Gladstone Commercial Income 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
Property Revenue	161.34	149.39	147.58	148.98	137.69
Revenue	161.34	149.39	147.58	148.98	137.69
Revenue Growth (YoY)	8.00%	1.22%	-0.94%	8.20%	3.41%
Property Expenses	28.63	25.42	25.86	26.83	27.1
Total Property Expenses	28.63	25.42	25.86	26.83	27.1
Gross Profit	132.71	123.97	121.73	122.15	110.59
Selling, General & Admin	14.51	14.78	13.09	17.17	15.39
Operating Income	118.2	109.19	108.63	104.98	95.2
Interest Expense	-41.91	-37.4	-37.33	-32.46	-26.89
Other Non-Operating Income (Expense)	0.89	0.33	0.2	0.45	2.88
Total Non-Operating Income (Expense)	-41.02	-37.07	-37.13	-32	-24.01
Pretax Income	77.18	72.12	71.51	72.98	71.19
Net Income	6.59	11.12	-7.74	-1.53	-3.39
Net Income Attributable to Preferred Dividends	12.3	12.44	12.29	11.95	11.49
Net Income to Common	6.59	11.12	-7.74	-1.53	-3.39
Net Income Growth	-40.75%	-	-	-	-
Shares Outstanding (Basic)	47	42	40	38	38
Shares Outstanding (Diluted)	47	42	40	38	38
Shares Change (YoY)	11.00%	5.79%	4.50%	1.42%	7.72%
EPS (Basic)	0.14	0.27	-0.19	-0.04	-0.09
EPS (Diluted)	0.14	0.27	-0.19	-0.04	-0.09
EPS Growth	-48.15%	-	-	-	-
Shares Outstanding	48.79	44.38	40.41	40.18	38.07
Free Cash Flow	-140.73	16.8	23.68	-50.62	-35.38
Free Cash Flow Growth	-	-29.04%	-	-	-
Free Cash Flow Per Share	-3.00	0.40	0.59	-1.32	-0.94
Dividends Per Share	1.200	1.200	1.200	1.505	1.502
Dividend Growth	-	-	-20.26%	0.18%	0.03%
Gross Margin	82.26%	82.99%	82.48%	81.99%	80.32%
Operating Margin	73.26%	73.09%	73.61%	70.46%	69.14%
Profit Margin	11.96%	16.09%	3.34%	7.24%	7.91%
FCF Margin	-87.23%	11.25%	16.04%	-33.97%	-25.69%
EBITDA	176.45	164.97	166.49	165.13	154.35
EBITDA Margin	109.37%	110.43%	112.81%	110.84%	112.10%
EBIT	118.2	109.19	108.63	104.98	95.2
EBIT Margin	73.26%	73.09%	73.61%	70.46%	69.14%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Real Estate template. Financial Sources.

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