Gladstone commercial corp (GOOD)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash flows from operating activities:
Net income

9,541

12,324

5,937

3,958

3,596

-5,902

1,527

3,761

5,714

4,928

4,603

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

52,039

47,620

42,795

37,517

35,288

28,864

22,827

16,831

14,149

13,264

13,172

Asset Impairment Charges

1,800

0

6,835

2,016

622

14,238

-

-

-

-

-

Gain on debt extinguishment

-

-

-

-

-

5,274

-

-

-

-

-

Gain (Loss) on Sale of Properties

2,952

2,763

3,993

242

1,538

1,240

-

-

-

-

160

Amortization of deferred financing costs

1,600

1,400

1,713

1,900

1,955

1,656

1,780

1,502

918

1,003

1,491

Amortization of deferred rent asset and liability, net

-1,446

-728

-851

-663

-515

-389

-333

-772

-616

-684

-532

Amortization of discount and premium on assumed debt, net

62

-20

-99

-175

-314

-267

-171

9

94

11

-

Asset retirement obligation expense

119

121

125

148

152

104

129

168

157

143

144

Bad debt expense

152

0

0

-

-

-

-

-

-

-

-

Operating changes in assets and liabilities
Decrease (increase) in other assets

2,170

445

1,866

-528

1,185

265

399

211

142

-389

960

Increase in deferred rent liability

-

-

-

-

-

-

-

2,510

1,626

-

-

Increase in deferred rent receivable

1,477

2,548

3,077

3,423

4,464

3,230

3,700

2,144

1,394

1,652

1,177

Increase (decrease) in accounts payable, accrued expenses, and amount due to Adviser and Administrator

1,921

749

-524

932

-452

204

-2,171

2,746

-504

348

735

Decrease in right-of-use asset from operating leases

-204

0

0

-

-

-

-

-

-

-

-

Decrease in operating lease liabilities

151

0

0

-

-

-

-

-

-

-

-

Increase (decrease) in other liabilities

2,075

246

521

-385

-43

857

1,437

743

-340

363

-303

Tenant inducement payments

0

0

122

115

0

0

-

-

-

-

-

Leasing commissions paid

1,177

402

552

867

1,615

1,159

1,041

1,738

6

7

441

Net cash provided by operating activities

60,194

55,599

46,842

41,161

31,487

28,197

19,885

23,405

19,656

18,113

17,013

Cash flows from investing activities:
Acquisition of real estate and related intangible assets

130,313

42,353

120,978

66,570

77,798

124,315

131,188

82,239

42,681

1,212

1,140

Improvements of existing real estate

7,570

4,328

9,216

5,875

6,689

6,347

5,176

5,557

1,844

1,207

-

Proceeds from sale of real estate

6,318

12,835

29,499

6,431

6,683

11,162

-

-

-

-

1,089

Issuance of mortgage note receivable

-

-

-

-

300

5,600

-

-

-

-

-

Collection of mortgage note receivable

-

-

-

5,900

0

0

-

-

-

10,000

-

Receipts from lenders for funds held in escrow

2,664

1,769

7,302

3,728

6,947

2,911

5,545

1,959

1,911

1,618

1,465

Payments to lenders for funds held in escrow

3,880

2,376

5,899

3,000

3,385

8,659

6,606

5,463

3,376

1,751

1,802

Receipts from tenants for reserves

4,782

2,682

2,093

3,435

3,429

3,101

6,085

2,870

2,205

2,155

4,454

Payments to tenants from reserves

2,496

2,669

2,666

3,898

2,811

4,298

3,949

2,543

2,031

2,130

4,526

Decrease (increase) in restricted cash

-

-

-

-

658

-1,504

2,117

461

185

-345

-44

Deposits on future acquisitions

5,952

1,590

3,150

2,500

1,700

3,050

2,375

550

-

-

250

Deposits applied against acquisition of real estate investments

4,410

1,590

3,150

2,000

1,800

3,150

2,725

-

-

-

-

Deposits refunded

-

-

-

500

0

0

-

-

-

-250

-200

Net cash used in investing activities

-132,037

-34,440

-99,865

-59,849

-74,482

-130,441

-137,056

-91,984

-46,001

8,068

-907

Cash flows from financing activities:
Proceeds from issuance of equity

134,527

18,565

86,260

118,362

50,165

73,931

88,121

4,191

39,707

4,127

-

Offering costs paid

3,431

295

2,190

2,899

1,066

3,140

4,963

300

2,412

249

-

Retirement of senior common stock

0

34

24

178

0

0

-

-

-

-

-

Redemption of Series A and B perpetual preferred stock

-56,600

0

0

-38,500

0

0

-

-

-

-

-

Proceeds from issuance of mandatorily redeemable preferred stock

-

-

-

-

-

-

-

38,500

-

-

-

Borrowings under mortgage notes payable

69,650

14,125

51,208

78,705

68,499

52,085

79,995

99,455

20,052

-

-

Payments of Financing Costs

2,480

400

2,000

1,500

1,880

1,029

2,051

4,598

1,065

1,192

244

Repayments of Secured Debt

57,438

27,850

60,080

88,899

66,714

8,144

16,407

52,285

6,311

2,687

2,350

Borrowings from revolving credit facility

165,400

88,600

116,900

129,400

77,000

98,450

75,400

41,800

58,474

32,795

57,600

Repayments on revolving credit facility

163,600

59,400

135,200

135,000

75,000

79,550

76,000

35,500

66,774

38,995

35,900

Principal repayments on employee notes receivable

-

-

-

-

375

0

35

12

542

1,341

291

Borrowings on term loan

47,300

0

50,000

0

25,000

0

-

-

-

-

-

Repayment of short-term loan

-

-

-

-

-

-

-

-

-

-

20,000

Increase (decrease) in security deposits

-192

83

-61

22

40

57

-19

134

9

-370

28

Distributions paid for common, senior common, preferred stock and Non-controlling OP Unitholders

58,887

54,565

50,408

42,494

36,871

30,363

23,940

20,613

19,610

16,979

16,938

Net cash provided by (used in) financing activities

74,249

-21,157

54,415

17,019

39,548

102,297

120,171

70,796

22,612

-22,209

-17,513

Net increase (decrease) in cash, cash equivalents, and restricted cash

2,406

2

1,392

-1,669

-3,447

53

3,000

2,217

-3,733

3,972

-1,407

SUPPLEMENTAL NON-CASH INFORMATION
Cash paid during year for interest

25,685

24,987

22,352

25,337

29,259

27,557

26,679

21,239

17,076

17,970

16,559

Increase in asset retirement obligation

-

-

-

-

-

-

-

-

69

614

-

Fixed rate principal debt assumed in connection with acquisition

-

-

-

-

-

-

-

24,926

11,921

10,795

-

Forfeiture of common stock in satisfaction of employee note receivable

-

-

-

-

-

-

-

-

-

244

-

Tenant funded fixed asset improvements

2,787

1,608

3,018

4,879

766

2,031

-

-

-

-

-

Assumed tenant improvement allowance in connection with acquisition

0

0

3,966

0

56

405

-

298

-

-

-

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax

-1,978

-

-

-

-

-

-

-

-

-

-

Assumed mortgage in connection with acquisition

0

6,918

11,179

0

0

-

-

-

-

-

-

Assumed interest rate swap fair market value

0

0

42

0

0

-

-

-

-

-

-

Reserves released by title company to tenant

0

3,966

0

0

0

-

-

-

-

-

-

Capital improvements and leasing commissions included in accounts payable and accrued expenses

390

311

1,495

3,275

4,488

5,510

350

-

-

-

-

Non-controlling OP Units issued in connection with acquisition

0

13,975

0

0

52

211

126

26

-

4

-

Non-controlling OP Units issued in connection with acquisition

200

0

0

-

-

-

-

-

-

-

-

Unrealized (loss) gain related to interest rate hedging instruments, net

-

-183

35

0

0

-

-

-

-

-

-

Preferred Stock, Write Off Of Offering Costs

2,674

0

0

-

-

-

-

-

-

-

-

Right-of-use asset from operating leases

5,998

0

0

-

-

-

-

-

-

-

-

Operating lease liabilities

5,998

0

0

-

-

-

-

-

-

-

-

Property manager other assets

1,676

0

0

-

-

-

-

-

-

-

-

Property manager accrued expenses and other liabilities

1,676

0

0

-

-

-

-

-

-

-

-

Property conveyed in deed in lieu for full satisfaction of mortgage debt payable

-

-

-

-

-

17,343

-

-

-

-

-

Security deposit applied to rental income

-

-

-

-

-

147

-

-

-

-

-

Reclassification of principal on employee note

-

-

-

-

-

-

-

-

-

-

245

Leasing commissions included in accounts payable

-

-

-

-

-

-

-

-

-

458

-