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MARKETS / NASDAQ / 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
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
80M160M200920112013201520172019202120232025
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 five years — 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%200920112013201520172019202120232025
ROE
FY2025 · ROE 11.2%
5%10%-1%-2%200920112013201520172019202120232025

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
8M-10M-20M200920112013201520172019202120232025
Net buybacks $M Dividends $M
FY2025 · Dividends 68.2 · Net buybacks -62.2
25.0M50.0M-50.0M-100.0MDividendsNet buybacks200920112013201520172019202120232025

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
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 · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

Provenance
Company facts, as filed
How we verify · 0 failures in 50 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 14 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityLessors of Real Property, NEC
Listed onNASDAQ
Incorporated inMaryland
Fiscal year endsDecember 31
Data on record since2009

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