| Cash Flow for Gladstone Commercial Corp. (GOOD) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 6,140 | 4,373 | 3,602 | 1,624 | (241) | | Provision for Loan Loss | - | - | - | - | - | | Depreciation & Amortization | 10,714 | 9,114 | 4,089 | 973 | 6 | | Deferred Income Taxes | - | - | - | - | - | | Change in Assets (Receivables) | (1,676) | (1,333) | (991) | (325) | (191) | | Change in Liabilities (Payables) | 802 | 1,094 | 646 | 677 | 234 | | Investment Securities Gain | - | - | - | - | - | | Net Policy Acquisition Cost | - | - | - | - | - | | Realized Investment Gains | - | (1,422) | - | - | - | | Net Premiums Receivables | - | - | - | - | - | | Change in Income Taxes | - | - | - | - | - | | Other Non-Cash Items | 116 | 198 | 212 | - | - | | Net Cash from Operating Activities | 16,096 | 12,024 | 7,558 | 2,950 | (192) | | | | Proceeds from Sale/Mat. Inv. | - | - | - | - | - | | Purchase of Investment Securities | - | - | - | - | - | | Net Increase Fed. Funds Sold | - | - | - | - | - | | Purchase of Property & Equipment | (105,600) | (46,237) | (117,532) | (58,876) | (5,800) | | Acquisitions | - | (900) | (2,686) | (50) | - | | Other Investment Changes, Net | (2,028) | (527) | (8,976) | (11,108) | - | | Net Cash from Investing Activities | (107,627) | (47,664) | (129,194) | (70,033) | (5,800) | | | Net Change in Deposits | - | - | - | - | - | | Cash Dividends paid | (16,428) | (13,470) | (8,284) | (2,831) | - | | Repayment of Long Term Debt | (41,996) | (115,565) | (41,970) | - | - | | Change in Short Term Debt | - | - | - | - | - | | Issuance of Long term Debt | 114,022 | 139,456 | 146,897 | - | - | | Issuance of Preferred Stock | - | - | - | - | - | | Issuance of Common Stock | 431 | 65,089 | - | - | 105,068 | | Purchase of Treasury Stock | - | - | - | - | - | | Other Financing Activities | 853 | (5,606) | (2,021) | (8) | - | | Cash from Financing Activities | 56,882 | 69,905 | 94,621 | (2,838) | 105,068 | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash & Equivalents | (34,649) | 34,266 | (27,014) | (69,922) | 99,076 | | | Cash at Beginning of Period | 36,006 | 1,740 | 28,754 | 99,076 | - | | Cash at End of Period | 1,356 | 36,006 | 1,740 | 29,154 | 99,076 | | | |
