Gladstone Commercial Corporation - Real Estate Investment Trust · NASDAQ:GOOD
Gladstone Commercial Corporation - Real Estate Investment Trust — Gladstone Commercial — Q3 2026 Earnings Presentation
20 slides from Gladstone Commercial Corporation - Real Estate Investment Trust's earnings presentation, Nov 4, 2026
Slide 1: Supplemental Financial & Operating Information for the Quarter Ended September 30, 2026
Supplemental Financial & Operating Information for the Quarter Ended September 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 Q3 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 September 30, 2026, we owned approximately 17.8 million square feet of primarily in
Slide 5: Portfolio and financial overview
Portfolio and financial overview % of annualized straight Portfolio data1 Top 5 tenants1 line rent Total assets ($mm) $ 1,246 5% Properties 152 Tenants 110 4% Industries 21 3% States 27 Average remaining lease term (years) 7.1 3% Occupancy 99.3 % Square footage owned (mm) 17.8 2% Top 5 Tenants total
Slide 6: Q3 2026 highlights (unaudited)
Q3 2026 highlights (unaudited) FFO1 and Core FFO2: Generated FFO and Core FFO of $16.9 million, or $0.35 per diluted share, each. Acquisitions3: Purchased a 146,650 square foot industrial property in Red Bud, Illinois for $6.6 million, with an 8.4-year lease term. Dividends: Paid monthly common stoc
Slide 7: Financial Overview
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Slide 8: Condensed consolidated statements of operations
Condensed consolidated statements of operations For the nine months ended ($ in thousands, except per share amounts) For the three months ended (unaudited) (unaudited) 9/30/2026 6/30/2026 9/30/2025 9/30/2026 9/30/2025 Operating revenues Lease revenue $ 42,419 $ 43,989 $ 40,841 $ 128,317 $ 117,875 To
Slide 9: Funds from Operations (FFO) and core FFO
Funds from Operations (FFO) and core FFO For the nine months ended ($ in thousands, except per share amounts) For the three months ended (unaudited) (unaudited) 9/30/2026 6/30/2026 9/30/2025 9/30/2026 9/30/2025 Net (loss) income $ (2,063) $ 8,270 $ 4,137 $ 13,175 $ 13,908 Less: Distributions attribu
Slide 10: Condensed consolidated balance sheets
Condensed consolidated balance sheets ($ in thousands) 9/30/2026 12/31/2025 (unaudited) ASSETS Real estate, at cost $ 1,427,631 $ 1,390,445 Less: accumulated depreciation 393,032 359,513 Total real estate, net 1,034,599 1,030,932 Lease intangibles, net 111,240 115,579 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 September 30, 2026 (Dollars in to 64.8% as of September 30, 20261 $000) $1,750,000 • Balance sheet remains below 50% levered • Weighted average interest rate on mortgage debt of just 4.20%
Slide 12: Liquidity and debt overview
Liquidity and debt overview Reducing Leverage1 Fixed vs. Floating Debt1 70% Floating Rate 60% 56.9% 7% 48.6% 47.0% 46.8% 50% 46.1% 45.9% 45.5% 45.3% 46.1% 44.1% 47.4% 47.1% 40% Hedged Floating Fixed Rate Rate 30% 47% 46% 20% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 2026 Net Debt/Gro
Slide 13: Debt summary
Debt summary ($ in thousands) Weighted Average Interest Principal Balance Principal Maturity Date Rate as of Outstanding as of 9/30/2026 9/30/2026 2026 4.13% $ 17,602 2027 4.27% 99,864 2028 4.15% 35,759 2029 5.39% 35,011 2030 3.23% 36,282 2031 3.24% 4,615 2032 3.40% 9,235 2037 4.63% 4,727 Contractua
Slide 14: Select corporate covenants
Select corporate covenants ($ in thousands) Description Threshold September 30, 2026 Consolidated Tangible Net Worth > $760,392 $1,068,063 Leverage Ratio < 60% 45% Fixed Charge Coverage Ratio > 1.50 1.71 Maximum Dividend Payout (FFO based) < 95% 84% Secured Indebtedness < 40% 13% Note: Covenants cal
Slide 15: Portfolio Overview
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Slide 16: Portfolio overview
Portfolio overview Geographic • 152 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 152 properties spread across 27 states As % of Annualized Straight-Line Base Rent TX 16.5 % PA 12.9 % CO 3.0 % FL 8.9 % UT 2.1 % MI 6.6 % NJ 1.8 % OH 6.2 % TN 1.8 % GA 5.8 % VA 1.8 % WI 5.1 % SC 1.8 % IN 5.0 % IA 1.6 % AL 5.0 % IL 1.4 % NC 4.7 % MN 1.0 % MO 3.3 % All Others 3.7
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% $144M $144M 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 396,151 3 $ 6,297 4.4 % 2027 659,305 10 10,048 7.0 % 2028 2,011,857 16 12,4
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