Gladstone Commercial Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	161.34	149.39	147.58	148.98	137.69
Total Revenue	161.34	149.39	147.58	148.98	137.69
Revenue Growth (YoY	8.00%	1.22%	-0.94%	8.20%	3.41%
Property Expenses	35.27	31.53	32.24	33.16	32.98
Selling, General & Administrative	7.87	8.67	6.71	10.84	9.51
Depreciation & Amortization	58.25	55.79	57.86	60.15	59.15
Total Operating Expenses	101.38	95.99	96.81	104.16	101.64
Operating Income	59.96	53.4	50.78	44.83	36.05
Interest Expense	-41.91	-37.4	-37.33	-32.46	-26.89
Interest & Investment Income	0.5	0.1	-	-	-
Other Non-Operating Income	0.39	0.23	0.2	0.45	0.48
EBT Excluding Unusual Items	18.93	16.33	13.65	12.82	9.64
Gain (Loss) on Sale of Assets	0.37	14.23	7.74	10.05	-1.15
Asset Writedown	-0.01	-6.82	-19.3	-12.09	-
Total Legal Settlements	-	-	-	-	2.4
Other Unusual Items	-	0.3	2.83	-	-
Pretax Income	19.29	24.04	4.92	10.78	10.9
Earnings From Continuing Operations	19.29	24.04	4.92	10.78	10.9
Minority Interest in Earnings	-0.01	-0.04	0.06	0.02	0.04
Net Income	19.29	24	4.99	10.81	10.94
Preferred Dividends & Other Adjustments	12.7	12.87	12.72	12.33	14.33
Net Income to Common	6.59	11.12	-7.74	-1.53	-3.39
Net Income Growth	-19.63%	381.40%	-53.86%	-1.19%	-26.80%
Basic Shares Outstanding	47	42	40	39	37
Diluted Shares Outstanding	47	42	40	39	37
Shares Change (YoY)	11.43%	4.56%	2.55%	6.60%	7.34%
EPS (Basic)	0.14	0.27	-0.19	-0.04	-0.09
EPS (Diluted)	0.14	0.27	-0.19	-0.04	-0.09
EPS Growth	-47.44%	-	-	-	-
Dividend Per Share	1.200	1.200	1.200	1.505	1.502
Dividend Growth	-	-	-20.26%	0.18%	0.03%
Operating Margin	37.16%	35.75%	34.41%	30.09%	26.18%
Profit Margin	4.08%	7.45%	-5.24%	-1.03%	-2.46%
EBITDA	112.31	102.51	101.3	100.86	92.02
EBITDA Margin	69.61%	68.62%	68.64%	67.70%	66.83%
D&A For Ebitda	52.35	49.11	50.53	56.04	55.97
EBIT	59.96	53.4	50.78	44.83	36.05
EBIT Margin	37.16%	35.75%	34.41%	30.09%	26.18%
Funds From Operations (FFO)	64.48	59.25	-	-	-
FFO Per Share	1.38	1.41	-	-	-
Adjusted Funds From Operations (AFFO)	64.48	59.25	-	-	-
AFFO Per Share	1.37	1.40	-	-	-
Revenue as Reported	161.34	149.39	147.58	148.98	137.69

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.