Gladstone Commercial Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net (loss) income	$ (5,902)us-gaap_NetIncomeLoss	$ 1,527us-gaap_NetIncomeLoss	$ 3,761us-gaap_NetIncomeLoss
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	28,864us-gaap_DepreciationAndAmortization	22,827us-gaap_DepreciationAndAmortization	16,831us-gaap_DepreciationAndAmortization
Impairment charge	14,238us-gaap_AssetImpairmentCharges
Gain on debt extinguishment	(5,274)
Gain on sale of real estate	(1,240)
Amortization of deferred financing costs	1,656us-gaap_AmortizationOfFinancingCosts	1,780us-gaap_AmortizationOfFinancingCosts	1,502us-gaap_AmortizationOfFinancingCosts
Amortization of deferred rent asset and liability, net	(389)	(333)	(772)
Amortization of discount and premium on assumed debt	(267)	(171)	9
Asset retirement obligation expense	104good_AssetRetirementObligationExpense	129good_AssetRetirementObligationExpense	168good_AssetRetirementObligationExpense
Increase in other assets	(265)	(399)	(211)
Increase in deferred rent liability			2,510
Increase in deferred rent receivable	(3,230)us-gaap_StraightLineRent	(3,700)us-gaap_StraightLineRent	(2,144)us-gaap_StraightLineRent
Increase (decrease) in accounts payable, accrued expenses, and amount due Adviser and Administrator	204	(2,171)	2,746
Increase in other liabilities	857	1,437	743
Leasing commissions paid	(1,159)us-gaap_PaymentsForLeaseCommissions	(1,041)us-gaap_PaymentsForLeaseCommissions	(1,738)us-gaap_PaymentsForLeaseCommissions
Net cash provided by operating activities	28,197	19,885	23,405
Cash flows from investing activities:
Acquisition of real estate and related intangible assets	(124,315)	(131,188)	(82,239)
Improvements of existing real estate	(6,347)good_ImprovementsOfExistingRealEstate	(5,176)good_ImprovementsOfExistingRealEstate	(5,557)good_ImprovementsOfExistingRealEstate
Proceeds from sale of real estate	11,162us-gaap_ProceedsFromSaleOfRealEstate
Issuance of mortgage note receivable	(5,600)
Receipts from lenders for funds held in escrow	2,911	5,545	1,959
Payments to lenders for funds held in escrow	(8,659)	(6,606)	(5,463)
Receipts from tenants for reserves	3,101good_ReceiptsFromTenantsForReserves	6,085good_ReceiptsFromTenantsForReserves	2,870good_ReceiptsFromTenantsForReserves
Payments to tenants from reserves	(4,298)good_PaymentsToTenantsFromReserves	(3,949)good_PaymentsToTenantsFromReserves	(2,543)good_PaymentsToTenantsFromReserves
Decrease (increase) in restricted cash	1,504	(2,117)	(461)
Deposits on future acquisitions	(3,050)	(2,375)	(550)
Deposits applied against real estate investments	3,150	2,725
Net cash used in investing activities	(130,441)	(137,056)	(91,984)
Cash flows from financing activities:
Proceeds from issuance of equity	73,931	88,121	4,191
Offering costs	(3,140)us-gaap_PaymentsOfStockIssuanceCosts	(4,963)us-gaap_PaymentsOfStockIssuanceCosts	(300)us-gaap_PaymentsOfStockIssuanceCosts
Proceeds from issuance of mandatorily redeemable preferred stock			38,500
Borrowings under mortgage notes payable	52,085us-gaap_ProceedsFromNotesPayable	79,995us-gaap_ProceedsFromNotesPayable	99,455us-gaap_ProceedsFromNotesPayable
Payments for deferred financing costs	(1,029)us-gaap_PaymentsOfFinancingCosts	(2,051)us-gaap_PaymentsOfFinancingCosts	(4,598)us-gaap_PaymentsOfFinancingCosts
Principal repayments on mortgage notes payable	(8,144)us-gaap_RepaymentsOfSecuredDebt	(16,407)us-gaap_RepaymentsOfSecuredDebt	(52,285)us-gaap_RepaymentsOfSecuredDebt
Principal repayments on employee notes receivable		35	12
Borrowings from line of credit	98,450us-gaap_ProceedsFromLinesOfCredit	75,400us-gaap_ProceedsFromLinesOfCredit	41,800us-gaap_ProceedsFromLinesOfCredit
Repayments on line of credit	(79,550)us-gaap_RepaymentsOfLinesOfCredit	(76,000)us-gaap_RepaymentsOfLinesOfCredit	(35,500)us-gaap_RepaymentsOfLinesOfCredit
Increase (decrease) in security deposits	57	(19)	134
Distributions paid for common, senior common and preferred stock	(30,363)us-gaap_PaymentsOfDividends	(23,940)us-gaap_PaymentsOfDividends	(20,613)us-gaap_PaymentsOfDividends
Net cash provided by financing activities	102,297	120,171	70,796
Net increase in cash and cash equivalents	53	3,000	2,217
Cash and cash equivalents, beginning of period	8,546	5,546	3,329
Cash and cash equivalents, end of period	8,599	8,546	5,546
NON-CASH INVESTING AND FINANCING INFORMATION
Cash paid during year for interest	27,557us-gaap_InterestPaid	26,679us-gaap_InterestPaid	21,239us-gaap_InterestPaid
Increase in asset retirement obligation assumed in acquisition	405		298
Fixed rate principal debt assumed in connection with acquisition	10,146		24,926
Senior common dividend issued in the dividend reinvestment program	211	126	26
Capital improvements included in accounts payable and accrued expenses	5,510	350
Fixed asset additions paid for by tenant	2,031good_FixedAssetAdditionsPaidForByTenant
Property conveyed in deed in lieu for full Satisfaction of mortgage note payable	17,373
Security deposit applied to rental income	$ 147