Loadingβ¦
Gladstone Commercial Corporation is an established real estate investment trust (REIT) that invests in single tenant and anchored multi-tenant net leased assets. As of June 30, 2025, we owned approximately 17.0 million square feet of primarily industrial and office real estate nationwide. We partner with a variety of tenantsΒfrom middle market private businesses to investment grade rated companies. We acquire properties through third party purchases, sale leaseback transactions, and by partnering with developers in build-to-suit transactions. As of June 30, 2025, total assets were approximately $1.2 billion, representing investments in 143 properties. Our properties are leased to 107 tenants who represent 20 diversified industries across 27 states. At June 30, 2025, our leases had an average remaining term of 7.1 years. In addition, approximately 51% of our tenants have an investment grade or investment grade equivalent credit rating. Gladstone Commercial Corporation was established on February 14, 2003 and incorporated in Maryland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $161M | $119M | $19M | $88M | 11.2% | 8.0% | -19.6% |
| 2024 | $149M | $117M | $24M | $57M | 14.0% | 1.2% | 381.4% |
| 2023 | $148M | $100M | $5M | $60M | 3.2% | -0.9% | -53.9% |
| 2022 | $149M | $103M | $11M | $69M | 5.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 148.98 | 147.58 | 149.39 | 161.34 |
| Cost Of Revenue | 33.16 | 32.24 | 31.53 | 35.27 |
| Gross Profit | 115.82 | 115.35 | 117.86 | 126.07 |
| Operating Expense | 70.99 | 64.57 | 66.72 | 67.63 |
| Operating Income | 44.83 | 50.78 | 51.14 | 58.44 |
| EBITDA | 103.42 | 100.14 | 117.23 | 119.48 |
| EBIT | 43.24 | 42.25 | 61.44 | 0 |
| Pretax Income | 10.78 | 4.92 | 24.04 | 19.29 |
| Net Income | 10.80 | 4.99 | 24 | 19.29 |
| Net Income Common Stockholders | -1.53 | -7.74 | 11.12 | 6.59 |
| Total Expenses | 104.16 | 96.81 | 98.25 | 102.90 |
| Interest Expense | 32.46 | 37.33 | 37.40 | 41.91 |
| Selling General And Administration | 5.57 | 6.71 | 6.45 | 6.62 |
| Normalized EBITDA | 105.46 | 108.86 | 107.26 | 117.61 |
| Normalized Income | 12.42 | 11.88 | 16.12 | 17.80 |
| Basic EPS | -0.04 | -0.19 | 0.27 | 0 |
| Diluted EPS | -0.04 | -0.19 | 0.27 | 0 |
| Tax Effect Of Unusual Items | -0.43 | -1.83 | 2.09 | 0.39 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | -2.04 | -8.73 | 9.97 | 1.88 |
| Total Unusual Items Excluding Goodwill | -2.04 | -8.73 | 9.97 | 1.88 |
| Net Income From Continuing Operation Net Minority Interest | 10.80 | 4.99 | 24 | 19.29 |
| Reconciled Depreciation | 60.18 | 57.88 | 55.79 | 58.28 |
| Reconciled Cost Of Revenue | 33.13 | 32.21 | 31.52 | 35.23 |
| Net Interest Income | -32.46 | -37.33 | -37.40 | -41.91 |
| Net Income From Continuing And Discontinued Operation | 10.80 | 4.99 | 24 | 19.29 |
| Diluted Average Shares | 38.95 | 39.94 | 41.77 | 0 |
| Basic Average Shares | 38.95 | 39.94 | 41.77 | 0 |
| Diluted NI Availto Com Stockholders | -1.53 | -7.74 | 11.12 | 6.59 |
| Otherunder Preferred Stock Dividend | 0.43 | 0.44 | 0.43 | 0.40 |
| Preferred Stock Dividends | 11.90 | 12.29 | 12.44 | 12.30 |
| Minority Interests | 0.02 | 0.06 | -0.04 | -0.01 |
| Net Income Including Noncontrolling Interests | 10.78 | 4.92 | 24.04 | 19.29 |
| Net Income Continuous Operations | 10.78 | 4.92 | 24.04 | 19.29 |
| Other Income Expense | -1.59 | -8.53 | 10.30 | 2.77 |
| Other Non Operating Income Expenses | 0.45 | 0.20 | 0.33 | 0.89 |
| Special Income Charges | -12.09 | -16.47 | -4.26 | 1.51 |
| Other Special Charges | 0 | -2.83 | -2.56 | -1.52 |
| Write Off | 12.09 | 19.30 | 6.82 | 0.01 |
| Impairment Of Capital Assets | 12.09 | 0 | 0 | 0 |
| Gain On Sale Of Security | 10.05 | 7.74 | 14.23 | 0.37 |
| Net Non Operating Interest Income Expense | -32.46 | -37.33 | -37.40 | -41.91 |
| Interest Expense Non Operating | 32.46 | 37.33 | 37.40 | 41.91 |
| Other Operating Expenses | 5.27 | 0 | 4.49 | 2.77 |
| Depreciation Amortization Depletion Income Statement | 60.15 | 57.86 | 55.79 | 58.24 |
| Depreciation And Amortization In Income Statement | 60.15 | 57.86 | 55.79 | 58.24 |
| General And Administrative Expense | 5.57 | 6.71 | 6.45 | 6.62 |
| Other Gand A | 5.57 | 6.71 | 6.45 | 6.62 |
| Operating Revenue | 148.98 | 147.58 | 149.39 | 161.34 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Gladstone Commercial Corporationthis co. | GOOD | $614M | 89.86β premium | 3.55 | 11.2% | 14.40 |
| CTO Realty Growth, Inc. | CTO | $690M | 102.15 | 1.17 | 1.8% | 13.61 |
| Strawberry Fields REIT, Inc. | STRW | $690M | 20.62 | 13.55 | 15.0% | 7.38 |
| TPG RE Finance Trust, Inc. | TRTX | $642M | 12.98 | 0.61 | 5.6% | - |
| AH REALTY TRUST INC | AHRT |
| $624M |
| - |
| 1.06 |
| 0.7% |
| 14.90 |
| RE/MAX Holdings, Inc. | RMAX | $596M | 27.68 | 0.49 | -28.1% | 1.10 |
| Universal Health Realty Income Trust | UHT | $565M | 32.12 | 3.71 | 11.6% | 13.98 |
| Brandywine Realty Trust | BDN | $523M | - | 0.71 | -22.3% | 16.89 |
| Farmland Partners Inc. | FPI | $509M | 18.82 | 1.07 | 5.9% | 27.07 |
| Peer Median | - | 24.15 | 1.06 | 3.7% | 13.98 | |