Gladstone Commercial Cash Flow 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
Net Income	21.09	24	4.99	10.81	10.94	14.94
Depreciation & Amortization	49.75	49.11	50.55	56.07	56.02	53.64
Other Amortization	1.85	1.67	1.69	3.53	1.64	1.59
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
Change in Accounts Receivable	-2.89	-5.54	-3.16	-1.33	-2.9	-1.9
Change in Accounts Payable	1.12	-0.04	-0.01	1.6	2.83	-1.68
Change in Other Net Operating Assets	9.44	0.28	-0.04	-1.64	2.49	4.74
Other Operating Activities	17.1	-5.18	-5.21	-1.9	-2.03	-1.36
Operating Cash Flow	95.22	56.95	60.37	69.18	70.13	65.49
Operating Cash Flow Growth	106.80%	-5.66%	-12.73%	-1.35%	7.07%	8.80%
Acquisition of Real Estate Assets	-234.14	-40.15	-36.69	-119.79	-105.5	-134.29
Sale of Real Estate Assets	10.15	37.64	37.01	39.5	8.84	35.83
Net Sale / Acq. of Real Estate Assets	-224	-2.52	0.32	-80.29	-96.66	-98.46
Cash Acquisition	-1.45	-	-	-	-	-0.3
Other Investing Activities	-3.23	0.79	0.82	-2.22	1.88	-1.5
Investing Cash Flow	-228.68	-1.73	1.14	-82.51	-94.78	-100.26
Long-Term Debt Issued	-	173.64	132.6	324.66	156.4	232.98
Long-Term Debt Repaid	-	-218.81	-141.18	-280.79	-118.72	-191.86
Net Debt Issued (Repaid)	150.8	-45.17	-8.58	43.87	37.68	41.12
Issuance of Common Stock	66.71	55.43	10.23	49.68	144.68	63.61
Repurchase of Common Stock	-	-	-1.05	-	-	-
Preferred Share Repurchases	-4.43	-1.71	-0.5	-0.36	-87.74	-
Common & Preferred Dividends Paid	-66.85	-62.79	-60.62	-71.09	-67.11	-63
Total Dividends Paid	-66.85	-62.79	-60.62	-71.09	-67.11	-63
Other Financing Activities	-2.66	-2.04	-0.83	-5.94	-5.75	-2.37
Net Cash Flow	10.1	-1.06	0.14	2.81	-2.9	4.59
Cash Interest Paid	35.67	35.67	33.14	27.84	23.39	26.1
Levered Free Cash Flow	73.02	63.38	38.16	66.83	73.81	52.5
Unlevered Free Cash Flow	95.57	85.09	59.8	83.59	88.98	67.66
Change in Working Capital	7.67	-5.3	-3.21	-1.37	2.43	1.16

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