Gladstone Commercial Cash Flow 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
Net Income	19.29	24	4.99	10.81	10.94
Depreciation & Amortization	52.36	49.11	50.55	56.07	56.02
Other Amortization	2.47	1.67	1.69	3.53	1.64
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	-
Change in Accounts Receivable	-3.03	-5.54	-3.16	-1.33	-2.9
Change in Accounts Payable	0.8	-0.04	-0.01	1.6	2.83
Change in Other Net Operating Assets	0.74	0.28	-0.04	-1.64	2.49
Other Operating Activities	15.88	-5.18	-5.21	-1.9	-2.03
Operating Cash Flow	88.15	56.95	60.37	69.18	70.13
Operating Cash Flow Growth	54.78%	-5.66%	-12.73%	-1.35%	7.07%
Acquisition of Real Estate Assets	-228.88	-40.15	-36.69	-119.79	-105.5
Sale of Real Estate Assets	7.64	37.64	37.01	39.5	8.84
Net Sale / Acq. of Real Estate Assets	-221.24	-2.52	0.32	-80.29	-96.66
Other Investing Activities	-0.14	0.79	0.82	-2.22	1.88
Investing Cash Flow	-221.38	-1.73	1.14	-82.51	-94.78
Long-Term Debt Issued	473.93	173.64	132.6	324.66	156.4
Long-Term Debt Repaid	-323.39	-218.81	-141.18	-280.79	-118.72
Net Debt Issued (Repaid)	150.54	-45.17	-8.58	43.87	37.68
Issuance of Common Stock	62.18	55.43	10.23	49.68	144.68
Repurchase of Common Stock	-	-	-1.05	-	-
Preferred Share Repurchases	-4.5	-1.71	-0.5	-0.36	-87.74
Common & Preferred Dividends Paid	-68.17	-62.79	-60.62	-71.09	-67.11
Total Dividends Paid	-68.17	-62.79	-60.62	-71.09	-67.11
Other Financing Activities	-5.31	-2.04	-0.83	-5.94	-5.75
Net Cash Flow	1.52	-1.06	0.14	2.81	-2.9
Cash Interest Paid	38.71	35.67	33.14	27.84	23.39
Levered Free Cash Flow	71	63.38	38.16	66.83	73.81
Unlevered Free Cash Flow	94.72	85.09	59.8	83.59	88.98
Change in Working Capital	-1.49	-5.3	-3.21	-1.37	2.43

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