Gladstone Commercial (GOOD) Investor presentation summary

Company overview and portfolio

• Publicly traded REIT focused on single-tenant or anchored multi-tenant net lease industrial assets in growth markets, with 151 properties, $1.8 billion in gross assets, and 17.7 million square feet at 99.1% occupancy as of December 31, 2025.

• Portfolio diversified across 109 unique tenants in 27 states, with no tenant accounting for more than 6% of annualized straight-line rent.

• Industrial assets comprise 69% of annualized straight-line base rent, up from 35% in 2018, with a target of at least 70% in the next 12 months.

• Most industrial leases have fixed annual escalations up to 3.5%, supporting steady contractual revenue growth.

• Average remaining lease term is 7.3 years, with over 72% of base rent expiring in 2029 or later.

Financial performance and capital structure

• 2025 total revenue reached $161.3 million, with funds from operations (FFO) per diluted share at $1.41 and core FFO per diluted share at $1.42.

• Distributed over $68.6 million in dividends to shareholders in 2025.

• Net debt/gross assets reduced from 56.9% in 2015 to 47.4% in 2025; 95% of debt is fixed or hedged, with only 4.2% maturing before 2027.

• $73.6 million in available liquidity as of year-end 2025, with institutional stock ownership rising to 50.2%.

• Weighted average interest rate on mortgage debt is 4.21%.

Investment strategy and asset management

• Focus on acquiring mission-critical, well-located industrial properties with long-term NNN leases in growth markets.

• In-house underwriting team critically evaluates tenant credit; only six tenant defaults in 20+ years.

• Consistently high rent collection: 100% in 2021–2025, 99% in 2020.

• Recent acquisitions include industrial assets in Dallas-Fort Worth, Milwaukee, Detroit, Michigan, Indiana, Georgia, and Houston, with lease terms ranging from 10 to 20 years.

• Asset management includes proactive leasing and maintaining high occupancy, with occupancy never below 95% historically.