Gladstone Commercial Corporation (GOOD) 10-Year Financial Performance & Capital Metrics

GOOD • • REIT / Real Estate

Real EstateDiversified REITsSingle-Tenant Net Lease REITsSpecialized Net Lease Focus

AboutGladstone Commercial Corporation is a real estate investment trust focused on acquiring, owning, and operating net leased industrial and office properties across the United States. Including payments through September 2020, Gladstone Commercial has paid 189 consecutive monthly cash distributions on its common stock. Prior to paying distributions on a monthly basis, Gladstone Commercial paid five consecutive quarterly cash distributions. The company has also paid 53 consecutive monthly cash distributions on its Series D Preferred Stock, 12 consecutive monthly cash distributions on its Series E Preferred Stock and three consecutive monthly cash distributions on its Series F Preferred Stock. Gladstone Commercial has never skipped, reduced or deferred a distribution since its inception in 2003.Show more

Revenue $149M +1.2%
FFO $80M +26.9%
FFO/Share 1.91 +21.4%
FFO Payout 78.69% -18.4%
FFO per Share 1.91 +21.4%
NOI Margin 78.89% +0.9%
FFO Margin 53.41% +25.4%
ROE 14.74% +432.3%
ROA 2.15% +404.8%
Debt/Assets 63.73% -2.9%
Net Debt/EBITDA 6.42 -4.7%
Book Value/Share 4.10 +6.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 20.0%
✓Strong Piotroski F-Score: 8/9
✓Sustainable FFO payout ratio of 78.7%
✓High NOI margin of 78.9%

✗Weaknesses

✗High debt to equity ratio of 4.1x
✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y7.31%

5Y5.48%

3Y2.76%

TTM4.95%

Profit (Net Income) CAGR

10Y-

5Y20.04%

3Y29.95%

TTM-1.2%

EPS CAGR

10Y-

5Y-

3Y-

TTM-6.32%

ROCE

10Y Avg4.15%

5Y Avg4.19%

3Y Avg4.59%

Latest4.95%

Peer Comparison

Specialized Net Lease Focus

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MDVModiv Inc.	152.38M	14.83	70.62	-1%	2.97%	0.69%	11.97%	1.31
GOODGladstone Commercial Corporation	560.97M	11.59	44.58	1.22%	13.59%	11.4%	10.15%	4.07
EPRTEssential Properties Realty Trust, Inc.	6.05B	30.54	26.56	25.03%	45.25%	6.25%	5.1%	0.60
GIPRGeneration Income Properties, Inc.	4.01M	0.74	-0.48	27.91%	-103.22%	-35.52%	25.5%	2.14
PKSTPeakstone Realty Trust	514.7M	13.99	-48.24	-10.31%	-153.27%	-38.42%	18.39%	1.25

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	83.77M	86.37M	94.8M	106.8M	114.39M	133.15M	137.69M	148.98M	147.58M	149.39M
Revenue Growth %	0.14%	0.03%	0.1%	0.13%	0.07%	0.16%	0.03%	0.08%	-0.01%	0.01%
Property Operating Expenses	8.77M	9.82M	7.69M	16.51M	17.77M	31.65M	32.98M	33.16M	32.24M	31.53M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	41.57M	43.76M	48.85M	54.63M	60.65M	64.58M	68.67M	70.99M	64.57M	66.72M
G&A Expenses	9.14M	3.86M	3.64M	12.06M	4.92M	4.86M	4.67M	5.57M	6.71M	6.45M
EBITDA+	69.33M	70.57M	76.09M	106.78M	88.06M	92.39M	95.23M	105.01M	108.66M	106.93M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	35.29M	37.52M	42.8M	71.12M	52.09M	55.48M	59.19M	60.18M	57.88M	55.79M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	34.05M	33.05M	33.3M	35.66M	35.97M	36.92M	36.03M	44.83M	50.78M	51.14M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	28.01M	25.9M	24.57M	26.17M	28.28M	26.8M	26.89M	32.46M	37.33M	37.4M
Interest Coverage	1.22x	1.28x	1.36x	1.36x	1.27x	1.38x	1.34x	1.38x	1.36x	1.37x
Non-Operating Income	1.81M	2.93M	2.79M	-2.83M	-1.85M	-4.87M	-1.75M	1.59M	8.53M	-10.3M
Pretax Income+	3.6M	3.96M	5.94M	12.32M	9.54M	14.98M	10.89M	10.78M	4.92M	24.04M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	25.29M	24.74M	24.62M	2.83M	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	3.6M	3.96M	5.94M	12.32M	9.63M	14.94M	10.94M	10.8M	4.99M	24M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.61%	0.1%	0.5%	1.08%	-0.22%	0.55%	-0.27%	-0.01%	-0.54%	3.81%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.69%	0.07%	0.17%	0.71%	-0.26%	0.14%	-0%	0.01%	-0.11%	0.27%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	-0.07	-0.16	-0.19	0.03	-0.16	0.09	-0.09	-0.04	-0.19	0.26
EPS Growth %	0.79%	-1.29%	-0.19%	1.16%	-6.33%	1.56%	-2%	0.56%	-3.75%	2.37%
EPS (Basic)	-0.07	-0.16	-0.19	0.03	-0.16	0.09	-0.09	-0.04	-0.19	0.26
Diluted Shares Outstanding	21.83M	23.19M	26.36M	28.68M	30.7M	34.58M	36.54M	39.26M	39.94M	41.77M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	833.32M	851.74M	928.45M	938.77M	1.04B	1.1B	1.14B	1.2B	1.13B	1.09B
Asset Growth %	0.06%	0.02%	0.09%	0.01%	0.11%	0.06%	0.04%	0.05%	-0.06%	-0.03%
Real Estate & Other Assets+	677.1M	692.41M	748.7M	773.31M	895.54M	941.23M	1B	1.06B	975.1M	951.86M
PP&E (Net)	668.13M	690.09M	744.44M	768.39M	5.79M	5.58M	5.36M	5.13M	4.89M	3.96M
Investment Securities	1000K	101K	504K	1000K	0	0	0	0	0	0
Total Current Assets+	51.31M	53.78M	60.83M	54.01M	22.7M	33.72M	20.48M	28.1M	52.44M	43.42M
Cash & Equivalents	5.15M	4.66M	6.68M	6.59M	6.85M	11.02M	7.96M	11.65M	11.98M	10.96M
Receivables	1000K	1000K	1000K	1000K	0	0	0	0	0	1000K
Other Current Assets	12.82M	19.4M	20.81M	12.65M	15.86M	22.7M	12.53M	13.16M	12.96M	9.51M
Intangible Assets	104.91M	105.55M	118.93M	111.45M	115.47M	117.38M	114.49M	111.62M	101.05M	95.11M
Total Liabilities	599.45M	611.87M	661.66M	684.36M	828.47M	881.87M	940.79M	996.94M	979.21M	923.05M
Total Debt+	531.07M	509.39M	542.63M	566.06M	632.44M	674.38M	713.03M	754.51M	743.95M	697.45M
Net Debt	525.92M	504.74M	535.94M	559.47M	625.59M	663.36M	705.08M	742.86M	731.97M	686.49M
Long-Term Debt	485.77M	509.39M	542.63M	506.24M	575.01M	615.38M	673.98M	725.96M	663.11M	691.49M
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	70.75M	83.43M	85.6M	5.85M	5.69M	5.51M	5.31M	5.09M	4.06M
Total Current Liabilities+	54.41M	48.23M	30.46M	55.31M	79.4M	81.36M	70.49M	76.21M	121.89M	39.63M
Accounts Payable	6.39M	5.89M	7.34M	2.7M	5.57M	4.46M	6.74M	9.61M	13.59M	13.2M
Deferred Revenue	1.86M	2.08M	2.29M	0	19.32M	20.63M	26.77M	40M	29.32M	22M
Other Liabilities	98.43M	54.24M	88.57M	122.81M	168.21M	179.44M	190.82M	189.47M	189.11M	187.87M
Total Equity+	233.87M	734.78M	790.98M	254.42M	211.04M	216.04M	202.56M	205.69M	154.27M	171.3M
Equity Growth %	0.07%	2.14%	0.08%	-0.68%	-0.17%	0.02%	-0.06%	0.02%	-0.25%	0.11%
Shareholders Equity	233.87M	239.88M	266.8M	249.74M	208.13M	213.18M	201.3M	203.9M	153.28M	171.17M
Minority Interest	0	494.9M	524.18M	4.67M	2.9M	2.85M	1.26M	1.79M	986K	130K
Common Stock	23K	26K	29K	30K	33K	36K	38K	40K	41K	45K
Additional Paid-in Capital	418.9M	463.44M	534.79M	559.98M	571.21M	626.53M	671.13M	721.33M	730.26M	784.39M
Retained Earnings	-185.05M	-223.59M	-268.06M	-310.12M	-360.98M	-409.04M	-468.52M	-529.1M	-584.78M	-623.91M
Preferred Stock	2K	2K	2K	2K	0	0	0	1K	1K	1K
Return on Assets (ROA)	0%	0%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0.02%
Return on Equity (ROE)	0.02%	0.01%	0.01%	0.02%	0.04%	0.07%	0.05%	0.05%	0.03%	0.15%
Debt / Assets	0.64%	0.6%	0.58%	0.6%	0.61%	0.61%	0.62%	0.63%	0.66%	0.64%
Debt / Equity	2.27x	0.69x	0.69x	2.22x	3.00x	3.12x	3.52x	3.67x	4.82x	4.07x
Net Debt / EBITDA	7.59x	7.15x	7.04x	5.24x	7.10x	7.18x	7.40x	7.07x	6.74x	6.42x
Book Value per Share	10.71	31.68	30.01	8.87	6.88	6.25	5.54	5.24	3.86	4.10

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	31.49M	41.16M	46.84M	55.6M	60.19M	65.49M	70.13M	69.18M	60.37M	56.95M
Operating CF Growth %	0.12%	0.31%	0.14%	0.19%	0.08%	0.09%	0.07%	-0.01%	-0.13%	-0.06%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	3.6M	3.96M	5.94M	12.32M	9.54M	14.12M	9.73M	10.35M	4.55M	24.04M
Depreciation & Amortization	35.29M	37.52M	42.8M	47.62M	52.09M	55.42M	60.35M	60.15M	57.86M	55.79M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-1.25M	2.03M	3.09M	-2.35M	-1.79M	-3.75M	-2.39M	1.92M	3.48M	-17.58M
Working Capital Changes	-6.14M	-2.35M	-4.98M	-2M	349K	-304K	2.42M	-3.24M	-5.52M	-5.3M
Cash from Investing+	-74.48M	-58.67M	-99.23M	-34.44M	-132.04M	-100.28M	-94.78M	-82.03M	1.24M	-1.73M
Acquisitions (Net)	-1.7M	-2M	-3.15M	-1.59M	-1.54M	0	94.72M	0	0	0
Purchase of Investments	-81.48M	-69.57M	-126.94M	-44.73M	0	-131.18M	-102.28M	-120.43M	-33.69M	0
Sale of Investments	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	0
Other Investing	3.22M	7.34M	1.46M	-594K	-130.5M	118K	-94.78M	-706K	-481K	-1.73M
Cash from Financing+	39.55M	17.02M	54.41M	-21.16M	74.25M	39.37M	21.75M	15.66M	-61.47M	-56.29M
Dividends Paid	-36.87M	-42.49M	-50.41M	-54.38M	-58.89M	-63.76M	-67.59M	-71.09M	-60.62M	-62.79M
Common Dividends	-36.87M	-42.49M	-50.41M	-54.56M	-58.89M	0	-67.59M	0	0	-62.79M
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	-1000K
Share Repurchases	0	-38.68M	-24K	-34K	0	0	-87.74M	-360K	-1.55M	-1.71M
Other Financing	-2.53M	-4.38M	-4.24M	-784K	-6.1M	0	-5.27M	0	0	-1.22M
Net Change in Cash+	-3.45M	-494K	2.02M	2K	2.41M	6.51M	-2.9M	4.33M	-1.16M	-1.06M
Exchange Rate Effect	0	0	0	0	0	1000K	0	1000K	-1000K	0
Cash at Beginning	8.6M	5.15M	4.66M	9.08M	9.08M	18.71M	16.08M	20.48M	24.81M	16.14M
Cash at End	5.15M	4.66M	6.68M	9.08M	11.49M	25.22M	13.18M	24.81M	23.65M	15.07M
Free Cash Flow+	-44.52M	-22.85M	-50.7M	23.34M	60.19M	59.13M	64.78M	62.35M	53.69M	56.95M
FCF Growth %	0.5%	0.49%	-1.22%	1.46%	1.58%	-0.02%	0.1%	-0.04%	-0.14%	0.06%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.78	1.79	1.85	2.91	2.01	2.04	1.92	1.81	1.57	1.91
FFO Payout Ratio	94.82%	102.46%	103.44%	65.4%	95.41%	90.55%	96.39%	100.15%	96.42%	78.69%
NOI Margin	89.53%	88.63%	91.89%	84.54%	84.47%	76.23%	76.05%	77.74%	78.16%	78.89%
Net Debt / EBITDA	7.59x	7.15x	7.04x	5.24x	7.10x	7.18x	7.40x	7.07x	6.74x	6.42x
Debt / Assets	63.73%	59.81%	58.44%	60.3%	60.84%	61.42%	62.36%	62.74%	65.64%	63.73%
Interest Coverage	1.22x	1.28x	1.36x	1.36x	1.27x	1.38x	1.34x	1.38x	1.36x	1.37x
Book Value / Share	10.71	31.68	30.01	8.87	6.88	6.25	5.54	5.24	3.86	4.1
Revenue Growth	13.57%	3.11%	9.76%	12.66%	7.11%	16.4%	3.41%	8.2%	-0.94%	1.22%

Frequently Asked Questions

Valuation & Price

Gladstone Commercial Corporation (GOOD) has a price-to-earnings (P/E) ratio of 44.6x. This suggests investors expect higher future growth.

Growth & Financials

Gladstone Commercial Corporation (GOOD) reported $155.3M in revenue for fiscal year 2024. This represents a 253% increase from $44.0M in 2011.

Gladstone Commercial Corporation (GOOD) grew revenue by 1.2% over the past year. Growth has been modest.

Yes, Gladstone Commercial Corporation (GOOD) is profitable, generating $21.1M in net income for fiscal year 2024 (16.1% net margin).

Dividend & Returns

Yes, Gladstone Commercial Corporation (GOOD) pays a dividend with a yield of 12.97%. This makes it attractive for income-focused investors.

Gladstone Commercial Corporation (GOOD) has a return on equity (ROE) of 14.7%. This is reasonable for most industries.

Industry Metrics

Gladstone Commercial Corporation (GOOD) generated Funds From Operations (FFO) of $77.0M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Gladstone Commercial Corporation (GOOD) offers a 12.97% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

US Stock Screener

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Gladstone Commercial Corporation (GOOD) 10-Year Financial Performance & Capital Metrics

GOOD • • REIT / Real Estate

Real EstateDiversified REITsSingle-Tenant Net Lease REITsSpecialized Net Lease Focus

Revenue $149M +1.2%
FFO $80M +26.9%
FFO/Share 1.91 +21.4%
FFO Payout 78.69% -18.4%
FFO per Share 1.91 +21.4%
NOI Margin 78.89% +0.9%
FFO Margin 53.41% +25.4%
ROE 14.74% +432.3%
ROA 2.15% +404.8%
Debt/Assets 63.73% -2.9%
Net Debt/EBITDA 6.42 -4.7%
Book Value/Share 4.10 +6.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 20.0%
✓Strong Piotroski F-Score: 8/9
✓Sustainable FFO payout ratio of 78.7%
✓High NOI margin of 78.9%

✗Weaknesses

✗High debt to equity ratio of 4.1x
✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y7.31%

5Y5.48%

3Y2.76%

TTM4.95%

Profit (Net Income) CAGR

10Y-

5Y20.04%

3Y29.95%

TTM-1.2%

EPS CAGR

10Y-

5Y-

3Y-

TTM-6.32%

ROCE

10Y Avg4.15%

5Y Avg4.19%

3Y Avg4.59%

Latest4.95%

Peer Comparison

Specialized Net Lease Focus

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MDVModiv Inc.	152.38M	14.83	70.62	-1%	2.97%	0.69%	11.97%	1.31
GOODGladstone Commercial Corporation	560.97M	11.59	44.58	1.22%	13.59%	11.4%	10.15%	4.07
EPRTEssential Properties Realty Trust, Inc.	6.05B	30.54	26.56	25.03%	45.25%	6.25%	5.1%	0.60
GIPRGeneration Income Properties, Inc.	4.01M	0.74	-0.48	27.91%	-103.22%	-35.52%	25.5%	2.14
PKSTPeakstone Realty Trust	514.7M	13.99	-48.24	-10.31%	-153.27%	-38.42%	18.39%	1.25

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	83.77M	86.37M	94.8M	106.8M	114.39M	133.15M	137.69M	148.98M	147.58M	149.39M
Revenue Growth %	0.14%	0.03%	0.1%	0.13%	0.07%	0.16%	0.03%	0.08%	-0.01%	0.01%
Property Operating Expenses	8.77M	9.82M	7.69M	16.51M	17.77M	31.65M	32.98M	33.16M	32.24M	31.53M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	41.57M	43.76M	48.85M	54.63M	60.65M	64.58M	68.67M	70.99M	64.57M	66.72M
G&A Expenses	9.14M	3.86M	3.64M	12.06M	4.92M	4.86M	4.67M	5.57M	6.71M	6.45M
EBITDA+	69.33M	70.57M	76.09M	106.78M	88.06M	92.39M	95.23M	105.01M	108.66M	106.93M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	35.29M	37.52M	42.8M	71.12M	52.09M	55.48M	59.19M	60.18M	57.88M	55.79M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	34.05M	33.05M	33.3M	35.66M	35.97M	36.92M	36.03M	44.83M	50.78M	51.14M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	28.01M	25.9M	24.57M	26.17M	28.28M	26.8M	26.89M	32.46M	37.33M	37.4M
Interest Coverage	1.22x	1.28x	1.36x	1.36x	1.27x	1.38x	1.34x	1.38x	1.36x	1.37x
Non-Operating Income	1.81M	2.93M	2.79M	-2.83M	-1.85M	-4.87M	-1.75M	1.59M	8.53M	-10.3M
Pretax Income+	3.6M	3.96M	5.94M	12.32M	9.54M	14.98M	10.89M	10.78M	4.92M	24.04M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	25.29M	24.74M	24.62M	2.83M	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	3.6M	3.96M	5.94M	12.32M	9.63M	14.94M	10.94M	10.8M	4.99M	24M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.61%	0.1%	0.5%	1.08%	-0.22%	0.55%	-0.27%	-0.01%	-0.54%	3.81%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.69%	0.07%	0.17%	0.71%	-0.26%	0.14%	-0%	0.01%	-0.11%	0.27%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	-0.07	-0.16	-0.19	0.03	-0.16	0.09	-0.09	-0.04	-0.19	0.26
EPS Growth %	0.79%	-1.29%	-0.19%	1.16%	-6.33%	1.56%	-2%	0.56%	-3.75%	2.37%
EPS (Basic)	-0.07	-0.16	-0.19	0.03	-0.16	0.09	-0.09	-0.04	-0.19	0.26
Diluted Shares Outstanding	21.83M	23.19M	26.36M	28.68M	30.7M	34.58M	36.54M	39.26M	39.94M	41.77M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	833.32M	851.74M	928.45M	938.77M	1.04B	1.1B	1.14B	1.2B	1.13B	1.09B
Asset Growth %	0.06%	0.02%	0.09%	0.01%	0.11%	0.06%	0.04%	0.05%	-0.06%	-0.03%
Real Estate & Other Assets+	677.1M	692.41M	748.7M	773.31M	895.54M	941.23M	1B	1.06B	975.1M	951.86M
PP&E (Net)	668.13M	690.09M	744.44M	768.39M	5.79M	5.58M	5.36M	5.13M	4.89M	3.96M
Investment Securities	1000K	101K	504K	1000K	0	0	0	0	0	0
Total Current Assets+	51.31M	53.78M	60.83M	54.01M	22.7M	33.72M	20.48M	28.1M	52.44M	43.42M
Cash & Equivalents	5.15M	4.66M	6.68M	6.59M	6.85M	11.02M	7.96M	11.65M	11.98M	10.96M
Receivables	1000K	1000K	1000K	1000K	0	0	0	0	0	1000K
Other Current Assets	12.82M	19.4M	20.81M	12.65M	15.86M	22.7M	12.53M	13.16M	12.96M	9.51M
Intangible Assets	104.91M	105.55M	118.93M	111.45M	115.47M	117.38M	114.49M	111.62M	101.05M	95.11M
Total Liabilities	599.45M	611.87M	661.66M	684.36M	828.47M	881.87M	940.79M	996.94M	979.21M	923.05M
Total Debt+	531.07M	509.39M	542.63M	566.06M	632.44M	674.38M	713.03M	754.51M	743.95M	697.45M
Net Debt	525.92M	504.74M	535.94M	559.47M	625.59M	663.36M	705.08M	742.86M	731.97M	686.49M
Long-Term Debt	485.77M	509.39M	542.63M	506.24M	575.01M	615.38M	673.98M	725.96M	663.11M	691.49M
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	70.75M	83.43M	85.6M	5.85M	5.69M	5.51M	5.31M	5.09M	4.06M
Total Current Liabilities+	54.41M	48.23M	30.46M	55.31M	79.4M	81.36M	70.49M	76.21M	121.89M	39.63M
Accounts Payable	6.39M	5.89M	7.34M	2.7M	5.57M	4.46M	6.74M	9.61M	13.59M	13.2M
Deferred Revenue	1.86M	2.08M	2.29M	0	19.32M	20.63M	26.77M	40M	29.32M	22M
Other Liabilities	98.43M	54.24M	88.57M	122.81M	168.21M	179.44M	190.82M	189.47M	189.11M	187.87M
Total Equity+	233.87M	734.78M	790.98M	254.42M	211.04M	216.04M	202.56M	205.69M	154.27M	171.3M
Equity Growth %	0.07%	2.14%	0.08%	-0.68%	-0.17%	0.02%	-0.06%	0.02%	-0.25%	0.11%
Shareholders Equity	233.87M	239.88M	266.8M	249.74M	208.13M	213.18M	201.3M	203.9M	153.28M	171.17M
Minority Interest	0	494.9M	524.18M	4.67M	2.9M	2.85M	1.26M	1.79M	986K	130K
Common Stock	23K	26K	29K	30K	33K	36K	38K	40K	41K	45K
Additional Paid-in Capital	418.9M	463.44M	534.79M	559.98M	571.21M	626.53M	671.13M	721.33M	730.26M	784.39M
Retained Earnings	-185.05M	-223.59M	-268.06M	-310.12M	-360.98M	-409.04M	-468.52M	-529.1M	-584.78M	-623.91M
Preferred Stock	2K	2K	2K	2K	0	0	0	1K	1K	1K
Return on Assets (ROA)	0%	0%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0.02%
Return on Equity (ROE)	0.02%	0.01%	0.01%	0.02%	0.04%	0.07%	0.05%	0.05%	0.03%	0.15%
Debt / Assets	0.64%	0.6%	0.58%	0.6%	0.61%	0.61%	0.62%	0.63%	0.66%	0.64%
Debt / Equity	2.27x	0.69x	0.69x	2.22x	3.00x	3.12x	3.52x	3.67x	4.82x	4.07x
Net Debt / EBITDA	7.59x	7.15x	7.04x	5.24x	7.10x	7.18x	7.40x	7.07x	6.74x	6.42x
Book Value per Share	10.71	31.68	30.01	8.87	6.88	6.25	5.54	5.24	3.86	4.10

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	31.49M	41.16M	46.84M	55.6M	60.19M	65.49M	70.13M	69.18M	60.37M	56.95M
Operating CF Growth %	0.12%	0.31%	0.14%	0.19%	0.08%	0.09%	0.07%	-0.01%	-0.13%	-0.06%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	3.6M	3.96M	5.94M	12.32M	9.54M	14.12M	9.73M	10.35M	4.55M	24.04M
Depreciation & Amortization	35.29M	37.52M	42.8M	47.62M	52.09M	55.42M	60.35M	60.15M	57.86M	55.79M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-1.25M	2.03M	3.09M	-2.35M	-1.79M	-3.75M	-2.39M	1.92M	3.48M	-17.58M
Working Capital Changes	-6.14M	-2.35M	-4.98M	-2M	349K	-304K	2.42M	-3.24M	-5.52M	-5.3M
Cash from Investing+	-74.48M	-58.67M	-99.23M	-34.44M	-132.04M	-100.28M	-94.78M	-82.03M	1.24M	-1.73M
Acquisitions (Net)	-1.7M	-2M	-3.15M	-1.59M	-1.54M	0	94.72M	0	0	0
Purchase of Investments	-81.48M	-69.57M	-126.94M	-44.73M	0	-131.18M	-102.28M	-120.43M	-33.69M	0
Sale of Investments	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	0
Other Investing	3.22M	7.34M	1.46M	-594K	-130.5M	118K	-94.78M	-706K	-481K	-1.73M
Cash from Financing+	39.55M	17.02M	54.41M	-21.16M	74.25M	39.37M	21.75M	15.66M	-61.47M	-56.29M
Dividends Paid	-36.87M	-42.49M	-50.41M	-54.38M	-58.89M	-63.76M	-67.59M	-71.09M	-60.62M	-62.79M
Common Dividends	-36.87M	-42.49M	-50.41M	-54.56M	-58.89M	0	-67.59M	0	0	-62.79M
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	-1000K
Share Repurchases	0	-38.68M	-24K	-34K	0	0	-87.74M	-360K	-1.55M	-1.71M
Other Financing	-2.53M	-4.38M	-4.24M	-784K	-6.1M	0	-5.27M	0	0	-1.22M
Net Change in Cash+	-3.45M	-494K	2.02M	2K	2.41M	6.51M	-2.9M	4.33M	-1.16M	-1.06M
Exchange Rate Effect	0	0	0	0	0	1000K	0	1000K	-1000K	0
Cash at Beginning	8.6M	5.15M	4.66M	9.08M	9.08M	18.71M	16.08M	20.48M	24.81M	16.14M
Cash at End	5.15M	4.66M	6.68M	9.08M	11.49M	25.22M	13.18M	24.81M	23.65M	15.07M
Free Cash Flow+	-44.52M	-22.85M	-50.7M	23.34M	60.19M	59.13M	64.78M	62.35M	53.69M	56.95M
FCF Growth %	0.5%	0.49%	-1.22%	1.46%	1.58%	-0.02%	0.1%	-0.04%	-0.14%	0.06%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.78	1.79	1.85	2.91	2.01	2.04	1.92	1.81	1.57	1.91
FFO Payout Ratio	94.82%	102.46%	103.44%	65.4%	95.41%	90.55%	96.39%	100.15%	96.42%	78.69%
NOI Margin	89.53%	88.63%	91.89%	84.54%	84.47%	76.23%	76.05%	77.74%	78.16%	78.89%
Net Debt / EBITDA	7.59x	7.15x	7.04x	5.24x	7.10x	7.18x	7.40x	7.07x	6.74x	6.42x
Debt / Assets	63.73%	59.81%	58.44%	60.3%	60.84%	61.42%	62.36%	62.74%	65.64%	63.73%
Interest Coverage	1.22x	1.28x	1.36x	1.36x	1.27x	1.38x	1.34x	1.38x	1.36x	1.37x
Book Value / Share	10.71	31.68	30.01	8.87	6.88	6.25	5.54	5.24	3.86	4.1
Revenue Growth	13.57%	3.11%	9.76%	12.66%	7.11%	16.4%	3.41%	8.2%	-0.94%	1.22%

Frequently Asked Questions

Valuation & Price

Gladstone Commercial Corporation (GOOD) has a price-to-earnings (P/E) ratio of 44.6x. This suggests investors expect higher future growth.

Growth & Financials

Gladstone Commercial Corporation (GOOD) reported $155.3M in revenue for fiscal year 2024. This represents a 253% increase from $44.0M in 2011.

Gladstone Commercial Corporation (GOOD) grew revenue by 1.2% over the past year. Growth has been modest.

Yes, Gladstone Commercial Corporation (GOOD) is profitable, generating $21.1M in net income for fiscal year 2024 (16.1% net margin).

Dividend & Returns

Yes, Gladstone Commercial Corporation (GOOD) pays a dividend with a yield of 12.97%. This makes it attractive for income-focused investors.

Gladstone Commercial Corporation (GOOD) has a return on equity (ROE) of 14.7%. This is reasonable for most industries.

Industry Metrics

Gladstone Commercial Corporation (GOOD) generated Funds From Operations (FFO) of $77.0M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Gladstone Commercial Corporation (GOOD) offers a 12.97% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.