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.