Quarterly Results

GLADSTONE COMMERCIAL CORPORATION (NASDAQ - GOOD)

Period Ending
03/31/08

Balance Sheet

Cash and Cash Equivalents

$3,744,949

Long Term Investments	$11,538,551
Property, Plant, and Equipment	$353,335,334
Goodwill	$0
Intangible Assets	$31,079,739
Other Assets	$1,717,397
Deferred Long-Term Asset Charges	$9,767,108

Total Assets

$411,183,078

Accounts Payable	$1,481,540
Short-Term and Current Long-Term Debt	$59,050,000
Other Current Liabilities	$3,302,629
Deferred Long-Term Liability Charges	$3,736,644

Total Liabilities

$271,633,585

Preferred Stock	$2,150
Common Stock	$8,565
Retained Earnings	$-28,332,410
Capital Surplus	$170,640,979
Other Stockholder Equity	$-2,769,791

Total Stockholder Equity

$139,549,493

Net Tangible Assets

$108,469,754

Income Statement

Total Revenue	$34,923,249
Cost of Revenue	$2,781,646

Gross Profit

$32,141,603

Seling General and Ad	$2,611,020
Non Recurring	$0
Other Operating Expenses	$11,098,406

Operating Income	$18,432,177
Total Other Income and Expenses Net	$397,283
Earnings Before Intrest and Taxes	$18,829,460
Interest Expense	$12,803,684

Income Before Tax

$6,025,776

Net Income from Continuing Operations	$6,025,776
Discontinued Operations	$813
Net Income	$6,026,589
Preferred Stock and Other Adjustments	$-4,093,750

Net Income Applicable to Common Shares

$1,932,839

Cashflow

Depreciation	$11,368,394
Adjustments to Net Income	$118,786
Changes in Liabilities	$452,052
Changes in Accounts Receivables	$21,142
Changes in Other Operating Activities	$-1,827,783
Cash Flows from Operating Activities	$16,159,180
Capital Expenditures	$-96,987,769
Investments	$-2,434,544
Other Cash Flows from Investing Activities	$-804,104
Cash Flows from Investing Activities	$-100,226,417
Dividends Paid	$-16,556,213
Net Borrowings	$92,051,583
Other Cash Flows from Financing Activities	$2,821,157
Cash Flows from Financing Activities	$78,316,527
Change in Cash and Cash Equivalents	$-5,750,710

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