Gladstone Commercial
Buys and leases single-tenant industrial and office buildings under long-term triple-net leases nationwide.
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Profile
Owns and leases single-tenant industrial and office properties nationwide under triple-net leases, collecting rent while tenants cover taxes, insurance and upkeep. Management is provided externally by an affiliated adviser, and the portfolio has shifted decisively toward industrial space in recent years, pared back from a broader office mix.
Buys and leases single-tenant industrial and office buildings under long-term, triple-net leases, collecting rent while tenants cover taxes, insurance and upkeep. Founded in 2003 as the first real estate investment trust in the Gladstone family of funds.
The roughly 150-property portfolio spans secondary US growth markets rather than gateway cities, and has pivoted from a mixed office-and-industrial base toward mostly industrial space over the past several years as office leases have rolled off.
Investment and administrative decisions are handled by an external adviser affiliated with the company's founder, a structure shared across a family of four public funds under the same umbrella. Common distributions are paid monthly, funded by rent collected under the triple-net lease structure.
Company facts
Categories
Key statistics
Year to date +20.6% · Average volume (30d) 405.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Target |
|---|---|---|---|
| Nov 5, 2025 | Loop Capital Markets | Target | $13 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.05 | $0.11 | +144.4% | $42.2M | $44.0M | +4.3% | +5.47% |
| May 5, 2026Q1 FY26 | $0.05 | $0.35 | +600.0% | $42.9M | $41.9M | −2.4% | −3.81% |
| Feb 18, 2026Q4 FY25 | $0.03 | $0.37 | +1,133.3% | $41.2M | $43.5M | +5.4% | +4.98% |
| Nov 3, 2025Q3 FY25 | $0.39 | $0.35 | −10.3% | $41.2M | $40.8M | −0.9% | −6.14% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $37.5M | $39.5M | $40.8M | $43.5M | $41.9M | $44.0M | |
| Gross profit | $29.0M | $30.6M | $31.7M | −$81.8M | $33.1M | $44.0M | |
| Operating income | $13.6M | $13.7M | $14.1M | $18.5M | $16.1M | $17.8M | |
| Net income | $5.1M | $4.6M | $4.1M | $5.4M | $7.0M | $8.3M | |
| Diluted EPS | $0.04 | $0.03 | $0.02 | $0.32 | $0.08 | $0.11 | |
| Gross margin | 77.4% | 77.5% | 77.7% | -188.3% | 79.1% | 100.0% | |
| Operating margin | 36.4% | 34.6% | 34.6% | 42.6% | 38.3% | 40.5% |
Fiscal years (4-quarter sums)FY21 $137.7M · FY22 $149.0M · FY23 $147.6M · FY24 $149.4M · FY25 $161.3M
Balance sheet, Jun 30, 2026Cash & short-term investments $10.4M · Total debt $858.7M · Total assets $1.24B · Shareholders' equity $157.4M
Dividends
Raised for 2 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 18, 2026 | Aug 18 | Aug 31 | $0.10 | |
| Jul 24, 2026 | Jul 24 | Jul 31 | $0.10 | |
| Jun 23, 2026 | Jun 23 | Jun 30 | $0.10 | |
| May 20, 2026 | May 20 | May 29 | $0.10 | |
| Apr 24, 2026 | Apr 24 | Apr 30 | $0.10 | |
| Mar 23, 2026 | Mar 23 | Mar 31 | $0.10 | |
| Feb 18, 2026 | Feb 18 | Feb 27 | $0.10 | |
| Jan 23, 2026 | Jan 23 | Jan 30 | $0.10 |
Ownership
Shares outstanding 48.41M · Float 47.78M · 98.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 4.48M | 9.25% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 2.59M | 5.35% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 2.14M | 4.42% | 13F | Aug 13, 2026 |
| State Street Corp | 1.68M | 3.48% | 13F | Aug 7, 2026 |
| Mirae Asset Global Etfs Holdings Ltd. | 1.67M | 3.45% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 3, 2026 | Ryan Stuart Carter | officer: Executive Vice President | +100 | $12.58 |
| Jul 1, 2026 | Ryan Stuart Carter | officer: Executive Vice President | +100 | $12.26 |
| Jun 1, 2026 | Ryan Stuart Carter | officer: Executive Vice President | +100 | $12.51 |
| May 1, 2026 | Ryan Stuart Carter | officer: Executive Vice President | +100 | $12.66 |
| Apr 1, 2026 | Ryan Stuart Carter | officer: Executive Vice President | +100 | $11.48 |
Peers
- STAG Industrial
Head-to-head in secondary-market single-tenant industrial net lease
- LXP Industrial Trust
Rivals in single-tenant industrial net lease across US growth markets
- Broadstone Net Lease
Competes for single-tenant industrial sale-leasebacks at larger scale
- Global Net Lease
Parallel office-to-industrial pivot in single-tenant net lease
- W. P. Carey
Larger-scale rival in single-tenant industrial and warehouse net lease
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Gladstone Commercial | $13.15 | +1.08% | $629.8M | 24.5 | 79.7 | 3.7 | +11.3% |
| STAG Industrial | $37.18 | +0.01% | $7.17B | 28.6 | 74.1 | 8.1 | +7.7% |
| LXP Industrial Trust | $60.69 | 0.00% | $3.58B | 60.7 | 538.0 | 10.3 | −0.7% |
| Broadstone Net Lease | $21.09 | 0.00% | $4.04B | 28.5 | 27.9 | 8.5 | +8.3% |
| Global Net Lease | $9.16 | −0.05% | $1.94B | — | — | 4.2 | −10.0% |
| W. P. Carey | $70.51 | 0.00% | $16.06B | 24.1 | 23.7 | 8.5 | +7.0% |
| Median | 28.6 | 51.0 | 8.5 | +7.0% |