GLADSTONE COMMERCIAL (GOOD) Company Report

GLADSTONE COMMERCIAL reported Net Debt of $1,027.7 million as of December 31, 2025, with a Leverage Ratio of 45%, comfortably below the 60% covenant threshold. The company's debt structure is 48% Fixed Rate and 52% Floating Rate.
The company demonstrated strong covenant compliance, including an Unencumbered Assets to Unsecured Debt ratio of 2.4x and a Fixed Charge Coverage Ratio of 1.88, exceeding the 1.50 threshold.
The portfolio, comprising 151 properties, maintained a high occupancy of 99.1% as of December 31, 2025. Only 8.7% of annualized straight line rents are scheduled to expire through the end of 2026, indicating a smooth lease rollover.

Feb 19, 2026, 1:30 PM

Presentation

Gladstone Commercial Corporation Reports Q4 and Full-Year 2025 Results, Highlights Industrial Growth and Debt Management

GOOD

Earnings

New Projects/Investments

Debt Issuance

Gladstone Commercial Corporation reported Q4 2025 FFO and core FFO of $0.37 per share, with FY 2025 FFO at $1.38 per share and core FFO at $1.40 per share.
In 2025, the company acquired $206 million of industrial assets, increasing its industrial concentration to 69% of annualized straight-line rent as of December 31, 2025, and achieved 99.1% portfolio occupancy.
The company extended and upsized its bank credit facility to $600 million and issued $85 million of 5.99% senior unsecured notes due December 30, 2030, in the private placement market.
Looking ahead to 2026, the company remains focused on evaluating opportunities to acquire higher quality industrial assets, with a near-term goal of reaching 70% industrial annualized straight-line rent.

Feb 19, 2026, 1:30 PM

Transcript

Gladstone Commercial Corporation Reports Q4 2025 Results and Strategic Progress

GOOD

Earnings

Debt Issuance

New Projects/Investments

Gladstone Commercial Corporation reported Q4 2025 FFO and Core FFO of $0.37 per share, an increase from $0.35 per share in Q4 2024, alongside total operating revenues of $43.5 million.
The company made significant strides in its industrial strategy in 2025, acquiring over $206 million of industrial assets and increasing industrial concentration to 69% of annualized straight line rent, with a goal to reach 70%.
Portfolio health remained strong with 99.1% occupancy and a 4% same-store lease revenue increase for the twelve months ended December 31, 2025, compared to the prior year.
Financial flexibility was bolstered by amending and upsizing the credit facility to $600 million and issuing $85 million in 5.99% senior unsecured notes.

Feb 19, 2026, 1:30 PM

Transcript

Gladstone Commercial Reports Q4 and Full-Year 2025 Results

GOOD

Earnings

New Projects/Investments

Debt Issuance

Gladstone Commercial reported Q4 2025 FFO and core FFO per share of $0.37, with full-year 2025 FFO and core FFO at $1.38 and $1.40 per share, respectively, and operating revenues of $43.5 million in Q4 2025.
In 2025, the company acquired $206 million in industrial assets, boosting its industrial concentration to 69% of annualized straight line rent, with a target of 70%.
The portfolio maintained a high occupancy rate of 99.1% and an average remaining lease term of 7.3 years, contributing to a 4% increase in same-store lease revenue for 2025.
Financing activities included upsizing the credit facility to $600 million and issuing $85 million in 5.99% senior unsecured notes, alongside raising $61 million via an ATM program in 2025.

Feb 19, 2026, 1:30 PM

Transcript

Gladstone Commercial Corporation Reports Q4 and Full-Year 2025 Results

GOOD

Earnings

New Projects/Investments

Debt Issuance

Gladstone Commercial Corporation reported Funds From Operations (FFO) of $0.37 per share for Q4 2025, an 8.9% increase from Q3 2025, and $1.38 per share for the full year 2025, an 8.8% increase from 2024.
For fiscal year 2025, the company acquired 19 fully-occupied properties for $206.7 million and sold three non-core properties for an aggregate of $26.5 million.
The company collected 100% of 2025 base rental charges and successfully leased 305,589 square feet of previously vacant space while renewing 884,327 square feet of leases during 2025.
Gladstone Commercial amended and upsized its credit facility to $600.0 million and issued $85.0 million in senior unsecured notes at a fixed interest rate of 5.99% with a maturity date of December 15, 2030.
The company paid monthly cash distributions totaling $1.20 per share on its common stock and Non-controlling OP Units for the year ended December 31, 2025.

Feb 18, 2026, 9:05 PM

8-K

Gladstone Commercial Corporation Issues Senior Guaranteed Notes

GOOD

Debt Issuance

On December 15, 2025, Gladstone Commercial Corporation's operating partnership, Gladstone Commercial Limited Partnership, entered into a Note Purchase Agreement.
Pursuant to this agreement, the Partnership issued $85,000,000 aggregate principal amount of its 5.99% Senior Guaranteed Notes.
These Notes are due on December 15, 2030, and bear interest at an annual fixed rate of 5.99%, payable semi-annually beginning June 15, 2026.
The Notes are senior unsecured obligations of the Partnership and are guaranteed by Gladstone Commercial Corporation and its subsidiary guarantors.

Dec 15, 2025, 9:41 PM

8-K

GOOD Announces Q3 2025 Financial and Operational Highlights

GOOD

Earnings

New Projects/Investments

Dividends

For Q3 2025, GOOD generated FFO and Core FFO of $16.4 million, or $0.35 per diluted share, each.
The company acquired a 693,236 square foot industrial portfolio for $54.5 million with a 20.0-year lease term during the quarter.
As of September 30, 2025, GOOD maintained a strong portfolio with 99.1% occupancy and a leverage ratio of 46%, which is below the covenant threshold of 60%.
GOOD paid monthly common stock dividends totaling $0.30 per common share for Q3 2025, representing an annualized $1.20 per common share.

Nov 4, 2025, 1:30 PM

Presentation

Gladstone Commercial Corporation Reports Q3 2025 Results, Increases Industrial Concentration

GOOD

Earnings

New Projects/Investments

Debt Issuance

Gladstone Commercial Corporation (GOOD) reported Q3 2025 FFO and core FFO per share of $0.35, a decrease from $0.38 in Q3 2024, despite an increase in total operating revenues to $40.8 million from $39.2 million.
The company significantly advanced its industrial concentration to 69% of annualized straight-line rents, driven by $206 million in industrial acquisitions year-to-date through Q3 2025, including a $54.5 million six-facility portfolio in Q3.
Portfolio occupancy reached 99.1% as of September 30, 2025, the highest since Q1 2019, with a weighted average lease term of 7.5 years.
GOOD enhanced its financial flexibility by extending and upsizing its bank credit facility to $600 million and raising $61 million in net proceeds from common stock sales via its ATM program during the nine months ended September 30, 2025.

Nov 4, 2025, 1:30 PM

Transcript

Gladstone Commercial Reports Q3 2025 Results and Portfolio Updates

GOOD

Earnings

New Projects/Investments

Gladstone Commercial Corporation reported Q3 2025 revenues of $40.84 million, exceeding expectations, but funds from operations (FFO) of $0.35 per share, missed the consensus estimate of $0.39.
The company's portfolio consists of 151 properties totaling approximately 17.7 million square feet across 27 states, with 53% investment grade tenants and an average lease term of 7.5 years.
Strategic activities included a 3.3% year-over-year revenue increase driven by a new six-property acquisition and the sale of a non-core site, alongside 100% rent collection and leasing activity on 734,464 square feet across 14 properties.
Gladstone Commercial issued 1,891,807 shares of common stock under its at-the-market (ATM) program and maintains approximately $63 million available under its revolving credit facility as of early November 2025.

Nov 3, 2025, 10:15 PM

Morningstar

Gladstone Commercial Corporation Reports Q3 2025 Results

GOOD

Earnings

New Projects/Investments

Debt Issuance

Gladstone Commercial Corporation reported Core FFO per diluted share of $0.35 for the third quarter ended September 30, 2025, which was consistent with the prior quarter. Net income available to common stockholders was $0.02 per share for Q3 2025, a decrease from $0.03 per share in Q2 2025.
During Q3 2025, the company acquired a six-facility portfolio totaling 693,236 square feet for $54.8 million and sold one non-core industrial property for $3.0 million.
Subsequent to the quarter end, Gladstone Commercial increased its credit facility to $600.0 million, extending maturities and upsizing both the revolver and term loan components. Additionally, $23.0 million in net proceeds were raised through the at-the-market (ATM) program by issuing 1,891,807 shares of common stock.
The company collected 100% of cash rents due during July, August, September, and October 2025.