Gladstone Commercial Corporation - Real Estate Investment Trust · NASDAQ:GOOD
Gladstone Commercial Corporation - Real Estate Investment Trust — Gladstone Commercial — Q1 2026 Earnings Presentation
20 slides from Gladstone Commercial Corporation - Real Estate Investment Trust's earnings presentation, May 6, 2026
Slide 1: Supplemental Financial & Operating Information for the Quarter Ended March 31, 2026
Supplemental Financial & Operating Information for the Quarter Ended March 31, 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 Q1 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 March 31, 2026, we owned approximately 17.7 million square feet of primarily indust
Slide 5: Portfolio and financial overview
Portfolio and financial overview % of annualized straight Portfolio data1 Top 5 tenants1 line rent Total assets ($mm) $ 1,231 5% Properties 151 Tenants 109 4% Industries 20 3% States 27 Average remaining lease term (years) 7.3 3% Occupancy 98.7 % Square footage owned (mm) 17.7 2% Top 5 Tenants total
Slide 6: Q1 2026 highlights (unaudited)
Q1 2026 highlights (unaudited) FFO1 and Core FFO2: Generated FFO and Core FFO of $16.9 million and $17.0 million, respectively, or $0.35 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) 3/31/2026 12/31/2025 3/31/2025 Operating revenues Lease revenue $ 41,909 $ 43,461 $ 37,501 Total operating revenues $ 41,909 $ 43,461 $ 37,501 Operating expenses Deprecia
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) 3/31/2026 12/31/2025 3/31/2025 Net income $ 6,972 $ 5,382 $ 5,136 Less: Distributions attributable to preferred and senior common stock (3,140) (3,150) (3,209) Add/Less: Gain (l
Slide 10: Condensed consolidated balance sheets
Condensed consolidated balance sheets ($ in thousands) 3/31/2026 12/31/2025 (unaudited) ASSETS Real estate, at cost $ 1,392,680 $ 1,390,445 Less: accumulated depreciation 370,491 359,513 Total real estate, net 1,022,189 1,030,932 Lease intangibles, net 112,569 115,579 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 March 31, 2026 (Dollars in $000) to 51.8% as of March 31, 20261 $1,750,000 • Balance sheet remains below 50% levered • Weighted average interest rate on mortgage debt of just 4.20% $1,500,0
Slide 12: Liquidity and debt overview
Liquidity and debt overview Reducing Leverage1 Fixed vs. Floating Debt1 70% Floating Rate 4% 60% 56.9% 48.6% 47.0% 46.8% 50% 46.1% 45.9% 45.5% 45.3% 46.1% 44.1% 47.4% 47.0% Hedged Floating 40% Rate Fixed Rate 30% 48% 48% 20% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Net Debt/Gro
Slide 13: Debt summary
Debt summary ($ in thousands) Weighted Average Interest Principal Balance Principal Maturity Date Rate as of Outstanding as of 3/31/2026 3/31/2026 2026 4.13% $ 17,973 2027 4.28% 101,784 2028 4.15% 36,247 2029 5.39% 35,441 2030 3.23% 36,809 2031 3.24% 4,700 2032 3.40% 9,372 2037 4.63% 4,894 Contractu
Slide 14: Select corporate covenants
Select corporate covenants ($ in thousands) Description Threshold March 31, 2026 Consolidated Tangible Net Worth > $758,754 $1,034,734 Leverage Ratio < 60% 45% Fixed Charge Coverage Ratio > 1.50 1.86 Maximum Dividend Payout (FFO based) < 95% 86% Secured Indebtedness < 40% 13% Note: Covenants calcula
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 12.8 % FL 9.7 % MI 6.8 % CO 3.1 % OH 6.4 % UT 2.1 % GA 5.9 % NJ 1.8 % NC 5.3 % TN 1.8 % WI 5.2 % SC 1.8 % IN 5.1 % IA 1.6 % AL 4.9 % IL 1.0 % MO 3.3 % All Others 5.7 % Note: As of Mar
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 705,163 6 $ 9,907 7.1 % 2027 1,019,587 13 14,659 10.4 % 2028 1,822,647 15 1
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