Gladstone Commercial (GOOD) Q2 2026 earnings summary

Executive summary

• Portfolio comprised 151–152 properties totaling up to 17.8 million sq ft across 27 states, with occupancy at 98.7–98.9% as of June 30, 2026.

• Portfolio leased to 109 tenants in 21 industries, with a weighted average lease term of 7.1 years and 53% investment grade tenants.

• Achieved strong performance with stabilized revenues, full rent collection, and resilience amid macroeconomic uncertainty.

• Acquired a 153,890 sq ft industrial property in Newport News, VA for $22.8 million and a 146,650 sq ft property in Red Bud, IL for $6.6 million, funded without equity issuance.

• Sold a 161,458 sq ft industrial building in Monroe, NC, and other non-core assets, redeploying proceeds into higher-yielding properties.

Financial highlights

• FFO and Core FFO per share were $0.38 for Q2 2026, up from $0.33 and $0.35 in Q2 2025; Q2 2026 FFO totaled $18.3 million.

• Net income for Q2 2026 was $8.3 million, with net income available to common stockholders at $5.1 million ($0.11/share).

• Total operating revenues for Q2 2026 were $43.99 million, up from $39.5 million in Q2 2025.

• Paid $0.30 per share in dividends for Q2 2026, with a payout ratio of 78.9% and a 9.8% yield.

• Real estate assets before depreciation totaled $1.42 billion; total assets reached $1.24 billion.

Outlook and guidance

• Focused on acquiring high-quality industrial assets, increasing industrial rent concentration, and capital recycling.

• Lease expirations are well staggered, with only 6.3–7.1% of annualized straight-line rents expiring through 2026.

• Management expects stable industrial rent growth, high occupancy, and continued access to capital markets.