Gladstone Commercial Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Rental Revenue	155.25	149.39	147.58	148.98	137.69	133.15
Total Revenue	155.25	149.39	147.58	148.98	137.69	133.15
Revenue Growth (YoY	4.95%	1.22%	-0.94%	8.20%	3.41%	16.41%
Property Expenses	35.05	31.53	32.24	33.16	32.98	31.65
Selling, General & Administrative	7.59	8.67	6.71	10.84	9.51	9.16
Depreciation & Amortization	55.87	55.79	57.86	60.15	59.15	55.42
Total Operating Expenses	98.51	95.99	96.81	104.16	101.64	96.23
Operating Income	56.74	53.4	50.78	44.83	36.05	36.92
Interest Expense	-39.04	-37.4	-37.33	-32.46	-26.89	-26.8
Other Non-Operating Income	0.34	0.33	0.2	0.45	0.48	0.4
EBT Excluding Unusual Items	18.55	16.33	13.65	12.82	9.64	10.51
Gain (Loss) on Sale of Assets	4.04	14.23	7.74	10.05	-1.15	8.1
Asset Writedown	-1.79	-6.82	-19.3	-12.09	-	-3.62
Total Legal Settlements	-	-	-	-	2.4	-
Other Unusual Items	0.3	0.3	2.83	-	-	-
Pretax Income	21.11	24.04	4.92	10.78	10.9	14.99
Earnings From Continuing Operations	21.11	24.04	4.92	10.78	10.9	14.99
Minority Interest in Earnings	-0.01	-0.04	0.06	0.02	0.04	-0.05
Net Income	21.09	24	4.99	10.81	10.94	14.94
Preferred Dividends & Other Adjustments	12.77	12.87	12.72	12.33	14.33	11.79
Net Income to Common	8.33	11.12	-7.74	-1.53	-3.39	3.15
Net Income Growth	-1.18%	381.40%	-53.86%	-1.19%	-26.80%	55.15%
Basic Shares Outstanding	45	42	40	39	37	34
Diluted Shares Outstanding	45	42	40	39	37	34
Shares Change (YoY)	11.40%	4.56%	2.55%	6.60%	7.34%	10.90%
EPS (Basic)	0.18	0.27	-0.19	-0.04	-0.09	0.09
EPS (Diluted)	0.18	0.27	-0.19	-0.04	-0.09	0.09
Dividend Per Share	1.200	1.200	1.200	1.505	1.502	1.502
Dividend Growth	-	-	-20.26%	0.18%	0.03%	0.12%
Operating Margin	36.55%	35.75%	34.41%	30.09%	26.18%	27.73%
Profit Margin	5.36%	7.45%	-5.24%	-1.03%	-2.46%	2.37%
EBITDA	106.49	102.51	101.3	100.86	92.02	90.51
EBITDA Margin	68.59%	68.62%	68.64%	67.70%	66.83%	67.97%
D&A For Ebitda	49.74	49.11	50.53	56.04	55.97	53.59
EBIT	56.74	53.4	50.78	44.83	36.05	36.92
EBIT Margin	36.55%	35.75%	34.41%	30.09%	26.18%	27.73%
Funds From Operations (FFO)	61.95	59.25	58.78	-	-	-
FFO Per Share	1.36	1.41	1.46	-	-	-
Adjusted Funds From Operations (AFFO)	-	59.25	58.78	-	-	-
AFFO Per Share	-	1.40	1.45	-	-	-
Revenue as Reported	155.25	149.39	147.58	148.98	137.69	133.15

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