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MARKETS / NASDAQ / Real estate / Property leasing / GOOD
NASDAQ · LESSORS OF REAL PROPERTY, NEC · LARGE CAP

Gladstone Commercial Corp. GOOD

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$161.3M
▲ 8.0% YoY
$19.3M
▼ 19.6% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Gladstone Commercial Corporation acquires, owns, and manages primarily industrial and office properties. As of February 18, 2026, it owned 151 properties totaling 17.7 million square feet of rentable space, located in 27 states. As of February 18, 2026, its occupancy rate was 99.1%. It has elected to be taxed as a REIT for federal income tax purposes. It conducts substantially all of its business activities through an Umbrella Partnership Real Estate Investment Trust structure, under which its properties are held, directly or indirectly, by Gladstone Commercial Limited Partnership, its Operating Partnership. Its business is managed by its external adviser, Gladstone Management Corporation. As of December 31, 2025, its Adviser and Administrator collectively had 75 full-time employees. Gladstone Commercial Corporation was incorporated under the General Corporation Law of the State of Maryland on February 14, 2003.

Written from the business description in GLADSTONE COMMERCIAL CORP's annual report to the U.S. Securities and Exchange Commission, filed 18 February 2026. Every sentence was checked against that document before publication.

Growth

USD 161.3M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 161.3 · Net income 19.3
100M200M
2009201220152018202120242025
Compound annual growth
+2.7%
+3.9%
+6.8%
+9.4%
+21.3%
+5.2%
+18.3%
+9.5%
−1.4%
+1.3%
+6.3%
+9.7%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +3.9% a year over the five years to FY2025 — but profit grew faster: net income at +5.2%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

12 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Net 12.0%
5%10%15%-5%
200920172025
ROE
FY2025 · ROE 11.2%
5%10%-1%-2%
200920172025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.
Gross margin92.8%
Operating margin·
Net margin12.0%
EBITDA·

Each USD of equity produced 11 cents of profit this year.

Cash & shareholders

USD 68.2M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2011 · FCF -24.9
10M20M-10M-20M
200920172025
Net buybacks $M Dividends $M
FY2025 · Dividends 68.2 · Net buybacks -62.2
25.0M50.0M-50.0M-100.0MDividendsNet buybacks
200920112013201520172019202120232025
Dividends paidUSD 68.2M
Net buybacksUSD -62.2M
Share of profit353.5%
Consecutive raises·

USD 68.2M in dividends — 353% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 1.2B
EquityUSD 171.8M
CashUSD 10.8M
Gross debtUSD 843.5M
Net debtUSD 832.7M

Net debt stands at 485% of equity.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
GOOD, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.20.10.10.10.10.10.10.10.10.10.10.10.10.10.00.00.0
Operating income $B◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
EBITDA $B◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Income tax $B◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Net income $B0.00.00.00.00.00.00.00.00.00.00.0−0.00.00.00.00.00.0
Free cash flow $B◌◌◌◌◌◌◌◌◌◌◌◌◌◌−0.00.00.0
EPS, diluted $0.140.27−0.19−0.04−0.090.09−0.160.03−0.190.16−0.07−0.61−0.22−0.040.150.090.06
Dividend / sh $1.201.201.201.501.501.501.501.501.501.501.50◌◌◌◌◌◌
Payout %353262121665861842761244384910741025−5141568548343345368
ROE %11.214.82.85.35.37.14.24.82.31.71.6−2.91.02.94.64.33.9
Shares out B0.050.000.000.000.000.000.000.030.030.020.020.020.020.010.010.01◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

This company against its peers

Gladstone Commercial Corp.vsInvitation Homes Inc.Same industry: Lessors of Real Property, NECGladstone Commercial Corp.vsBoston Omaha Corp.Same industry: Lessors of Real Property, NECGladstone Commercial Corp.vsRegional Health Properties, Inc.Same industry: Lessors of Real Property, NECGladstone Commercial Corp.vsAmerican Realty Investors Inc.Same industry: Lessors of Real Property, NECGladstone Commercial Corp.vsAlico, Inc.Same industry: Lessors of Real Property, NECGladstone Commercial Corp.vsHubilu Venture Corp.Same industry: Lessors of Real Property, NECGladstone Commercial Corp.vsStar HoldingsSame industry: Lessors of Real Property, NEC
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Provenance

Company facts, as filed

How we verify · 0 failures in 50 reconciliationsAUDITED

Reconciled in 17 of the 17 fiscal years we could check. Seven checks were skipped: cost of revenue is not tagged before 2014. Three checks were skipped: the balance sheet is not tagged before 2010. Two checks were skipped: EPS is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityLessors of Real Property, NEC
Listed onNASDAQ
Incorporated inMaryland
Fiscal year endsDecember 31
Data on record since2009

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