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GOOD

Gladstone Commercial Corporation

GOOD

Gladstone Commercial Corporation • NASDAQ
$11.06 ▲ 0.36% (+0.04)
Market Cap $502.36 M
52w High $17.60
52w Low $10.47
Dividend Yield 1.20%
P/E 58.21
Volume 139.59K
Outstanding Shares 45.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $40.841M ▲ $17.62M ▲ $4.136M ▼ 10.127% ▼ $0.021 ▼ $30.122M ▲
Q2-2025 $39.533M ▲ $16.948M ▲ $4.633M ▼ 11.719% ▼ $0.032 ▼ $28.951M ▲
Q1-2025 $37.501M ▲ $15.39M ▼ $5.134M ▼ 13.69% ▼ $0.04 ▼ $27.519M ▼
Q4-2024 $37.375M ▼ $15.461M ▼ $7.19M ▼ 19.237% ▼ $0.17 ▼ $29.438M ▼
Q3-2024 $39.235M $16.184M $11.677M 29.762% $0.2 $34.363M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $18.4M ▲ $1.265B ▲ $1.08B ▲ $184.826M ▲
Q2-2025 $11.66M ▲ $1.21B ▲ $1.033B ▲ $177.191M ▼
Q1-2025 $10.383M ▼ $1.16B ▲ $977.091M ▲ $183.216M ▲
Q4-2024 $10.956M ▲ $1.094B ▼ $923.047M ▼ $171.171M ▲
Q3-2024 $10.531M $1.096B $927.269M $168.917M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $4.034M ▼ $18.898M ▼ $-62.244M ▲ $52.078M ▲ $8.913M ▲ $8.674M ▼
Q2-2025 $4.532M ▼ $35.848M ▲ $-80.284M ▼ $44.975M ▼ $720K ▲ $29.888M ▲
Q1-2025 $5.033M ▼ $17.684M ▼ $-75.297M ▼ $57.9M ▲ $467K ▼ $16.462M ▼
Q4-2024 $7.197M ▼ $22.787M ▲ $-10.365M ▼ $-11.878M ▼ $544K ▲ $22.787M ▲
Q3-2024 $11.718M $5.54M $2.831M $-8.26M $111K $5.54M

Five-Year Company Overview

Income Statement

Income Statement Gladstone Commercial’s income statement shows a business that is steady but not especially high‑growth or highly profitable. Rental revenue has inched up over the past five years, and core operating profit has stayed fairly consistent, which suggests the underlying property portfolio is reasonably stable. However, bottom‑line earnings have hovered around breakeven most years, with only modest profit more recently and some losses in prior years. That tells you the company operates with thin cushions: small changes in interest costs, vacancies, or expenses can swing results. Overall, this is a slow‑growing, income‑oriented REIT with tight margins rather than a fast‑expanding, high‑profit story.

Balance Sheet

Balance Sheet The balance sheet is typical of a net‑lease REIT: property‑heavy and debt‑funded. Total assets have been relatively stable, indicating a portfolio that is being fine‑tuned rather than rapidly expanded. Debt makes up a large share of the capital structure, while the equity base is comparatively small, which points to meaningful financial leverage. Cash on hand is kept lean, so access to credit and capital markets remains important. The combination of steady assets and relatively high leverage means the company is quite sensitive to interest rates and refinancing conditions, but it also reflects a deliberate use of debt to support a yield‑focused real estate strategy.

Cash Flow

Cash Flow Cash flow is a relative bright spot. Operating cash flow has been consistently positive and fairly stable, reflecting reliable rent collections and the benefit of non‑cash items like depreciation. Free cash flow has also been positive across the period, with only modest spending needs on the properties themselves. This pattern fits a mature, income‑generating REIT: cash earnings are healthier than reported net income might suggest. That said, because leverage is significant and expansion depends on external financing, strong internal cash flow mainly supports ongoing operations and dividends rather than self‑funding rapid growth.

Competitive Edge

Competitive Edge Gladstone Commercial competes in the net‑lease REIT space by focusing on mission‑critical industrial and office properties and by emphasizing tenant credit quality. Its key strengths are very high historical occupancy, long‑term leases, and a deep underwriting process that treats potential tenants almost like borrowers in a lending transaction. The relationship with the broader Gladstone group gives it additional insight into private, middle‑market companies that many rivals may not have. On the other hand, it is a smaller player in a crowded market with larger, more diversified competitors, and its reliance on leverage and external capital is similar to peers. Its edge is more about disciplined selection of tenants and properties than about scale or technology.

Innovation and R&D

Innovation and R&D This is not a technology‑driven or R&D‑heavy business; its “innovation” is mostly in process and strategy, not software or proprietary tools. The company’s underwriting style—deep analysis of non‑rated tenants, focus on essential facilities, and comfort with complex sale‑leaseback deals—is where it differentiates itself. It is also actively reshaping its portfolio toward industrial assets and gradually away from traditional office exposure, which is a strategic shift rather than a technological one. Any use of advanced property tech appears incremental, not game‑changing, so future advantages are likely to come from continued refinement of its investment playbook rather than from disruptive innovation.

Summary

Gladstone Commercial looks like a steady, income‑oriented REIT with a conservative, fundamentals‑driven approach rather than a growth or tech story. Revenues and operating profits are stable, but net earnings are thin, making results sensitive to financing costs and market conditions. The balance sheet leans heavily on debt, which amplifies both income potential and risk, especially in a higher‑rate environment. Cash generation is reliable and supports the REIT model, though growth still depends on external capital. Competitively, the company leans on high occupancy, long leases, rigorous credit work, and synergies with the broader Gladstone platform. Its main strategic evolution is a shift toward industrial properties, aiming for a more resilient portfolio while staying within its net‑lease niche. Overall, the story is one of disciplined, incremental improvement with clear strengths in underwriting and tenant selection, balanced by leverage and modest profitability that investors must watch closely over time.

NEWS

November 5, 2025 · 9:50 AM UTC

Stonegate Capital Partners Updates 3Q25 Report on Gladstone Commercial Corp. (GOOD)

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November 3, 2025 · 4:10 PM UTC

Gladstone Commercial Corporation Reports Results for the Third Quarter Ended September 30, 2025

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October 30, 2025 · 8:30 AM UTC

Gladstone Commercial Corporation Earnings Call and Webcast Information

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October 14, 2025 · 4:10 PM UTC

Gladstone Commercial Corporation Announces Monthly Cash Distributions for October, November and December 2025 and Earnings Release and Conference Call Dates for its Third Quarter Ended September 30, 2025

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October 14, 2025 · 3:15 PM UTC

CORRECTION FROM SOURCE: Gladstone Commercial Amends, Extends and Upsizes Credit Facility

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