--- title: "Gladstone Commercial Pref Share GOOD 6.625 Prep 10/31/24 E | 10-K: FY2025 Revenue: USD 161.34 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/276270127.md" datetime: "2026-02-18T21:05:39.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276270127.md) - [en](https://longbridge.com/en/news/276270127.md) - [zh-HK](https://longbridge.com/zh-HK/news/276270127.md) --- # Gladstone Commercial Pref Share GOOD 6.625 Prep 10/31/24 E | 10-K: FY2025 Revenue: USD 161.34 M 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. #### Overview of Operations 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. #### Lease Expirations (as of December 31, 2025) - **2026:** $19,103 thousand in lease revenue, representing 11.8% of total expiring lease revenue. - **2027:** $18,215 thousand in lease revenue, representing 11.3% of total expiring lease revenue. - **2028:** $12,772 thousand in lease revenue, representing 7.9% of total expiring lease revenue. - **2029:** $11,731 thousand in lease revenue, representing 7.3% of total expiring lease revenue. - **2030:** $12,063 thousand in lease revenue, representing 7.5% of total expiring lease revenue. - **Thereafter:** $84,918 thousand in lease revenue, representing 52.6% of total expiring lease revenue. #### Lease Revenue by Industry (Year Ended December 31, 2025) - **Automotive:** $24,534 thousand, comprising 15.2% of total lease revenue. - **Diversified/Conglomerate Services:** $20,285 thousand, comprising 12.6% of total lease revenue. - **Buildings and Real Estate:** $15,437 thousand, comprising 9.6% of total lease revenue. - **Telecommunications:** $14,030 thousand, comprising 8.7% of total lease revenue. - **Beverage, Food & Tobacco:** $12,918 thousand, comprising 8.0% of total lease revenue. - **Diversified/Conglomerate Manufacturing:** $12,126 thousand, comprising 7.5% of total lease revenue. - **Personal, Food & Miscellaneous Services:** $10,481 thousand, comprising 6.5% of total lease revenue. - **Banking:** $8,949 thousand, comprising 5.5% of total lease revenue. - **Machinery:** $7,375 thousand, comprising 4.6% of total lease revenue. - **Personal & Non-Durable Consumer Products:** $7,317 thousand, comprising 4.5% of total lease revenue. - **Healthcare:** $7,217 thousand, comprising 4.5% of total lease revenue. - **Chemicals, Plastics & Rubber:** $5,399 thousand, comprising 3.3% of total lease revenue. - **Containers, Packaging & Glass:** $4,727 thousand, comprising 2.9% of total lease revenue. - **Electronics:** $2,829 thousand, comprising 1.8% of total lease revenue. - **Childcare:** $2,294 thousand, comprising 1.4% of total lease revenue. - **Information Technology:** $2,288 thousand, comprising 1.4% of total lease revenue. - **Printing & Publishing:** $1,066 thousand, comprising 0.7% of total lease revenue. - **Oil & Gas:** $994 thousand, comprising 0.6% of total lease revenue. - **Education:** $577 thousand, comprising 0.4% of total lease revenue. - **Home & Office Furnishings:** $493 thousand, comprising 0.3% of total lease revenue. #### Financial Performance (Year Ended December 31, 2025 vs. 2024) - **Total Operating Revenues:** Increased by 8.0% to $161,336 thousand in 2025 from $149,388 thousand in 2024. - **Lease Revenue from Same Store Properties:** Increased by 4.0% to $130,126 thousand in 2025 from $125,128 thousand in 2024. - **Lease Revenue from Acquired & Disposed Properties:** Increased by 103.2% to $14,699 thousand in 2025 from $7,232 thousand in 2024. - **Lease Revenue from Properties with Vacancy:** Decreased by -3.0% to $16,511 thousand in 2025 from $17,028 thousand in 2024. - **Total Operating Expenses:** Decreased by -1.4% to $101,389 thousand in 2025 from $102,808 thousand in 2024. - **Depreciation and Amortization:** Increased by 4.4% to $58,245 thousand in 2025 from $55,786 thousand in 2024. - **Property Operating Expenses:** Increased by 12.6% to $28,625 thousand in 2025 from $25,418 thousand in 2024. - **Base Management Fee:** Increased by 8.7% to $6,641 thousand in 2025 from $6,111 thousand in 2024. - **Incentive Fee:** Decreased by -38.4% to $2,765 thousand in 2025 from $4,488 thousand in 2024. - **Administration Fee:** Increased by 0.5% to $2,581 thousand in 2025 from $2,567 thousand in 2024. - **General and Administrative:** Increased by 4.2% to $4,040 thousand in 2025 from $3,879 thousand in 2024. - **Impairment Charge:** Decreased by -99.9% to $9 thousand in 2025 from $6,822 thousand in 2024. - **Incentive Fee Waiver:** Decreased by -33.0% to -$1,517 thousand in 2025 from -$2,263 thousand in 2024. - **Net Income:** Decreased by -19.8% to $19,292 thousand in 2025 from $24,040 thousand in 2024. - **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. - **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. - **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. - **Distributions Declared per Share of Common Stock and Non-controlling OP Unit:** Remained constant at $1.20 in both 2025 and 2024. #### Cash Flow - **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. - **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. - **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. #### Debt and Liquidity - **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. - **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%. - **Credit Facility:** $437.4 million outstanding as of December 31, 2025, at a weighted average interest rate of approximately 5.42%. - **Senior Unsecured Notes:** $75.0 million of 2029 Notes and $85.0 million of 2030 Notes outstanding as of December 31, 2025. #### Outlook / Guidance 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. ### Related Stocks - [GOODN.US](https://longbridge.com/en/quote/GOODN.US.md) ## Related News & Research - [Gladstone Commercial Corporation 6.625 SR E PFD declares $0.138 dividend](https://longbridge.com/en/news/282747601.md) - [Realty Income Earnings Preview: What to Expect](https://longbridge.com/en/news/282412701.md) - [Qualitas Real Estate Income Fund Posts Updated NTA of $1.60 per Unit](https://longbridge.com/en/news/281974415.md) - [Gladstone Commercial Corporation 6.00% SERIES G CUMULATIVE RED PFD USD25 declares $0.125 dividend](https://longbridge.com/en/news/282747614.md) - [Bluerock Homes Trust (BHM) Announces Second Quarter Dividends on Series A Preferred Stock and Series B Preferred Stock | BHM Stock News](https://longbridge.com/en/news/282734682.md)