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GOODGladstone Commercial Corporation
$12.07$584M
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GOOD logoGladstone Commercial Corporation(GOOD)Earnings, Financials & Key Ratios

GOOD•NASDAQ•REIT / Real Estate
29.4× P/E·Price updated Jun 19, 2026
SectorReal EstateIndustryDiversified REITsSub-IndustryNet Lease and Ground Lease REITs
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$161M+8.0%
  • FFO$78M-2.8%
  • FFO/Share1.64-14.0%
  • FFO Payout87.92%+11.7%
  • FFO per Share1.64-14.0%
  • NOI Margin5.94%-92.5%
  • FFO Margin48.06%-10.0%
  • ROE7.52%-49.0%
  • ROA1.65%-23.5%

GOOD Key Insights

Gladstone Commercial Corporation (GOOD) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

  • ✗High debt to equity ratio of 2.5x
  • ✗Low NOI margin of 5.9%
  • ✗Dividend payout exceeds 100% of earnings
  • ✗Shares diluted 13.0% in last year

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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GOOD Price & Volume

Gladstone Commercial Corporation (GOOD) stock price & volume — 10-year historical chart

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GOOD Growth Metrics

Gladstone Commercial Corporation (GOOD) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years6.77%
5 Years3.91%
3 Years2.69%
TTM9.64%

Profit CAGR

10 Years18.29%
5 Years5.25%
3 Years21.32%
TTM-17.5%

EPS CAGR

10 Years-
5 Years35.43%
3 Years-
TTM41.16%

Return on Capital

10 Years4.23%
5 Years4.5%
3 Years5%
Last Year5.29%

GOOD Recent Earnings

Gladstone Commercial Corporation (GOOD) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
May 5, 2026
Metric
Actual
Est
EPS
$0.35+600.0%
$0.05
Rev
$42M-2.4%
$43M
Q1 2026
Feb 18, 2026
Metric
Actual
Est
EPS
$0.37+1133.3%
$0.03
Rev
$43M+5.4%
$41M
Q4 2025
Nov 3, 2025
Metric
Actual
Est
EPS
$0.35-10.3%
$0.39
Rev
$41M-0.9%
$41M
Q3 2025
Aug 6, 2025
Metric
Actual
Est
EPS
$0.35+0.0%
$0.35
Rev
$40M+2.0%
$39M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 5, 2026
$0.35vs $0.05+600.0%
$42Mvs $43M-2.4%
Q1 2026Feb 18, 2026
$0.37vs $0.03+1133.3%
$43Mvs $41M+5.4%
Q4 2025Nov 3, 2025
$0.35vs $0.39-10.3%
$41Mvs $41M-0.9%
Q3 2025Aug 6, 2025
$0.35vs $0.35+0.0%
$40Mvs $39M+2.0%
Based on last 12 quarters of dataView full earnings history →

GOOD Peer Comparison

Gladstone Commercial Corporation (GOOD) competitors in Net Lease and Ground Lease REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
GTY logoGTYGetty Realty Corp.Direct Competitor1.98B32.6824.219.02%40.06%8.76%0.98
FCPT logoFCPTFour Corners Property Trust, Inc.Direct Competitor2.69B24.4922.479.72%38.74%7.38%0.74
EPRT logoEPRTEssential Properties Realty Trust, Inc.Direct Competitor6.35B29.3622.9424.97%43.28%6.3%0.60
NTST logoNTSTNETSTREIT Corp.Direct Competitor1.9B19.20234.1520.91%5.66%0.78%0.77
PINE logoPINEAlpine Income Property Trust, Inc.Direct Competitor274.08M19.13-86.9515.9%-0.64%-0.14%1.31
LAND logoLANDGladstone Land CorporationDirect Competitor373.56M8.66-29.863.66%-6.68%-0.87%0.80
O logoORealty Income CorporationProduct Competitor56.17B60.2451.499.07%18.94%2.8%0.82
NNN logoNNNNNN REIT, Inc.Product Competitor8.56B45.0021.746.55%41.38%8.81%1.09

Compare GOOD vs Peers

Gladstone Commercial Corporation (GOOD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GTY

Most directly comparable listed peer for GOOD.

Scale Benchmark

vs O

Larger-name benchmark to compare GOOD against a more recognizable public peer.

Peer Set

Compare Top 5

vs GTY, FCPT, EPRT, NTST

GOOD Income Statement

Gladstone Commercial Corporation (GOOD) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
94.8M106.8M114.39M133.15M137.69M148.98M147.58M149.39M161.34M165.74M
Revenue Growth %
9.76%12.66%7.11%16.4%3.41%8.2%-0.94%1.22%8%9.64%
Property Operating Expenses
7.69M16.51M17.77M31.65M32.98M33.16M32.24M31.53M151.76M143.29M
Net Operating Income (NOI)
87.11M▲ 0%
90.29M▲ 3.6%
96.62M▲ 7.0%
101.5M▲ 5.0%
104.71M▲ 3.2%
115.82M▲ 10.6%
115.35M▼ 0.4%
117.86M▲ 2.2%
9.58M▼ 91.9%
22.46M▲ 0%
NOI Margin %
91.89%84.54%84.47%76.23%76.05%77.74%78.16%78.89%5.94%13.55%
Operating Expenses
48.85M54.63M60.65M64.58M68.67M70.99M64.57M66.72M-50.38M-58.73M
G&A Expenses
3.64M12.06M4.92M4.86M4.67M5.57M6.71M6.45M6.62M6.79M
EBITDA
76.09M106.78M88.06M92.39M95.23M105.01M108.66M106.93M118.2M106.11M
EBITDA Margin %
80.27%99.98%76.99%69.39%69.16%70.48%73.63%71.58%73.26%64.02%
Depreciation & Amortization
42.8M71.12M52.09M55.48M59.19M60.18M57.88M55.79M58.24M59.8M
D&A / Revenue %
45.14%66.59%45.54%41.66%42.99%40.4%39.22%37.35%36.1%36.08%
Operating Income
33.3M▲ 0%
35.66M▲ 7.1%
35.97M▲ 0.9%
36.92M▲ 2.6%
36.03M▼ 2.4%
44.83M▲ 24.4%
50.78M▲ 13.3%
51.14M▲ 0.7%
59.96M▲ 17.2%
46.31M▲ 0%
Operating Margin %
35.12%33.39%31.45%27.73%26.17%30.09%34.41%34.23%37.16%27.94%
Interest Expense
24.57M26.17M28.28M26.8M26.89M32.46M37.33M37.4M41.9M1000K
Interest Coverage
1.24x1.47x1.34x1.56x1.41x1.33x1.13x1.64x1.46x-
Non-Operating Income
2.79M-2.83M-1.85M-4.87M-1.75M1.59M8.53M-10.3M-1.24M60.59M
Pretax Income
5.94M▲ 0%
12.32M▲ 107.6%
9.54M▼ 22.6%
14.98M▲ 57.1%
10.89M▼ 27.3%
10.78M▼ 1.0%
4.92M▼ 54.3%
24.04M▲ 388.4%
19.29M▼ 19.8%
21.13M▲ 0%
Pretax Margin %
6.26%11.54%8.34%11.25%7.91%7.24%3.34%16.09%11.96%12.75%
Income Tax
24.62M2.83M00000000
Effective Tax Rate %
414.72%23%0%0%0%0%0%0%0%0%
Net Income
5.94M▲ 0%
12.32M▲ 107.5%
9.63M▼ 21.9%
14.94M▲ 55.2%
10.94M▼ 26.8%
10.8M▼ 1.2%
4.99M▼ 53.9%
24M▲ 381.4%
19.29M▼ 19.6%
21.13M▲ 0%
Net Margin %
6.26%11.54%8.42%11.22%7.94%7.25%3.38%16.06%11.96%12.75%
Net Income Growth %
50%107.51%-21.85%55.15%-26.8%-1.19%-53.86%381.4%-19.61%-17.5%
Funds From Operations (FFO)
48.73M▲ 0%
83.44M▲ 71.2%
61.72M▼ 26.0%
70.41M▲ 14.1%
70.13M▼ 0.4%
70.99M▲ 1.2%
62.87M▼ 11.4%
79.79M▲ 26.9%
77.54M▼ 2.8%
80.93M▲ 0%
FFO Margin %
51.41%78.13%53.96%52.88%50.93%47.65%42.6%53.41%48.06%48.83%
FFO Growth %
17.5%71.22%-26.03%14.09%-0.41%1.23%-11.44%26.92%-2.82%5.95%
FFO per Share
1.852.912.012.041.921.811.571.911.641.71
FFO Payout Ratio %
103.44%65.4%95.41%90.55%96.39%100.15%96.42%78.69%87.92%21.75%
EPS (Diluted)
-0.19▲ 0%
0.03▲ 115.8%
-0.16▼ 633.3%
0.09▲ 156.3%
-0.09▼ 200.0%
-0.04▲ 55.6%
-0.19▼ 375.0%
0.26▲ 236.8%
0.41▲ 57.7%
0.45▲ 0%
EPS Growth %
-18.75%115.79%-633.33%156.25%-200%55.56%-375%236.84%57.69%41.16%
EPS (Basic)
-0.190.03-0.160.09-0.09-0.04-0.190.260.41-
Diluted Shares Outstanding
26.36M28.68M30.7M34.58M36.54M39.26M39.94M41.77M47.22M47.22M

GOOD Balance Sheet

Gladstone Commercial Corporation (GOOD) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
928.45M938.77M1.04B1.1B1.14B1.2B1.13B1.09B1.25B1.23B
Asset Growth %
9.01%1.11%10.73%5.62%4.14%5.18%-5.75%-3.45%13.94%44.86%
Real Estate & Other Assets
748.7M773.31M895.54M941.23M1B1.06B975.1M951.86M-1.03B1.09B
PP&E (Net)
744.44M768.39M5.79M5.58M5.36M5.13M4.89M3.96M6.58M6.5M
Investment Securities
504K1000K0000001000K0
Total Current Assets
60.83M54.01M22.7M33.72M20.48M28.1M52.44M43.42M58.73M26.7M
Cash & Equivalents
6.68M6.59M6.85M11.02M7.96M11.65M11.98M10.96M10.81M7.96M
Receivables
1000K1000K000001000K1000K0
Other Current Assets
20.81M12.65M15.86M22.7M12.53M13.16M12.96M9.51M08.48M
Intangible Assets
118.93M111.45M115.47M117.38M114.49M111.62M101.05M95.11M115.58M112.57M
Total Liabilities
661.66M684.36M828.47M881.87M940.79M996.94M979.21M923.05M905M1.07B
Total Debt
542.63M566.06M632.44M674.38M713.03M754.51M743.95M697.45M856.39M843.11M
Net Debt
535.94M559.47M625.59M663.36M705.08M742.86M731.97M686.49M845.58M835.15M
Long-Term Debt
542.63M506.24M575.01M615.38M673.98M725.96M663.11M691.49M811.45M802.12M
Short-Term Borrowings
55.27M59.82M51.58M53.31M33.55M23.25M75.75M1.9M36M34.27M
Capital Lease Obligations
005.85M5.69M5.51M5.31M5.09M4.06M8.94M29.39M
Total Current Liabilities
30.46M55.31M79.4M81.36M70.49M76.21M121.89M39.63M36M67.92M
Accounts Payable
7.34M2.7M5.57M4.46M6.74M9.61M13.59M13.2M10.96M14.09M
Deferred Revenue
2.29M17.3M19.32M20.63M26.77M40M29.32M22M18.82M16.31M
Other Liabilities
88.57M122.81M168.21M179.44M190.82M189.47M189.11M187.87M29.79M190.63M
Total Equity
790.98M▲ 0%
254.42M▼ 67.8%
211.04M▼ 17.1%
216.04M▲ 2.4%
202.56M▼ 6.2%
205.69M▲ 1.5%
154.27M▼ 25.0%
171.3M▲ 11.0%
341.93M▲ 99.6%
163.59M▲ 0%
Equity Growth %
7.65%-67.83%-17.05%2.37%-6.24%1.55%-25%11.04%99.61%119.85%
Shareholders Equity
266.8M249.74M208.13M213.18M201.3M203.9M153.28M171.17M341.81M163.48M
Minority Interest
524.18M4.67M2.9M2.85M1.26M1.79M986K130K122K115K
Common Stock
29K30K33K36K38K40K41K45K49K49K
Additional Paid-in Capital
534.79M559.98M571.21M626.53M671.13M721.33M730.26M784.39M841.57M841.26M
Retained Earnings
-268.06M-310.12M-360.98M-409.04M-468.52M-529.1M-584.78M-623.91M-673.17M-683.86M
Preferred Stock
2K2K0001K1K1K170.04M1K
Return on Assets (ROA)
0.67%1.32%0.97%1.4%0.98%0.92%0.43%2.15%1.65%1.71%
Return on Equity (ROE)
0.78%2.36%4.14%7%5.22%5.29%2.77%14.74%7.52%9.74%
Debt / Assets
58.44%60.3%60.84%61.42%62.36%62.74%65.64%63.73%68.68%68.49%
Debt / Equity
0.69x2.22x3.00x3.12x3.52x3.67x4.82x4.07x2.50x5.15x
Net Debt / EBITDA
7.04x5.24x7.10x7.18x7.40x7.07x6.74x6.42x7.15x7.87x
Book Value per Share
30.018.876.886.255.545.243.864.107.243.46

GOOD Cash Flow Statement

Gladstone Commercial Corporation (GOOD) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
46.84M55.6M60.19M65.49M70.13M69.18M60.37M56.95M88.15M88.38M
Operating CF Growth %
13.8%18.69%8.26%8.8%7.07%-1.35%-12.74%-5.66%54.78%374.92%
Operating CF / Revenue %
49.41%52.06%52.62%49.19%50.93%46.43%40.9%38.12%54.64%53.32%
Net Income
5.94M12.32M9.54M14.12M9.73M10.35M4.55M24.04M19.29M21.13M
Depreciation & Amortization
42.8M47.62M52.09M55.42M60.35M60.15M57.86M55.79M52.22M52.39M
Stock-Based Compensation
0000000000
Other Non-Cash Items
3.09M-2.35M-1.79M-3.75M-2.39M1.92M3.48M-17.58M20.91M19.2M
Working Capital Changes
-4.98M-2M349K-304K2.42M-3.24M-5.52M-5.3M-4.26M-4.44M
Cash from Investing
-99.23M-34.44M-132.04M-100.28M-94.78M-82.03M1.24M-1.73M-221.38M-144.26M
Acquisitions (Net)
-3.15M-1.59M-1.54M094.72M00000
Purchase of Investments
-126.94M-44.73M0-131.18M-102.28M-120.43M-33.69M0073.91M
Sale of Investments
37.43M14.69M037.14M12.9M45.93M42.08M00-347K
Other Investing
1.46M-594K-130.5M118K-94.78M-706K-481K-1.73M-221.38M-219.04M
Cash from Financing
54.41M-21.16M74.25M39.37M21.75M15.66M-61.47M-56.29M134.74M54.05M
Dividends Paid
-50.41M-54.38M-58.89M-63.76M-67.59M-71.09M-60.62M-62.79M-68.17M-51.69M
Common Dividends
-50.41M-54.56M-58.89M0-67.59M00-62.79M-68.17M-17.6M
Debt Issuance (Net)
1000K1000K1000K1000K1000K1000K-1000K-1000K1000K1000K
Share Repurchases
-24K-34K00-87.74M-360K-1.55M-1.71M-4.5M581K
Other Financing
-4.24M-784K-6.1M0-5.27M00-1.22M-4.43M180.13M
Net Change in Cash
2.02M▲ 0%
2K▼ 99.9%
2.41M▲ 120200.0%
6.51M▲ 170.4%
-2.9M▼ 144.5%
4.33M▲ 249.3%
-1.16M▼ 126.8%
-1.06M▲ 8.5%
1.52M▲ 243.0%
-1.47M▲ 0%
Exchange Rate Effect
0001.92M01.51M-1.3M00362K
Cash at Beginning
4.66M9.08M9.08M18.71M16.08M20.48M24.81M16.14M15.07M16.59M
Cash at End
6.68M9.08M11.49M25.22M13.18M24.81M23.65M15.07M16.59M13.53M
Free Cash Flow
-50.7M▲ 0%
23.34M▲ 146.0%
60.19M▲ 157.9%
59.13M▼ 1.8%
64.78M▲ 9.5%
62.35M▼ 3.7%
53.69M▼ 13.9%
56.95M▲ 6.1%
67.17M▲ 17.9%
89.6M▲ 0%
FCF Growth %
-121.87%146.04%157.87%-1.76%9.54%-3.74%-13.89%6.07%17.94%62.17%
FCF / Revenue %
-53.48%21.86%52.62%44.41%47.05%41.85%36.38%38.12%41.63%54.06%

GOOD Key Ratios

Gladstone Commercial Corporation (GOOD) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share
1.852.912.012.041.921.811.571.911.641.71
FFO Payout Ratio
103.44%65.4%95.41%90.55%96.39%100.15%96.42%78.69%87.92%21.75%
NOI Margin
91.89%84.54%84.47%76.23%76.05%77.74%78.16%78.89%5.94%13.55%
Net Debt / EBITDA
7.04x5.24x7.10x7.18x7.40x7.07x6.74x6.42x7.15x7.87x
Debt / Assets
58.44%60.3%60.84%61.42%62.36%62.74%65.64%63.73%68.68%68.49%
Interest Coverage
1.24x1.47x1.34x1.56x1.41x1.33x1.13x1.64x1.46x-
Book Value / Share
30.018.876.886.255.545.243.864.17.243.46
Revenue Growth
9.76%12.66%7.11%16.4%3.41%8.2%-0.94%1.22%8%9.64%
Related:GOOD Dividend History·GOOD Revenue History·GOOD Price History·GOOD P/E History·GOOD Financial Ratios·GOOD Institutional Holders

GOOD SEC Filings & Documents

Gladstone Commercial Corporation (GOOD) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 7, 2026·SEC

Material company update

May 5, 2026·SEC

Material company update

Mar 23, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 18, 2026·SEC

FY 2025

Feb 18, 2025·SEC

FY 2024

Feb 21, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 5, 2026·SEC

FY 2025

Nov 3, 2025·SEC

FY 2025

Aug 6, 2025·SEC

GOOD Frequently Asked Questions

Gladstone Commercial Corporation (GOOD) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Gladstone Commercial Corporation (GOOD) reported $165.7M in revenue for fiscal year 2025. This represents a 52305% increase from $0.3M in 2003.

Gladstone Commercial Corporation (GOOD) grew revenue by 8.0% over the past year. This is steady growth.

Yes, Gladstone Commercial Corporation (GOOD) is profitable, generating $21.1M in net income for fiscal year 2025 (12.0% net margin).

Dividend & Returns

Yes, Gladstone Commercial Corporation (GOOD) pays a dividend with a yield of 11.96%. This makes it attractive for income-focused investors.

Gladstone Commercial Corporation (GOOD) has a return on equity (ROE) of 7.5%. This is below average, suggesting room for improvement.

Industry Metrics

Gladstone Commercial Corporation (GOOD) generated Funds From Operations (FFO) of $80.9M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Gladstone Commercial Corporation (GOOD) offers a 11.96% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in GOOD back in 2003?

Total return calculator · dividends reinvested · 23+ years of data

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