GLADSTONE COMMERCIAL CORP
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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FY2025 · Filed Feb 18, 2026
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Item 2. Properties
As of December 31, 2025, we wholly-owned 151 properties, comprised of 17.7 million square feet of rentable space in 27 states. Our properties were 99.1% leased with an average remaining lease term of 7.3 years. See Schedule III - Real Estate and Accumulated Depreciation included elsewhere in this Annual Report on Form 10-K for a detailed listing of the properties in our portfolio.
The following table summarizes the lease expirations by year for our properties for leases in place as of December 31, 2025 (dollars in thousands):
| Year of Lease Expiration · Square Feet (1) · Number of Expiring Leases · Lease Revenue for the twelve months ended December 31, 2025 · % Expiring | |||||
|---|---|---|---|---|---|
| 2026 | 1,386,295 | 8 | $19,103 | 11.8% | |
| 2027 | 1,136,955 | 13 | 18,215 | 11.3 | |
| 2028 | 1,822,647 | 15 | 12,772 | 7.9 | |
| 2029 | 1,647,579 | 17 | 11,731 | 7.3 | |
| 2030 | 996,574 | 12 | 12,063 | 7.5 | |
| Thereafter | 10,519,597 | 78 | 84,918 | 52.6 | |
| Sold/terminated leases | N/A | N/A | 2,534 | 1.6 | |
| 17,509,647 | 143 | $161,336 | 100.0% | ||
(1)Our vacant square footage totaled 166,316 square feet as of December 31, 2025.
N/A - Not Applicable
The following table summarizes the geographic locations of our properties as of December 31, 2025, 2024, and 2023, respectively (dollars in thousands):
| State | Lease Revenue for the twelve months ended December 31, 2025 | % of Lease Revenue | Number of Leases for the twelve months ended December 31, 2025 | Rentable Square Feet for the twelve months ended December 31, 2025 | Lease Revenue for the twelve months ended December 31, 2024 | % of Lease Revenue | Number of Leases for the twelve months ended December 31, 2024 | Rentable Square Feet for the twelve months ended December 31, 2024 | Lease Revenue for the year ended December 31, 2023 | % of Lease Revenue | Number of Leases for the year ended December 31, 2023 | Rentable Square Feet for the year ended December 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Texas | $25,454 | 15.8% | 17 | 1,723,160 | $18,772 | 12.6% | 15 | 1,367,382 | $17,847 | 12.1% | 14 | 1,473,264 |
| Pennsylvania | 21,419 | 13.3 | 11 | 2,420,790 | 20,209 | 13.5 | 11 | 2,420,790 | 14,809 | 10.0 | 10 | 2,267,847 |
| Florida | 17,489 | 10.8 | 9 | 1,045,404 | 17,228 | 11.5 | 9 | 1,045,404 | 19,387 | 13.1 | 9 | 1,045,404 |
| Ohio | 13,487 | 8.4 | 15 | 1,197,505 | 12,267 | 8.2 | 15 | 1,197,505 | 14,347 | 9.7 | 15 | 1,312,291 |
| Georgia | 9,439 | 5.9 | 12 | 1,102,054 | 12,132 | 8.1 | 9 | 1,660,655 | 12,061 | 8.2 | 11 | 1,686,986 |
| Alabama | 8,689 | 5.4 | 6 | 1,107,654 | 8,675 | 5.8 | 6 | 1,107,654 | 8,793 | 6.0 | 6 | 1,107,654 |
| North Carolina | 8,577 | 5.3 | 9 | 1,479,430 | 9,464 | 6.3 | 10 | 1,539,430 | 9,340 | 6.3 | 10 | 1,539,430 |
| Michigan | 8,073 | 5.0 | 10 | 1,341,513 | 6,833 | 4.6 | 6 | 973,638 | 6,487 | 4.4 | 6 | 973,638 |
| Colorado | 7,506 | 4.7 | 4 | 482,481 | 7,480 | 5.0 | 4 | 482,481 | 7,480 | 5.1 | 4 | 482,481 |
| Wisconsin | 5,761 | 3.6 | 3 | 951,083 | 1,815 | 1.2 | 2 | 647,092 | 1,728 | 1.2 | 2 | 647,092 |
| All Other States | 35,442 | 21.8 | 47 | 4,824,889 | 34,513 | 23.2 | 45 | 4,457,856 | 35,305 | 23.9 | 50 | 4,523,182 |
| $161,336 | 100.0% | 143 | 17,675,963 | $149,388 | 100.0% | 132 | 16,899,887 | $147,584 | 100.0% | 137 | 17,059,269 |
The following table summarizes lease revenue by tenant industries for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):
| For the year ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | ||||
| Industry Classification | Lease Revenue | Percentage of Lease Revenue | Lease Revenue | Percentage of Lease Revenue | Lease Revenue | Percentage of Lease Revenue |
| Automotive | $24,534 | 15.2% | $21,617 | 14.5% | $20,697 | 14.0% |
| Diversified/Conglomerate Services | 20,285 | 12.6 | 23,584 | 15.8 | 18,379 | 12.5 |
| Buildings and Real Estate | 15,437 | 9.6 | 14,800 | 9.9 | 9,667 | 6.6 |
| Telecommunications | 14,030 | 8.7 | 13,401 | 9.0 | 21,306 | 14.1 |
| Beverage. Food & Tobacco | 12,918 | 8.0 | 5,829 | 3.9 | 5,724 | 3.9 |
| Diversified/Conglomerate Manufacturing | 12,126 | 7.5 | 9,969 | 6.7 | 10,648 | 7.2 |
| Personal, Food & Miscellaneous Services | 10,481 | 6.5 | 9,554 | 6.4 | 9,382 | 6.4 |
| Banking | 8,949 | 5.5 | 9,366 | 6.3 | 9,538 | 6.5 |
| Machinery | 7,375 | 4.6 | 7,393 | 4.9 | 5,874 | 4.0 |
| Personal & Non-Durable Consumer Products | 7,317 | 4.5 | 7,440 | 5.0 | 7,648 | 5.2 |
| Healthcare | 7,217 | 4.5 | 8,180 | 5.5 | 11,156 | 7.6 |
| Chemicals, Plastics & Rubber | 5,399 | 3.3 | 5,391 | 3.6 | 5,365 | 3.6 |
| Containers, Packaging & Glass | 4,727 | 2.9 | 4,620 | 3.1 | 4,065 | 2.8 |
| Electronics | 2,829 | 1.8 | 1,176 | 0.8 | 1,145 | 0.8 |
| Childcare | 2,294 | 1.4 | 2,293 | 1.5 | 2,292 | 1.6 |
| Information Technology | 2,288 | 1.4 | 2,288 | 1.5 | 2,439 | 1.7 |
| Printing & Publishing | 1,066 | 0.7 | 1,065 | 0.7 | 930 | 0.6 |
| Oil & Gas | 994 | 0.6 | 339 | 0.2 | — | — |
| Education | 577 | 0.4 | 590 | 0.4 | 836 | 0.6 |
| Home & Office Furnishings | 493 | 0.3 | 493 | 0.3 | 493 | 0.3 |
| Total | $161,336 | 100.0% | $149,388 | 100.0% | $147,584 | 100.0% |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.