Gladstone Commercial Corp

What Gladstone Commercial Corp does

Gladstone Commercial Corporation (NASDAQ: GOOD) is a diversified net lease real estate investment trust (REIT) founded in 2003 and headquartered in McLean, Virginia. The company acquires and operates single-tenant and anchored multi-tenant industrial and office properties leased under absolute net, triple net, and net lease structures (typically 7+ years), where tenants bear operating expenses, taxes, insurance, and maintenance. As of March 31, 2026, the portfolio comprised 151 properties totaling 17.7 million square feet across 27 states leased to 109 tenants, with industrial assets representing 69% of annualized straight-line rent (against a stated 70% target) and portfolio occupancy of 98.7%. Named enterprise tenants include Huntington Ingalls Industries, Dynetics (a Leidos subsidiary), O-I Glass, Integrated Power Services, Eastern Metal Supply, Truck And Wheel U.S.A., and Haier US Appliance Solutions, with a focus on mission-critical facilities leased to creditworthy counterparties.

The business model is straightforward rental income: long-term net leases produce predictable, durable cash rents that fund monthly cash distributions to shareholders. Gladstone Commercial is part of the broader Gladstone Companies ecosystem, which includes affiliated publicly traded entities Gladstone Capital (GLAD), Gladstone Investment (GAIN), and Gladstone Land (LAND), as well as Gladstone Securities, sharing investor relations and underwriting resources. Capital is sourced through NASDAQ-listed common and preferred stock (GOOD, GOODN, GOODO), a $600 million syndicated bank credit facility led by KeyBank, and private placements of senior unsecured notes (most recently $85M of 5.99% notes due 2030). The go-to-market for acquisitions is enterprise field sales with regional leadership teams sourcing $5M-$50M transactions through direct outreach, broker relationships, sale-leasebacks, and build-to-suit partnerships in primary and secondary U.S. growth markets, with closing timeframes of 30-60 days.

Gladstone Commercial has paid 255 consecutive monthly distributions since inception (surviving the Great Recession and COVID-19), though it executed a 20% dividend cut in 2023 amid pressure from underperforming office assets. The company has since executed a deliberate portfolio pivot toward industrial properties, deploying $206.7M into 19 industrial acquisitions in 2025 at an 8.88% weighted average cap rate, and adding a $22.75M HII-leased facility in Newport News, VA in May 2026. Leadership transitioned in March 2026 when longtime President Buzz Cooper succeeded founder David Gladstone as CEO, with David Gladstone remaining Chairman to preserve investor continuity.

Name

Gladstone Commercial Corp

Legal name

Gladstone Commercial Corporation

Website

https://gladstonecommercial.com

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

Gladstone Commercial Corporation (NASDAQ: GOOD) is a publicly traded net lease REIT that acquires and operates 151 single-tenant and multi-tenant industrial and office properties (17.7M SF, 27 states, 109 tenants) leased to creditworthy enterprises under long-term net leases, funding monthly shareholder distributions from predictable rental income.

Ownership category

akta.pro rank

Product category

Net Lease REIT / Commercial Real Estate

NAICS

Nonresidential Property Managers (531312)

SIC

Real Estate Dealers (For Their Own Account) (6532), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Commercial Real Estate Asset Management (BPAJAMAB)

Keywords

• Net lease REIT
• Industrial real estate
• Commercial property investment
• Sale-leaseback transactions
• Single-tenant properties

Headquarters

HQ city

Mclean

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Others

Revenue model

1. Rental Income: The company generates revenue primarily through rental income from its portfolio of net leased industrial and office properties. Properties are leased to tenants under absolute net, triple net, or net lease structures where tenants are responsible for operating expenses, taxes, insurance, repairs and maintenance. The company focuses on long-term leases (7+ years) to create stable, predictable cash flows for monthly distributions to shareholders.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Gladstone Commercial Corporation is a publicly traded equity real estate investment trust (REIT) that acquires, owns, and operates single-tenant and anchored multi-tenant industrial and office properties leased under net lease arrangements across the United States. Tenants are responsible for operating expenses, taxes, insurance, repairs, and maintenance under these leases, and the company focuses on long-term (7+ year) agreements with creditworthy tenants occupying mission-critical facilities. Revenue is generated primarily through rental income, with the company distributing substantially all taxable income to shareholders via monthly cash dividends.

Product overview

Gladstone Commercial Corporation is a diversified net lease REIT that operates as a single unified business offering two core property types: industrial and office properties leased on a net lease basis. The company's primary offering consists of single-tenant and anchored multi-tenant net leased industrial properties (69% of annualized rent as of Q1 2026), complemented by office properties. Beyond real estate operations, the company offers preferred equity products including Series E, Series F, and Series G Preferred Stock, as well as a Dividend Reinvestment Program (DRIP) for common stockholders. The business model centers on acquiring mission-critical properties in growth markets, maintaining high occupancy (98.7%), and generating consistent monthly cash distributions to shareholders.

Differentiator

Problem solved

Functional benefit

Products and services

• Net Leased Industrial Properties
• Net Leased Office Properties
• Dividend Reinvestment Program (DRIP)
• Series E Preferred Stock (GOODN)
• Series F Preferred Stock
• Series G Preferred Stock (GOODO)

Quantifiable outcome

• 98.7% portfolio occupancy rate
• +3 more outcomes

Named customers6 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Gladstone Capital Corporation (GLAD)coreStrategic or Co-development PartnerAffiliated publicly traded business development company (BDC) under the Gladstone Companies umbrella. Both are led by Chairman David Gladstone. Gladstone Capital historically operates as a debt fund investing in small and medium sized private businesses.
• Gladstone Investment Corporation (GAIN)coreStrategic or Co-development PartnerAffiliated publicly traded business development company (BDC) under the Gladstone Companies umbrella. Gladstone Investment historically operates as a buyout fund investing in small and medium sized private businesses.
• Gladstone Land Corporation (LAND)coreStrategic or Co-development PartnerAffiliated publicly traded REIT under the Gladstone Companies umbrella that invests in farmland located in major agricultural markets in the U.S.
• Gladstone Alternative Income FundminorStrategic or Co-development PartnerAffiliated non-listed interval fund focused on investing in directly originated loans to lower and middle market private businesses, broadly syndicated loans, and commercial real estate loans.
• Gladstone Securities, LLCminorChannel Partner/ Reseller/ DistributorAffiliated broker-dealer that provides investment banking and securities services to the Gladstone Companies ecosystem. David Gladstone serves on the board of managers.

Scale indicators12 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• National Retail Properties: Net lease REIT (NYSE: NNN) acquiring single-tenant retail and industrial properties under long-term net leases. Comparable on long-duration net lease structure and tenant credit underwriting, though skewed more to retail than industrial/office.
• EPR Properties: Net lease REIT (NYSE: EPR) focused on experiential and industrial properties leased to single tenants under long-term net leases. Directly comparable on net lease structure and focus on mission-critical single-tenant assets.
• STORE Capital (taken private by GIC/Oak Street): Formerly a NYSE-listed net lease REIT (taken private in 2023) focused on single-tenant operational real estate including industrial, office, and retail — a direct historical comparable to Gladstone Commercial on industrial/office net lease focus and middle-market tenant base.
• One Liberty Properties: Self-managed REIT (NYSE: OLP) that owns, manages, and leases a diversified portfolio of net leased industrial, office, retail, and health/fitness properties across the U.S. Closely comparable to Gladstone Commercial on multi-tenant net leased industrial/office mix.
• Global Net Lease: Publicly traded net lease REIT (NYSE: GNL) focused on industrial, office, and retail properties leased to single tenants globally. Directly comparable on net lease product type and credit underwriting approach, though with broader geographic footprint.
• Realty Income Corporation: The largest publicly traded net lease REIT (NYSE: O), focused on single-tenant freestanding commercial properties under long-term net leases. Directly comparable on business model (long-duration net leases), tenant underwriting, and monthly dividend distribution strategy.
• Generation Income Properties: Public net lease REIT (NASDAQ: GIPR) focused on single-tenant triple-net leased retail and industrial properties. Comparable on net lease structure and target tenant base of middle-market industrial/retail users.
• W. P. Carey: Diversified net lease REIT (NYSE: WPC) that owns and manages single-tenant industrial, office, retail, and warehouse properties under long-term net leases — directly comparable to Gladstone Commercial in both product type (net leased industrial/office) and customer base (corporate tenants seeking sale-leaseback solutions).

Broad incumbents

• Agree Realty Corporation: Net lease REIT (NYSE: ADC) primarily focused on retail rather than industrial/office, but a broad incumbent peer in the net lease space with substantially larger scale and similar tenant-credit-underwriting approach.

Others

• Gladstone Land Corporation: Sister REIT (NASDAQ: LAND) under the Gladstone Companies umbrella, focused on net leased farmland. An affiliated ecosystem peer rather than a direct competitor, useful for understanding the parent Gladstone Companies platform structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/TheGladstoneCompanies
• LinkedInlinkedin.com/company/gladstone-commercial-corporation?trk=biz-companies-cym
• Xx.com/GladstoneComps

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gladstone Commercial Corp