Financial Highlights

GLADSTONE COMMERCIAL CORPORATION (NASDAQ - GOOD)

Period Ending
09/30/09

Balance Sheet

Cash and Cash Equivalents	$5,836,497
Short Term Investments	$2,697,354
Net Receivables	$18,574,415

Property, Plant, and Equipment	$357,945,760
Intangible Assets	$28,962,361
Other Assets	$920,787
Deferred Long-Term Asset Charges	$3,344,509

Total Assets

$418,281,683

Accounts Payable	$2,689,650
Short-Term and Current Long-Term Debt	$35,826,157
Deferred Long-Term Liability Charges	$2,558,299

Total Liabilities

$296,960,623

Redeemable Preferred Stock	$2,150
Preferred Stock	$2,150
Common Stock	$8,563
Retained Earnings	$-46,760,633
Capital Surplus	$170,622,581
Other Stockholder Equity	$-2,551,601

Total Stockholder Equity

$121,321,060

Net Tangible Assets

$92,358,699

Income Statement

Total Revenue	$42,681,685
Cost of Revenue	$4,525,993

Gross Profit

$38,155,692

Seling General and Ad	$2,391,425
Non Recurring	$34,850
Other Operating Expenses	$13,144,107

Operating Income	$22,585,310
Total Other Income and Expenses Net	$695,521
Earnings Before Intrest and Taxes	$22,818,522
Interest Expense	$18,293,776

Income Before Tax

$4,524,746

Net Income from Continuing Operations	$4,418,305
Discontinued Operations	$202,441
Net Income	$4,620,746
Preferred Stock and Other Adjustments	$-4,093,750

Net Income Applicable to Common Shares

$526,996

Cashflow

Depreciation	$14,257,634
Adjustments to Net Income	$-18,286
Changes in Liabilities	$1,048,431
Changes in Accounts Receivables	$-2,188,654
Changes in Other Operating Activities	$-222,046
Cash Flows from Operating Activities	$17,497,825
Capital Expenditures	$-510,354
Investments	$-880,335
Other Cash Flows from Investing Activities	$750,731
Cash Flows from Investing Activities	$-639,958
Dividends Paid	$-16,939,144
Sale Purchase of Stock	$-140,077
Net Borrowings	$-123,369
Other Cash Flows from Financing Activities	$67,446
Cash Flows from Financing Activities	$-17,135,144
Change in Cash and Cash Equivalents	$-277,277

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