Gladstone Commercial (GOOD) Investor presentation summary

Portfolio overview and strategy

• Focuses on single tenant or anchored multi-tenant net lease industrial assets with long-term leases averaging 7.3 years and strong credit tenants in growth markets.

• Portfolio consists of 151 properties, 109 unique tenants, and 17.7 million square feet, with 98.7% occupancy as of March 31, 2026.

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

• Diversified across 27 states and multiple industries, with no tenant accounting for more than 6% of annualized rent.

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

Financial performance and capital structure

• Gross assets total $1.8 billion, with a 93% revenue growth and 78% asset growth from 2015 to 2025.

• Funds from operations (FFO) per share (diluted) was $0.37 for Q1 2026, with distributions declared per share at $0.30.

• Net income available to common stockholders was $3.8 million for Q1 2026.

• Institutional stock ownership increased to 51.8% by March 2026.

• Weighted average interest rate on mortgage debt is 4.20%, with total net debt/gross assets at 47%.

Risk management and underwriting

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

• 53% of tenants are investment grade rated or equivalent; 61% of rent comes from privately held tenants.

• 100% cash rent collection from 2021 to April 2026, and 99% in 2020 during the pandemic.

• Portfolio occupancy has never dropped below 95%, with industrial occupancy at 99.8% as of March 2026.

• Over 74% of base rent expires in 2029 or later, reducing near-term lease rollover risk.