Gladstone Commercial Corporation - Real Estate Investment Trust · NASDAQ:GOOD
Gladstone Commercial Corporation - Real Estate Investment Trust — Gladstone Commercial — Q2 2026 Earnings Presentation
20 slides from Gladstone Commercial Corporation - Real Estate Investment Trust's earnings presentation, Aug 6, 2026
Slide 1: Supplemental Financial & Operating Information for the Quarter Ended June 30, 2026
Supplemental Financial & Operating Information for the Quarter Ended June 30, 2026 | Nasdaq: GOOD
Slide 2: Legal Disclaimer
Legal Disclaimer Forward-Looking Statements: This presentation may include forward-looking statements within the meaning of the Securities Act of 1933 or the Securities Exchange Act of 1934. Forward-looking statements are typically identified by words such as “estimate,” “may,” “might,” “believe,” “
Slide 3: Table of contents
Table of contents About Gladstone Commercial Corporate overview 4 Portfolio and financial overview 5 Q2 2026 highlights (unaudited) 6 Financial overview Condensed consolidated statements of operations 8 Funds from Operations (FFO) and core FFO 9 Condensed consolidated balance sheets 10 Capital struc
Slide 4: Corporate overview
Corporate overview About Gladstone Commercial Gladstone Commercial (Nasdaq: GOOD) is an established real estate investment trust (REIT) that invests in single tenant and anchored multi-tenant net leased assets. As of June 30, 2026, we owned approximately 17.7 million square feet of primarily industr
Slide 5: Portfolio and financial overview
Portfolio and financial overview % of annualized straight Portfolio data1 Top 5 tenants1 line rent Total assets ($mm) $ 1,243 5% Properties 151 Tenants 109 4% Industries 21 3% States 27 Average remaining lease term (years) 7.1 3% Occupancy 98.7 % Square footage owned (mm) 17.7 2% Top 5 Tenants total
Slide 6: Q2 2026 highlights (unaudited)
Q2 2026 highlights (unaudited) FFO1 and Core FFO2: Generated FFO and Core FFO of $18.3 million, or $0.38 per diluted share, each. Acquisitions3: Purchased a 153,890 square foot industrial property in Newport News, Virginia for $22.8 million, with a 5.9-year lease term. Dividends: Paid monthly common
Slide 7: Financial Overview
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Slide 8: Condensed consolidated statements of operations
Condensed consolidated statements of operations ($ in thousands, except per share amounts) For the three months ended (unaudited) For the six months ended (unaudited) 6/30/2026 3/31/2026 6/30/2025 6/30/2026 6/30/2025 Operating revenues Lease revenue $ 43,989 $ 41,909 $ 39,533 $ 85,898 $ 77,034 Total
Slide 9: Funds from Operations (FFO) and core FFO
Funds from Operations (FFO) and core FFO ($ in thousands, except per share amounts) For the three months ended (unaudited) For the six months ended (unaudited) 6/30/2026 3/31/2026 6/30/2025 6/30/2026 6/30/2025 Net income $ 8,270 $ 6,972 $ 4,634 $ 15,239 $ 9,773 Less: Distributions attributable to pr
Slide 10: Condensed consolidated balance sheets
Condensed consolidated balance sheets ($ in thousands) 6/30/2026 12/31/2025 (unaudited) ASSETS Real estate, at cost $ 1,418,722 $ 1,390,445 Less: accumulated depreciation 381,606 359,513 Total real estate, net 1,037,116 1,030,932 Lease intangibles, net 113,157 115,579 Real estate and related assets
Slide 11: Capital structure
Capital structure • Institutional stock ownership increased from 26.8% in 2013 Current capital structure as of June 30, 2026 (Dollars in $000) to 61.2% as of June 30, 20261 $1,750,000 • Balance sheet remains below 50% levered • Weighted average interest rate on mortgage debt of just 4.20% $1,500,000
Slide 12: Liquidity and debt overview
Liquidity and debt overview Reducing Leverage1 Fixed vs. Floating Debt1 70% Floating Rate 6% 60% 56.9% 48.6% 47.0% 46.8% 50% 46.1% 45.9% 45.5% 45.3% 46.1% 44.1% 47.4% 47.2% 40% Hedged Floating Rate Fixed Rate 30% 47% 47% 20% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2 2026 Net Debt/Gro
Slide 13: Debt summary
Debt summary ($ in thousands) Weighted Average Interest Principal Balance Principal Maturity Date Rate as of Outstanding as of 6/30/2026 6/30/2026 2026 4.13% $ 17,788 2027 4.28% 100,842 2028 4.15% 36,005 2029 5.39% 35,227 2030 3.23% 36,546 2031 3.24% 4,658 2032 3.40% 9,304 2037 4.63% 4,810 Contractu
Slide 14: Select corporate covenants
Select corporate covenants ($ in thousands) Description Threshold June 30, 2026 Consolidated Tangible Net Worth > $758,754 $1,093,586 Leverage Ratio < 60% 44% Fixed Charge Coverage Ratio > 1.50 1.90 Maximum Dividend Payout (FFO based) < 95% 84% Secured Indebtedness < 40% 13% Note: Covenants calculat
Slide 15: Portfolio Overview
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Slide 16: Portfolio overview
Portfolio overview Geographic • 151 properties across the U.S., located in 27 states diversity • Focus on secondary growth markets with higher yields • Diverse base of 21 different industries Tenant and • Primarily industrial and office property types property diversity • Focus on mid-size tenants o
Slide 17: Diversified portfolio
Diversified portfolio 151 properties spread across 27 states As % of Annualized Straight-Line Base Rent TX 15.5 % PA 12.6 % MO 3.3 % FL 9.8 % UT 2.1 % MI 6.7 % NJ 1.8 % OH 6.3 % TN 1.8 % GA 5.8 % VA 1.8 % WI 5.1 % SC 1.8 % IN 5.1 % IA 1.6 % AL 4.9 % MN 1.0 % NC 4.7 % IL 1.0 % CO 3.4 % All Others 3.9
Slide 18: High quality, diversified portfolio
High quality, diversified portfolio Property type diversification Publicly-traded vs. privately-held tenants (by annualized straight line rent) (as % of annualized straight line rent) Retail Medical Office 2% 1% Office 28% Public 39% $142M $142M Private Industrial 61% 69% Industry diversification Te
Slide 19: Smooth lease rollover
Smooth lease rollover Existing portfolio - contractual expirations Annualized Straight Year of Lease Number of Expiring Line Rent (in % of Annualized Straight Expiration SF of Leases Expiring Leases thousands) Line Rent 2026 516,409 5 $ 8,943 6.3 % 2027 900,019 11 11,086 7.8 % 2028 2,011,857 16 12,4
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