Revenue: As of FY2025, the actual value is USD 161.34 M.EPS: As of FY2025, the actual value is USD 0.14.EBIT: As of FY2025, the actual value is USD 101.86 M.<h4>Overview of Operations</h4>Gladstone Commercial Corporation owned 151 properties totaling 17.7 million square feet of rentable space across 27 states as of February 18, 2026. The occupancy rate was 99.1%, and the average remaining lease term of the portfolio was 7.3 years. The weighted average yield on the total portfolio was 8.5% at December 31, 2025, a slight decrease from 8.6% at December 31, 2024.<h4>Lease Expirations (as of December 31, 2025)</h4><ul><li>2026: $19,103 thousand in lease revenue, representing 11.8% of total expiring lease revenue.</li><li>2027: $18,215 thousand in lease revenue, representing 11.3% of total expiring lease revenue.</li><li>2028: $12,772 thousand in lease revenue, representing 7.9% of total expiring lease revenue.</li><li>2029: $11,731 thousand in lease revenue, representing 7.3% of total expiring lease revenue.</li><li>2030: $12,063 thousand in lease revenue, representing 7.5% of total expiring lease revenue.</li><li>Thereafter: $84,918 thousand in lease revenue, representing 52.6% of total expiring lease revenue.</li></ul><h4>Lease Revenue by Industry (Year Ended December 31, 2025)</h4><ul><li>Automotive: $24,534 thousand, comprising 15.2% of total lease revenue.</li><li>Diversified/Conglomerate Services: $20,285 thousand, comprising 12.6% of total lease revenue.</li><li>Buildings and Real Estate: $15,437 thousand, comprising 9.6% of total lease revenue.</li><li>Telecommunications: $14,030 thousand, comprising 8.7% of total lease revenue.</li><li>Beverage, Food &amp; Tobacco: $12,918 thousand, comprising 8.0% of total lease revenue.</li><li>Diversified/Conglomerate Manufacturing: $12,126 thousand, comprising 7.5% of total lease revenue.</li><li>Personal, Food &amp; Miscellaneous Services: $10,481 thousand, comprising 6.5% of total lease revenue.</li><li>Banking: $8,949 thousand, comprising 5.5% of total lease revenue.</li><li>Machinery: $7,375 thousand, comprising 4.6% of total lease revenue.</li><li>Personal &amp; Non-Durable Consumer Products: $7,317 thousand, comprising 4.5% of total lease revenue.</li><li>Healthcare: $7,217 thousand, comprising 4.5% of total lease revenue.</li><li>Chemicals, Plastics &amp; Rubber: $5,399 thousand, comprising 3.3% of total lease revenue.</li><li>Containers, Packaging &amp; Glass: $4,727 thousand, comprising 2.9% of total lease revenue.</li><li>Electronics: $2,829 thousand, comprising 1.8% of total lease revenue.</li><li>Childcare: $2,294 thousand, comprising 1.4% of total lease revenue.</li><li>Information Technology: $2,288 thousand, comprising 1.4% of total lease revenue.</li><li>Printing &amp; Publishing: $1,066 thousand, comprising 0.7% of total lease revenue.</li><li>Oil &amp; Gas: $994 thousand, comprising 0.6% of total lease revenue.</li><li>Education: $577 thousand, comprising 0.4% of total lease revenue.</li><li>Home &amp; Office Furnishings: $493 thousand, comprising 0.3% of total lease revenue.</li></ul><h4>Financial Performance (Year Ended December 31, 2025 vs. 2024)</h4><ul><li>Total Operating Revenues: Increased by 8.0% to $161,336 thousand in 2025 from $149,388 thousand in 2024.<ul><li>Lease Revenue from Same Store Properties: Increased by 4.0% to $130,126 thousand in 2025 from $125,128 thousand in 2024.</li><li>Lease Revenue from Acquired &amp; Disposed Properties: Increased by 103.2% to $14,699 thousand in 2025 from $7,232 thousand in 2024.</li><li>Lease Revenue from Properties with Vacancy: Decreased by -3.0% to $16,511 thousand in 2025 from $17,028 thousand in 2024.</li></ul></li><li>Total Operating Expenses: Decreased by -1.4% to $101,389 thousand in 2025 from $102,808 thousand in 2024.<ul><li>Depreciation and Amortization: Increased by 4.4% to $58,245 thousand in 2025 from $55,786 thousand in 2024.</li><li>Property Operating Expenses: Increased by 12.6% to $28,625 thousand in 2025 from $25,418 thousand in 2024.</li><li>Base Management Fee: Increased by 8.7% to $6,641 thousand in 2025 from $6,111 thousand in 2024.</li><li>Incentive Fee: Decreased by -38.4% to $2,765 thousand in 2025 from $4,488 thousand in 2024.</li><li>Administration Fee: Increased by 0.5% to $2,581 thousand in 2025 from $2,567 thousand in 2024.</li><li>General and Administrative: Increased by 4.2% to $4,040 thousand in 2025 from $3,879 thousand in 2024.</li><li>Impairment Charge: Decreased by -99.9% to $9 thousand in 2025 from $6,822 thousand in 2024.</li><li>Incentive Fee Waiver: Decreased by -33.0% to -$1,517 thousand in 2025 from -$2,263 thousand in 2024.</li></ul></li><li>Net Income: Decreased by -19.8% to $19,292 thousand in 2025 from $24,040 thousand in 2024.</li><li>Net Income Available to Common Stockholders and Non-controlling OP Unitholders: Decreased by -40.9% to $6,597 thousand in 2025 from $11,166 thousand in 2024.</li><li>FFO Available to Common Stockholders and Non-controlling OP Unitholders (Basic): Increased by 8.8% to $64,484 thousand in 2025 from $59,245 thousand in 2024.</li><li>FFO per Weighted Average Share of Common Stock and Non-controlling OP Unit (Basic): Decreased by -2.1% to $1.38 in 2025 from $1.41 in 2024.</li><li>Distributions Declared per Share of Common Stock and Non-controlling OP Unit: Remained constant at $1.20 in both 2025 and 2024.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Provided by Operating Activities: $88,151 thousand for the year ended December 31, 2025, compared to $56,953 thousand for the year ended December 31, 2024.</li><li>Net Cash Used in Investing Activities: -$221,377 thousand for the year ended December 31, 2025, compared to -$1,727 thousand for the year ended December 31, 2024.</li><li>Net Cash Provided by Financing Activities: $134,743 thousand for the year ended December 31, 2025, compared to -$56,287 thousand for the year ended December 31, 2024.</li></ul><h4>Debt and Liquidity</h4><ul><li>Available Liquidity: $73.6 million as of December 31, 2025, including $10.8 million in cash and cash equivalents and $62.8 million available borrowing capacity under the Revolver.</li><li>Mortgage Notes Payable: Aggregate principal amount of $251.6 million as of December 31, 2025, with a weighted average maturity of 2.7 years and a weighted-average interest rate of 4.21%.</li><li>Credit Facility: $437.4 million outstanding as of December 31, 2025, at a weighted average interest rate of approximately 5.42%.</li><li>Senior Unsecured Notes: $75.0 million of 2029 Notes and $85.0 million of 2030 Notes outstanding as of December 31, 2025.</li></ul><h4>Outlook / Guidance</h4>The business environment stabilized in late 2025 due to eased interest rate volatility, with the Federal Reserve implementing three rate cuts by year-end. Gladstone Commercial Corporation anticipates conditions to remain consistent with Q4 2025, with interest rates, debt capital access, and transaction activity being key factors. The company expects to maintain adequate near-term liquidity, refinance maturing debt, and fund its industrial property-focused growth strategy.

Gladstone Commercial Pref Share GOOD 6.625 Prep 10/31/24 E | 10-K: FY2025 Revenue: USD 161.34 M