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Gladstone Commercial

Nasdaq:GOOD.M
Snowflake Description

Moderate growth potential second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GOOD.M
Nasdaq
$655M
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Gladstone Commercial Corporation is a real estate investment trust focused on acquiring, owning, and operating net leased industrial and office properties across the United States. The last earnings update was 20 days ago. More info.


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GOOD.M Share Price and Events
7 Day Returns
0.2%
NasdaqGS:GOOD.M
1.8%
US REITs
-0.7%
US Market
1 Year Returns
1.6%
NasdaqGS:GOOD.M
16.3%
US REITs
3%
US Market
GOOD.M Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Gladstone Commercial (GOOD.M) 0.2% -1.3% 0.6% 1.6% - -
US REITs 1.8% 2.4% 3.1% 16.3% 13.8% 26.4%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • GOOD.M underperformed the REITs industry which returned 16.3% over the past year.
  • GOOD.M underperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
GOOD.M
Industry
5yr Volatility vs Market

Value

 Is Gladstone Commercial undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Gladstone Commercial to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Gladstone Commercial.

NasdaqGS:GOOD.M Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.2%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:GOOD.M
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (85.31%))
0.926
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.93
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.926 * 5.96%)
8.25%

Discounted Cash Flow Calculation for NasdaqGS:GOOD.M using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Gladstone Commercial is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Gladstone Commercial is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NasdaqGS:GOOD.M DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 8.25%)
2019 48.89 Analyst x3 45.16
2020 54.11 Analyst x2 46.18
2021 56.20 Est @ 3.85% 44.31
2022 58.17 Est @ 3.52% 42.37
2023 60.08 Est @ 3.28% 40.43
2024 61.95 Est @ 3.12% 38.51
2025 63.81 Est @ 3% 36.64
2026 65.67 Est @ 2.92% 34.84
2027 67.55 Est @ 2.86% 33.11
2028 69.46 Est @ 2.82% 31.45
Present value of next 10 years cash flows $393.00
NasdaqGS:GOOD.M DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $69.46 × (1 + 2.73%) ÷ (8.25% – 2.73%)
$1,293.62
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $1,293.62 ÷ (1 + 8.25%)10
$585.71
NasdaqGS:GOOD.M Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $393.00 + $585.71
$978.71
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $978.71 / 30.29
$37.85
NasdaqGS:GOOD.M Discount to Share Price
Calculation Result
Value per share (USD) From above. $44.34
Current discount Discount to share price of $25.34
= -1 x ($25.34 - $44.34) / $44.34
42.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Gladstone Commercial is available for.
Intrinsic value
43%
Share price is $25.34 vs Future cash flow value of $44.34
Current Discount Checks
For Gladstone Commercial to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Gladstone Commercial's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Gladstone Commercial's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Gladstone Commercial's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Gladstone Commercial's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:GOOD.M PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.03
NasdaqGS:GOOD Share Price ** NasdaqGS (2019-05-17) in USD $21.63
United States of America REITs Industry PE Ratio Median Figure of 156 Publicly-Listed REITs Companies 32.79x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Gladstone Commercial.

NasdaqGS:GOOD.M PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:GOOD Share Price ÷ EPS (both in USD)

= 21.63 ÷ 0.03

642.91x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Gladstone Commercial is overvalued based on earnings compared to the US REITs industry average.
  • Gladstone Commercial is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Gladstone Commercial's expected growth come at a high price?
Raw Data
NasdaqGS:GOOD.M PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 642.91x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
28.9%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.4x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

NasdaqGS:GOOD.M PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 642.91x ÷ 28.9%

22.27x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Gladstone Commercial is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Gladstone Commercial's assets?
Raw Data
NasdaqGS:GOOD.M PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $8.47
NasdaqGS:GOOD Share Price * NasdaqGS (2019-05-17) in USD $21.63
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NasdaqGS:GOOD.M PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:GOOD Share Price ÷ Book Value per Share (both in USD)

= 21.63 ÷ 8.47

2.55x

* Primary Listing of Gladstone Commercial.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Gladstone Commercial is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Gladstone Commercial's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Gladstone Commercial has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Gladstone Commercial expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
28.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Gladstone Commercial expected to grow at an attractive rate?
  • Gladstone Commercial's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Gladstone Commercial's earnings growth is expected to exceed the United States of America market average.
  • Gladstone Commercial's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:GOOD.M Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:GOOD.M Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 28.9%
NasdaqGS:GOOD.M Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 5.3%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:GOOD.M Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:GOOD.M Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 126 3 1
2020-12-31 125 -1 2
2019-12-31 118 1 3
NasdaqGS:GOOD.M Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 109 56 1
2018-12-31 107 56 1
2018-09-30 105 53 -3
2018-06-30 103 51 -3
2018-03-31 99 49 -5
2017-12-31 95 47 -5
2017-09-30 92 46 -1
2017-06-30 89 45 -3
2017-03-31 87 43 -2
2016-12-31 86 41 -4
2016-09-30 86 36 -2
2016-06-30 86 33 -1

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Gladstone Commercial's earnings are expected to grow significantly at over 20% yearly.
  • Gladstone Commercial's revenue is expected to grow by 5.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:GOOD.M Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Gladstone Commercial Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:GOOD.M Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 -0.10 -0.10 -0.10 1.00
2019-12-31 0.00 0.04 -0.04 2.00
NasdaqGS:GOOD.M Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.03
2018-12-31 0.03
2018-09-30 -0.10
2018-06-30 -0.11
2018-03-31 -0.18
2017-12-31 -0.19
2017-09-30 -0.04
2017-06-30 -0.12
2017-03-31 -0.06
2016-12-31 -0.16
2016-09-30 -0.09
2016-06-30 -0.05

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Gladstone Commercial will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Gladstone Commercial's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Gladstone Commercial has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Gladstone Commercial performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Gladstone Commercial's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Gladstone Commercial has delivered over 20% year on year earnings growth in the past 5 years.
  • Gladstone Commercial has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Gladstone Commercial has become profitable in the last year making it difficult to compare the US REITs industry average.
Earnings and Revenue History
Gladstone Commercial's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Gladstone Commercial Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:GOOD.M Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 108.58 0.97 7.20
2018-12-31 106.80 0.97 7.01
2018-09-30 104.79 -2.96 6.69
2018-06-30 102.56 -3.18 6.53
2018-03-31 98.84 -4.88 6.31
2017-12-31 94.80 -4.94 6.06
2017-09-30 91.56 -0.98 5.97
2017-06-30 88.78 -2.93 5.65
2017-03-31 87.16 -1.54 5.93
2016-12-31 86.37 -3.70 6.24
2016-09-30 86.15 -2.10 6.01
2016-06-30 85.97 -1.15 6.13
2016-03-31 85.41 -1.38 5.73
2015-12-31 83.77 -1.51 6.29
2015-09-30 81.20 2.16 5.77
2015-06-30 78.80 2.61 5.86
2015-03-31 76.50 3.55 6.05
2014-12-31 73.76 -10.54 5.51
2014-09-30 71.40 -16.27 5.13
2014-06-30 68.58 -16.14 4.45
2014-03-31 64.44 -16.86 3.76
2013-12-31 61.34 -2.87 3.87
2013-09-30 58.27 -2.53 4.02
2013-06-30 55.06 -1.80 4.23
2013-03-31 53.21 -1.35 3.99
2012-12-31 51.27 -0.45 4.06
2012-09-30 48.95 0.08 4.37
2012-06-30 47.15 0.85 4.23

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Gladstone Commercial has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Gladstone Commercial used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Gladstone Commercial's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Gladstone Commercial's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Gladstone Commercial has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Gladstone Commercial's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Gladstone Commercial's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Gladstone Commercial is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Gladstone Commercial's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Gladstone Commercial's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Gladstone Commercial Company Filings, last reported 1 month ago.

NasdaqGS:GOOD.M Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 343.89 558.94 4.82
2018-12-31 340.02 566.46 7.66
2018-09-30 332.72 542.08 4.48
2018-06-30 336.81 542.46 5.67
2018-03-31 343.40 544.33 5.08
2017-12-31 350.23 542.63 7.50
2017-09-30 349.01 518.88 4.34
2017-06-30 316.42 484.78 5.09
2017-03-31 307.57 496.27 4.24
2016-12-31 310.62 509.40 4.76
2016-09-30 293.13 516.19 8.80
2016-06-30 252.09 540.14 4.00
2016-03-31 227.56 556.20 5.04
2015-12-31 233.87 563.43 5.19
2015-09-30 230.43 576.91 3.75
2015-06-30 230.87 571.04 3.30
2015-03-31 227.16 548.85 5.76
2014-12-31 217.67 541.10 8.60
2014-09-30 189.20 544.46 5.24
2014-06-30 190.55 520.39 2.37
2014-03-31 169.85 489.45 5.83
2013-12-31 183.15 485.50 8.57
2013-09-30 164.86 477.16 4.53
2013-06-30 166.38 408.94 4.02
2013-03-31 123.65 425.94 7.28
2012-12-31 122.37 422.69 5.55
2012-09-30 124.01 381.93 14.78
2012-06-30 127.64 353.27 4.27
  • Gladstone Commercial's level of debt (162.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (288% vs 162.5% today).
  • Debt is not well covered by operating cash flow (9.9%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Gladstone Commercial's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Gladstone Commercial has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Gladstone Commercial's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.93%
Current annual income from Gladstone Commercial dividends. Estimated to be 7.03% next year.
If you bought $2,000 of Gladstone Commercial shares you are expected to receive $139 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Gladstone Commercial's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Gladstone Commercial's dividend is above the markets top 25% of dividend payers in United States of America (3.69%).
Upcoming dividend payment

Purchase Gladstone Commercial before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:GOOD.M Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:GOOD.M Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.60 1.00
2020-12-31 1.52 3.00
2019-12-31 1.50 4.00
NasdaqGS:GOOD.M Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-09 1.500 7.044
2019-01-08 1.500 7.368
2018-10-09 1.500 8.019
2018-07-10 1.500 7.661
2018-04-10 1.500 8.164
2018-01-09 1.500 8.317
2017-10-10 1.500 6.835
2017-07-11 1.500 7.008
2017-04-11 1.500 7.014
2017-01-10 1.500 7.478
2016-10-11 1.500 8.079
2016-07-12 1.500 8.316
2016-04-12 1.500 8.889
2016-01-12 1.500 10.087
2015-10-14 1.500 10.030
2015-07-14 1.500 10.021
2015-04-15 1.500 8.576
2015-01-13 1.500 8.340
2014-10-07 1.500 8.566
2014-07-15 1.500 8.467
2014-04-08 1.500 8.534
2014-01-07 1.500 8.440
2013-10-08 1.500 8.206
2013-07-09 1.500 8.246
2013-04-09 1.500 7.710
2013-01-08 1.500 7.904
2012-10-10 1.500 8.344
2012-07-10 1.500 8.417
2012-04-11 1.500 9.030
2012-01-10 1.500 8.425
2011-10-11 1.500 8.861
2011-07-12 1.500 9.202
2011-04-12 1.500 8.304
2011-01-11 1.500 8.130
2010-10-05 1.500 8.036
2010-07-07 1.500 8.886
2010-04-07 1.500 9.335
2010-01-12 1.500 10.677
2009-10-06 1.500 11.258
2009-07-08 1.500 11.019

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • No dividend growth in 10 years.
Current Payout to shareholders
What portion of Gladstone Commercial's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.8x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Gladstone Commercial's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Gladstone Commercial afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Gladstone Commercial has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Gladstone Commercial's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
David Gladstone
COMPENSATION $70,898
AGE 76
TENURE AS CEO 16.3 years
CEO Bio

Mr. David John Gladstone is the Founder of The Gladstone Companies and has been its Chief Executive Officer and Chairman since inception in 2003. Mr. Gladstone founded Gladstone Commercial Corp. in 2003 and has been its Chief Executive Officer and Chairman since February 14, 2003. Mr. Gladstone has been a Director of Gladstone Commercial Corp. since February 14, 2003. He serves as the Chairman and Chief Executive Officer of Gladstone Management Corporation. Mr. Gladstone is the Founder of Gladstone Land Corporation and has been its Chairman, Chief Executive Officer and President since inception in 1997. Mr. Gladstone founded Gladstone Lending Corp. in December 2009 and has been its Chairman and Chief Executive Officer, since December 2009. Mr. Gladstone additionally serves on the Board of Managers of Gladstone Securities, LLC. He also founded and continues to serves as Chief Executive Officer and Chairman of affiliates, including Gladstone Capital Corporation, Gladstone Investment Corporation, Gladstone Land, Adviser, and Administrator. Mr. Gladstone was the Founder and Managing Member of The Capital Investors, LLC and is a member Emeritus. From 1974 to February 1997, Mr. Gladstone held various positions including the Chairman and Chief Executive Officer at Allied Capital Corp., Allied Capital Corporation II, Allied Capital Lending Corporation and Allied Capital Advisers Inc. From 1991 to 1997, Mr. Gladstone served as the President and Chairman of Allied Capital Commercial Corp. From 1991 to 1997, Mr. Gladstone served the Chairman and President of Allied Capital Commercial Corporation. From 1992 to 1997, he served as the President, Chief Executive Officer and Director of Business Mortgage Investors. He serves as Chairman of Dole Berry Company, LLC and is the Owner and Chairman of B & G Berry Corp. He served as a Trustee of The George Washington University and was a Trustee Emeritus. From August 1997 to August 2001, Mr. Gladstone served as Chairman or Vice Chairman of American Capital Strategies from August 1997 to August 2001. He was the Chairman of American Capital, Ltd. from 1997 to 1998. He served as Director of Capital Automotive REIT. He served as a Director of The Riggs National Corporation, from 1993 to May 1997, as well as at Riggs Bank, from 1991 to 1993. He has co- authored two books on financing for small and medium sized businesses, Venture Capital Handbook and Venture Capital Investing. He holds an M.B.A. Degree from the Harvard Business School, an M.A. from American University and a B.A. in Government and Economics from the University of Virginia.

CEO Compensation
  • Insufficient data for David to compare compensation growth.
  • Insufficient data for David to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Gladstone Commercial management team in years:

9.3
Average Tenure
58
Average Age
  • The average tenure for the Gladstone Commercial management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

David Gladstone

TITLE
Founder
COMPENSATION
$71K
AGE
76
TENURE
16.3 yrs

Terry Brubaker

TITLE
Vice Chairman & COO
COMPENSATION
$169K
AGE
74
TENURE
16.3 yrs

Bob Cutlip

TITLE
President
AGE
68
TENURE
6.9 yrs

Mike Sodo

TITLE
Chief Financial Officer
COMPENSATION
$95K
AGE
40
TENURE
2.5 yrs

Karin McLaughlin

TITLE
Investor Relations Specialist

Jack Dellafiora

TITLE
Chief Compliance Officer
TENURE
11.7 yrs

Michael LiCalsi

TITLE
General Counsel & Secretary
AGE
48

Buzz Cooper

TITLE
Senior Managing Director

Matt Tucker

TITLE
Senior Managing Director
AGE
45

Brandon Flickinger

TITLE
Managing Director
TENURE
1.8 yrs
Board of Directors Tenure

Average tenure and age of the Gladstone Commercial board of directors in years:

15.6
Average Tenure
73
Average Age
  • The average tenure for the Gladstone Commercial board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Terry Brubaker

TITLE
Vice Chairman & COO
COMPENSATION
$169K
AGE
74
TENURE
11.8 yrs

Paul Adelgren

TITLE
Lead Independent Director
COMPENSATION
$38K
AGE
75
TENURE
15.8 yrs

David Gladstone

TITLE
Founder
COMPENSATION
$71K
AGE
76
TENURE
15.8 yrs

Anthony Parker

TITLE
Director
COMPENSATION
$45K
AGE
73
TENURE
15.8 yrs

John Outland

TITLE
Director
COMPENSATION
$48K
AGE
73
TENURE
15.4 yrs

Michela English

TITLE
Director
COMPENSATION
$37K
AGE
68
TENURE
15.8 yrs

Walter Wilkinson

TITLE
Director
COMPENSATION
$37K
AGE
72
TENURE
4.6 yrs

Caren Merrick

TITLE
Director
COMPENSATION
$37K
AGE
58
TENURE
4.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Gladstone Commercial's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Gladstone Commercial has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Gladstone Commercial Corporation is a real estate investment trust focused on acquiring, owning, and operating net leased industrial and office properties across the United States. Including payments through April 2019, Gladstone Commercial has paid 172 consecutive monthly cash distributions on its common stock. Prior to paying distributions on a monthly basis, Gladstone Commercial paid five consecutive quarterly cash distributions. The company has also paid 160 consecutive monthly cash distributions on its Series A Preferred Stock, 151 consecutive monthly cash distributions on its Series B Preferred Stock and 36 consecutive monthly cash distributions on its Series D Preferred Stock. Gladstone Commercial has never skipped, reduced or deferred a distribution since its inception in 2003.

Details
Name: Gladstone Commercial Corporation
GOOD.M
Exchange: NasdaqGS
Founded: 2003
$655,190,912
30,290,842
Website: http://www.gladstonecommercial.com
Address: Gladstone Commercial Corporation
1521 Westbranch Drive,
Suite 100,
McLean,
Virginia, 22102,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS GOOD Common Stock Nasdaq Global Select US USD 13. Aug 2003
DB GLE Common Stock Deutsche Boerse AG DE EUR 13. Aug 2003
LSE 0IVQ Common Stock London Stock Exchange GB USD 13. Aug 2003
NasdaqGS GOOD.P PFD SER A Nasdaq Global Select US USD 26. Jan 2006
NasdaqGS GOOD.M PFD SER D Nasdaq Global Select US USD 26. May 2016
NasdaqGS GOOD.O PFD B 7.50% Nasdaq Global Select US USD 25. Oct 2006
Number of employees
Current staff
Staff numbers
0
Gladstone Commercial employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 03:13
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/03
Last earnings filing: 2019/04/30
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.