GladStone Commer Pref Share GOODO 6 Perp 06/28/26 G | 8-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.

Fourth Quarter 2025 Financial Performance (compared to Q3 2025)

• Total Operating Revenue: Increased by 6.4% to $43,461 thousand from $40,841 thousand.
• Total Operating Expenses: Totaled - $26,367 thousand, up 1.3% from - $26,021 thousand.
• Other Expense, Net: Increased by 9.6% to - $11,712 thousand from - $10,683 thousand.
• Net Income: Rose by 30.1% to $5,382 thousand compared to $4,137 thousand.
• Net Income Available to Common Stockholders and Non-controlling OP Unitholders: Significantly increased by 127.6% to $2,237 thousand from $983 thousand.
• Real Estate Depreciation and Amortization: Was $15,482 thousand, a 1.4% increase from $15,271 thousand.
• Loss on Sale of Real Estate, Net: Was $0 thousand in Q4 2025, compared to - $10 thousand in Q3 2025.
• Funds from Operations (FFO) Available to Common Stockholders and Non-controlling OP Unitholders (Basic): Increased by 8.9% to $17,719 thousand from $16,264 thousand.
• Funds from Operations (FFO) Available to Common Stockholders and Non-controlling OP Unitholders (Diluted): Increased by 8.9% to $17,821 thousand from $16,366 thousand.
• Core Funds from Operations (Core FFO) Available to Common Stockholders and Non-controlling OP Unitholders (Basic): Increased by 8.9% to $17,755 thousand from $16,298 thousand.
• Core Funds from Operations (Core FFO) Available to Common Stockholders and Non-controlling OP Unitholders (Diluted): Increased by 8.9% to $17,857 thousand from $16,400 thousand.
• Asset Retirement Obligation Expense: Increased by 5.9% to $36 thousand from $34 thousand.
• Cash Dividends Declared per Common Share and Non-controlling OP Unit: Remained stable at $0.30 per share.

Year Ended December 31, 2025 Financial Performance (compared to 2024)

• Total Operating Revenue: Increased by 8.0% to $161,336 thousand from $149,388 thousand.
• Total Operating Expenses: Decreased by 1.4% to - $101,389 thousand from - $102,808 thousand.
• Other Expense, Net: Increased significantly by 80.4% to - $40,655 thousand from - $22,540 thousand.
• Net Income: Decreased by 19.8% to $19,292 thousand from $24,040 thousand.
• Net Income Available to Common Stockholders and Non-controlling OP Unitholders: Decreased by 40.9% to $6,597 thousand from $11,166 thousand.
• Real Estate Depreciation and Amortization: Increased by 4.4% to $58,245 thousand from $55,786 thousand.
• Impairment Charge: Decreased by 99.9% to $9 thousand from $6,822 thousand.
• Gain on Sale of Real Estate, Net: Decreased by 97.4% to - $367 thousand from - $14,229 thousand.
• Gain on Debt Extinguishment, Net: Was $0 thousand in 2025, compared to - $300 thousand in 2024.
• Funds from Operations (FFO) Available to Common Stockholders and Non-controlling OP Unitholders (Basic): Increased by 8.8% to $64,484 thousand from $59,245 thousand.
• Funds from Operations (FFO) Available to Common Stockholders and Non-controlling OP Unitholders (Diluted): Increased by 8.8% to $64,890 thousand from $59,665 thousand.
• Core Funds from Operations (Core FFO) Available to Common Stockholders and Non-controlling OP Unitholders (Basic): Increased by 9.2% to $65,263 thousand from $59,757 thousand.
• Core Funds from Operations (Core FFO) Available to Common Stockholders and Non-controlling OP Unitholders (Diluted): Increased by 9.1% to $65,669 thousand from $60,177 thousand.
• Asset Retirement Obligation Expense: Increased by 3.8% to $138 thousand from $133 thousand.
• Closing Costs on Sale: Totaled $336 thousand in 2025, compared to $0 thousand in 2024.
• Cash Dividends Declared per Common Share and Non-controlling OP Unit: Remained stable at $1.20 per share.

Financial Position (as of December 31, 2025 vs September 30, 2025)

• Real Estate, Before Accumulated Depreciation: Increased by 0.2% to $1,402,640 thousand from $1,400,357 thousand.
• Total Assets: Decreased by 1.4% to $1,246,933 thousand from $1,265,003 thousand.
• Total Debt: Increased by 0.0% to $843,466 thousand from $843,285 thousand.
• Total Equity and Mezzanine Equity: Decreased by 3.7% to $341,933 thousand from $354,999 thousand.
• Properties Owned: Remained at 151.
• Square Feet Owned: Remained at 17,675,963.
• Square Feet Leased: Remained at 99.1%.

Financial Position (as of December 31, 2025 vs December 31, 2024)

• Real Estate, Before Accumulated Depreciation: Increased by 15.0% to $1,402,640 thousand from $1,219,918 thousand.
• Total Assets: Increased by 13.9% to $1,246,933 thousand from $1,094,348 thousand.
• Total Debt: Increased by 21.6% to $843,466 thousand from $693,385 thousand.
• Total Equity and Mezzanine Equity: Increased by 0.2% to $341,933 thousand from $341,342 thousand.
• Properties Owned: Increased by 11.9% to 151 from 135.
• Square Feet Owned: Increased by 4.6% to 17,675,963 from 16,899,887.
• Square Feet Leased: Increased by 0.4% to 99.1% from 98.7%.

Fiscal Year 2025 Operational Highlights

• Property Acquisitions: Gladstone Commercial Corporation acquired 19 fully-occupied industrial properties, totaling 1,568,107 square feet, for $206.7 million at a weighted average cap rate of 8.88%.
• Property Sales: The company sold two non-core properties for $8.0 million and an additional non-core industrial property for $18.5 million, recognizing a capital gain of $0.4 million.
• Rent Collection: Achieved 100% collection of 2025 base rental charges throughout the year.
• Equity Issuance: Issued 4.4 million shares of common stock for $61.0 million net proceeds and 15,700 shares of 6.00% Series F Preferred Stock for $0.4 million net proceeds.
• Credit Facility Amendment: The credit facility was amended, extended, and upsized to $600.0 million, increasing the revolver to $200.0 million and the term loan component to $400.0 million, with extended maturities.
• Debt Issuance: Issued $85.0 million in senior unsecured notes in a private placement at a fixed interest rate of 5.99% maturing December 15, 2030.
• Debt Repayment: Repaid $3.1 million in fixed rate mortgage debt and $7.2 million in variable rate mortgage debt using cash and line of credit borrowings.
• Leasing Activity: Leased 305,589 square feet of previously vacant space across seven properties and renewed leases for 884,327 square feet across 11 properties.
• Distributions Paid: Monthly cash distributions for the year totaled $1.20 per share on common stock and Non-controlling OP Units, with additional distributions on various preferred and senior common stock series.

Outlook / Guidance

Gladstone Commercial Corporation anticipates continued consistent performance and stabilized revenues due to high property occupancy, strong rent collection, and accretive real estate investments. The company plans to continue its capital recycling program by selling non-core assets and reinvesting proceeds into target growth markets, primarily industrial properties, expecting access to debt and equity markets for liquidity. Despite challenges from inflation, increased interest rates, and geopolitical issues, the company is confident in its tenant credit underwriting and expects same-store rents to continue rising annually.