Gladstone Commercial Corporation reported portfolio occupancy of 99.3% at September 30, 2026, up from 98.7 last quarter. Core FFO was $0.35 per share, industrial assets represented 69% of annualized straight-line rent, and cash rents collected were 100%.
GOOD · Gladstone Commercial Corp
5 customers — 17.2% of revenue (As of December 31, 2025)
“our five largest tenants accounted for approximately 17.2% of our total lease revenue.”
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Gladstone Commercial Corporation reported third-quarter results for the period ended September 30, 2026: Core FFO was $16.9 million, down 7.8%, while net loss attributable to common stockholders and Non-controlling OP Unitholders was $5.2 million, or $0.11 per share.
Gladstone Commercial Corporation reported third-quarter 2026 lease revenue of $42,419 thousand, up 3.9%, but posted a net loss of $2,063 thousand after a $6,518 thousand impairment charge; diluted FFO per share was $0.35.
Walter H. Wilkinson Jr. resigned from Gladstone Commercial Corporation’s Board effective October 22, 2026; George “Chip” Stelljes, III became Lead Independent Director effective October 26, 2026, when the board size was fixed at seven.
Metrics snapshot
Useful current figures from the complete screener profile.
Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q3 FY26 earnings call · Nov 4, 2026TL;DR. Portfolio occupancy rose to 99.3%, cash-rent collections remained at 100%, and the company completed an accretive acquisition and substantial leasing activity. Third-quarter Core FFO declined 7.8%, the company reported a $5.2 million net loss and a $6.5 million impairment, while higher rates, refinancing needs, and limited qualifying acquisitions created headwinds.
- + Portfolio occupancy increased to 99.3% from 98.7% last quarter, with a 7.1-year average remaining lease term.
- + The company collected 100% of cash-based rents during the period.
- + The company acquired a fully occupied 146,650-square-foot industrial property for $6.6 million at a 9.16% cap rate.
- + The company leased or renewed 502,557 square feet during the third quarter.
- + Same-store lease revenue increased 0.2% for the first nine months of 2026.
- + All outstanding bank term loans were hedged to maturity through interest-rate swaps.
- − Third-quarter Core FFO decreased 7.8% from the prior quarter to $16.9 million, or $0.35 per share.
- − The company reported a $5.2 million net loss attributable to common stockholders and OP unitholders, or $0.11 per share.
- − Total operating expenses increased 25.5% from the prior quarter.
- − The company recognized a $6.5 million impairment charge on one property.
- − Higher interest rates and a wide gap between seller and buyer pricing reduced the number of acquisition opportunities meeting the company's criteria.
- − The company faces $7.4 million of loan maturities in 2026 and $99.9 million in 2027.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Strong SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Basic FFO per weighted average share of common stock and Non-controlling OP Unit non-GAAP | $0.38 | For the three months ended June 30, 2026 filing | — |
| Core FFO available to common stockholders and Non-controlling OP Unitholders - basic non-GAAP | $18.23M | Q2 FY2026 | — |
| Core FFO available to common stockholders and Non-controlling OP Unitholders - diluted non-GAAP | $18.33M | Q2 FY2026 | — |
| Diluted FFO per weighted average share of common stock and Non-controlling OP Unit non-GAAP | $0.38 | For the three months ended June 30, 2026 filing | — |
| Distributions declared per share of common stock and Non-controlling OP Unit non-GAAP | $0.3 | For the three months ended June 30, 2026 filing | — |
| FFO available to common stockholders and Non-controlling OP Unitholders - basic non-GAAP | $18.19M | For the three months ended June 30, 2026 filing | — |
| FFO available to common stockholders and Non-controlling OP Unitholders - diluted non-GAAP | $18.29M | Q2 FY2026 | — |
| FFO available to common stockholders and Non-controlling OP Unitholders plus assumed conversions non-GAAP | $18.29M | For the three months ended June 30, 2026 filing | — |
| Properties owned | 151 | Q2 FY2026 | — |
| Square feet leased | 98.7% | Q2 FY2026 | — |
| Square feet owned | 17,669,871 | Q2 FY2026 | — |
| Weighted average shares of common stock and Non-controlling OP Units outstanding - basic | 48,446,593 | Q2 FY2026 | — |
| Weighted average shares of common stock and Non-controlling OP Units outstanding - diluted | 48,768,526 | Q2 FY2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
REIT - Diversified — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
GOOD
this stock
Gladstone Commercial Corp
|
$484.34M | -6.6% | +8.0% | 76.7 | 9.0% |
|
VICI
Vici Properties Inc.
|
$27.54B | -11.1% | +4.1% | 11.5 | 2.7% |
|
WPC
W. P. Carey Inc.
|
$15.11B | +2.0% | +8.4% | 23.2 | 3.9% |
|
BNL
Broadstone Net Lease, Inc.
|
$3.38B | +1.3% | +5.2% | 23.2 | 10.6% |
|
GNL
Global Net Lease, Inc.
|
$1.47B | -23.5% | -13.1% | — | 6.5% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Nov 3, 2026
- This year
- 16
Gladstone Commercial Corporation reported third-quarter results for the period ended September 30, 2026: Core FFO was $16.9 million, down 7.8%, while net loss attributable to common stockholders and Non-controlling OP Unitholders was $5.2 million, or $0.11 per share.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| GOOD | -1.8% | -20.1% | -22.6% | -12.8% | -6.6% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -4.4% | -18.9% | -23.1% | -12.6% | -17.2% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.