Gladstone Commercial Balance Sheet

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
Property, Plant & Equipment	1,038	896.11	926.59	1,006	963.95
Cash & Equivalents	10.81	10.96	11.99	11.65	7.96
Accounts Receivable	50.02	46.72	42.51	39.98	40.47
Other Receivables	-	18.62	-	-	-
Other Intangible Assets	65.33	54.98	62.3	72.09	76.99
Loans Receivable Current	0.84	0.09	-	0.18	0.34
Restricted Cash	5.78	4.12	4.15	4.34	5.22
Other Current Assets	16.6	9.73	36.3	12.11	7.3
Trading Asset Securities	3.13	8.97	6.91	12.89	1.17
Deferred Long-Term Charges	50.25	40.13	38.75	39.54	37.51
Other Long-Term Assets	6.66	3.93	3.98	3.57	2.46
Total Assets	1,247	1,094	1,133	1,203	1,143
Current Portion of Long-Term Debt	36.9	19.93	0.67	0.9	1.22
Current Portion of Leases	0.63	-	-	-	-
Long-Term Debt	808.1	673.47	738.86	749.21	707.53
Long-Term Leases	6.15	4.06	5.09	5.31	5.51
Accounts Payable	10.96	13.2	13.59	9.61	6.74
Accrued Expenses	3.22	2.54	2.56	3.36	3.43
Other Current Liabilities	0.4	-	0.68	-	-
Long-Term Unearned Revenue	17.19	22	29.32	40.03	26.77
Other Long-Term Liabilities	21.45	17.81	18.4	18.48	19.34
Total Liabilities	905	753.01	809.16	826.88	770.53
Preferred Stock, Redeemable	170.04	170.04	170.04	170.06	170.26
Common Stock	0.05	0.05	0.04	0.04	0.04
Additional Paid-In Capital	841.57	784.39	730.26	721.33	671.13
Distributions in Excess of Earnings	-673.17	-623.91	-584.78	-529.1	-468.52
Comprehensive Income & Other	3.31	10.65	7.76	11.64	-1.35
Total Common Equity	171.77	171.17	153.28	203.9	201.3
Minority Interest	0.12	0.13	0.99	1.79	1.26
Shareholders' Equity	341.93	341.34	324.31	375.75	372.82
Total Liabilities & Equity	1,247	1,094	1,133	1,203	1,143
Total Debt	851.78	697.47	744.62	755.41	714.25
Net Cash (Debt)	-837.84	-677.55	-725.73	-730.87	-705.13
Net Cash Per Share	-18.00	-16.22	-18.17	-18.76	-19.30
Filing Date Shares Outstanding	48.41	44.19	40	39.99	37.8
Total Common Shares Outstanding	48.41	43.99	40	39.74	37.47
Book Value Per Share	3.55	3.89	3.83	5.13	5.37
Tangible Book Value	106.44	116.19	90.98	131.82	124.31
Tangible Book Value Per Share	2.20	2.64	2.27	3.32	3.32
Land	150.87	139.74	143.44	152.92	149.77
Buildings	1,183	1,018	1,021	1,069	1,004

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