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.
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 Corp (NASDAQ: GOODN) has shown mixed financial trends over the last four years through Q4 2024. Here are some key observations from its income statements, cash flow statements, and balance sheets analyzed by quarter:
- Net Income attributable to common shareholders showed a recovery in 2024 with Q4 at $3.97 million compared to losses in mid-2023 (e.g., -$1.61 million in Q2 2024).
- Consistent and significant non-interest income, especially "Other Non-Interest Income," which exceeded $35 million in most recent quarters, supports revenue diversification.
- Operating cash flows are healthy overall, with Q4 2024 generating $22.8 million in net cash from operating activities, indicating good recurring cash generation.
- Debt financing activities show active management with substantial issuances and repayments, aiming to optimize capital structure (e.g., large debt issuance of $105.5M in Q4 2024 and repayments of $103.8M).
- Depreciation expenses remain high but stable, reflecting sizable investment in premises and equipment assets (net PPE above $900 million in recent quarters), indicating a valuable real estate portfolio.
- Total Revenue trends fluctuate somewhat, ranging from around $26.8M to $50.2M quarter over quarter, tied closely to swings in net realized and unrealized capital gains on investments.
- Preferred Stock Dividends remain a notable deduction, averaging about $3.2 million per quarter, limiting net income available to common shareholders.
- The company holds sizable restricted cash ($3.9M to $4.5M) and maintains a non-controlling interest component, which slightly impacts minority ownership returns.
- Weighted average shares outstanding increased modestly over time, from about 39 million in early 2022 to over 41 million in late 2024, diluting per-share metrics slightly but reflecting equity raises.
- Volatility in nonoperating income/expense has often hurt pretax income, especially large negative net non-operating expenses such as -$18.1 million in Q4 2024 and -$15.5 million in Q4 2023.
- Impairment charges have fluctuated and remain a cost burden, with a peak of $11 million in Q3 2022 and still notable charges (e.g., $1.78 million in Q4 2024), impacting profitability.
- Fluctuations in capital gains and losses on investments induce earnings volatility, with some quarters showing negative realized/unrealized gains (e.g., Q2 2024 and Q2 2023 had slight losses).
- The company's net income has seen periods of losses, notably mid-2023, impacting investor confidence and indicating operational challenges or market sensitivity.
- Repayment of significant amounts of debt shows potential refinancing risk, with large swings in debt levels quarter to quarter, although managed actively.
Summary: Gladstone Commercial has a stable core cash-generating business supported by diversified non-interest income and a high-value real estate asset base. However, the company faces earnings volatility due to investment capital gains fluctuations and impairment charges, alongside consistent preferred dividends that limit income to common shareholders. Debt management remains active, indicating ongoing capital structure optimization. Investors should watch for trends in nonoperating expenses and impairment impacts on future profitability.
08/08/25 10:53 PMAI Generated. May Contain Errors.