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 (NASDAQ: GOODN) has shown mixed results over the last several quarters, with noticeable variability in income, expenses, and cash flow elements. Below is a summary of the key financial trends and data points drawn primarily from Q4 2024 and the prior three quarters, as well as their preceding year performance.
- Increasing Common Equity: Total common equity increased from $145.7 million in Q2 2024 to $168.9 million by Q3 2024, indicating improved net asset base and shareholder value.
- Stable Depreciation Expense: Depreciation expense remains significant but stable around $13 million to $16 million per quarter, reflecting consistent asset base and investment in premises and equipment.
- Robust Non-Interest Income: Other non-interest income showed strength, with $37 million in Q2 2024 increasing to $40.7 million in Q4 2024—reflecting diversified income streams beyond rental and financing operations.
- Net Interest Income Consistent: Q4 2024 reports $9.5 million in net interest income, consistent with Q4 2023’s $8.8 million, though this excludes Q2 and Q3 2024 data where interest income was reported as zero.
- Improved Operating Cash Flow: Net cash from continuing operating activities grew to $22.8 million in Q4 2024 from $5.54 million in Q3 2024, implying better operational cash generation.
- Cash and Restricted Cash Levels: Cash and equivalents remained roughly stable from $10-18 million across quarters, with restricted cash around $4 million, providing liquidity buffer.
- Issuance and Repayment of Debt: There are large but balanced movements in issuance and repayments of debt — e.g., Q4 2024 saw approximately $105 million issued and $104 million repaid, indicating active debt management.
- Preferred Stock Dividends: Dividends declared on preferred stock are substantial (~$3.2 million quarterly), consistently reducing net income available to common shareholders.
- Shares Outstanding: Weighted average shares outstanding increased moderately from about 40 million in early 2023 to 44 million by Q4 2024, indicative of some equity issuance.
- Volatile Net Income and EPS: Earnings per share have fluctuated, from slight losses with EPS around -$0.19 in mid-2023 to modest gains of $0.10 in Q4 2024. Net income attributable to common shareholders dipped negative in some quarters.
- High Impairment Charges: Impairment expenses were significant in several quarters, with $5.7 million in Q4 2023 and occasional multi-million charges in 2023, reducing reported earnings.
- Rising Operating Expenses: Non-interest expenses including occupancy, equipment, and other operating expenses increased from around $25 million in early 2023 to nearly $28.0 million in Q4 2023 and $25 million in Q4 2024, affecting profitability.
- Negative Nonoperating Income/Expense: Consistent net nonoperating losses of $9 to $18 million per quarter have dampened total pre-tax income and earnings.
- Decline in Total Assets: Total assets decreased slightly from about $1.2 billion in mid-2023 to roughly $1.09 billion by Q3 2024, suggesting some asset sales or depreciation outpacing new acquisitions.
Summary Insight: Gladstone Commercial maintains a stable operational foundation with strong cash flows and equity growth. However, the company is experiencing earnings pressure from impairment charges, rising operating expenses, and net nonoperating losses. The net income available to common shareholders is volatile, showing some recovery into 2024 but remains modest. Debt levels are managed actively, with large issuances balanced by repayments, supporting liquidity but also reflecting financing needs.
Investors should monitor future impairment trends, nonoperating income variability, and the company's ability to convert its strong cash flow into sustained net income growth to better assess value and dividend sustainability.
08/29/25 01:08 PM ETAI Generated. May Contain Errors.