The company's financial flexibility is severely constrained by a debt-to-equity ratio that climbed to 5.15 in 2026Q1, reflecting a persistent reliance on debt to fund portfolio rotation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Total Assets | 1.23B | 1.25B | 1.09B | 1.13B | 1.2B | 1.14B | 1.1B | 1.04B | 938.77M | 928.45M | 851.74M | 833.32M | 787.79M | 690.52M | 564.78M | 453.15M | 410.61M | 416.87M | 429.1M | 378.9M | 315.77M | 207.05M | 105.59M | 105.06M |
| Asset Growth % | 44.86% | 13.94% | -3.45% | -5.75% | 5.18% | 4.14% | 5.62% | 10.73% | 1.11% | 9.01% | 2.21% | 5.78% | 14.09% | 22.26% | 24.63% | 10.36% | -1.5% | -2.85% | 13.25% | 19.99% | 52.51% | 96.09% | 0.5% | - |
| Real Estate & Other Assets | 1.09B | -1.03B | 951.86M | 975.1M | 1.06B | 1B | 941.23M | 895.54M | 773.31M | 748.7M | 692.41M | 677.1M | 7.98M | 8.63M | 8.31M | 4.45M | 4.16M | 10M | 10M | -326.16M | -236.75M | -162.68M | -61.53M | -5.44M |
| PP&E (Net) | 6.5M | 6.58M | 3.96M | 4.89M | 5.13M | 5.36M | 5.58M | 5.79M | 768.39M | 744.44M | 690.09M | 668.13M | 630.43M | 561.11M | 468.02M | 388.74M | 357.36M | 356.64M | 365.8M | 324.76M | 235.12M | 161.63M | 60.47M | 5.44M |
| Investment Securities | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 504K | 101K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 0 |
| Total Current Assets | 26.7M | 58.73M | 43.42M | 52.44M | 28.1M | 20.48M | 33.72M | 22.7M | 54.01M | 60.83M | 53.78M | 51.31M | 50.57M | 41.16M | 31.2M | 22.29M | 22.34M | 22.05M | 21.76M | 349.91M | 292.35M | 193.1M | 102.35M | 104.7M |
| Cash & Equivalents | 7.96M | 10.81M | 10.96M | 11.98M | 11.65M | 7.96M | 11.02M | 6.85M | 6.59M | 6.68M | 4.66M | 5.15M | 8.6M | 8.55M | 5.55M | 3.33M | 7.06M | 3.1M | 4.5M | 1.36M | 36.01M | 1.74M | 29.15M | 99.08M |
| Receivables | 0 | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 108.9K | 1000K | 1000K | 1000K | 1000K | 0 |
| Other Current Assets | 8.48M | 0 | 9.51M | 12.96M | 13.16M | 12.53M | 22.7M | 15.86M | 12.65M | 20.81M | 19.4M | 12.82M | 14.64M | 13.7M | 10.53M | 4.09M | 2.62M | 12.38M | 16.44M | 7.56M | 252.69M | 188.47M | 61.81M | 5.63M |
| Intangible Assets | 112.57M | 115.58M | 95.11M | 101.05M | 111.62M | 114.49M | 117.38M | 115.47M | 111.45M | 118.93M | 105.55M | 104.91M | 98.81M | 79.63M | 57.25M | 37.67M | 26.75M | 28.18M | 31.53M | 28.99M | 23.42M | 13.95M | 3.23M | 358.02K |
| Total Liabilities | 1.07B | 905M | 923.05M | 979.21M | 996.94M | 940.79M | 881.87M | 828.47M | 684.36M | 661.66M | 611.87M | 599.45M | 570.12M | 507.38M | 442.41M | 317.83M | 299.23M | 298.41M | 298.6M | 236.53M | 163.54M | 108.1M | 2.9M | 310.71K |
| Total Debt | 843.11M | 856.39M | 697.45M | 743.95M | 754.51M | 713.03M | 674.38M | 632.44M | 566.06M | 542.63M | 509.39M | 531.07M | 502.6M | 447M | 384.19M | 304.05M | 287.87M | 286.21M | 286.61M | 453.04M | 154.49M | 105.12M | 0 | 0 |
| Net Debt | 835.15M | 845.58M | 686.49M | 731.97M | 742.86M | 705.08M | 663.36M | 625.59M | 559.47M | 535.94M | 504.74M | 525.92M | 494M | 438.46M | 378.64M | 300.72M | 280.81M | 283.11M | 282.11M | 451.68M | 118.49M | 103.38M | -29.15M | -99.08M |
| Long-Term Debt | 802.12M | 811.45M | 691.49M | 663.11M | 725.96M | 673.98M | 615.38M | 575.01M | 506.24M | 542.63M | 509.39M | 485.77M | 0 | 0 | 0 | 0 | 0 | 252.76M | 255.11M | 226.52M | 154.49M | 105.12M | 0 | 0 |
| Short-Term Borrowings | 34.27M | 36M | 1.9M | 75.75M | 23.25M | 33.55M | 53.31M | 51.58M | 59.82M | 55.27M | 58.94M | 45.3M | 502.6M | 447M | 384.19M | 18.7M | 287.87M | 33.2M | 31.5M | 226.52M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 29.39M | 8.94M | 4.06M | 5.09M | 5.31M | 5.51M | 5.69M | 5.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 247.69K | 235.38K | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 67.92M | 36M | 39.63M | 121.89M | 76.21M | 70.49M | 81.36M | 79.4M | 55.31M | 30.46M | 48.23M | 54.41M | 52.5M | 28.12M | 30.89M | 10.28M | 3.65M | 36.5M | 34.17M | 34.4M | 9M | 3M | 2.9M | 234.29K |
| Accounts Payable | 14.09M | 10.96M | 13.2M | 13.59M | 9.61M | 6.74M | 4.46M | 5.57M | 2.7M | 7.34M | 5.89M | 6.39M | 8.29M | 2.36M | 4.71M | 1.96M | 0 | 0 | 0 | 0 | 0 | 657.16K | 297.62K | 234.29K |
| Deferred Revenue | 16.31M | 18.82M | 22M | 29.32M | 40M | 26.77M | 20.63M | 19.32M | 17.3M | 2.29M | 2.08M | 1.86M | 0 | 0 | 0 | -299.01M | 2.28M | 3.21M | 3.15M | 0 | 0 | -105.12M | 0 | 0 |
| Other Liabilities | 190.63M | 29.79M | 187.87M | 189.11M | 189.47M | 190.82M | 179.44M | 168.21M | 122.81M | 88.57M | 54.24M | 98.43M | 67.52M | 60.38M | 58.23M | 13.78M | 9.09M | -243.77M | -246.5M | -28.35M | -154.49M | -105.12M | 0 | 0 |
| Total Equity | 163.59M | 341.93M | 171.3M | 154.27M | 205.69M | 202.56M | 216.04M | 211.04M | 254.42M | 790.98M | 734.78M | 233.87M | 217.67M | 183.15M | 122.36M | 135.31M | 111.37M | 118.45M | 130.5M | 142.37M | 152.22M | 98.95M | 102.69M | 104.75M |
| Equity Growth % | 119.85% | 99.61% | 11.04% | -25% | 1.55% | -6.24% | 2.37% | -17.05% | -67.83% | 7.65% | 214.18% | 7.44% | 18.85% | 49.67% | -9.57% | 21.49% | -5.97% | -9.23% | -8.34% | -6.47% | 53.84% | -3.65% | -1.96% | - |
| Shareholders Equity | 163.48M | 341.81M | 171.17M | 153.28M | 203.9M | 201.3M | 213.18M | 208.13M | 249.74M | 266.8M | 239.88M | 233.87M | 217.67M | 183.15M | 122.36M | 135.31M | 111.37M | 118.45M | 130.5M | 142.37M | 152.22M | 98.95M | 102.69M | 104.75M |
| Minority Interest | 115K | 122K | 130K | 986K | 1.79M | 1.26M | 2.85M | 2.9M | 4.67M | 524.18M | 494.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 49K | 49K | 45K | 41K | 40K | 38K | 36K | 33K | 30K | 29K | 26K | 23K | 21K | 16K | 11K | 11K | 8.78K | 8.56K | 8.56K | 8.56K | 8.56K | 7.67K | 7.67K | 7.64K |
| Additional Paid-in Capital | 841.26M | 841.57M | 784.39M | 730.26M | 721.33M | 671.13M | 626.53M | 571.21M | 559.98M | 534.79M | 463.44M | 418.9M | 369.75M | 298.75M | 215.47M | 211.55M | 120.51M | 116.87M | 116.87M | 116.89M | 170.64M | 105.5M | 105.43M | 105.06M |
| Retained Earnings | -683.86M | -673.17M | -623.91M | -584.78M | -529.1M | -468.52M | -409.04M | -360.98M | -310.12M | -268.06M | -223.59M | -185.05M | -151.72M | -115.25M | -92.71M | -75.83M | -61.93M | -49.88M | -37.54M | -25.51M | -15.23M | -6.13M | -2.37M | -317.29K |
| Preferred Stock | 1K | 170.04M | 1K | 1K | 1K | 0 | 0 | 0 | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2.15K | 2.15K | 2.15K | 2.15K | 2.15K | 0 | 0 | 0 |
| Return on Assets (ROA) | 1.71% | 1.65% | 2.15% | 0.43% | 0.92% | 0.98% | 1.4% | 0.97% | 1.32% | 0.67% | 0.47% | 0.44% | -0.8% | -0.46% | 0.74% | 1.32% | 1.19% | 1.09% | 1.22% | 1.77% | 1.67% | 2.3% | 1.54% | -0.23% |
| Return on Equity (ROE) | 9.74% | 7.52% | 14.74% | 2.77% | 5.29% | 5.22% | 7% | 4.14% | 2.36% | 0.78% | 0.82% | 1.59% | -2.94% | -1.88% | 2.92% | 4.63% | 4.29% | 3.7% | 3.6% | 4.17% | 3.48% | 3.57% | 1.57% | -0.23% |
| Debt / Assets | 68.49% | 68.68% | 63.73% | 65.64% | 62.74% | 62.36% | 61.42% | 60.84% | 60.3% | 58.44% | 59.81% | 63.73% | 63.8% | 64.73% | 68.02% | 67.1% | 70.11% | 68.66% | 66.79% | 119.57% | 48.93% | 50.77% | - | - |
| Debt / Equity | 5.15x | 2.50x | 4.07x | 4.82x | 3.67x | 3.52x | 3.12x | 3.00x | 2.22x | 0.69x | 0.69x | 2.27x | 2.31x | 2.44x | 3.14x | 2.25x | 2.58x | 2.42x | 2.20x | 3.18x | 1.01x | 1.06x | - | - |
| Net Debt / EBITDA | 7.87x | 7.15x | 6.42x | 6.74x | 7.07x | 7.40x | 7.18x | 7.10x | 5.24x | 7.04x | 7.15x | 7.59x | 5.59x | 8.41x | 8.76x | 8.01x | 8.84x | 16.12x | 8.24x | 16.42x | 5.86x | 9.92x | -14.71x | - |
| Book Value per Share | 3.46 | 7.24 | 4.10 | 3.86 | 5.24 | 5.54 | 6.25 | 6.88 | 8.87 | 30.01 | 31.68 | 10.71 | 12.25 | 13.62 | 11.06 | 13.15 | 12.95 | 13.83 | 15.24 | 16.62 | 19.06 | 12.81 | 13.32 | 72.34 |
High leverage and office exposure
As reported in recent financial filings, Gladstone Commercial's total debt reached $843.1 million in 2026Q1, reflecting a persistent reliance on debt-funded growth as the company attempts to pivot its asset base toward industrial properties while managing a legacy office portfolio that continues to weigh on overall capitalization.
The trajectory of the balance sheet appears heavily influenced by the necessity of funding industrial acquisitions through debt, given the limited internal capital generation. Investors should monitor whether this debt-heavy growth strategy can achieve sufficient yield spreads to offset the interest expense burden, especially as the company attempts to shed lower-performing office assets.
Based on the provided quarterly data, the company's debt-to-equity ratio has remained consistently high, peaking at 5.15 in 2026Q1, which suggests that the REIT's capital structure is significantly more leveraged than its diversified net-lease peers and leaves little room for balance sheet volatility.
The elevated leverage levels appear to be a structural byproduct of the company's external management model and its historical focus on high-payout distributions. This high debt load may limit the company's ability to navigate potential downturns in the secondary-market office sector, where asset liquidity is often constrained.
According to the balance sheet figures, cash reserves have remained thin, hovering around $8.0 million to $18.4 million over the last ten quarters, which indicates a limited liquidity buffer to address immediate capital expenditure needs or unexpected debt service obligations in a volatile interest rate environment.
The persistent lack of significant cash on hand suggests that the company is highly dependent on revolving credit facilities or external capital markets to fund its ongoing operations and property-level improvements. This reliance on external funding sources may expose the company to significant refinancing risks if credit market conditions tighten.
As indicated by the reported net property, plant, and equipment figures, the relatively low book value of assets compared to total debt suggests that the company's portfolio may be susceptible to significant impairment charges if office market valuations continue to decline in secondary and tertiary markets.
The discrepancy between the company's total asset base and its net property value warrants further investigation into the potential for deferred maintenance or obsolescence within the legacy office portfolio. Investors should consider whether the current carrying values of these assets accurately reflect their marketability in a post-pandemic real estate environment.
Quick answers to the most common questions about buying GOOD stock.
As of 2025, Gladstone Commercial Corporation (GOOD) had total assets of $1.25B including $58.7M in current assets.
Gladstone Commercial Corporation (GOOD) carries total debt of $856.4M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Gladstone Commercial Corporation (GOOD) has total shareholders' equity (book value) of $341.8M ($7.24 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Gladstone Commercial Corporation (GOOD) reported a current ratio of 1.63x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.