Financial Highlights

GLADSTONE COMMERCIAL CORPORATION (NASDAQ - GOOD)

Period Ending
03/31/09

Balance Sheet

Cash and Cash Equivalents	$6,254,313
Net Receivables	$7,728,226

Long Term Investments	$12,349,456
Property, Plant, and Equipment	$363,488,589
Goodwill	$0
Intangible Assets	$30,590,024
Other Assets	$524,385
Deferred Long-Term Asset Charges	$4,061,813

Total Assets

$424,996,806

Accounts Payable	$7,405,584
Short-Term and Current Long-Term Debt	$30,300,000
Deferred Long-Term Liability Charges	$2,951,081

Total Liabilities

$297,640,971

Preferred Stock	$2,150
Common Stock	$8,563
Retained Earnings	$-40,687,244
Capital Surplus	$170,622,581
Other Stockholder Equity	$-2,590,215

Total Stockholder Equity

$127,355,835

Net Tangible Assets

$96,765,811

Income Statement

Total Revenue	$42,081,571
Cost of Revenue	$3,726,874

Gross Profit

$38,354,697

Seling General and Ad	$3,257,613
Non Recurring	$168,611
Other Operating Expenses	$13,030,981

Operating Income	$21,897,492
Total Other Income and Expenses Net	$283,113
Earnings Before Intrest and Taxes	$22,180,605
Interest Expense	$17,592,643

Income Before Tax

$4,587,962

Net Income from Continuing Operations	$4,587,962
Discontinued Operations	$-2,148
Net Income	$4,585,814
Preferred Stock and Other Adjustments	$-4,093,750

Net Income Applicable to Common Shares

$492,064

Cashflow

Depreciation	$13,922,130
Adjustments to Net Income	$138,143
Changes in Liabilities	$1,250,017
Changes in Accounts Receivables	$-2,950,298
Changes in Other Operating Activities	$774,832
Cash Flows from Operating Activities	$17,720,638
Capital Expenditures	$-16,247,157
Investments	$361,985
Other Cash Flows from Investing Activities	$-1,171,398
Cash Flows from Investing Activities	$-17,056,570
Dividends Paid	$-16,940,648
Sale Purchase of Stock	$0
Net Borrowings	$16,453,915
Other Cash Flows from Financing Activities	$960,631
Cash Flows from Financing Activities	$473,898
Change in Cash and Cash Equivalents	$1,137,966

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