Financials Gladstone Commercial Corporation

Equities

GOOD

US3765361080

Diversified REITs

Market Closed - Nasdaq Other stock markets 04:00:00 2026-01-16 pm EST			5-day change	1st Jan Change
11.72 ^USD	+1.12%		+4.64%	+9.84%

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

Projected Income Statement: Gladstone Commercial Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	133.2	137.7	149	147.6	149.4	159.1	169.1	177.4
Change	-	3.41%	8.2%	-0.94%	1.22%	6.5%	6.27%	4.92%
EBITDA ¹	92.34	95.2	92.89	108.6	109.2	116.6	124.8	135.1
Change	-	3.09%	-2.43%	16.95%	0.51%	6.76%	7.06%	8.23%
EBIT ¹	33.3	34.89	31.22	31.48	44.32	56.75	56.71	-
Change	-	4.78%	-10.51%	0.83%	40.77%	28.05%	-0.06%	-
Interest Paid ¹	-26.8	-26.89	-32.46	-37.33	-37.4	-40.65	-42.24	-47.64
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Net income ¹	3.149	-4.554	-3.062	-7.801	11.17	5.656	7.949	8.658
Change	-	-244.62%	32.76%	-154.77%	243.14%	-49.34%	40.53%	8.93%
Announcement Date	2/16/21	2/15/22	2/22/23	2/21/24	2/18/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	32.87	34.68	33.37	34.33	35.31	35.53	36.4	39.83	37.22	36.55	38.66	36.46	35.91	35.72	37.06	39.24	37.38	37.5	39.53	40.84	41.23	41.7	42.12	42.56	42.7	43.63	44.29	44.94
Change	-	5.51%	-3.77%	2.89%	2.83%	0.63%	2.44%	9.44%	-6.57%	-1.78%	5.76%	-5.68%	-1.52%	-0.52%	3.74%	5.88%	-4.74%	0.34%	5.42%	3.31%	0.96%	1.14%	1%	1.06%	0.31%	2.19%	1.5%	1.48%
EBITDA ¹	22.27	24.48	22.56	23.6	24.54	24.56	23.79	18.15	26.38	26.59	28.7	26.12	27.22	25.73	27.1	28.18	27.29	26.89	28.64	30.09	30.57	30.6	31	31.51	31.69	32.09	32.58	33.06
Change	-	9.92%	-7.86%	4.6%	4.02%	0.07%	-3.13%	-23.72%	45.36%	0.8%	7.92%	-9.01%	4.23%	-5.47%	5.31%	4.01%	-3.19%	-1.47%	6.51%	5.08%	1.58%	0.11%	1.32%	1.63%	0.58%	1.28%	1.5%	1.48%
EBIT ¹	8.21	7.773	8.368	8.836	9.895	9.873	8.574	2.386	10.39	11.12	4.942	6.877	7.772	12.41	11.08	14.84	10.14	13.64	14.39	14.82	14.39	14.08	14.27	14.38	13.95	-	-	-
Change	-	-5.32%	7.65%	5.59%	11.99%	-0.22%	-13.16%	-72.17%	335.5%	7.02%	-55.56%	39.15%	13.01%	59.62%	-10.66%	33.9%	-31.67%	34.52%	5.45%	3.01%	-2.93%	-2.15%	1.4%	0.77%	-3.01%	-	-	-
Charge d'intérêts ¹	-6.392	-7.164	-6.486	-6.688	-6.549	-6.586	-7.121	-9.107	-9.644	-8.828	-9.081	-9.936	-10.31	-9.497	-9.463	-9.299	-9.136	-9.138	-10.06	-10.7	-10.75	-10.46	-10.52	-10.59	-10.66	-11.26	-11.36	-11.45
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	5.795	-2.955	-3.032	1.439	-0.007	0.322	-1.499	-0.6	-1.284	-0.7	-7.685	-1.416	1.339	0.304	-1.614	8.467	4.013	1.915	1.456	0.982	1.689	1.714	1.959	2.2	2.076	2.969	3.344	3.728
Change	-	-150.99%	-2.61%	147.46%	-100.49%	4,700%	-565.53%	59.97%	-114%	45.48%	-997.86%	81.57%	194.56%	-77.3%	-630.92%	624.6%	-52.6%	-52.28%	-23.97%	-32.55%	72%	1.49%	14.27%	12.32%	-5.66%	43.04%	12.63%	11.48%
Announcement Date	2/16/21	5/10/21	8/9/21	11/1/21	2/15/22	5/4/22	8/1/22	11/7/22	2/22/23	5/3/23	8/8/23	11/6/23	2/21/24	5/6/24	8/6/24	11/4/24	2/18/25	5/7/25	8/6/25	11/3/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Gladstone Commercial Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Announcement Date	2/16/21	2/15/22	2/22/23	2/21/24	2/18/25	-	-	-

Estimates

Cash Flow Forecast: Gladstone Commercial Corporation

Fiscal Period: December	2020	2021	2022	2024	2025	2026	2027
CAPEX ¹	6.36	5.348	6.822	12.8	21.41	16	-
Change	-	-15.91%	27.56%	-	67.27%	-25.25%	-100%
Free Cash Flow (FCF) ¹	59.13	-	62.36	44.16	-1,671	113.3	115.2
Change	-	-	-	-	-3,883.39%	106.78%	1.65%
Announcement Date	2/16/21	2/15/22	2/22/23	2/18/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Gladstone Commercial Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	69.35%	69.14%	62.35%	73.61%	73.09%	73.27%	73.81%	76.14%
EBIT Margin (%)	-	25.01%	25.34%	20.96%	21.33%	29.67%	35.67%	33.54%	-
EBT Margin (%)	-	-	-	-	-	-	-	-	-
Net margin (%)	-	2.36%	-3.31%	-2.06%	-5.29%	7.47%	3.56%	4.7%	4.88%
FCF margin (%)	-	44.41%	-	41.85%	-	29.56%	-1,050.08%	67.01%	64.92%
FCF / Net Income (%)	-	1,877.87%	-	-2,036.41%	-	395.45%	-29,534.02%	1,425.28%	1,330.1%
Profitability
ROA	2.27%	2.16%	1.95%	2.31%	2.72%	3%	-	-	-
ROE	2.71%	4.06%	2.6%	2.48%	1.41%	7.22%	-	-	-
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	4.78%	3.88%	4.58%	-	8.57%	13.46%	9.46%	-
CAPEX / EBITDA (%)	-	6.89%	5.62%	7.34%	-	11.72%	18.36%	12.82%	-
CAPEX / FCF (%)	-	10.76%	-	10.94%	-	28.98%	-1.28%	14.12%	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	1.502	1.502	1.505	1.2	1.2	1.2	1.2	1.2
Change	-	-	0.03%	0.17%	-20.26%	0%	0%	0%	0%
Book Value Per Share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
EPS ¹	-	0.09	-0.12	-0.08	-0.19	0.27	0.1133	0.1525	0.16
Change	-	-	-233.33%	33.33%	-137.5%	242.11%	-58.03%	34.56%	4.92%
Nbr of stocks (in thousands)	-	34,268	37,268	39,607	39,949	43,919	48,401	48,401	48,401
Announcement Date	-	2/16/21	2/15/22	2/22/23	2/21/24	2/18/25	-	-	-