GLADSTONE COMMERCIAL CORP

Listed Company

GOODCIK 0001234006NasdaqLarge AcceleratedLessors Of Real Property, NecMarylandFY ends Dec 31

Period

FY 2025

Revenue

$161.34M

Net Income

$19.29M

Total Assets

$1.25B

Equity

$171.77M

Shares Out

48.41M

Op. Cash Flow

$88.15M

Business

GLADSTONE COMMERCIAL CORP is a REIT that acquires, owns and manages primarily industrial and office real estate. It offers income-producing net-leased and select gross or modified gross leased properties, originates or acquires mortgage loans, and conducts capital markets activities including equity and debt issuances. Key operating entities include Gladstone Commercial Limited Partnership (Operating Partnership), Gladstone Commercial Lending, LLC, the external adviser Gladstone Management Corporation, and Gladstone Administration and Gladstone Securities as affiliates. Its portfolio is geographically diversified across multiple U.S. states, targeting secondary growth markets and sourcing transactions through brokers, buyout funds and capital markets channels.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Lease revenue	161	149	148	149	138
Total operating revenues	161	149	148	149	138
Depreciation and amortization	58	56	58	60	59
Property operating expenses	29	25	26	27	27
Base management fee	7	6	6	6	6
Incentive fee	3	4	0	5	5
Administration fee	3	3	2	2	1
General and administrative	4	4	4	4	3
Impairment charge	9,000	7	19	12	0
Total operating expense before incentive fee waiver	103	105	116	116	102
Incentive fee waiver	−2	−2	0	0	−16,000
Total operating expenses	101	103	116	116	102
Interest expense	−42	−37	−37	−32	—
Gain on sale of real estate, net	367,000	14	8	10	−1
Gain on debt extinguishment, net	0	300,000	3	0	0
Other income	892,000	326,000	204,000	454,000	3
Total other (expense) income, net	−41	−23	−27	−22	−25
Net income	19	24	5	11	11
Net (income) loss (available) attributable to OP Units held by Non-controlling OP Unitholders	−6,000	−42,000	63,000	23,000	40,000
Net income available to the Company	19	24	5	11	11
Distributions attributable to Series E, F, and G preferred stock	−12	−12	−12	−12	−11
Distributions attributable to senior common stock	−406,000	−420,000	−430,000	−458,000	−698,000
Gain (loss) on extinguishment of Series F preferred stock, net	10,000	−14,000	−11,000	−10,000	0
Gain on repurchase of Series G preferred stock	0	0	3,000	37,000	0
Net income (loss) available (attributable) to common stockholders	7	11	−8	−2	−3
Income (loss) available (attributable) to common stockholders basic (in dollars per share)	0.14	0.27	−0.19	−0.04	−0.09
Income (loss) available (attributable) to common stockholders diluted (in dollars per share)	0.14	0.27	−0.19	−0.04	−0.09
Basic (in shares)	47	42	40	39	37
Diluted (in shares)	47	42	40	39	37
Distributions declared per common share (in dollars per share)	1.2	1.2	1.2	1.5	1.5
Earnings per weighted average share of senior common stock (in dollars per share)	1.05	1.05	1.05	1.05	1.05
Weighted average shares of senior common stock outstanding - basic (in shares)	386,691	398,828	409,903	436,667	664,898
Change in unrealized (loss) gain related to interest rate hedging instruments, net	−7	3	−5	12	3
Other comprehensive (loss) income	−7	3	−5	12	3
Comprehensive income	12	27	69,000	23	14
Comprehensive (income) loss (available) attributable to OP Units held by Non-controlling OP Unitholders	−6,000	−42,000	63,000	23,000	40,000
Total comprehensive income available to the Company	12	27	132,000	23	14

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Real estate, at cost	1,390	1,212	1,221	1,287	1,225
Less: accumulated depreciation	360	320	300	286	267
Total real estate, net	1,031	892	922	1,001	958
Lease intangibles, net	116	95	101	112	114
Real estate and related assets held for sale	11	4	29	3	0
Cash and cash equivalents	11	11	12	12	8
Restricted cash	6	4	4	4	5
Funds held in escrow	5	5	8	9	7
Right-of-use assets from operating leases	4	4	5	5	5
Right-of-use assets from finance leases, net	3	0	—	—	—
Deferred rent receivable, net	48	45	41	39	39
Sales-type lease receivable, net	0	19	0	—	—
Other assets	13	14	12	18	5
TOTAL ASSETS	1,247	1,094	1,133	1,203	1,143
Mortgage notes payable, net	250	270	296	359	450
Borrowings under Revolver	37	2	76	23	34
Borrowings under Term Loan A, Term Loan B and Term Loan C, net	398	348	367	—	—
Senior unsecured notes, net	158	74	0	—	—
Deferred rent liability, net	17	22	29	40	27
Operating lease liabilities	4	4	5	5	6
Finance lease liabilities	3	0	—	—	—
Asset retirement obligation	5	5	5	5	4
Accounts payable and accrued expenses	11	13	14	10	7
Liabilities related to assets held for sale	397,000	0	676,000	0	—
TOTAL LIABILITIES	905	753	809	827	771
Commitments and contingencies	—	—	—	—	—
Series E and G redeemable preferred stock, net, par value $0.001 per share; $25 per share liquidation preference; 10,750,886 and 10,750,886 shares authorized; and 7,052,334 and 7,052,334 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	170	170	170	170	170
Senior common stock, par value $0.001 per share; 950,000 shares authorized; and 379,773 and 389,190 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	1,000	1,000	1,000	1,000	1,000
Common stock, par value $0.001 per share, 62,599,663 and 62,400,887 shares authorized and 48,406,993 and 43,986,038 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	48,000	44,000	40,000	39,000	37,000
Series F redeemable preferred stock, par value $0.001 per share; $25 per share liquidation preference; 25,699,451 and 25,898,227 shares authorized; and 750,247 and 914,553 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	1,000	1,000	1,000	1,000	0
Additional paid in capital	842	784	730	721	671
Accumulated other comprehensive income	3	11	8	12	−1
Distributions in excess of accumulated earnings	−673	−624	−585	−529	−469
TOTAL STOCKHOLDERS' EQUITY	172	171	153	204	201
OP Units held by Non-controlling OP Unitholders	122,000	130,000	986,000	2	1
TOTAL EQUITY	172	171	154	206	202
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY	1,247	1,094	1,133	1,203	1,143

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of deferred financing costs	2	2	2	4	2
Amortization of deferred rent asset and liability, net	−6	−7	−7	−4	−3
Decrease (increase) in sales-type lease receivable	153,000	−136,000	0	—	—
Receipt of sales-type lease receivable	18	0	0	—	—
Amortization of discount and premium on assumed debt, net	27,000	34,000	41,000	47,000	52,000
Asset retirement obligation expense	138,000	133,000	126,000	99,000	96,000
Amortization of right-of-use asset from operating leases and operating lease liabilities, net	7,000	7,000	27,000	29,000	—
Amortization of right-of-use asset finance lease liabilities, net	26,000	0	0	—	—
Bad debt expense	0	64,000	0	0	0
Increase (decrease) in other assets	−448,000	1	1	−619,000	602,000
Increase in deferred rent receivable	−3	−6	−3	−1	−3
Increase (decrease) in accounts payable and accrued expenses	796,000	−41,000	−11,000	2	3
Increase (decrease) in amount due to Adviser and Administrator	683,000	−16,000	−800,000	−75,000	471,000
Increase (decrease) in other liabilities	506,000	−983,000	−722,000	−942,000	1
Leasing commissions paid	−3	−5	−2	−2	−2
Net cash provided by operating activities	88	57	60	69	70
Acquisition of real estate and related intangible assets	−208	−27	−30	−113	−100
Improvements of existing real estate	−21	−13	−7	−7	−5
Proceeds from sale of real estate	8	38	37	39	9
Receipts from lenders for funds held in escrow	754,000	3	5	6	4
Payments to lenders for funds held in escrow	−723,000	−848,000	−4	−7	−2
Receipts from tenants for reserves	3	952,000	1	2	4
Payments to tenants from reserves	−3	−2	−2	−3	−4
Net cash (used in) provided by investing activities	−221	−2	1	−83	−95
Proceeds from issuance of equity	62	55	10	50	145
Offering costs paid	−876,000	−821,000	−538,000	−1	−5
Retirement of senior common stock	0	0	−52,000	—	—
Repurchase of common stock	0	0	−998,000	—	—
Borrowings under mortgage notes payable	0	15	9	63	22
Payments for deferred financing costs	−6	−1	−400,000	−5	−800,000
Principal repayments on mortgage notes payable	−20	−42	−70	−154	−28
Borrowings on term loan	103	0	0	150	—
Repayments on term loan	−53	−20	0	−5	0
Borrowings on unsecured term loan	20	0	0	—	—
Repayments on unsecured term loan	−20	0	0	—	—
Borrowings under senior unsecured notes	85	75	0	0	—
Borrowings from revolving credit facility	266	83	124	112	70
Repayments on revolving credit facility	−230	−157	−71	−122	−90
Increase in security deposits	1	158,000	104,000	485,000	98,000
Distributions paid to common, senior common, preferred stock and Non-controlling OP Unitholders	−68	−63	−61	−71	−68
Net cash provided by (used in) financing activities	135	−56	−61	16	22
Net increase (decrease) in cash, cash equivalents, and restricted cash	2	−1	143,000	3	−3
Cash paid for interest	39	36	33	28	23
Tenant funded fixed asset improvements included in deferred rent liability, net	0	−479,000	−1	18	9
Capital improvements and leasing commissions included in accounts payable and accrued expenses	2	5	5	2	—
Increase in asset retirement obligation in connection with acquisition	200,000	0	100,000	1	600,000
Dividends paid on Series F preferred stock via additional share issuances	427,000	516,000	487,000	389,000	0
Right-of-use asset from finance leases	3	0	0	—	0
Finance lease liabilities	−3	0	0	—	0

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