-8.1M	1.15M	-10.05M	-7.74M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Total Asset Writedown	1.81M	3.62M	-	12.09M	19.3M
Provision and Write-off of Bad Debts	152K	56K	-	-	-
Change in Accounts Receivable	-1.48M	-1.9M	-2.9M	-1.33M	-3.16M
Change in Accounts Payable	1.92M	-1.68M	2.83M	1.6M	-11K
Change in Other Net Operating Assets (Collected)	-42K	4.74M	2.49M	-1.64M	-39K
Other Operating Activities	-1.26M	-1.42M	-2.03M	-1.9M	-5.2M
Cash from Operations	60.19M	65.49M	70.13M	69.18M	60.37M
Acquisition of Real Estate Assets, Total	-138M	-134M	-106M	-120M	-36.69M
Sale of Real Estate Assets, Total	6.32M	35.83M	8.84M	39.5M	37.01M
Net Sale / Acquisition of Real Estate Assets	-132M	-98.46M	-96.66M	-80.29M	316K
Cash Acquisitions	-5.95M	-300K	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	5.48M	-1.5M	1.88M	-2.22M	822K
Cash from Investing	-132M	-100M	-94.78M	-82.51M	1.14M
Long-Term Debt Issued, Total	282M	233M	156M	325M	133M
Total Debt Issued	282M	233M	156M	325M	133M
Long-Term Debt Repaid, Total	-221M	-192M	-119M	-281M	-141M
Total Debt Repaid	-221M	-192M	-119M	-281M	-141M
Issuance of Common Stock	135M	63.61M	145M	49.68M	10.22M
Repurchase of Common Stock	-	-	-	-	-1.05M
Repurchase of Preferred Stock	-56.6M	-	-87.74M	-360K	-500K
Common & Preferred Stock Dividends Paid	-57.84M	-63M	-67.11M	-71.09M	-60.62M
Common & Preferred Stock Dividends Paid	-57.84M	-63M	-67.11M	-71.09M	-60.62M
Other Financing Activities, Total	-7.15M	-2.37M	-5.75M	-5.94M	-834K
Cash from Financing	74.25M	39.35M	21.75M	16.15M	-61.36M
Net Change in Cash	2.41M	4.59M	-2.9M	2.81M	143K
Supplemental Items
Cash Interest Paid	25.68M	26.1M	23.39M	27.84M	33.14M
Net Debt Issued / Repaid	61.31M	41.12M	37.68M	43.87M	-8.58M
Levered Free Cash Flow	54.88M	54.2M	74.25M	67.68M	38.16M
Unlevered Free Cash Flow	70.85M	69.36M	89.42M	84.44M	59.8M
Change In Net Working Capital	2.34M	7.36M	-10.43M	212K	22.48M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.27	2.16	1.95	2.31	2.72
Return on Total Capital	2.36	2.25	2.04	2.44	2.88
Return On Equity %	2.71	4.06	2.6	2.48	1.41
Return on Common Equity	-2.08	1.49	-2.2	-1.5	-4.33
Margin Analysis
Gross Profit Margin %	84.47	76.23	76.05	77.74	78.16
SG&A Margin	7.53	6.88	6.91	7.28	4.55
EBITDA Margin %	75.78	67.97	66.84	67.7	68.64
EBITA Margin %	47.07	40.92	38.07	39.13	40.75
EBIT Margin %	31.44	27.73	25.34	29.07	34.41
Income From Continuing Operations Margin %	8.34	11.25	7.07	6.22	3.34
Net Income Margin %	8.42	11.22	7.1	6.24	3.38
Net Avail. For Common Margin %	-4.16	2.36	-3.31	-2.04	-5.24
Normalized Net Income Margin	4.67	4.9	3.88	4.76	5.82
Levered Free Cash Flow Margin	47.98	40.7	53.92	45.43	25.86
Unlevered Free Cash Flow Margin	61.94	52.09	64.94	56.68	40.52
Asset Turnover
Asset Turnover	0.12	0.12	0.12	0.13	0.13
Fixed Assets Turnover	0.14	0.15	0.15	0.15	0.15
Receivables Turnover (Average Receivables)	3.18	3.61	3.5	3.7	3.58
Short Term Liquidity
Current Ratio	5.93	6.42	5.26	5.64	2.37
Quick Ratio	4.37	4.34	4.18	4.5	1.43
Operating Cash Flow to Current Liabilities	5.94	5.98	5.91	4.82	1.4
Days Sales Outstanding (Average Receivables)	114.79	101.33	104.34	98.55	102.01
Average Days Payable Outstanding	85.02	58	61.95	89.93	131.3
Long Term Solvency
Total Debt/Equity	174.46	180.49	191.58	201.64	229.6
Total Debt / Total Capital	63.56	64.35	65.7	66.85	69.66
LT Debt/Equity	174.01	179.55	191.12	201.27	221.51
Long-Term Debt / Total Capital	63.4	64.01	65.55	66.73	67.21
Total Liabilities / Total Assets	65.06	65.81	67.39	68.82	71.39
EBIT / Interest Expense	1.27	1.38	1.3	1.33	1.36
EBITDA / Interest Expense	3.08	3.4	3.44	3.12	2.72
(EBITDA - Capex) / Interest Expense	3.08	3.4	3.44	3.12	2.72
Total Debt / EBITDA	7.27	7.44	7.72	7.46	7.33
Net Debt / EBITDA	7.19	7.32	7.62	7.22	7.14
Total Debt / (EBITDA - Capex)	7.27	7.44	7.72	7.46	7.33
Net Debt / (EBITDA - Capex)	7.19	7.32	7.62	7.22	7.14
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	7.11	16.4	3.41	8.2	-0.94
Gross Profit, 1 Yr. Growth %	7.02	5.05	3.16	10.61	-0.41
EBITDA, 1 Yr. Growth %	4.85	4.42	1.67	9.61	0.44
EBITA, 1 Yr. Growth %	2.06	1.2	-3.8	11.23	0.56
EBIT, 1 Yr. Growth %	0.86	2.64	-5.5	24.15	13.28
Earnings From Cont. Operations, 1 Yr. Growth %	-22.58	57.06	-35.05	-4.74	-54.35
Net Income, 1 Yr. Growth %	-21.85	55.15	-34.58	-4.89	-53.86
Diluted EPS Before Extra, 1 Yr. Growth %	-633.35	-156.25	-238.49	-35.81	384.32
Normalized Net Income, 1 Yr. Growth %	-10.61	22.17	-18.11	32.81	6.94
Net Property, Plant and Equip., 1 Yr. Growth %	11.3	5.91	6.42	4.3	-7.92
Accounts Receivable, 1 Yr. Growth %	6.92	-1.67	5.78	-1.19	6.31
Total Assets, 1 Yr. Growth %	10.73	5.62	4.14	5.09	-5.75
Common Equity, 1 Yr. Growth %	-16.66	2.43	-5.57	0.73	-24.83
Tangible Book Value, 1 Yr. Growth %	-25.11	3.53	-5.62	5.13	-30.98
Cash From Operations, 1 Yr. Growth %	8.26	8.8	7.07	-1.35	-12.74
Levered Free Cash Flow, 1 Yr. Growth %	-2.99	-1.35	41.43	-8.84	-42.91
Unlevered Free Cash Flow, 1 Yr. Growth %	-0.91	-2.18	32.15	-5.57	-28.46
Dividend Per Share, 1 Yr. Growth %	0	0.12	0.02	0.17	-20.26
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	9.85	11.66	9.71	5.78	3.53
Gross Profit, 2 Yr. CAGR %	8.45	6.03	4.1	6.82	4.96
EBITDA, 2 Yr. CAGR %	7.24	4.63	3.04	5.56	4.92
EBITA, 2 Yr. CAGR %	5.39	1.63	-1.34	3.44	5.96
EBIT, 2 Yr. CAGR %	3.93	1.75	-1.51	8.32	18.68
Earnings From Cont. Operations, 2 Yr. CAGR %	26.77	10.27	1	-21.34	-32.79
Net Income, 2 Yr. CAGR %	27.35	10.11	0.75	-21.12	-32.48
Diluted EPS Before Extra, 2 Yr. CAGR %	-8.23	73.21	-11.74	-5.72	44.46
Normalized Net Income, 2 Yr. CAGR %	-1.36	4.5	0.02	4.29	19.02
Net Property, Plant and Equip., 2 Yr. CAGR %	7.18	8.57	6.16	5.36	-1.96
Accounts Receivable, 2 Yr. CAGR %