Gladstone Commercial Corp (GOOD)
NASDAQ:GOOD
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Gladstone Commercial
(NASDAQ:GOOD)
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Rating:54Neutral
Price Target:
$12.00
â–²(0.50% Upside)
Action:ReiteratedDate:03/24/26
The score is driven primarily by a mid-level financial profile: steady revenue and solid cash generation, but still-high leverage and uneven profitability. Earnings-call commentary is moderately positive due to strong occupancy, rent collection, and progress shifting toward industrial assets, partly offset by a small FFO decline and liquidity/lease rollover risks. Technical indicators are the main drag given weak near-term momentum, while valuation is mixed with a very high yield but a high P/E.
Positive Factors
Industrial pivot & acquisitions
Management's disciplined shift toward industrial assets (>$206M of acquisitions, 15.9yr avg lease term at close) materially strengthens portfolio resilience. Industrial net‑leases typically offer longer WALT, higher rent predictability and tenant demand, supporting steadier rental cash flows and lower vacancy risk over the medium term.
Negative Factors
Elevated leverage
Despite improvement, leverage remains high for a rate‑sensitive REIT. Elevated debt ratios increase exposure to rising interest rates and refinancing risk, constrain financial flexibility for acquisitions or dispositions, and amplify earnings volatility if occupancy or rent growth softens over the next 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Industrial pivot & acquisitions
Management's disciplined shift toward industrial assets (>$206M of acquisitions, 15.9yr avg lease term at close) materially strengthens portfolio resilience. Industrial net‑leases typically offer longer WALT, higher rent predictability and tenant demand, supporting steadier rental cash flows and lower vacancy risk over the medium term.
Read all positive factors
Gladstone Commercial (GOOD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$582.41M
Dividend Yield11.56%
Average Volume (3M)444.13K
Price to Earnings (P/E)26.1
Beta (1Y)0.67
Revenue Growth4.95%
EPS Growth-6.49%
CountryUS
Employees69
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.05
Shares Outstanding48,406,994
10 Day Avg. Volume408,009
30 Day Avg. Volume444,133
Financial Highlights & Ratios
PEG Ratio0.45
Price to Book (P/B)1.47
Price to Sales (P/S)3.12
P/FCF Ratio5.72
Enterprise Value/Market Cap2.44
Enterprise Value/Revenue8.82
Enterprise Value/Gross Profit148.60
Enterprise Value/Ebitda24.44
Forecast
1Y Price Target
$13.17Price Target Upside10.30% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.18
Revenue Forecast (FY)$173.74M
Gladstone Commercial Business Overview & Revenue Model
Company Description
Gladstone 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 ha...
How the Company Makes Money
Gladstone Commercial makes money primarily by acquiring commercial properties and generating recurring rental income from leasing those properties to tenants. Its core revenue stream is contractual base rent collected under lease agreements, many ...
Gladstone Commercial Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down where the company earns money—rental income, management fees, asset sales, and other services—highlighting which activities drive recurring cash flow versus one-time gains. Segment trends reveal what supports the dividend, which parts are most sensitive to market or tenant weakness, and where management is focusing growth efforts.
Breaks down where the company earns money—rental income, management fees, asset sales, and other services—highlighting which activities drive recurring cash flow versus one-time gains. Segment trends reveal what supports the dividend, which parts are most sensitive to market or tenant weakness, and where management is focusing growth efforts.
Data provided by:
The Fly
The FlyGladstone Commercial Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 11, 2026
Earnings Call Sentiment Positive
The call emphasized meaningful progress on strategic priorities — notably large industrial acquisitions (~$206M), a continued shift to industrial concentration (69% of annualized straight-line rent), very high occupancy (99.1%) and strong rent collection, combined with expanded financing capacity (upsized $600M credit facility, $85M private placement, $61M ATM). Offsetting these positives were a modest year-over-year decline in full-year FFO/core FFO, higher operating expenses (driven by depreciation and comparability items), limited cash on hand, a competitive acquisition market with some deal slippage, and uncertainty around office dispositions and certain near-term lease maturities. Overall, the operational and balance-sheet moves point to a company executing its industrial-focused strategy successfully, while managing typical sector and market headwinds.Positive Updates
Significant Industrial Acquisitions
Acquired over $206 million of industrial assets across 10 facilities totaling 1.6 million sq ft in 2025, with a weighted average cap rate of 8.88% and weighted average lease term at closing of 15.9 years.
Negative Updates
Full-Year FFO Decline
FFO and core FFO per share for the 12 months ended December 31, 2025 were $1.38 and $1.40, respectively, versus $1.41 and $1.42 in 2024 — declines of ~2.1% (FFO) and ~1.4% (core FFO) year-over-year.
Read all updates
Q4-2025 Updates
Positive
Negative
Significant Industrial Acquisitions
Acquired over $206 million of industrial assets across 10 facilities totaling 1.6 million sq ft in 2025, with a weighted average cap rate of 8.88% and weighted average lease term at closing of 15.9 years.
Read all positive updates
Company Guidance
The company’s guidance centers on continuing to grow industrial concentration and deploying capital into accretive industrial acquisitions while extending leases and disposing of noncore assets, with a near‑term target of ~70% industrial annualized straight‑line rent (already 69% at year‑end, up from 63% in 2024). Key 2025 metrics supporting that plan include $206M of industrial acquisitions across 10 facilities totaling 1.6M sq ft (weighted avg cap rate 8.88% and avg lease term at closing 15.9 years), $21M of portfolio CapEx to renew/extend 1.2M sq ft at 18 properties producing a $2.1M net GAAP rent increase, 99.1% occupancy, 100% cash rent collection, avg remaining lease term 7.3 years, and same‑store lease revenue +4% YoY. Financially, Q4 operating revenues were $43.5M with $26.4M of operating expenses; FFO/core FFO per share were $0.37 for Q4 (vs $0.35 prior year) and $1.38/$1.40 for the full year (vs $1.41/$1.42), net assets rose from $1.1B to $1.25B, and the dividend remains $0.30 per quarter ($1.20/year). Liquidity and capital structure actions include an amended $600M credit facility (term loans + $200M revolver), $37.4M revolver borrowings outstanding, ~$60M availability and $4M cash on hand, ~$27.6M in 2026 loan maturities, a debt mix of 48% fixed/47% hedged floating/5% floating with effective avg SOFR 3.87%, an $85M private placement at 5.99% due in 2030, 4.4M ATM shares sold for $61M, and an active ~$300M pipeline pursuing acquisitions at a competitive cap‑rate floor around 7.5%–8.5% (with some assets averaging north of 9%).Gladstone Commercial Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
44
Neutral
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 161.34M | 149.39M | 147.58M | 148.98M | 137.69M |
| Gross Profit | 9.58M | 117.86M | 115.35M | 115.82M | 104.71M |
| EBITDA | 119.44M | 117.23M | 100.14M | 103.42M | 96.97M |
| Net Income | 19.29M | 24.00M | 4.99M | 10.80M | 10.94M |
Balance Sheet | |||||
| Total Assets | 1.25B | 1.09B | 1.13B | 1.20B | 1.14B |
| Cash, Cash Equivalents and Short-Term Investments | 10.81M | 10.96M | 11.98M | 11.65M | 7.96M |
| Total Debt | 856.39M | 697.45M | 743.95M | 754.51M | 713.03M |
| Total Liabilities | 905.00M | 923.05M | 979.21M | 996.94M | 940.79M |
| Stockholders Equity | 341.81M | 171.17M | 153.28M | 203.90M | 201.30M |
Cash Flow | |||||
| Free Cash Flow | 88.15M | 56.95M | 53.69M | 62.35M | 64.78M |
| Operating Cash Flow | 88.15M | 56.95M | 60.37M | 69.18M | 70.13M |
| Investing Cash Flow | -221.38M | -1.73M | 1.24M | -82.03M | -94.78M |
| Financing Cash Flow | 134.74M | -56.29M | -61.47M | 15.66M | 21.75M |
Gladstone Commercial Technical Analysis
Positive
11.94
Price Trends
11.76
Positive
11.21
Positive
11.62
Positive
Market Momentum
-0.05
Negative
56.83
Neutral
93.34
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GOOD, the sentiment is Positive. The current price of 11.94 is above the 20-day moving average (MA) of 11.68, above the 50-day MA of 11.76, and above the 200-day MA of 11.62, indicating a bullish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 56.83 is Neutral, neither overbought nor oversold. The STOCH value of 93.34 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GOOD.
Gladstone Commercial Risk Analysis
Gladstone Commercial disclosed 51 risk factors in its most recent earnings report. Gladstone Commercial reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Gladstone Commercial Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $624.82M | 58.86 | 1.78% | 8.56% | 23.84% | -312.04% | |
66 Neutral | $491.67M | 16.62 | 8.41% | 9.03% | 7.71% | -5.37% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | $777.81M | 38.05 | -37.92% | 5.44% | -16.50% | -640.43% | |
54 Neutral | $582.41M | 26.11 | 8.70% | 11.56% | 4.95% | -6.49% | |
53 Neutral | $744.75M | -22.81 | -3.16% | 10.83% | -12.57% | 70.50% |
* Real Estate Sector Average
GOOD
Gladstone Commercial
11.94
-0.50
-3.99%
CTO
CTO Realty Growth
19.19
3.12
19.43%
OLP
One Liberty Properties
22.54
0.32
1.46%
BRSP
BrightSpire Capital
5.79
1.58
37.37%
PKST
Peakstone Realty Trust
20.92
9.46
82.55%
Gladstone Commercial Corporate Events
Business Operations and StrategyExecutive/Board Changes
Gladstone Commercial Announces CEO Succession and Leadership Changes
Positive
Mar 23, 2026
On March 20, 2026, Gladstone Commercial executed a planned leadership transition in which founder David Gladstone stepped down as chief executive but remained chairman of the board, investment committee member, and leader of the affiliated adviser...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.