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GLADSTONE COMMERCIAL CORP
CIK:0001234006|SEC Filings
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended | ||||
|---|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
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| Cash flows from operating activities: | |||||
| Net income | $ 15,239 | $ 9,773 | [1] | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||
| Depreciation and amortization | 29,753 | 27,492 | [1] | ||
| Impairment charge | 0 | 9 | [1] | ||
| Gain on sale of real estate, net | (3,676) | (377) | [1] | ||
| Amortization of deferred financing costs | 1,341 | 913 | [1] | ||
| Amortization of deferred rent asset and liability, net | (2,508) | (2,996) | [1] | ||
| Straight-line rent adjustment | (1,596) | (1,207) | [1] | ||
| Receipt of sales-type lease receivable | 0 | (18,618) | |||
| Amortization of discount and premium on assumed debt, net | 2 | 15 | [1] | ||
| Asset retirement obligation expense | 74 | 68 | [1] | ||
| Amortization of right-of-use asset from operating leases and operating lease liabilities, net | 4 | 3 | [1] | ||
| Amortization of right-of-use asset finance lease liabilities, net | 13 | 9 | [1] | ||
| Operating changes in assets and liabilities | |||||
| Decrease in other assets | (1,680) | (1,374) | [1] | ||
| Increase in accounts payable and accrued expenses | 554 | 4,149 | [1] | ||
| Increase in amount due to Adviser and Administrator | 255 | 471 | [1] | ||
| Decrease in other liabilities | (1,003) | (1,784) | [1] | ||
| Leasing commissions | (1,301) | (250) | [1] | ||
| Net cash provided by operating activities | 35,471 | 53,532 | [1] | ||
| Cash flows from investing activities: | |||||
| Acquisition of real estate and related intangible assets | (23,004) | (153,067) | [1] | ||
| Improvements of existing real estate | (2,094) | (7,182) | [1] | ||
| Proceeds from sale of real estate | 14,616 | 4,846 | [1] | ||
| Receipts from tenants for reserves | 422 | 934 | [1] | ||
| Payments to tenants from reserves | (808) | (998) | [1] | ||
| Deposits on future acquisitions | (100) | (1,450) | [1] | ||
| Deposits applied against acquisition of real estate investments | 0 | 1,450 | [1] | ||
| Net cash used in investing activities | (10,968) | (155,467) | [1] | ||
| Cash flows from financing activities: | |||||
| Proceeds from issuance of equity | 0 | 38,954 | [1] | ||
| Offering costs paid | 0 | (551) | [1] | ||
| Redemption of Series F preferred stock | (921) | (2,383) | [1] | ||
| Payments for deferred financing costs | (108) | (199) | [1] | ||
| Receipts from lenders for funds held in escrow | 3,447 | 0 | [1] | ||
| Payments to lenders for funds held in escrow | (377) | (361) | [1] | ||
| Principal repayments on mortgage notes payable | (6,397) | (11,988) | [1] | ||
| Borrowings from revolving credit facility | 62,600 | 166,200 | [1] | ||
| Repayments on revolving credit facility | (48,400) | (73,730) | [1] | ||
| Borrowings on unsecured term loan | 0 | 20,000 | [1] | ||
| Increase in security deposits | 40 | 247 | [1] | ||
| Distributions paid to common, senior common, preferred stock and Non-controlling OP Unitholders | (35,180) | (33,428) | [1] | ||
| Net cash (used in) provided by financing activities | (25,296) | 102,761 | [1] | ||
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (793) | 826 | [1] | ||
| Cash, cash equivalents, and restricted cash at beginning of period | 16,591 | 15,074 | [1] | ||
| Cash, cash equivalents, and restricted cash at end of period | 15,798 | 15,900 | [1] | ||
| NON-CASH INFORMATION | |||||
| Tenant funded fixed asset improvements included in deferred rent liability, net | 2,316 | 0 | |||
| Unrealized gain (loss) related to interest rate hedging instruments, net | 6,467 | (6,360) | [1] | ||
| Right-of-use asset from finance leases | 0 | 2,938 | [1] | ||
| Finance lease liabilities | 0 | (2,938) | [1] | ||
| Capital improvements included in accounts payable and accrued expenses | 5,399 | 6,724 | [1] | ||
| Increase in asset retirement obligation in connection with acquisition | 140 | 93 | [1] | ||
| Dividends paid on Series F preferred stock via additional share issuances | 161 | 248 | [1] | ||
| Cash and cash equivalents | 10,361 | 11,660 | |||
| Restricted cash | 5,437 | 4,240 | |||
| Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows | $ 15,798 | $ 15,900 | [1] | ||
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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2026 |
Dec. 31, 2025 |
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|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||
| Real estate, at cost | $ 1,418,722 | $ 1,390,445 | ||||||
| Less: accumulated depreciation | 381,606 | 359,513 | ||||||
| Total real estate, net | 1,037,116 | 1,030,932 | ||||||
| Lease intangibles, net | 113,157 | 115,579 | ||||||
| Real estate and related assets held for sale | 0 | 11,260 | ||||||
| Cash and cash equivalents | 10,361 | 10,810 | ||||||
| Restricted cash | 5,437 | 5,781 | ||||||
| Funds held in escrow | 2,266 | 5,336 | ||||||
| Right-of-use assets from operating leases | 3,575 | 3,707 | ||||||
| Right-of-use assets from finance leases, net | 2,836 | 2,877 | ||||||
| Deferred rent receivable, net | 49,205 | 47,922 | ||||||
| Other assets | 19,015 | 12,729 | ||||||
| TOTAL ASSETS | 1,242,968 | 1,246,933 | ||||||
| LIABILITIES | ||||||||
| Mortgage notes payable, net | 244,081 | 250,193 | ||||||
| Borrowings under Revolver | 51,570 | 37,370 | ||||||
| Borrowings under Term Loan A, Term Loan B and Term Loan C, net | 398,046 | 397,702 | ||||||
| Senior unsecured notes, net | 158,353 | 158,201 | ||||||
| Advance rent | 16,885 | 17,191 | ||||||
| Operating lease liabilities | 3,688 | 3,816 | ||||||
| Finance lease liabilities | 2,977 | 2,964 | ||||||
| Asset retirement obligation | 5,577 | 5,363 | ||||||
| Accounts payable and accrued expenses | 16,010 | 10,959 | ||||||
| Liabilities related to assets held for sale | 0 | 397 | ||||||
| TOTAL LIABILITIES | 915,443 | 905,000 | ||||||
| Commitments and contingencies | [1] | |||||||
| MEZZANINE EQUITY | ||||||||
| Series E and G redeemable preferred stock, net, par value $0.001 per share; $25 per share liquidation preference; 10,750,886 and 10,750,886 shares authorized; and 7,052,334 and 7,052,334 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | [2] | 170,041 | 170,041 | |||||
| EQUITY | ||||||||
| Senior common stock, par value $0.001 per share; 950,000 shares authorized; and 378,766 and 379,223 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | [2] | 1 | 1 | |||||
| Common stock, par value $0.001 per share, 62,639,994 and 62,599,663 shares authorized; and 48,407,375 and 48,406,993 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | [2] | 48 | 48 | |||||
| Series F redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 25,659,120 and 25,699,451 shares authorized and 717,459 and 750,247 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | [2] | 1 | 1 | |||||
| Additional paid in capital | 840,812 | 841,574 | ||||||
| Accumulated other comprehensive income | 9,768 | 3,314 | ||||||
| Distributions in excess of accumulated earnings | (693,257) | (673,168) | ||||||
| TOTAL STOCKHOLDERS' EQUITY | 157,373 | 171,770 | ||||||
| OP Units held by Non-controlling OP Unitholders | [2] | 111 | 122 | |||||
| TOTAL EQUITY | 157,484 | 171,892 | ||||||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | 1,242,968 | 1,246,933 | ||||||
| Related Party | ||||||||
| LIABILITIES | ||||||||
| Other liabilities | [3] | 3,478 | 3,223 | |||||
| Nonrelated Party | ||||||||
| LIABILITIES | ||||||||
| Other liabilities | $ 14,778 | $ 17,621 | ||||||
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