Financial Highlights

GLADSTONE COMMERCIAL CORPORATION (NASDAQ - GOOD)

Period Ending
06/30/10

Balance Sheet

Cash and Cash Equivalents	$5,607,934
Short Term Investments	$2,344,342
Net Receivables	$19,697,709

Property, Plant, and Equipment	$352,442,883
Intangible Assets	$26,246,904
Other Assets	$2,186,373
Deferred Long-Term Asset Charges	$2,653,246

Total Assets

$411,179,391

Accounts Payable	$2,822,486
Short-Term and Current Long-Term Debt	$39,621,442
Deferred Long-Term Liability Charges	$2,738,784

Total Liabilities

$299,270,553

Redeemable Preferred Stock	$2,150
Preferred Stock	$2,150
Common Stock	$8,547
Retained Earnings	$-56,245,666
Capital Surplus	$170,404,393
Other Stockholder Equity	$-2,260,586

Total Stockholder Equity

$111,908,838

Net Tangible Assets

$85,661,934

Income Statement

Total Revenue	$42,665,631
Cost of Revenue	$1,141,329

Gross Profit

$41,524,302

Seling General and Ad	$6,331,871
Other Operating Expenses	$13,283,211

Operating Income	$21,909,220
Total Other Income and Expenses Net	$806,532
Earnings Before Intrest and Taxes	$22,103,144
Interest Expense	$17,630,354

Income Before Tax

$4,472,790

Net Income from Continuing Operations	$4,324,981
Discontinued Operations	$164,346
Net Income	$4,489,327
Preferred Stock and Other Adjustments	$-4,094,126

Net Income Applicable to Common Shares

$395,201

Cashflow

Depreciation	$13,993,467
Adjustments to Net Income	$-12,229
Changes in Liabilities	$27,173
Changes in Accounts Receivables	$-1,259,373
Changes in Other Operating Activities	$-1,301,496
Cash Flows from Operating Activities	$15,936,869
Capital Expenditures	$-1,661,096
Investments	$1,002,618
Other Cash Flows from Investing Activities	$938,750
Cash Flows from Investing Activities	$280,272
Dividends Paid	$-16,929,653
Sale Purchase of Stock	$25,500
Net Borrowings	$1,488,952
Other Cash Flows from Financing Activities	$-410,142
Cash Flows from Financing Activities	$-15,825,343
Change in Cash and Cash Equivalents	$391,798

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