Gladstone Commercial Balance Sheet

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
Property, Plant & Equipment	1,057	896.11	926.59	1,006	963.95	905.8
Cash & Equivalents	18.4	10.96	11.99	11.65	7.96	11.02
Accounts Receivable	46.98	46.72	42.51	39.98	40.47	38.26
Other Receivables	-	18.62	-	-	-	-
Other Intangible Assets	68.6	54.98	62.3	72.09	76.99	81.47
Loans Receivable Current	0.84	0.09	-	0.18	0.34	0.05
Restricted Cash	6.23	4.12	4.15	4.34	5.22	5.06
Other Current Assets	5.91	9.73	36.3	12.11	7.3	17.64
Trading Asset Securities	3.27	8.97	6.91	12.89	1.17	0.01
Deferred Long-Term Charges	51.74	40.13	38.75	39.54	37.51	35.91
Other Long-Term Assets	6.16	3.93	3.98	3.57	2.46	2.7
Total Assets	1,265	1,094	1,133	1,203	1,143	1,098
Current Portion of Long-Term Debt	6.81	19.93	0.67	0.9	1.22	3.06
Current Portion of Leases	0.15	0.46	-	-	-	-
Long-Term Debt	837.76	673.47	738.86	749.21	707.53	668.69
Long-Term Leases	6.68	3.61	5.09	5.31	5.51	5.69
Accounts Payable	15.16	13.2	13.59	9.61	6.74	4.46
Accrued Expenses	2.47	2.54	2.56	3.36	3.43	2.96
Other Current Liabilities	-	-	0.68	-	-	-
Long-Term Unearned Revenue	19.13	22	29.32	40.03	26.77	20.7
Other Long-Term Liabilities	21.84	17.81	18.4	18.48	19.34	17.04
Total Liabilities	910	753.01	809.16	826.88	770.53	722.59
Preferred Stock, Redeemable	170.04	170.04	170.04	170.06	170.26	159.29
Common Stock	0.05	0.05	0.04	0.04	0.04	0.04
Additional Paid-In Capital	841.96	784.39	730.26	721.33	671.13	626.53
Distributions in Excess of Earnings	-660.88	-623.91	-584.78	-529.1	-468.52	-409.04
Comprehensive Income & Other	3.7	10.65	7.76	11.64	-1.35	-4.35
Total Common Equity	184.83	171.17	153.28	203.9	201.3	213.18
Minority Interest	0.13	0.13	0.99	1.79	1.26	2.85
Shareholders' Equity	355	341.34	324.31	375.75	372.82	375.32
Total Liabilities & Equity	1,265	1,094	1,133	1,203	1,143	1,098
Total Debt	851.41	697.47	744.62	755.41	714.25	677.43
Net Cash (Debt)	-829.74	-677.55	-725.73	-730.87	-705.13	-666.41
Net Cash Per Share	-18.27	-16.22	-18.17	-18.76	-19.30	-19.58
Filing Date Shares Outstanding	48.4	44.19	40	39.99	37.8	35.73
Total Common Shares Outstanding	48.4	43.99	40	39.74	37.47	35.33
Book Value Per Share	3.82	3.89	3.83	5.13	5.37	6.03
Tangible Book Value	116.23	116.19	90.98	131.82	124.31	131.71
Tangible Book Value Per Share	2.40	2.64	2.27	3.32	3.32	3.73
Land	152.45	139.74	143.44	152.92	149.77	142.85
Buildings	1,191	1,018	1,021	1,069	1,004	916.6

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