20 slides from Gladstone Commercial Corporation - Real Estate Investment Trust's earnings presentation, Feb 19, 2026
Slide 1: Supplemental Financial & Operating Information for the Quarter Ended December 31, 2025
Supplemental Financial & Operating Information for the Quarter Ended December 31, 2025 | 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 Q4 2025 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 December 31, 2025, we owned approximately 17.7 million square feet of primarily ind
Slide 5: Portfolio and financial overview
Portfolio and financial overview % of annualized straight Portfolio data1 Top 5 tenants1 line rent Total assets ($mm) $ 1,247 5% Properties 151 Tenants 109 4% Industries 20 3% States 27 Average remaining lease term (years) 7.3 3% Occupancy 99.1 % Square footage owned (mm) 17.7 2% Top 5 Tenants total
Slide 6: Q4 2025 highlights (unaudited)
Q4 2025 highlights (unaudited) FFO1 and Core FFO2: Generated FFO and Core FFO of $17.8 million and $17.9 million, respectively, or $0.37 per diluted share, each. Dividends: Paid monthly common stock dividends totaling $0.30 per common share for the quarter, or an annualized $1.20 per common share, a
Slide 7: Financial Overview
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Slide 8: Condensed consolidated statements of operations
Condensed consolidated statements of operations ($ in thousands, except per share amounts) For the three months ended (unaudited) For the twelve months ended 12/31/2025 9/30/2025 12/31/2024 12/31/2025 12/31/2024 Operating revenues Lease revenue $ 43,461 $ 40,841 $ 37,375 $ 161,336 $ 149,388 Total op
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 twelve months ended 12/31/2025 9/30/2025 12/31/2024 12/31/2025 12/31/2024 Net income $ 5,382 $ 4,137 $ 7,193 $ 19,292 $ 24,040 Less: Distributions attributable to prefer
Slide 10: Condensed consolidated balance sheets
Condensed consolidated balance sheets ($ in thousands) 12/31/2025 12/31/2024 ASSETS Real estate, at cost $ 1,390,445 $ 1,211,793 Less: accumulated depreciation 359,513 319,646 Total real estate, net 1,030,932 892,147 Lease intangibles, net 115,579 95,107 Real estate and related assets held for sale,
Slide 11: Capital structure
Capital structure • Institutional stock ownership increased from 26.8% in 2013 Current capital structure as of December 31, 2025 (Dollars in to 50.2% as of December 31, 20251 $000) $1,750,000 • Balance sheet remains below 50% levered • Weighted average interest rate on mortgage debt of just 4.21% $1
Slide 12: Liquidity and debt overview
Liquidity and debt overview Reducing Leverage1 Fixed vs. Floating Debt1 70% Floating Rate 5% 60% 58.1% 56.9% 48.6% 47.0% 46.8% 50% 46.1% 45.9% 45.5% 45.3% 46.1% 44.1% 47.4% Hedged Floating 40% Rate Fixed Rate 47% 48% 30% 20% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net Debt/Gross
Slide 13: Debt summary
Debt summary ($ in thousands) Weighted Average Interest Principal Balance Principal Maturity Date Rate as of Outstanding as of 12/31/2025 12/31/2025 2026 4.05% $ 27,583 2027 4.34% 95,614 2028 4.15% 36,491 2029 5.39% 35,664 2030 3.23% 37,071 2031 3.24% 4,742 2032 3.40% 9,440 2037 4.63% 4,973 Contract
Slide 14: Select corporate covenants
Select corporate covenants ($ in thousands) Description Threshold December 31, 2025 Consolidated Tangible Net Worth > $758,754 $1,019,772 Leverage Ratio < 60% 45% Fixed Charge Coverage Ratio > 1.50 1.88 Maximum Dividend Payout (FFO based) < 95% 87% Secured Indebtedness < 40% 13% Note: Covenants calc
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 20 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 15.7 % PA 13.1 % FL 9.7 % MI 6.7 % CO 3.1 % OH 6.4 % UT 2.1 % GA 5.9 % NJ 1.8 % WI 5.2 % TN 1.8 % IN 5.1 % SC 1.8 % NC 5.1 % IA 1.6 % AL 4.9 % IL 1.0 % MO 3.3 % All Others 5.7 % Note: As of Dec
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% $141M $141M 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 1,386,295 8 $ 12,281 8.7 % 2027 1,136,955 13 15,600 11.1 % 2028 1,822,647 1
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