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Gladstone Commercial (GOOD) Financials

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$13.10 -0.22 (-1.62%)
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Annual Income Statements for Gladstone Commercial

Annual Income Statements for Gladstone Commercial

This table shows Gladstone Commercial's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -1.53 -7.74 11
Consolidated Net Income / (Loss)		 11 4.92 24
Net Income / (Loss) Continuing Operations		 11 4.92 24
Total Pre-Tax Income 		11 4.92 24
Total Revenue		 159 155 164
Net Interest Income / (Expense)		 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00
Total Interest Expense		 0.00 0.00 0.00
Total Non-Interest Income		 159 155 164
Net Realized & Unrealized Capital Gains on Investments		 10 7.74 14
Other Non-Interest Income		 149 148 149
Total Non-Interest Expense		 116 116 103
Net Occupancy & Equipment Expense		 27 26 25
Insurance Policy Acquisition Costs		 5.27 0.00 4.49
Other Operating Expenses		 12 13 10
Depreciation Expense		 60 58 56
Impairment Charge		 12 19 6.82
Nonoperating Income / (Expense), net		 -32 -34 -37
Preferred Stock Dividends Declared		 12 13 13
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.02 -0.06 0.04
Basic Earnings per Share		 ($0.04) ($0.19) $0.27
Weighted Average Basic Shares Outstanding		 38.95M 39.94M 41.77M
Diluted Earnings per Share		 ($0.04) ($0.19) $0.27
Weighted Average Diluted Shares Outstanding		 38.95M 39.94M 41.77M
Weighted Average Basic & Diluted Shares Outstanding		 39.99M 40.00M 44.19M
Cash Dividends to Common per Share		 $1.50 $1.20 $1.20

Quarterly Income Statements for Gladstone Commercial

This table shows Gladstone Commercial's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -0.31 -0.09 0.04 -7.69 -1.42 1.33 0.30 -1.61 8.47 3.97
Consolidated Net Income / (Loss)		 2.79 2.98 3.17 -4.59 1.79 4.55 3.53 1.60 12 7.19
Net Income / (Loss) Continuing Operations		 2.79 2.98 3.17 -4.59 1.79 4.55 3.53 1.60 12 7.19
Total Pre-Tax Income 		2.79 2.98 3.17 -4.59 1.79 4.55 3.53 1.60 12 7.19
Total Revenue		 40 61 28 38 41 48 27 37 50 50
Net Interest Income / (Expense)		 -9.11 23 -8.83 0.00 0.00 8.83 -9.50 0.00 0.00 9.50
Total Interest Expense		 9.11 -23 8.83 0.00 0.00 -8.83 9.50 0.00 0.00 -9.50
Total Non-Interest Income		 49 38 37 38 41 39 36 37 50 41
Net Realized & Unrealized Capital Gains on Investments		 8.90 - 0.00 -0.45 4.70 3.49 0.58 -0.05 10 3.37
Other Non-Interest Income		 40 37 37 39 36 36 36 37 39 37
Total Non-Interest Expense		 37 26 25 34 30 28 23 26 29 25
Net Occupancy & Equipment Expense		 6.54 6.71 6.73 6.74 6.82 5.57 5.88 5.81 6.68 7.05
Insurance Policy Acquisition Costs		 1.51 1.08 0.00 0.00 0.00 - 0.40 1.00 0.75 2.34
Other Operating Expenses		 2.92 3.04 3.23 3.22 3.53 3.11 3.21 3.16 3.22 0.70
Depreciation Expense		 15 15 15 17 12 14 13 16 13 13
Impairment Charge		 11 - 0.00 6.82 6.75 5.72 0.49 0.00 4.55 1.78
Nonoperating Income / (Expense), net		 0.32 -33 0.11 -9.08 -9.78 -16 0.03 -9.44 -9.29 -18
Preferred Stock Dividends Declared		 3.10 3.09 3.13 3.17 3.21 3.20 3.22 3.23 3.21 3.21
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.00 -0.01 -0.01 -0.07 0.00 0.01 0.00 -0.01 0.04 0.01
Basic Earnings per Share		 ($0.01) - $0.00 ($0.19) ($0.04) $0.04 $0.01 ($0.04) $0.20 $0.10
Weighted Average Basic Shares Outstanding		 39.50M 38.95M 39.92M 39.98M 39.92M 39.94M 40.00M 40.31M 42.79M 41.77M
Diluted Earnings per Share		 ($0.01) - $0.00 ($0.19) ($0.04) $0.04 $0.01 ($0.04) $0.20 $0.10
Weighted Average Diluted Shares Outstanding		 39.50M 38.95M 39.92M 39.98M 39.92M 39.94M 40.00M 40.31M 42.79M 41.77M
Weighted Average Basic & Diluted Shares Outstanding		 39.61M 39.99M 40.00M 39.92M 39.95M 40.00M 40.05M 42.53M 43.92M 44.19M

Annual Cash Flow Statements for Gladstone Commercial

This table details how cash moves in and out of Gladstone Commercial's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 2.81 0.14 -1.06
Net Cash From Operating Activities		 69 60 57
Net Cash From Continuing Operating Activities		 69 60 57
Net Income / (Loss) Continuing Operations		 11 4.92 24
Consolidated Net Income / (Loss)		 11 4.92 24
Provision For Loan Losses		 0.00 0.00 0.06
Depreciation Expense		 60 58 56
Amortization Expense		 -0.69 -5.77 -5.14
Non-Cash Adjustments to Reconcile Net Income		 -1.04 3.41 -18
Changes in Operating Assets and Liabilities, net		 -0.04 -0.05 0.10
Net Cash From Investing Activities		 -83 1.14 -1.73
Net Cash From Continuing Investing Activities		 -83 1.14 -1.73
Purchase of Property, Leasehold Improvements and Equipment		 -9.37 -8.19 -15
Purchase of Investment Securities		 -113 -30 -27
Sale of Property, Leasehold Improvements and Equipment		 1.84 1.04 0.95
Sale and/or Maturity of Investments		 39 37 38
Other Investing Activities, net		 -1.51 1.30 2.15
Net Cash From Financing Activities		 16 -61 -56
Net Cash From Continuing Financing Activities		 16 -61 -56
Net Change in Deposits		 0.49 0.10 0.16
Issuance of Debt		 325 133 174
Issuance of Common Equity		 50 10 55
Repayment of Debt		 -281 -141 -219
Repurchase of Preferred Equity		 -0.36 -0.50 -1.71
Repurchase of Common Equity		 0.00 -1.00 0.00
Payment of Dividends		 -71 -61 -63
Other Financing Activities, Net		 -6.43 -0.99 -2.20
Cash Interest Paid		 28 33 36

Quarterly Cash Flow Statements for Gladstone Commercial

This table details how cash moves in and out of Gladstone Commercial's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 2.48 -1.69 2.80 1.77 1.51 -5.94 -1.22 -0.50 0.11 0.54
Net Cash From Operating Activities		 22 12 15 16 18 12 15 14 5.54 23
Net Cash From Continuing Operating Activities		 22 12 15 16 18 12 15 14 5.54 23
Net Income / (Loss) Continuing Operations		 2.78 2.93 3.17 -4.59 1.79 4.55 3.53 1.60 12 7.20
Consolidated Net Income / (Loss)		 2.78 2.93 3.17 -4.59 1.79 4.55 3.53 1.60 12 7.20
Depreciation Expense		 15 15 15 17 12 14 13 16 13 13
Amortization Expense		 0.95 -1.33 -1.34 -1.95 -1.20 -1.28 -1.14 -1.57 -1.20 -1.24
Non-Cash Adjustments to Reconcile Net Income		 0.04 -1.38 -1.30 5.87 1.02 -2.18 -1.53 -1.43 -12 -3.01
Changes in Operating Assets and Liabilities, net		 3.04 -2.82 -0.31 -0.50 3.71 -2.95 0.84 -1.08 -6.40 6.74
Net Cash From Investing Activities		 -18 -6.98 0.67 -7.60 3.34 4.73 18 -13 2.83 -10
Net Cash From Continuing Investing Activities		 -18 -6.98 0.67 -7.60 3.34 4.73 18 -13 2.83 -10
Purchase of Property, Leasehold Improvements and Equipment		 -1.53 -3.78 -1.96 -4.01 -2.56 0.34 -2.49 -3.43 -1.09 -8.10
Purchase of Investment Securities		 -44 -17 -0.71 -5.22 -12 -12 -0.25 -12 -10 -5.24
Sale of Property, Leasehold Improvements and Equipment		 0.13 0.33 0.45 -0.25 0.15 0.69 0.40 0.21 0.19 0.16
Sale and/or Maturity of Investments		 27 13 0.00 4.42 18 15 19 2.43 14 2.50
Other Investing Activities, net		 0.54 0.65 2.89 -2.53 -0.05 0.99 2.18 -0.16 -0.18 0.31
Net Cash From Financing Activities		 -2.12 -7.00 -13 -6.40 -20 -23 -35 -1.44 -8.26 -12
Net Cash From Continuing Financing Activities		 -2.12 -7.00 -13 -6.40 -20 -23 -35 -1.44 -8.26 -12
Net Change in Deposits		 0.39 0.02 0.00 0.25 -0.11 -0.04 -0.05 0.20 0.05 -0.04
Issuance of Debt		 207 31 13 21 68 31 20 22 27 106
Issuance of Common Equity		 9.97 4.44 4.63 4.14 1.01 0.45 0.19 11 40 4.52
Repayment of Debt		 -197 -24 -15 -15 -73 -38 -39 -19 -57 -104
Repurchase of Preferred Equity		 - -0.31 -0.10 -0.14 -0.18 -0.08 -0.06 -0.26 -1.01 -0.39
Payment of Dividends		 -18 -18 -15 -15 -15 -15 -15 -15 -16 -16
Other Financing Activities, Net		 -4.75 -0.33 -0.21 -0.39 -0.33 -0.06 -0.01 -0.23 -0.54 -1.42

Annual Balance Sheets for Gladstone Commercial

This table presents Gladstone Commercial's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 1,203 1,133 1,094
Cash and Due from Banks		 12 12 11
Restricted Cash		 4.34 4.15 4.12
Loans and Leases, Net of Allowance		 0.00 0.00 0.00
Premises and Equipment, Net		 1,001 922 892
Intangible Assets		 112 101 95
Other Assets		 74 95 92
Total Liabilities & Shareholders' Equity		 1,203 1,133 1,094
Total Liabilities		 827 809 753
Short-Term Debt		 23 76 1.90
Long-Term Debt		 726 663 691
Other Long-Term Liabilities		 68 57 60
Commitments & Contingencies		 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 170 170 170
Total Equity & Noncontrolling Interests		 206 154 171
Total Preferred & Common Equity		 204 153 171
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 204 153 171
Common Stock		 721 730 784
Accumulated Other Comprehensive Income / (Loss)		 12 7.76 11
Other Equity Adjustments		 -529 -585 -624
Noncontrolling Interest		 1.79 0.99 0.13

Quarterly Balance Sheets for Gladstone Commercial

This table presents Gladstone Commercial's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 1,210 1,187 1,182 1,167 1,105 1,106 1,096
Cash and Due from Banks		 14 14 16 18 10 10 11
Restricted Cash		 4.15 4.51 4.08 3.81 4.47 4.00 4.00
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 995 991 946 934 906 919 901
Intangible Assets		 113 108 104 103 98 96 98
Other Assets		 84 69 111 108 87 76 83
Total Liabilities & Shareholders' Equity		 1,210 1,187 1,182 1,167 1,105 1,106 1,096
Total Liabilities		 822 826 828 821 787 790 757
Short-Term Debt		 7.75 26 38 71 76 81 53
Other Short-Term Payables		 3.70 2.46 - 14 14 16 16
Long-Term Debt		 734 721 715 678 643 641 639
Other Long-Term Liabilities		 77 76 74 58 53 51 49
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 170 170 170 170 170 170 170
Total Equity & Noncontrolling Interests		 217 191 184 177 148 146 169
Total Preferred & Common Equity		 215 189 182 175 147 146 169
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 215 189 182 175 147 146 169
Common Stock		 717 726 729 729 731 742 780
Accumulated Other Comprehensive Income / (Loss)		 12 6.01 14 20 13 14 3.37
Other Equity Adjustments		 -514 -543 -561 -574 -596 -610 -615
Noncontrolling Interest		 1.94 1.64 1.52 1.46 0.94 0.11 0.13

Annual Metrics And Ratios for Gladstone Commercial

This table displays calculated financial ratios and metrics derived from Gladstone Commercial's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 45.03% -2.33% 5.34%
EBITDA Growth		 56.08% -10.71% 22.07%
EBIT Growth		 434.88% -8.34% 55.05%
NOPAT Growth		 434.88% -8.34% 55.05%
Net Income Growth		 -1.04% -54.35% 388.42%
EPS Growth		 55.56% -375.00% 242.11%
Operating Cash Flow Growth		 -1.35% -12.74% -5.66%
Free Cash Flow Firm Growth		 92.82% 5,643.69% -11.64%
Invested Capital Growth		 4.13% -5.49% -2.68%
Revenue Q/Q Growth		 25.87% 14.36% 28.73%
EBITDA Q/Q Growth		 44.50% 21.14% 54.02%
EBIT Q/Q Growth		 271.88% 76.73% 187.80%
NOPAT Q/Q Growth		 271.88% 76.73% 187.80%
Net Income Q/Q Growth		 -10.45% 46.88% 12.35%
EPS Q/Q Growth		 -300.00% 17.39% 28.57%
Operating Cash Flow Q/Q Growth		 -5.66% -0.66% 23.69%
Free Cash Flow Firm Q/Q Growth		 97.47% 80.48% 4.96%
Invested Capital Q/Q Growth		 -0.39% -2.96% 0.29%
Profitability Metrics		 - - -
EBITDA Margin		 64.30% 58.78% 68.12%
EBIT Margin		 26.90% 25.25% 37.17%
Profit (Net Income) Margin		 6.78% 3.17% 14.69%
Tax Burden Percent		 100.00% 100.00% 100.00%
Interest Burden Percent		 25.20% 12.55% 39.53%
Effective Tax Rate		 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 3.88% 3.58% 5.80%
ROIC Less NNEP Spread (ROIC-NNEP)		 -0.51% -1.02% 0.66%
Return on Net Nonoperating Assets (RNNOA)		 -1.00% -2.18% 1.43%
Return on Equity (ROE)		 2.88% 1.41% 7.22%
Cash Return on Invested Capital (CROIC)		 -0.17% 9.23% 8.51%
Operating Return on Assets (OROA)		 3.65% 3.36% 5.46%
Return on Assets (ROA)		 0.92% 0.42% 2.16%
Return on Common Equity (ROCE)		 1.56% 0.72% 3.52%
Return on Equity Simple (ROE_SIMPLE)		 5.29% 3.21% 14.04%
Net Operating Profit after Tax (NOPAT)		 43 39 61
NOPAT Margin		 26.90% 25.25% 37.17%
Net Nonoperating Expense Percent (NNEP)		 4.39% 4.61% 5.13%
SG&A Expenses to Revenue		 16.87% 16.65% 15.54%
Operating Expenses to Revenue		 73.10% 74.75% 62.83%
Earnings before Interest and Taxes (EBIT)		 43 39 61
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 102 91 111
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 3.00 3.16 4.14
Price to Tangible Book Value (P/TBV)		 6.63 9.26 9.32
Price to Revenue (P/Rev)		 3.85 3.12 4.33
Price to Earnings (P/E)		 0.00 0.00 63.72
Dividend Yield		 9.74% 9.91% 7.44%
Earnings Yield		 0.00% 0.00% 1.57%
Enterprise Value to Invested Capital (EV/IC)		 1.35 1.30 1.51
Enterprise Value to Revenue (EV/Rev)		 9.54 8.87 9.52
Enterprise Value to EBITDA (EV/EBITDA)		 14.84 15.09 13.97
Enterprise Value to EBIT (EV/EBIT)		 35.46 35.13 25.61
Enterprise Value to NOPAT (EV/NOPAT)		 35.46 35.13 25.61
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.93 22.82 27.34
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 13.64 17.45
Leverage & Solvency		 - - -
Debt to Equity		 1.99 2.28 2.03
Long-Term Debt to Equity		 1.93 2.04 2.03
Financial Leverage		 1.95 2.13 2.15
Leverage Ratio		 3.13 3.34 3.35
Compound Leverage Factor		 0.79 0.42 1.32
Debt to Total Capital		 66.60% 69.50% 67.01%
Short-Term Debt to Total Capital		 2.07% 7.12% 0.18%
Long-Term Debt to Total Capital		 64.53% 62.37% 66.83%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 15.28% 16.09% 16.45%
Common Equity to Total Capital		 18.13% 14.42% 16.54%
Debt to EBITDA		 7.33 8.09 6.22
Net Debt to EBITDA		 7.17 7.92 6.09
Long-Term Debt to EBITDA		 7.10 7.26 6.20
Debt to NOPAT		 17.51 18.84 11.40
Net Debt to NOPAT		 17.14 18.43 11.15
Long-Term Debt to NOPAT		 16.97 16.91 11.37
Noncontrolling Interest Sharing Ratio		 45.87% 48.98% 51.26%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -1.82 101 89
Operating Cash Flow to CapEx		 918.93% 843.70% 402.41%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00
Efficiency Ratios		 - - -
Asset Turnover		 0.14 0.13 0.15
Fixed Asset Turnover		 0.16 0.16 0.18
Capital & Investment Metrics		 - - -
Invested Capital		 1,125 1,063 1,035
Invested Capital Turnover		 0.14 0.14 0.16
Increase / (Decrease) in Invested Capital		 45 -62 -28
Enterprise Value (EV)		 1,517 1,378 1,557
Market Capitalization		 612 484 709
Book Value per Share		 $5.15 $3.84 $3.90
Tangible Book Value per Share		 $2.33 $1.31 $1.73
Total Capital		 1,125 1,063 1,035
Total Debt		 749 739 693
Total Long-Term Debt		 726 663 691
Net Debt		 733 723 678
Capital Expenditures (CapEx)		 7.53 7.16 14
Net Nonoperating Expense (NNE)		 32 34 37
Net Nonoperating Obligations (NNO)		 749 739 693
Total Depreciation and Amortization (D&A)		 59 52 51
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 ($0.08) ($0.19) $0.27
Adjusted Weighted Average Basic Shares Outstanding		 38.95M 39.94M 41.77M
Adjusted Diluted Earnings per Share		 ($0.08) ($0.19) $0.27
Adjusted Weighted Average Diluted Shares Outstanding		 38.95M 39.94M 41.77M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 39.99M 40.00M 44.19M
Normalized Net Operating Profit after Tax (NOPAT)		 38 41 47
Normalized NOPAT Margin		 24.15% 26.37% 28.93%
Pre Tax Income Margin		 6.78% 3.17% 14.69%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00
Payout Ratios		 - - -
Dividend Payout Ratio		 659.36% 1,231.61% 261.18%
Augmented Payout Ratio		 659.36% 1,251.89% 261.18%

Quarterly Metrics And Ratios for Gladstone Commercial

This table displays calculated financial ratios and metrics derived from Gladstone Commercial's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 43.34% 114.74% -4.21% 30.50% 3.86% -21.17% -3.31% -3.13% 20.39% 4.18%
EBITDA Growth		 13.03% 179.10% -7.42% 17.73% 20.93% -33.67% -4.56% 30.85% 45.06% 14.11%
EBIT Growth		 15.04% 737.39% -6.85% 198.41% 368.35% -43.44% 14.04% 145.76% 81.53% 25.78%
NOPAT Growth		 15.04% 737.39% -6.85% 108.88% 368.35% -43.44% 14.04% 251.08% 81.53% 25.78%
Net Income Growth		 -38.04% -29.68% -6.61% -382.51% -35.70% 52.72% 11.34% 134.87% 554.07% 58.05%
EPS Growth		 -125.00% 0.00% -100.00% -375.00% -300.00% 0.00% 0.00% 78.95% 600.00% 150.00%
Operating Cash Flow Growth		 15.53% -25.28% -13.20% -9.48% -20.14% -3.27% 0.70% -13.74% -68.88% 91.84%
Free Cash Flow Firm Growth		 -231.09% 68.81% 68.95% 117.56% 155.93% 1,001.27% 595.74% 481.64% 87.25% -34.40%
Invested Capital Growth		 7.99% 4.13% 1.65% -0.95% -2.99% -5.49% -6.37% -6.24% -5.83% -2.68%
Revenue Q/Q Growth		 35.35% 54.38% -3.47% 37.80% 7.73% 17.17% 13.28% 38.06% 33.89% 1.40%
EBITDA Q/Q Growth		 14.23% 159.65% -1.12% 18.58% 17.33% 42.41% 96.90% 62.58% 30.08% 12.02%
EBIT Q/Q Growth		 64.19% 1,337.56% -0.10% 46.67% 157.69% 73.61% 178.09% 216.07% 90.34% 20.30%
NOPAT Q/Q Growth		 64.19% 1,337.56% -0.10% 2.67% 268.13% 73.61% 178.09% 216.07% 90.34% 20.30%
Net Income Q/Q Growth		 71.61% 6.93% 6.28% -244.87% 139.06% 153.96% -22.52% -54.62% 632.56% -38.63%
EPS Q/Q Growth		 75.00% 0.00% 0.00% 0.00% 78.95% 200.00% -75.00% -500.00% 600.00% -50.00%
Operating Cash Flow Q/Q Growth		 27.95% -44.91% 21.50% 5.70% 12.89% -33.27% 26.48% -9.45% -59.27% 311.32%
Free Cash Flow Firm Q/Q Growth		 -3.32% 88.80% 64.04% 192.23% 229.13% 80.56% 29.21% 8.21% 5.96% -36.74%
Invested Capital Q/Q Growth		 1.01% -0.39% -1.49% -0.06% -1.07% -2.96% -2.40% 0.07% -0.64% 0.29%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 47.69% 80.20% 59.24% 50.98% 55.52% 67.48% 58.48% 68.87% 66.90% 73.91%
EBIT Margin		 6.24% 58.06% 11.04% 11.75% 28.12% 41.66% 13.03% 29.82% 42.39% 50.30%
Profit (Net Income) Margin		 7.03% 4.87% 11.42% -12.01% 4.35% 9.44% 13.15% 4.32% 23.65% 14.32%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 112.79% 8.39% 103.43% -102.16% 15.48% 22.65% 100.97% 14.50% 55.79% 28.46%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.72% 8.37% 1.26% 0.99% 3.43% 5.91% 1.46% 3.30% 5.07% 7.85%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.77% 3.91% 1.27% -0.05% 2.12% 3.83% 1.46% 2.02% 3.78% 5.32%
Return on Net Nonoperating Assets (RNNOA)		 1.43% 7.60% 2.48% -0.09% 4.30% 8.13% 3.16% 4.46% 7.94% 11.45%
Return on Equity (ROE)		 2.16% 15.98% 3.74% 0.90% 7.74% 14.05% 4.61% 7.75% 13.01% 19.29%
Cash Return on Invested Capital (CROIC)		 -6.62% -0.17% -0.72% 2.13% 5.03% 9.23% 7.06% 7.53% 7.99% 8.51%
Operating Return on Assets (OROA)		 0.68% 7.87% 1.18% 1.33% 3.21% 5.54% 1.36% 3.10% 4.76% 7.39%
Return on Assets (ROA)		 0.77% 0.66% 1.22% -1.36% 0.50% 1.25% 1.38% 0.45% 2.66% 2.10%
Return on Common Equity (ROCE)		 1.18% 8.65% 2.02% 0.48% 4.12% 7.17% 2.28% 3.80% 6.53% 9.40%
Return on Equity Simple (ROE_SIMPLE)		 5.59% 0.00% 5.59% 2.39% 1.91% 0.00% 3.58% 7.87% 12.67% 0.00%
Net Operating Profit after Tax (NOPAT)		 2.47 36 3.06 3.14 12 20 3.49 11 21 25
NOPAT Margin		 6.24% 58.06% 11.04% 8.23% 28.12% 41.66% 13.03% 29.82% 42.39% 50.30%
Net Nonoperating Expense Percent (NNEP)		 -0.04% 4.47% -0.01% 1.04% 1.31% 2.09% 0.00% 1.28% 1.29% 2.52%
SG&A Expenses to Revenue		 16.49% 10.97% 24.26% 17.64% 16.57% 11.55% 21.95% 15.69% 13.48% 14.02%
Operating Expenses to Revenue		 93.76% 41.94% 88.96% 88.25% 71.88% 58.34% 86.97% 70.18% 57.61% 49.70%
Earnings before Interest and Taxes (EBIT)		 2.47 36 3.06 4.49 12 20 3.49 11 21 25
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 19 49 16 19 23 33 16 25 33 37
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 2.40 3.00 2.35 2.45 2.52 3.16 3.62 3.87 4.06 4.14
Price to Tangible Book Value (P/TBV)		 5.04 6.63 5.47 5.73 6.09 9.26 10.75 11.33 9.65 9.32
Price to Revenue (P/Rev)		 4.09 3.85 3.54 3.32 3.25 3.12 4.45 4.75 5.40 4.33
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 80.94 63.72
Dividend Yield		 11.51% 9.74% 12.87% 12.14% 11.53% 9.91% 8.98% 8.53% 7.43% 7.44%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.24% 1.57%
Enterprise Value to Invested Capital (EV/IC)		 1.25 1.35 1.21 1.22 1.22 1.30 1.36 1.39 1.49 1.51
Enterprise Value to Revenue (EV/Rev)		 11.18 9.54 10.72 10.06 9.87 8.87 11.75 12.15 12.08 9.52
Enterprise Value to EBITDA (EV/EBITDA)		 19.97 14.84 19.63 18.91 17.78 15.09 25.14 23.23 21.21 13.97
Enterprise Value to EBIT (EV/EBIT)		 122.82 35.46 133.07 103.17 60.40 35.13 273.71 123.31 72.64 25.61
Enterprise Value to NOPAT (EV/NOPAT)		 122.82 35.46 133.07 103.17 60.40 35.13 273.71 123.31 72.64 25.61
Enterprise Value to Operating Cash Flow (EV/OCF)		 19.27 21.93 20.09 20.69 22.06 22.82 23.30 24.73 33.33 27.34
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 56.93 23.95 13.64 18.61 17.85 18.05 17.45
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 1.91 1.99 2.07 2.13 2.16 2.28 2.26 2.29 2.04 2.03
Long-Term Debt to Equity		 1.89 1.93 2.00 2.02 1.96 2.04 2.02 2.03 1.89 2.03
Financial Leverage		 1.86 1.95 1.95 2.02 2.03 2.13 2.16 2.20 2.10 2.15
Leverage Ratio		 3.05 3.13 3.14 3.22 3.24 3.34 3.38 3.42 3.30 3.35
Compound Leverage Factor		 3.44 0.26 3.25 -3.29 0.50 0.76 3.41 0.50 1.84 0.95
Debt to Total Capital		 65.68% 66.60% 67.46% 68.06% 68.36% 69.50% 69.33% 69.58% 67.13% 67.01%
Short-Term Debt to Total Capital		 0.69% 2.07% 2.37% 3.47% 6.48% 7.12% 7.32% 7.81% 5.16% 0.18%
Long-Term Debt to Total Capital		 64.99% 64.53% 65.09% 64.59% 61.89% 62.37% 62.01% 61.77% 61.97% 66.83%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 15.25% 15.28% 15.49% 15.49% 15.65% 16.09% 16.48% 16.39% 16.49% 16.45%
Common Equity to Total Capital		 19.08% 18.13% 17.05% 16.45% 15.98% 14.42% 14.20% 14.03% 16.37% 16.54%
Debt to EBITDA		 10.48 7.33 10.92 10.55 9.94 8.09 12.83 11.64 9.57 6.22
Net Debt to EBITDA		 10.23 7.17 10.64 10.27 9.64 7.92 12.57 11.41 9.37 6.09
Long-Term Debt to EBITDA		 10.37 7.10 10.53 10.02 9.00 7.26 11.48 10.33 8.84 6.20
Debt to NOPAT		 64.47 17.51 73.99 57.59 33.75 18.84 139.74 61.79 32.78 11.40
Net Debt to NOPAT		 62.94 17.14 72.13 56.01 32.76 18.43 136.84 60.55 32.09 11.15
Long-Term Debt to NOPAT		 63.80 16.97 71.39 54.65 30.56 16.91 124.98 54.85 30.26 11.37
Noncontrolling Interest Sharing Ratio		 45.26% 45.87% 46.04% 46.50% 46.81% 48.98% 50.47% 51.03% 49.83% 51.26%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -81 -9.09 -15 14 45 82 74 80 85 54
Operating Cash Flow to CapEx		 1,586.48% 356.43% 988.01% 370.43% 737.10% 0.00% 719.49% 422.32% 612.15% 287.03%
Free Cash Flow to Firm to Interest Expense		 -8.90 0.00 -1.69 0.00 0.00 0.00 7.80 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 2.45 0.00 1.69 0.00 0.00 0.00 1.58 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 2.29 0.00 1.52 0.00 0.00 0.00 1.36 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.11 0.14 0.11 0.11 0.11 0.13 0.10 0.10 0.11 0.15
Fixed Asset Turnover		 0.13 0.16 0.13 0.14 0.14 0.16 0.13 0.13 0.14 0.18
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 1,129 1,125 1,108 1,107 1,096 1,063 1,038 1,038 1,032 1,035
Invested Capital Turnover		 0.12 0.14 0.11 0.12 0.12 0.14 0.11 0.11 0.12 0.16
Increase / (Decrease) in Invested Capital		 84 45 18 -11 -34 -62 -71 -69 -64 -28
Enterprise Value (EV)		 1,413 1,517 1,344 1,350 1,340 1,378 1,409 1,442 1,535 1,557
Market Capitalization		 517 612 444 446 442 484 534 564 686 709
Book Value per Share		 $5.45 $5.15 $4.73 $4.56 $4.39 $3.84 $3.68 $3.64 $3.97 $3.90
Tangible Book Value per Share		 $2.59 $2.33 $2.03 $1.94 $1.82 $1.31 $1.24 $1.24 $1.67 $1.73
Total Capital		 1,129 1,125 1,108 1,107 1,096 1,063 1,038 1,038 1,032 1,035
Total Debt		 742 749 748 754 749 739 719 723 693 693
Total Long-Term Debt		 734 726 721 715 678 663 643 641 639 691
Net Debt		 724 733 729 733 727 723 704 708 678 678
Capital Expenditures (CapEx)		 1.41 3.45 1.51 4.26 2.42 -1.03 2.09 3.22 0.91 7.94
Net Nonoperating Expense (NNE)		 -0.32 33 -0.11 7.73 9.78 16 -0.03 9.44 9.29 18
Net Nonoperating Obligations (NNO)		 742 749 748 754 749 739 719 723 693 693
Total Depreciation and Amortization (D&A)		 16 14 13 15 11 12 12 14 12 12
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.02) $0.00 ($0.02) ($0.19) ($0.04) $0.04 $0.01 ($0.04) $0.20 $0.10
Adjusted Weighted Average Basic Shares Outstanding		 39.50M 38.95M 39.92M 39.98M 39.92M 39.94M 40.00M 40.31M 42.79M 41.77M
Adjusted Diluted Earnings per Share		 ($0.02) $0.00 ($0.02) ($0.19) ($0.04) $0.04 $0.01 ($0.04) $0.20 $0.10
Adjusted Weighted Average Diluted Shares Outstanding		 39.50M 38.95M 39.92M 39.98M 39.92M 39.94M 40.00M 40.31M 42.79M 41.77M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 39.61M 39.99M 40.00M 39.92M 39.95M 40.00M 40.05M 42.53M 43.92M 44.19M
Normalized Net Operating Profit after Tax (NOPAT)		 9.23 25 2.14 7.92 13 18 2.79 7.73 18 19
Normalized NOPAT Margin		 23.30% 40.64% 7.73% 20.73% 31.17% 37.46% 10.41% 20.88% 36.10% 37.69%
Pre Tax Income Margin		 7.03% 4.87% 11.42% -12.01% 4.35% 9.44% 13.15% 4.32% 23.65% 14.32%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.27 0.00 0.35 0.00 0.00 0.00 0.37 0.00 0.00 0.00
NOPAT to Interest Expense		 0.27 0.00 0.35 0.00 0.00 0.00 0.37 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.12 0.00 0.18 0.00 0.00 0.00 0.15 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.12 0.00 0.18 0.00 0.00 0.00 0.15 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 583.23% 659.36% 652.03% 1,526.46% 1,895.40% 1,231.61% 1,149.16% 530.16% 288.29% 261.18%
Augmented Payout Ratio		 583.23% 659.36% 652.03% 1,549.42% 1,925.19% 1,251.89% 1,149.16% 530.16% 288.29% 261.18%

Key Financial Trends

Gladstone Commercial (NASDAQ: GOOD) has demonstrated a mixed financial performance over the last four years, with some notable trends and fluctuations in key financial metrics as per the quarterly data reviewed.

Positive trends and strengths:

  • Consistent positive net income from continuing operations in most recent quarters, with Q4 2024 reporting $7.19 million and Q3 2024 $11.72 million, showing profitability recovery after some earlier losses.
  • Stable and sizeable net cash from operating activities, which was $22.79 million in Q4 2024 and has consistently supported company operations and investing activities.
  • Strong total common equity reflecting stable shareholder value, e.g., $168.9 million in Q3 2024, despite some fluctuations across quarters.
  • Revenue growth in recent quarters, with total revenue increasing to $50.25 million in Q4 2024 from $48.23 million in Q4 2023, driven by non-interest income components, including capital gains and other non-interest income.
  • Net realized and unrealized capital gains on investments trending positively in Q3 and Q4 2024 ($10.3 million and $3.37 million, respectively), indicating improving investment performance.

Neutral aspects:

  • Total interest expense has shifted from being a net expense to neutral in some quarters (notably zero interest recorded in mid-2024 quarters), which could be due to accounting timing or refinancing activities.
  • Total assets have remained substantial and relatively stable, around $1.1 billion in recent quarters, reflecting a steady asset base for the company.
  • Issuance and repayment of debt have largely balanced each other out, with sizable debt refinancing evident, potentially for strategic or leverage management purposes.
  • Weighted average shares outstanding have gradually increased from approximately 39 million in early 2023 to over 41 million by late 2024, implying some share issuance dilutions over time but at a moderate pace.

Negative trends and challenges:

  • The company has faced periods of net losses attributable to common shareholders, particularly in 2023 and during Q2 2024, with negative earnings per share in several quarters (e.g., -$0.19 in Q2 2023, -$0.04 in Q2 2024).
  • Fluctuations in impairment charges, with significant non-cash impairment expenses noted in quarters such as Q3 2023 ($4.55 million) and Q4 2023 ($5.72 million), which weigh on profitability and asset valuations.
  • Notable negative nonoperating income/expense, driven by large nonoperating losses in several quarters (e.g., -$18.1 million in Q4 2024 and -$15.5 million in Q4 2023) which impact pre-tax income substantially.
  • A consistent and substantive preferred stock dividend burden, in the range of approximately $3.2 million per quarter, reduces net earnings available to common shareholders.

Summary:

Gladstone Commercial has shown signs of recovery and operational strength heading into late 2024 with positive net income and strong operating cash flows. However, the company continues to face challenges from impairment charges, nonoperating losses, and the preferred dividend load, which impact its overall profitability and returns to common shareholders. The balance sheet remains solid with a large asset base and manageable liabilities. Investors should watch how the company manages its nonoperating expenses and impairment risks going forward, as well as its ability to grow earnings sustainably.

07/31/25 12:49 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Gladstone Commercial's Financials

When does Gladstone Commercial's financial year end?

According to the most recent income statement we have on file, Gladstone Commercial's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Gladstone Commercial's net income changed over the last 2 years?

Gladstone Commercial's net income appears to be on an upward trend, with a most recent value of $24.04 million in 2024, rising from $10.78 million in 2022. The previous period was $4.92 million in 2023. Check out Gladstone Commercial's forecast to explore projected trends and price targets.

How has Gladstone Commercial's revenue changed over the last 2 years?

Over the last 2 years, Gladstone Commercial's total revenue changed from $159.03 million in 2022 to $163.62 million in 2024, a change of 2.9%.

How much debt does Gladstone Commercial have?

Gladstone Commercial's total liabilities were at $753.01 million at the end of 2024, a 6.9% decrease from 2023, and a 8.9% decrease since 2022.

How much cash does Gladstone Commercial have?

In the past 2 years, Gladstone Commercial's cash and equivalents has ranged from $10.96 million in 2024 to $11.99 million in 2023, and is currently $10.96 million as of their latest financial filing in 2024.

How has Gladstone Commercial's book value per share changed over the last 2 years?

Over the last 2 years, Gladstone Commercial's book value per share changed from 5.15 in 2022 to 3.90 in 2024, a change of -24.3%.


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This page (NASDAQ:GOOD) was last updated on 7/31/2025 by MarketBeat.com Staff
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