Revenue growth of 11.8% in 2026Q1 is currently obscured by extreme earnings volatility, including a 2025Q4 NOI margin of -188.3% that suggests significant underlying asset impairments.
| 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 |
|---|
| Revenue | 165.74M | 161.34M | 149.39M | 147.58M | 148.98M | 137.69M | 133.15M | 114.39M | 106.8M | 94.8M | 86.37M | 83.77M | 73.76M | 61.34M | 51.27M | 43.98M | 41.93M | 42.61M | 40.91M | 32.79M | 25.95M | 13.46M | 4.31M | 316.28K |
| Revenue Growth % | 9.64% | 8% | 1.22% | -0.94% | 8.2% | 3.41% | 16.4% | 7.11% | 12.66% | 9.76% | 3.11% | 13.57% | 20.24% | 19.65% | 16.59% | 4.88% | -1.6% | 4.15% | 24.75% | 26.39% | 92.69% | 212.27% | 1263.36% | - |
| Property Operating Expenses | 143.29M | 151.76M | 31.53M | 32.24M | 33.16M | 32.98M | 31.65M | 17.77M | 16.51M | 7.69M | 9.82M | 8.77M | 7.51M | 6.13M | 4M | 986K | 2.17M | 915.12K | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 22.46M | 9.58M | 117.86M | 115.35M | 115.82M | 104.71M | 101.5M | 96.62M | 90.29M | 87.11M | 76.55M | 75M | 66.25M | 55.21M | 47.27M | 42.99M | 39.76M | 41.69M | 40.91M | 32.79M | 25.95M | 13.46M | 4.31M | 316.28K |
| NOI Margin % | 13.55% | 5.94% | 78.89% | 78.16% | 77.74% | 76.05% | 76.23% | 84.47% | 84.54% | 91.89% | 88.63% | 89.53% | 89.82% | 90.01% | 92.19% | 97.76% | 94.82% | 97.85% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | -58.73M | -50.38M | 66.72M | 64.57M | 70.99M | 68.67M | 64.58M | 60.65M | 54.63M | 48.85M | 43.76M | 41.57M | 34.22M | 26.69M | 20.89M | 20.28M | 21.24M | 19.63M | 18.49M | 15.82M | 14.07M | 7.34M | 3.3M | 557.15K |
| G&A Expenses | 6.79M | 6.62M | 6.45M | 6.71M | 5.57M | 4.67M | 4.86M | 4.92M | 12.06M | 3.64M | 3.86M | 9.14M | 8.15M | 5.88M | 491K | 408K | 4.5M | 7.05M | 7.87M | 1.57M | 469.26K | 466.87K | 442.23K | 47.72K |
| EBITDA | 106.11M | 118.2M | 106.93M | 108.66M | 105.01M | 95.23M | 92.39M | 88.06M | 106.78M | 76.09M | 70.57M | 69.33M | 88.32M | 52.12M | 43.21M | 37.55M | 31.78M | 17.56M | 34.22M | 27.5M | 20.23M | 10.42M | 1.98M | -539.17K |
| EBITDA Margin % | 64.02% | 73.26% | 71.58% | 73.63% | 70.48% | 69.16% | 69.39% | 76.99% | 99.98% | 80.27% | 81.71% | 82.77% | 119.74% | 84.96% | 84.27% | 85.4% | 75.79% | 41.21% | 83.65% | 83.86% | 77.96% | 77.4% | 45.97% | -170.47% |
| Depreciation & Amortization | 59.8M | 58.24M | 55.79M | 57.88M | 60.18M | 59.19M | 55.48M | 52.09M | 71.12M | 42.8M | 37.52M | 35.29M | 28.86M | 22.83M | 16.83M | 14.15M | 13.26M | 13.17M | 12.71M | 10.53M | 8.35M | 4.3M | 973.35K | 5.83K |
| D&A / Revenue % | 36.08% | 36.1% | 37.35% | 39.22% | 40.4% | 42.99% | 41.66% | 45.54% | 66.59% | 45.14% | 43.44% | 42.13% | 39.13% | 37.21% | 32.83% | 32.17% | 31.64% | 30.91% | 31.06% | 32.1% | 32.18% | 31.95% | 22.57% | 1.84% |
| Operating Income | 46.31M | 59.96M | 51.14M | 50.78M | 44.83M | 36.03M | 36.92M | 35.97M | 35.66M | 33.3M | 33.05M | 34.05M | 59.45M | 29.29M | 26.38M | 23.41M | 18.51M | 4.39M | 21.52M | 16.97M | 11.88M | 6.12M | 1.01M | -545K |
| Operating Margin % | 27.94% | 37.16% | 34.23% | 34.41% | 30.09% | 26.17% | 27.73% | 31.45% | 33.39% | 35.12% | 38.27% | 40.64% | 80.61% | 47.74% | 51.44% | 53.22% | 44.15% | 10.3% | 52.6% | 51.75% | 45.78% | 45.45% | 23.4% | -172.32% |
| Interest Expense | 1000K | 41.9M | 37.4M | 37.33M | 32.46M | 26.89M | 26.8M | 28.28M | 26.17M | 24.57M | 25.9M | 28.01M | 26.2M | 24.35M | 20.23M | 17.08M | 17.06M | 17.89M | 16.86M | 11.56M | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 1.46x | 1.64x | 1.13x | 1.33x | 1.41x | 1.56x | 1.34x | 1.47x | 1.24x | 1.15x | 1.19x | 0.77x | 1.06x | 1.19x | 1.33x | 1.29x | 1.23x | 1.27x | 1.47x | - | - | - | - |
| Non-Operating Income | 60.59M | -1.24M | -10.3M | 8.53M | 1.59M | -1.75M | -4.87M | -1.85M | -2.83M | 2.79M | 2.93M | 1.81M | 11.73M | 2.64M | 3.34M | 616K | -3.48M | -17.68M | 0 | 0 | 0 | 0 | 0 | -304K |
| Pretax Income | 21.13M | 19.29M | 24.04M | 4.92M | 10.78M | 10.89M | 14.98M | 9.54M | 12.32M | 5.94M | 3.96M | 3.6M | -5.9M | 1.53M | 3.76M | 5.71M | 4.93M | 0 | 0 | 0 | 3.36M | 3.6M | 1.62M | 0 |
| Pretax Margin % | 12.75% | 11.96% | 16.09% | 3.34% | 7.24% | 7.91% | 11.25% | 8.34% | 11.54% | 6.26% | 4.58% | 4.29% | -8% | 2.49% | 7.34% | 12.99% | 11.75% | 0% | 0% | 0% | 12.94% | 26.75% | 37.66% | 0% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.83M | 24.62M | 24.74M | 25.29M | 23.63M | 21.71M | 17.84M | 16.99M | 13.59M | 17.46M | 16.61M | 10.83M | 7.51M | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 23% | 414.72% | 625.14% | 703.14% | -400.34% | 1421.68% | 474.29% | 297.37% | 275.69% | - | - | - | 223.59% | 0% | 0% | - |
| Net Income | 21.13M | 19.29M | 24M | 4.99M | 10.8M | 10.94M | 14.94M | 9.63M | 12.32M | 5.94M | 3.96M | 3.6M | -5.9M | -2.87M | 3.76M | 5.71M | 4.93M | 4.6M | 4.91M | 6.14M | 4.37M | 3.6M | 1.62M | -241K |
| Net Margin % | 12.75% | 11.96% | 16.06% | 3.38% | 7.25% | 7.94% | 11.22% | 8.42% | 11.54% | 6.26% | 4.58% | 4.29% | -8% | -4.67% | 7.34% | 12.99% | 11.75% | 10.8% | 12.01% | 18.72% | 16.85% | 26.75% | 37.66% | -76.2% |
| Net Income Growth % | -17.5% | -19.61% | 381.4% | -53.86% | -1.19% | -26.8% | 55.15% | -21.85% | 107.51% | 50% | 10.07% | 160.93% | -105.86% | -176.23% | -34.18% | 15.95% | 7.06% | -6.31% | -19.98% | 40.41% | 21.4% | 121.8% | 773.86% | - |
| Funds From Operations (FFO) | 80.93M | 77.54M | 79.79M | 62.87M | 70.99M | 70.13M | 70.41M | 61.72M | 83.44M | 48.73M | 41.48M | 38.88M | 22.96M | 19.96M | 20.59M | 19.86M | 18.19M | 17.77M | 17.62M | 16.67M | 12.72M | 7.9M | 2.6M | -235.17K |
| FFO Margin % | 48.83% | 48.06% | 53.41% | 42.6% | 47.65% | 50.93% | 52.88% | 53.96% | 78.13% | 51.41% | 48.02% | 46.42% | 31.13% | 32.54% | 40.16% | 45.17% | 43.39% | 41.72% | 43.06% | 50.83% | 49.03% | 58.7% | 60.24% | -74.36% |
| FFO Growth % | 5.95% | -2.82% | 26.92% | -11.44% | 1.23% | -0.41% | 14.09% | -26.03% | 71.22% | 17.5% | 6.66% | 69.34% | 15.04% | -3.07% | 3.67% | 9.19% | 2.35% | 0.89% | 5.7% | 31.02% | 60.96% | 204.31% | 1204.44% | - |
| FFO per Share | 1.71 | 1.64 | 1.91 | 1.57 | 1.81 | 1.92 | 2.04 | 2.01 | 2.91 | 1.85 | 1.79 | 1.78 | 1.29 | 1.48 | 1.86 | 1.93 | 2.12 | 2.08 | 2.06 | 1.95 | 1.59 | 1.02 | 0.34 | -0.16 |
| FFO Payout Ratio % | 21.75% | 87.92% | 78.69% | 96.42% | 100.15% | 96.39% | 90.55% | 95.41% | 65.4% | 103.44% | 102.46% | 94.82% | 132.23% | 119.94% | 100.1% | 98.73% | 93.34% | 95.29% | 96.16% | 98.56% | 105.88% | 104.81% | 108.98% | 0% |
| EPS (Diluted) | 0.45 | 0.41 | 0.26 | -0.19 | -0.04 | -0.09 | 0.09 | -0.16 | 0.03 | -0.19 | -0.16 | -0.07 | -0.33 | -0.22 | -0.04 | 0.15 | 0.09 | 0.06 | 0.10 | 0.24 | 0.27 | 0.47 | 0.21 | -0.17 |
| EPS Growth % | 41.16% | 57.69% | 236.84% | -375% | 55.56% | -200% | 156.25% | -633.33% | 115.79% | -18.75% | -128.57% | 78.79% | -50% | -450% | -126.67% | 66.67% | 50% | -40% | -58.33% | -11.11% | -42.55% | 123.81% | 223.53% | - |
| EPS (Basic) | - | 0.41 | 0.26 | -0.19 | -0.04 | -0.09 | 0.09 | -0.16 | 0.03 | -0.19 | -0.16 | -0.07 | -0.27 | -0.22 | -0.04 | 0.15 | 0.09 | 0.06 | 0.10 | 0.24 | 0.28 | 0.47 | 0.21 | -0.17 |
| Diluted Shares Outstanding | 47.22M | 47.22M | 41.77M | 39.94M | 39.26M | 36.54M | 34.58M | 30.7M | 28.68M | 26.36M | 23.19M | 21.83M | 17.77M | 13.45M | 11.06M | 10.29M | 8.6M | 8.56M | 8.56M | 8.56M | 7.99M | 7.72M | 7.71M | 1.45M |
Office portfolio vacancy exposure
As reported in recent financial filings, Gladstone Commercial achieved an 11.8% revenue increase in 2026Q1, yet this growth trajectory appears heavily influenced by the ongoing strategic rotation toward industrial assets rather than consistent organic expansion across the entire legacy office-heavy portfolio.
The revenue acceleration to $41.9M in the most recent quarter suggests that the company's industrial acquisition strategy is beginning to gain traction. However, investors should monitor whether this top-line growth is sustainable or merely a byproduct of aggressive capital recycling that may eventually face diminishing returns.
Based on the provided quarterly data, FFO per share has fluctuated significantly, reaching $0.46 in 2026Q1, which highlights the inherent instability in earnings quality as the company navigates the transition away from its legacy office-centric business model.
The inconsistency in FFO growth, punctuated by a sharp 22.4% decline in 2025Q3, suggests that the external management structure may be prioritizing asset turnover over stable per-share earnings. The reduction in dividend yield further implies that management is prioritizing balance sheet preservation over historical income-focused distributions.
According to the reported income statement data, the 2025Q4 NOI margin of -188.3% represents a severe outlier that warrants deep investigation, as it suggests significant property-level impairment or accounting adjustments that mask the underlying profitability of the core industrial and office holdings.
This extreme margin contraction indicates that the company's property-level cost structure is highly sensitive to non-recurring charges or potential tenant defaults. Such volatility in NOI suggests that the REIT's reliance on mid-market tenants may introduce operational risks that are not fully captured by standard FFO metrics.
As indicated by the divergence between GAAP net income and FFO, the company's heavy reliance on depreciation charges masks the true economic cost of maintaining its aging office portfolio, which appears to require increasing capital investment to remain competitive.
The recurring need for tenant improvements in the office segment likely creates a persistent drag on AFFO, which is not fully reflected in headline FFO figures. Investors should remain cautious, as the capital intensity required to re-tenant secondary-market office assets may continue to suppress cash flow available for distribution.
Quick answers to the most common questions about buying GOOD stock.
For fiscal year 2025, Gladstone Commercial Corporation (GOOD) reported total revenue of $161.3M. This represents a 50911.0% increase compared to $0.3M in 2003.
Gladstone Commercial Corporation (GOOD) is profitable, generating $19.3M in net income for the fiscal year ending 2025 with a net profit margin of 12.0%.
Gladstone Commercial Corporation (GOOD) reported an operating income of $60.0M, resulting in an operating profit margin of 37.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Gladstone Commercial Corporation (GOOD) generated $9.6M in gross profit for the year, representing a gross profit margin of 5.9%. This demonstrates the company's core pricing power and production efficiency.