Gladstone Commercial Corporation

Gladstone Commercial Corporation reported total operating revenues of $161.3 million for fiscal year 2025, primarily from lease revenue. The company generated net income of $19.3 million, with net income available to common stockholders of $6.6 million after accounting for distributions to preferred and senior common stockholders. Operating expenses totaled $101.4 million, including significant depreciation and amortization of $58.2 million and property operating expenses of $28.6 million. The company maintained a strong balance sheet with total assets of $1.25 billion, including net real estate of $1.03 billion, while total liabilities stood at $905.0 million. Cash flow from operations was $88.2 million, though investing activities used $221.4 million primarily for real estate acquisitions and improvements. The company paid $1.00 per common share in distributions and maintained comprehensive income of $11.9 million.

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