10-K · February 18, 2026
Gladstone Commercial (GOOD) continues to execute a net-lease industrial/office strategy with high portfolio occupancy (99.1%) and a concentrated, long-dated lease book (average remaining lease term 7.3 years). Portfolio…
Earnings analysis · 10-Q
GOOD earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
Gladstone Commercial Corporation's Q1 2026 10-Q filing shows a strong increase in lease revenues and net income, reflecting successful management and acquisition strategies amidst macroeconomic challenges. Revenue rose…
Read full summary
Gladstone Commercial Corporation's Q1 2026 10-Q filing shows a strong increase in lease revenues and net income, reflecting successful management and acquisition strategies amidst macroeconomic challenges. Revenue rose to $41.9 million, up 11.8% from $37.5 million in Q1 2025, while net income surged 35.7% to $6.97 million from $5.14 million year-over-year, positively affected by strong occupancy rates and diversification activities.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.08
What stood out
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Significant Revenue Growth
Lease revenue increased by $4.4 million (11.8%) to $41.9 million compared to Q1 2025.
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Improved Net Income
Net income rose by $1.8 million (35.7%) year-over-year to $6.97 million.
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Enhanced FFO
FFO available to common stockholders increased by $1.69 million (11.1%) to $16.85 million.
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Strong Cash from Operations
Net cash provided by operating activities was $17.9 million, up from $17.7 million in the previous year.
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100% Rent Collection
The company collected 100% of all outstanding base rents in Q1 2026.
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Successful Acquisitions
Acquired 13 properties between January 2025 and March 2026, enhancing portfolio diversity.
What to watch
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Interest Rate Increase Risk
Interest expense increased by 25.3% year-over-year to $11.45 million due to variable debt.
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Geopolitical and Macroeconomic Uncertainty
Ongoing geopolitical tensions and inflation may impact business conditions and tenant decisions.
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Leadership Transition Integration Risk
Recent leadership changes may affect company strategy and operations as management adapts.
Management's outlook
Outlook for Q2 2026 to be discussed in the earnings call.
Earlier filings 4
10-Q · November 3, 2025
Gladstone Commercial reported third-quarter lease revenue of $40,841,000, up $1,606,000 (+4.1%) vs. the quarter ended September 30, 2024, while operating margin expanded to 36.3% (operating income $14,820,000). Net…
10-Q · August 6, 2025
Gladstone Commercial reported second-quarter lease revenue of $39,533 (vs. $37,057 in Q2 2024) and delivered GAAP diluted EPS of $0.03 (vs. $(0.04) in Q2 2024). Operating margin expanded to ~36.4% driven by relatively…
10-K · February 18, 2025
Gladstone Commercial positions itself as a net-lease REIT focused primarily on single-tenant industrial (with select office) properties in secondary growth U.S. markets, targeting 7–15 year leases with built-in rental…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.