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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 | 3.3% | -0.9% | -53.9% |
| 2022 | $149M | $103M | $11M | $69M | 5.3% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 148.98 | 147.58 | 149.39 | 161.34 |
| Operating 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 |
| Selling General And Administration | - | 5.57 | 6.71 | 6.45 | 6.62 |
| Total Expenses | - | 104.16 | 96.81 | 98.25 | 102.90 |
| Operating Income | - | 44.82 | 50.78 | 51.14 | 58.44 |
| EBITDA | - | 103.42 | 100.14 | 117.23 | 119.48 |
| Normalized EBITDA | - | 105.46 | 108.86 | 107.26 | 117.61 |
| EBIT | - | 43.24 | 42.25 | 61.44 | 61.21 |
| Interest Expense | - | 32.46 | 37.33 | 37.40 | 41.91 |
| Net Interest Income | - | -32.46 | -37.33 | -37.40 | -41.91 |
| Other Non Operating Income Expenses | - | 0.45 | 0.20 | 0.33 | 0.89 |
| Other Income Expense | - | -1.59 | -8.52 | 10.30 | 2.77 |
| Interest Expense Non Operating | - | 32.46 | 37.33 | 37.40 | 41.91 |
| Net Non Operating Interest Income Expense | - | -32.46 | -37.33 | -37.40 | -41.91 |
| Pretax Income | - | 10.78 | 4.92 | 24.04 | 19.29 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.43 | -1.83 | 2.09 | 0.39 |
| Net Income Continuous Operations | - | 10.78 | 4.92 | 24.04 | 19.29 |
| Net Income From Continuing And Discontinued Operation | - | 10.80 | 4.99 | 24 | 19.29 |
| Net Income From Continuing Operation Net Minority Interest | - | 10.80 | 4.99 | 24 | 19.29 |
| Net Income | - | 10.80 | 4.99 | 24 | 19.29 |
| Net Income Common Stockholders | - | -1.53 | -7.74 | 11.12 | 6.59 |
| Net Income Including Noncontrolling Interests | - | 10.78 | 4.92 | 24.04 | 19.29 |
| Normalized Income | - | 12.42 | 11.88 | 16.12 | 17.80 |
| Diluted NI Availto Com Stockholders | - | -1.53 | -7.74 | 11.12 | 6.59 |
| Basic Average Shares | - | 38.95 | 39.94 | 41.77 | 46.54 |
| Diluted Average Shares | - | 38.95 | 39.94 | 41.77 | 46.54 |
| Reconciled Depreciation | - | 60.18 | 57.88 | 55.79 | 58.28 |
| Reconciled Cost Of Revenue | - | 33.13 | 32.21 | 31.52 | 35.23 |
| Total Unusual Items | - | -2.04 | -8.73 | 9.97 | 1.88 |
| Total Unusual Items Excluding Goodwill | - | -2.04 | -8.73 | 9.97 | 1.88 |
| Preferred Stock Dividends | - | 11.90 | 12.28 | 12.44 | 12.30 |
| Minority Interests | - | 0.02 | 0.06 | -0.04 | -0.01 |
| Special Income Charges | - | -12.09 | -16.47 | -4.26 | 1.51 |
| Other Special Charges | -0.02 | - | -2.83 | -2.56 | -1.52 |
| Write Off | - | 12.09 | 19.30 | 6.82 | 0.01 |
| Impairment Of Capital Assets | 0 | 12.09 | - | - | - |
| Gain On Sale Of Security | - | 10.05 | 7.74 | 14.23 | 0.37 |
| 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 |
| Other Operating Expenses | 4.86 | 5.27 | - | 4.49 | 2.76 |
| Otherunder Preferred Stock Dividend | - | 0.43 | 0.44 | 0.43 | 0.40 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Gladstone Commercial Corporationthis co. | GOOD | $616M | 31.92β premium | 3.58 | 11.2% | 12.18 |
| Redwood Trust, Inc. | RWT | $667M | -9.53 | 0.73 | -7.6% | - |
| AH REALTY TRUST INC | AHRT | $660M | 117.68 | 1.44 | 1.2% | 12.87 |
| Franklin BSP Realty Trust, Inc. | FBRT | $658M | 8.00 | 0.56 | 7.0% | 50.11 |
| TPG RE Finance Trust, Inc. | TRTX |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $653M |
| 10.83 |
| 0.61 |
| 5.6% |
| - |
| Summit Hotel Properties, Inc. | INN | $645M | - | 0.75 | -2.7% | 9.23 |
| Industrial Logistics Properties Trust | ILPT | $589M | -8.90 | 1.20 | -13.5% | 15.29 |
| Universal Health Realty Income Trust | UHT | $560M | 31.82 | 3.68 | 11.6% | 13.90 |
| Chatham Lodging Trust | CLDT | $555M | 36.84 | 0.75 | 2.0% | 8.96 |
| Peer Median | - | 10.83 | 0.75 | 1.6% | 13.39 | |