| Balance Sheets | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Real estate, at cost | 1,392,680 | 1,390,445 | 1,400,357 | 1,347,152 |
| Less accumulated depreciation | 370,491 | 359,513 | 350,153 | 339,331 |
| Total real estate, net | 1,022,189 | 1,030,932 | 1,050,204 | 1,007,821 |
| Lease intangibles, net | 112,569 | 115,579 | 120,338 | 114,242 |
| Real estate and related assets held for sale | 11,080 | 11,260 | 0 | 2,801 |
| Sales-type lease receivable, net | NaN | 0 | 0 | 0 |
| Cash and cash equivalents | 7,964 | 10,810 | 18,400 | 11,660 |
| Restricted cash | 5,566 | 5,781 | 6,232 | 4,240 |
| Funds held in escrow | 2,085 | 5,336 | 5,909 | 5,728 |
| Right-of-use assets from operating leases | 3,641 | 3,707 | 3,772 | 3,836 |
| Right-of-use assets from finance leases, net | 2,856 | 2,877 | 2,897 | 2,918 |
| Deferred rent receivable, net | 48,753 | 47,922 | 46,980 | 46,352 |
| Other assets | 14,285 | 12,729 | 10,271 | 10,395 |
| Total assets | 1,230,988 | 1,246,933 | 1,265,003 | 1,209,993 |
| Mortgage notes payable, net | 245,991 | 250,193 | 255,528 | 257,882 |
| Borrowings under revolver | 34,270 | 37,370 | 145,370 | 94,370 |
| Borrowings under term loan a, term loan b and term loan c, net | 397,874 | 397,702 | 348,466 | 348,294 |
| Borrowings under unsecured term loan d, net | NaN | NaN | 19,860 | 19,839 |
| Senior unsecured notes, net | 158,250 | 158,201 | 74,061 | 74,006 |
| Deferred rent liability, net | 16,313 | 17,191 | 19,129 | 20,619 |
| Operating lease liabilities | 3,752 | 3,816 | 3,879 | 3,941 |
| Finance lease liabilities | 2,973 | 2,964 | 2,955 | 2,947 |
| Asset retirement obligation | 5,400 | 5,363 | 5,328 | 5,222 |
| Accounts payable and accrued expenses | 14,086 | 10,959 | 15,158 | 19,950 |
| Liabilities related to assets held for sale | 397 | 397 | NaN | NaN |
| Other liabilities-Related Party | 2,856 | 3,223 | 2,468 | 3,011 |
| Other liabilities-Nonrelated Party | 15,193 | 17,621 | 17,802 | 12,550 |
| Total liabilities | 897,355 | 905,000 | 910,004 | 862,631 |
| Series e and g redeemable preferred stock, net, par value 0.001 per share 25 per share liquidation preference 10,750,886 and 10,750,886 shares authorized and 7,052,334 and 7,052,334 shares issued and outstanding at september30, 2025 and december31, 2024, respectively | 170,041 | 170,041 | 170,041 | 170,041 |
| Senior common stock, par value 0.001 per share 950,000 shares authorized and 386,723 and 389,190 shares issued and outstanding at september30, 2025 and december31, 2024, respectively | 1 | 1 | 1 | 1 |
| Common stock, par value 0.001 per share, 62,578,987 and 62,400,887 shares authorized and 48,400,749 and 43,986,038 shares issued and outstanding at september30, 2025 and december31, 2024, respectively | 48 | 48 | 48 | 46 |
| Series f redeemable preferred stock, par value 0.001 per share 25 per share liquidation preference 25,720,127 and 25,898,227 shares authorized and 767,237 and 914,553 shares issued and outstanding at september30, 2025 and december31, 2024, respectively | 1 | 1 | 1 | 1 |
| Additional paid in capital | 841,256 | 841,574 | 841,960 | 820,634 |
| Accumulated other comprehensive income | 6,028 | 3,314 | 3,699 | 4,303 |
| Distributions in excess of accumulated earnings | 683,857 | 673,168 | 660,883 | 647,794 |
| Total stockholders' equity | 163,477 | 171,770 | 184,826 | 177,191 |
| Op units held by non-controlling op unitholders | 115 | 122 | 132 | 130 |
| Total equity | 163,592 | 171,892 | 184,958 | 177,321 |
| Total liabilities, mezzanine equity and equity | 1,230,988 | 1,246,933 | 1,265,003 | 1,209,993 |
GLADSTONE COMMERCIAL CORP (GOOD)
GLADSTONE COMMERCIAL CORP (GOOD)