Gladstone Commercial (NASDAQ: GOOD) is the monthly-dividend industrial pivot: an externally managed net lease portfolio steadily rotating from suburban office into industrial properties, with a 2023 dividend reset that right-sized a payout the office exposure could no longer carry.
| Gladstone Commercial (GOOD) Snapshot | |
|---|---|
| Share Price (delayed) | $12.62 +0.60% |
| Market Cap | $607M |
| Annualized Dividend | $1.20 (Quarterly) |
| Dividend Yield | 9.57% |
| Sector | Net Lease ยท Industrial & Office Net Lease |
Market data updates automatically several times daily. Last price refresh: Jul 14, 2026.
Business Model
The rotation is the story: industrial has grown to a large majority of rents as legacy office is sold, tenant credit is underwritten in-house with decent granularity, and the monthly dividend serves the retail-income shareholder base the Gladstone complex cultivates. Post-reset coverage is adequate.
The Honest Risk Section
External management (fees to the Gladstone adviser) earns our structural discount, the 2023 cut resets the payout-record clock, remaining office assets sell into a buyer’s market, and small-cap cost of capital governs growth. Income vehicle economics: reasonable yield, capped compounding.
Frequently Asked Questions
Does Gladstone Commercial pay monthly?
Yes, monthly, reset lower in 2023 to match the portfolio’s transition away from office; coverage at the reduced rate is adequate.
What is GOOD’s strategy?
Rotate out of suburban office into net-leased industrial while maintaining the monthly payout its shareholder base holds it for.
Analysis reflects disclosures through Q1 2026. Live market data updates automatically. Independent research, not investment advice.
Why buy the REIT when you can own the asset?
Net lease REITs typically yield 4.5% to 6.5%. Direct ownership of a single-tenant NNN property leased to the same investment-grade tenants historically trades at 6% to 7.5% cap rates, plus depreciation benefits and 1031 exchange eligibility that REIT shareholders never receive.
Compare Direct NNN Ownership