NASDAQ : GOOD
Gladstone Commercial Corporation — Financial statements
Real Estate · REIT - Diversified · United States
Last price 11.43 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 553.75M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 170.20M | 161.34M | 149.39M | 147.58M | 148.98M | 137.69M |
| Total Revenue | 170.20M | 161.34M | 149.39M | 147.58M | 148.98M | 137.69M |
| Property Expenses | 35.57M | 35.27M | 31.53M | 32.24M | 33.16M | 32.98M |
| Selling, General & Administrative | 7.79M | 7.87M | 8.67M | 6.71M | 10.84M | 9.51M |
| Depreciation & Amortization | 60.51M | 58.24M | 55.79M | 57.86M | 60.15M | 59.15M |
| Total Operating Expenses | 103.87M | 101.38M | 95.99M | 96.81M | 104.16M | 101.64M |
| Operating Income | 66.33M | 59.96M | 53.40M | 50.78M | 44.83M | 36.05M |
| Interest Expense | -45.57M | -41.91M | -37.40M | -37.33M | -32.46M | -26.89M |
| Interest & Investment Income | 500.00K | 100.00K | ||||
| Other Non-Operating Income | 330.00K | 392.00K | 226.00K | 204.00K | 454.00K | 480.00K |
| EBT Excluding Unusual Items | 21.09M | 18.93M | 16.33M | 13.65M | 12.82M | 9.64M |
| Gain (Loss) on Sale of Assets | 3.67M | 367.00K | 14.23M | 7.74M | 10.05M | -1.15M |
| Asset Writedown | -9.00K | -6.82M | -19.30M | -12.09M | ||
| Total Legal Settlements | 2.40M | |||||
| Other Unusual Items | 300.00K | 2.83M | ||||
| Pretax Income | 24.76M | 19.29M | 24.04M | 4.92M | 10.78M | 10.89M |
| Earnings From Continuing Operations | 24.76M | 19.29M | 24.04M | 4.92M | 10.78M | 10.89M |
| Minority Interest in Earnings | -10.00K | -6.00K | -42.00K | 63.00K | 23.00K | 40.00K |
| Net Income | 24.75M | 19.29M | 24.00M | 4.99M | 10.80M | 10.94M |
| Preferred Dividends & Other Adjustments | 12.58M | 12.70M | 12.87M | 12.72M | 12.33M | 14.33M |
| Net Income to Common | 12.17M | 6.59M | 11.12M | -7.74M | -1.53M | -3.39M |
| Basic Shares Outstanding | 48.03M | 46.54M | 41.77M | 39.94M | 38.95M | 36.54M |
| Diluted Shares Outstanding | 48.03M | 46.54M | 41.77M | 39.94M | 38.95M | 36.54M |
| EPS (Basic) | 0.25 | 0.14 | 0.27 | -0.19 | -0.04 | -0.09 |
| EPS (Diluted) | 0.25 | 0.14 | 0.27 | -0.19 | -0.04 | -0.09 |
| Dividend Per Share | 1.20 | 1.20 | 1.20 | 1.20 | 1.50 | 1.50 |
| Operating Margin | 38.97% | 37.16% | 35.75% | 34.41% | 30.09% | 26.18% |
| Profit Margin | 7.15% | 4.08% | 7.45% | -5.24% | -1.03% | -2.46% |
| EBITDA | 121.44M | 112.31M | 102.51M | 101.30M | 100.86M | 92.02M |
| EBITDA Margin | 71.35% | 69.61% | 68.62% | 68.64% | 67.70% | 66.83% |
| D&A For Ebitda | 55.11M | 52.35M | 49.11M | 50.52M | 56.04M | 55.97M |
| EBIT | 66.33M | 59.96M | 53.40M | 50.78M | 44.83M | 36.05M |
| EBIT Margin | 38.97% | 37.16% | 35.75% | 34.41% | 30.09% | 26.18% |
| Funds From Operations (FFO) | 69.02M | 64.48M | 59.24M | 58.78M | 60.64M | 56.87M |
| FFO Per Share | 1.43 | 1.38 | 1.41 | 1.46 | 1.54 | 1.54 |
| Adjusted Funds From Operations (AFFO) | 64.48M | 59.24M | 58.78M | 60.64M | 56.87M | |
| AFFO Per Share | 1.37 | 1.40 | 1.45 | 1.53 | 1.52 | |
| Revenue as Reported | 170.20M | 161.34M | 149.39M | 147.58M | 148.98M | 137.69M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 1.04B | 1.04B | 896.11M | 926.59M | 1.01B | 963.95M |
| Cash & Equivalents | 10.36M | 10.81M | 10.96M | 11.98M | 11.65M | 7.96M |
| Accounts Receivable | 49.20M | 50.02M | 46.72M | 42.51M | 39.98M | 40.47M |
| Other Receivables | 18.62M | |||||
| Other Intangible Assets | 64.02M | 65.33M | 54.98M | 62.30M | 72.08M | 76.99M |
| Loans Receivable Current | 838.00K | 90.00K | 181.00K | 336.00K | ||
| Restricted Cash | 5.44M | 5.78M | 4.12M | 4.15M | 4.34M | 5.22M |
| Other Current Assets | 2.27M | 16.60M | 9.73M | 36.30M | 12.11M | 7.30M |
| Trading Asset Securities | 8.04M | 3.13M | 8.96M | 6.91M | 12.89M | 1.17M |
| Deferred Long-Term Charges | 49.14M | 50.25M | 40.13M | 38.75M | 39.54M | 37.51M |
| Other Long-Term Assets | 10.97M | 6.66M | 3.93M | 3.98M | 3.57M | 2.46M |
| Total Assets | 1.24B | 1.25B | 1.09B | 1.13B | 1.20B | 1.14B |
| Current Portion of Long-Term Debt | 21.66M | 36.90M | 19.93M | 670.00K | 897.00K | 1.22M |
| Current Portion of Leases | 320.00K | 632.00K | ||||
| Long-Term Debt | 830.43M | 808.10M | 673.47M | 738.86M | 749.21M | 707.53M |
| Long-Term Leases | 6.34M | 6.15M | 4.06M | 5.09M | 5.31M | 5.51M |
| Accounts Payable | 16.01M | 10.96M | 13.20M | 13.59M | 9.61M | 6.74M |
| Accrued Expenses | 3.48M | 3.22M | 2.54M | 2.56M | 3.36M | 3.43M |
| Other Current Liabilities | 397.00K | 676.00K | ||||
| Long-Term Unearned Revenue | 16.89M | 17.19M | 22.00M | 29.32M | 40.03M | 26.77M |
| Other Long-Term Liabilities | 20.32M | 21.45M | 17.80M | 18.40M | 18.48M | 19.34M |
| Total Liabilities | 915.44M | 905.00M | 753.01M | 809.16M | 826.88M | 770.53M |
| Preferred Stock, Redeemable | 170.04M | 170.04M | 170.04M | 170.04M | 170.06M | 170.26M |
| Common Stock | 49.00K | 49.00K | 45.00K | 41.00K | 40.00K | 38.00K |
| Additional Paid-In Capital | 840.81M | 841.57M | 784.39M | 730.26M | 721.33M | 671.13M |
| Distributions in Excess of Earnings | -693.26M | -673.17M | -623.91M | -584.78M | -529.10M | -468.52M |
| Comprehensive Income & Other | 9.77M | 3.31M | 10.65M | 7.76M | 11.64M | -1.35M |
| Total Common Equity | 157.37M | 171.77M | 171.17M | 153.28M | 203.90M | 201.30M |
| Minority Interest | 111.00K | 122.00K | 130.00K | 986.00K | 1.79M | 1.26M |
| Shareholders' Equity | 327.52M | 341.93M | 341.34M | 324.31M | 375.75M | 372.82M |
| Total Liabilities & Equity | 1.24B | 1.25B | 1.09B | 1.13B | 1.20B | 1.14B |
| Total Debt | 858.75M | 851.78M | 697.47M | 744.62M | 755.41M | 714.25M |
| Net Cash (Debt) | -840.35M | -837.84M | -677.55M | -725.73M | -730.87M | -705.13M |
| Net Cash Per Share | -17.50 | -18.00 | -16.22 | -18.17 | -18.76 | -19.30 |
| Filing Date Shares Outstanding | 48.41M | 48.41M | 44.19M | 40.00M | 39.99M | 37.80M |
| Total Common Shares Outstanding | 48.41M | 48.41M | 43.99M | 40.00M | 39.74M | 37.47M |
| Book Value Per Share | 3.25 | 3.55 | 3.89 | 3.83 | 5.13 | 5.37 |
| Tangible Book Value | 93.35M | 106.44M | 116.19M | 90.98M | 131.82M | 124.31M |
| Tangible Book Value Per Share | 1.93 | 2.20 | 2.64 | 2.27 | 3.32 | 3.32 |
| Land | 153.38M | 150.87M | 139.74M | 143.44M | 152.92M | 149.77M |
| Buildings | 1.21B | 1.18B | 1.02B | 1.02B | 1.07B | 1.00B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 24.75M | 19.29M | 24.00M | 4.99M | 10.80M | 10.94M |
| Depreciation & Amortization | 55.12M | 52.36M | 49.11M | 50.55M | 56.07M | 56.02M |
| Other Amortization | 2.89M | 2.47M | 1.67M | 1.69M | 3.53M | 1.64M |
| Gain (Loss) on Sale of Assets | -3.67M | -367.00K | -14.23M | -7.74M | -10.05M | 1.15M |
| Asset Writedown | 9.00K | 6.82M | 19.30M | 12.09M | ||
| Change in Accounts Receivable | -3.02M | -3.02M | -5.54M | -3.16M | -1.33M | -2.90M |
| Change in Accounts Payable | -2.80M | 796.00K | -41.00K | -11.00K | 1.60M | 2.83M |
| Change in Other Net Operating Assets | 1.00M | 741.00K | 279.00K | -39.00K | -1.64M | 2.49M |
| Other Operating Activities | -4.17M | 15.88M | -5.18M | -5.21M | -1.90M | -2.03M |
| Operating Cash Flow | 70.09M | 88.15M | 56.95M | 60.37M | 69.18M | 70.13M |
| Acquisition of Real Estate Assets | -93.73M | -228.88M | -40.15M | -36.69M | -119.79M | -105.50M |
| Sale of Real Estate Assets | 17.41M | 7.64M | 37.63M | 37.01M | 39.50M | 8.84M |
| Net Sale / Acq. of Real Estate Assets | -76.32M | -221.24M | -2.52M | 316.00K | -80.29M | -96.66M |
| Cash Acquisition | 1.35M | |||||
| Other Investing Activities | -1.91M | -137.00K | 792.00K | 822.00K | -2.22M | 1.88M |
| Investing Cash Flow | -76.88M | -221.38M | -1.73M | 1.14M | -82.51M | -94.78M |
| Long-Term Debt Issued | 473.93M | 173.64M | 132.60M | 324.66M | 156.40M | |
| Long-Term Debt Repaid | -323.39M | -218.81M | -141.18M | -280.79M | -118.72M | |
| Net Debt Issued (Repaid) | 57.87M | 150.54M | -45.17M | -8.58M | 43.87M | 37.68M |
| Issuance of Common Stock | 23.23M | 62.18M | 55.42M | 10.22M | 49.68M | 144.68M |
| Repurchase of Common Stock | -1.05M | |||||
| Preferred Share Repurchases | -3.04M | -4.50M | -1.71M | -500.00K | -360.00K | -87.74M |
| Common & Preferred Dividends Paid | -69.92M | -68.17M | -62.79M | -60.62M | -71.09M | -67.11M |
| Total Dividends Paid | -69.92M | -68.17M | -62.79M | -60.62M | -71.09M | -67.11M |
| Other Financing Activities | -1.44M | -5.31M | -2.04M | -834.00K | -5.94M | -5.75M |
| Net Cash Flow | -102.00K | 1.52M | -1.06M | 143.00K | 2.81M | -2.90M |
| Levered Free Cash Flow | 69.72M | 71.00M | 63.38M | 38.16M | 66.83M | 73.81M |
| Unlevered Free Cash Flow | 95.31M | 94.72M | 85.09M | 59.80M | 83.59M | 88.98M |
| Cash Interest Paid | 38.71M | 38.71M | 35.67M | 33.14M | 27.84M | 23.39M |
| Change in Working Capital | -4.82M | -1.49M | -5.30M | -3.21M | -1.37M | 2.42M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 559.32M | 516.44M | 713.25M | 528.92M | 732.73M | 960.41M |
| Enterprise Value | 1.40B | 1.52B | 1.57B | 1.42B | 1.62B | 1.80B |
| Last Close Price | 11.43 | 9.83 | 13.67 | 10.26 | 13.09 | 16.89 |
| Price/FFO Ratio | 8.30 | 7.12 | 9.70 | 7.03 | 8.50 | 10.97 |
| Price/AFFO Ratio | 7.15 | 9.75 | 7.10 | 8.55 | 11.10 | |
| PE Ratio | 45.85 | 78.36 | 64.12 | |||
| PS Ratio | 3.28 | 3.20 | 4.77 | 3.58 | 4.92 | 6.97 |
| PB Ratio | 3.52 | 1.51 | 2.09 | 1.63 | 1.95 | 2.58 |
| P/OCF Ratio | 7.96 | 5.86 | 12.52 | 8.76 | 10.59 | 13.70 |
| EV/Sales Ratio | 8.22 | 9.40 | 10.50 | 9.61 | 10.91 | 13.09 |
| EV/EBITDA Ratio | 11.52 | 13.50 | 15.30 | 14.00 | 16.11 | 19.58 |
| EV/EBIT Ratio | 21.08 | 25.29 | 29.36 | 27.93 | 36.25 | 49.99 |
| Debt / Equity Ratio | 2.62 | 2.49 | 2.04 | 2.30 | 2.01 | 1.92 |
| Debt / EBITDA Ratio | 7.04 | 7.55 | 6.78 | 7.33 | 7.46 | 7.72 |
| Net Debt / Equity Ratio | 2.57 | 2.45 | 1.99 | 2.24 | 1.95 | 1.89 |
| Net Debt / EBITDA Ratio | 6.92 | 7.46 | 6.61 | 7.16 | 7.25 | 7.66 |
| Asset Turnover | 0.14 | 0.14 | 0.13 | 0.13 | 0.13 | 0.12 |
| Quick Ratio | 1.63 | 1.23 | 2.39 | 3.51 | 4.66 | 4.36 |
| Current Ratio | 1.82 | 1.67 | 2.78 | 5.82 | 5.86 | 5.49 |
| Return on Equity (ROE) | 7.34% | 5.65% | 7.22% | 1.41% | 2.88% | 2.91% |
| Return on Assets (ROA) | 3.38% | 3.20% | 3.00% | 2.72% | 2.39% | 2.01% |
| Earnings Yield | 2.18% | 3.73% | 3.36% | 0.94% | 1.47% | 1.14% |
| Dividend Yield | 10.39% | 11.25% | 7.40% | 9.07% | 8.16% | 5.86% |
| Payout Ratio | 476.55% | 353.48% | 261.64% | 1,216.05% | 657.96% | 613.75% |
| Buyback Yield / Dilution | -8.19% | -11.43% | -4.56% | -2.55% | -6.60% | -7.34% |
| Total Shareholder Return | 2.23% | -0.18% | 2.84% | 6.53% | 1.56% | -1.47% |