Gladstone Commercial (GOOD)
Buys and leases single-tenant industrial and office buildings under long-term triple-net leases nationwide.
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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
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Nov 5, 2025 | Loop Capital Markets | Target | Target: — | Target: $13 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $10.4M · Total debt $858.7M · Total assets $1.24B · Shareholders' equity $157.4M
- Revenue
- $44.0M
- Operating income
- $17.8M
- Net income
- $8.3M
HistoryDividendAnnual yield
| Institutions | 56.26% | 27.23M shares | |
|---|---|---|---|
| 207 holders · as of Jun 30, 2026 | |||
| Insiders | 0.18% | 86.3K shares | |
| 4 holders · as of Sep 1, 2026 | |||
| Other | 43.56% | 21.09M shares | |
| remainder | |||
48.41M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 9.25% | 4.48M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 5.35% | 2.59M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.42% | 2.14M | as of Jun 30, 2026 |
State Street CorpInstitution | 3.48% | 1.68M | as of Jun 30, 2026 |
Mirae Asset Global Etfs Holdings Ltd.Institution | 3.45% | 1.67M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 1, 2026 | Ryan Stuart Carter | officer: Executive Vice President | +100 | $13.02 |
| 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 |
- 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
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Gladstone Commercial | $12.78 | +1.40% | $609.9M | 23.7 | 78.2 | 3.6 | +11.3% |
| STAG Industrial | $37.39 | −0.32% | $7.23B | 28.9 | 74.5 | 8.2 | +7.8% |
| LXP Industrial Trust | $60.85 | −0.02% | $3.59B | 60.9 | 539.3 | 10.3 | +0.5% |
| Broadstone Net Lease | $19.14 | −0.75% | $3.70B | 26.1 | 27.1 | 7.7 | +8.3% |
| Global Net Lease | $8.77 | +0.29% | $1.85B | — | — | 4.0 | −10.0% |
| W. P. Carey | $67.12 | +1.38% | $15.08B | 22.6 | 22.7 | 7.9 | +7.0% |
| Median | 27.5 | 50.8 | 7.9 | +7.0% |