August 2026 | Nasdaq: GOOD
Gladstone Commercial Corporation ("GOOD" or the "Company") is a publicly-traded Real Estate Investment Trust ("REIT") that completed its IPO in 2003 and is listed on Nasdaq (Ticker: GOOD)
Investment Focus
Portfolio Highlights
151
Properties
$1.8 billion
Gross Assets
Single tenant or anchored multi-tenant net lease industrial assets
Long term leases (7+ years)
Strong, credit tenants
17.7 million
Square Feet
Mission-critical real estate in path of growth markets
109
Unique Tenants
Third party purchases, sale leasebacks, or build-to-suit developments
Focused on industrial portfolio growth
98.7%
Occupancy
7.1 years
Average Remaining Lease Term
Company Overview
Diverse Portfolio
Portfolio diversified across tenants, geographies, and industries
151 properties with 109 unique tenants in 27 different states with no tenant accounting for more than 6% of annualized straight-line rent
Most industrial leases have fixed annual escalations up to 3.5%, providing steady contractual revenue growth
Growing Industrial Concentration
Since 2018, GOOD has increased industrial concentration (as a % of annualized straight-line base rent) from 35% to 69%
Industrial assets continue to outperform other asset classes with long term future demand driven by numerous tailwinds including manufacturing reshoring and supply chain optimization
20+ Year History
GOOD's management has decades of combined experience investing in net lease assets and evaluating tenant credit
History of consistent and disciplined growth poised to continue in any economic environment
Mission-Critical Assets
GOOD's portfolio occupancy has never declined below 95%, and industrial and office portfolio occupancy rates were 99.8% and 91.3%, respectively, as of June 30, 2026
Tenants often have heavy fixed investment in a site, resulting in prohibitive relocation costs
More than 77% of annualized straight-line base rent expires in 2029 or later
Robust Underwriting Platform
GOOD's in-house underwriting team critically evaluates every potential new tenant's credit
In GOOD's 20+ year history spanning multiple economic cycles, only six tenants have ever defaulted
Consistently high cash rent collection - 100% of cash rents collected in 2021-2026 (through July 2026), and 99% cash rent collection in 2020 (overlapping with COVID-19 pandemic)
Conservative Balance Sheet and Capital Structure
94% of outstanding debt is fixed rate or hedged floating rate, and only 2.5% of debt matures before 2027
Since January 1, 2022, GOOD has repaid net $207.7 million of mortgage debt and grown its unencumbered asset base by over 60%
$80.8 million in available liquidity via revolving credit facility and cash on hand
Investment Highlights
Portfolio diversified across tenants, geographies, and industriesBy State
By Asset Class
As % of Annualized Straight-Line Base Rent As % of Annualized Straight-Line Base Rent
Office 28%
Retail 2%
Medical Office 1%
$142MIndustrial 69%
By Tenant Industry
As % of Annualized Straight-Line Base Rent
TX
15.5 %
Automotive 19%
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 % |
5-10%
1-5%
< 1%
All 15 Others 36%
Diversified/Conglomerate Manufacturing 8%
$142MDiversified/Conglomerate Services 11%
Beverage, Food & Tobacco 10%
Telecommunications 8%
Building and Real Estate 8%
Diverse, Stable Portfolio
Industrial % of annualized straight-line base rent has nearly doubled since 2018The Company began a focused transition to industrial assets in 2018 (before COVID-19) and has successfully increased portfolio industrial exposure to 69% of annualized straight line rent as of Q2 2026
GOOD sees continued tailwinds (supply chain normalization, reshoring initiatives, government subsidies) and ability to leverage in-house credit-underwriting expertise for industrial assets in the foreseeable future
GOOD targets at least 70% portfolio industrial concentration in the next 12 months
Industrial assets are particularly mission-critical to tenants, as evidenced by 99.8% industrial occupancy rate
Most industrial leases have fixed annual escalations up to 3.5%, providing contractual revenue growth
Industrial demand, particularly in the manufacturing sector, is projected to continue outperforming other asset classes in the foreseeable future, driven by reshoring initiatives
Portfolio Industrial Growth
$ in Millions
Total Gross Assets
$1,358
38%
$1,209
47%
$1,456 $1,555
$1,651
63%
60%
56%
$1,601 $1,571
$1,774 $1,797
35%
51%
69%
69%
Industrial % of Annualized Straight-line Base Rent
2018 2019 2020 2021 2022 2023 2024 2025 Q2 2026
Total Gross Assets % IndustrialGrowing Industrial Concentration
Decades of combined management experience investing in net lease assets and evaluating tenant credit
Gross asset base of $1.8 billion as of June 30, 2026
2015 - 2025 total revenue and total gross assets growth of 93% and 78%, respectively
2022 - Q2 2026 moderate increase in gross assets driven primarily by strategic selling of non-core office assets to reinvest in new industrial assets
History of monthly dividend returns to shareholders - in 2025, distributed more than $68.6 million in dividends to preferred, common, and senior common shareholders
Total Revenue
$161.3
$170.2
$133.2 $137.7
$149.0 $147.6 $149.4
$106.8
$114.4
$94.8
$ in Millions
2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM
Q2 2026
Total Gross Assets
Funds from Operations
$ in Millions, Office & Other % of Annualized Straight-Line Rent
Per Share, As Adjusted For Comparability
$1.46
$1.41
$1.38
$1.45
$1,555
$1,651
$1,774 $1,797
$1,601 $1,571
$1,358 $1,456
$1,209
65%
62%
53%
37%
49%
40%
44%
31%
31%
$1.54 $1.58 $1.55 $1.56 $1.60 $1.54
Total Gross Assets
2018 2019 2020 2021 2022 2023 2024 2025 Q2
2026
Total Gross Assets % Office & Other2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM
Q2 2026
20+ Year History of Net Lease Investing
GOOD specializes in identifying, owning, and operating assets that are mission critical to tenant operationsRent Expirations by Year
GOOD portfolio occupancy has never declined below 95%
As of June 30, 2026, industrial occupancy was 99.8%, and office occupancy was 91.3%, both above national averages
Tenants often have heavy fixed machinery and equipment investment in a site, resulting in prohibitive relocation costs
Tenants are willing to sign long term leases - GOOD's average lease term is 7.1 years, and more than 77% of annualized straight-line base rent expires in 2029 or later
As % of Annualized Straight-Line Base Rent
6.3%
7.8%
8.8%
6.9%
12.1%
5.7%
52.4%
2026 2027 2028 2029 2030 3031 Thereafter
Historical Occupancy
% of Square Feet
98.8% 96.8% 99.5% 97.4% 97.9% 98.0% 99.1% 97.0% 95.3% 97.2% 96.8% 96.8% 98.7% 99.1% 98.7%
Occupancy has never declined below 95.0% | ||||
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2 2026
Note: All statistics as of June 30, 2026 unless otherwise stated. Occupancy as of December 31 of respective year.
- 8 -
Mission Critical Assets
GOOD's robust underwriting platform results in high rent collection rates and minimal asset downtimeTenant Underwriting Analysis
A majority of GOOD's tenants are privately held
53% of GOOD tenants are investment grade rated or not
rated, investment grade equivalent
In GOOD's 20+ year history spanning multiple economic cycles, only six tenants have ever defaulted
GOOD monitors tenant financial condition post-close to proactively manage the portfolio
Consistently high cash rent collection - 100% of cash rents collected in 2021-2026 (through July 2026), and 99% cash rent collection in 2020 (overlapping with COVID-19 pandemic)
Financial Forecast
Balance Sheet Analysis
Stress Test / Downside Scenario
Leverage Analysis Industry Research
Competitor Benchmarking
Publicly-Traded vs. Privately-Held Tenants
Tenant Credit Ratings
As % of Annualized Straight-Line Base Rent As % of Annualized Straight-Line Base Rent
Not Rated,
Rated, Investment Grade
18%
Public 39%
Non-Investment Grade Equivalent 36%
Private 61%
Rated, Non-Investment Grade
11%
Rated Investment Grade and Not Rated, Investment Grade Equivalent: 53%
Not Rated, Investment Grade Equivalent
35%
Robust Underwriting Platform
GOOD has significantly decreased its leverage ratio since 2015, and remaining debt maturities are minimal through 2026Fixed vs Floating Rate Debt
Since 2015, GOOD has decreased net debt / gross assets from 56.9% to 47.2%
In addition to the low leverage ratio, approximately 94% of outstanding debt is fixed rate or hedged floating rate -only 6% of debt is floating rate
GOOD's capital structure allows patience and flexibility
Since January 1, 2022, GOOD has repaid net $207.7 million of mortgage debt and grown its unencumbered asset base by over 60%
The Company is well-positioned for accretive industrial acquisitions with $80.8 million in available liquidity via revolving credit facility and cash on hand
Hedged Floating Rate
47%
Floating Rate 6%
Fixed Rate 47%
33.4%
30.6%
19.7%
12.0%
2.5%
0.5%
1.3%
Scheduled Debt Maturities
2026 2027 2028 2029 2030 2031 2032+
Mortgage Maturities Line of Credit Maturity Term Loan Maturities Senior Unsecured Notes MaturityConservative Balance Sheet
Recent case studies exhibit mission critical industrial acquisitions in path of growth markets and asset management value-add leasing
Lease term: 11.3 years
$44.0 million
Purchase:
140,304 SF
Cold storage and food processing
Facility:
Dallas Fort-Worth, TX (MSA)
Location:
American Meat Company provides a wide range of meat processing services
Tenant:
Industrial acquisition
Deal Type:
American Meat Company (Acquisition)
G&H Pets (Acquisition) | |
Deal Type: | Industrial acquisition |
Tenant: | G&H Pets produces premium |
freeze-dried raw pet food | |
under several brands including | |
Dr. Marty Pets | |
Location: | Milwaukee, WI (MSA) |
Facility: | 303,991 SF |
Pet food production and cold | |
storage | |
Purchase: | $62.7 million |
Lease term: | 19.4 years |
Yanfeng (Acquisition) | |
Deal Type: | Industrial acquisition |
Tenant: | Yanfeng is a global leader in |
automotive interior | |
components and safety | |
systems | |
Location: | Detroit, MI (MSA) |
Facilities: | 215,102 total SF |
(3 properties) | |
Manufacturing and distribution | |
Purchase: | $16.3 million |
Lease term: | 10.0 years |
Recent Case Studies (1/2)
Recent case studies exhibit mission critical industrial acquisitions in path of growth markets and asset management value-add leasing
GOOD negotiated a full building lease for an additional 11+ years with Moss (previously a subtenant in 40% of the building), continuing 100% building occupancy since acquisition in 2016
Overview:
Ft. Lauderdale, FL
Location:
Moss provides general contracting services throughout the southeast United States
Tenant:
Office direct lease
Deal Type:
Moss (Portfolio Management)
TI Automotive (Acquisition) | |
Deal Type: | Industrial portfolio acquisition |
(sale leaseback) | |
Tenant: | TI Automotive is a Tier 1 |
automotive supplier | |
Locations: | Michigan |
Indiana | |
Georgia | |
Facilities: | 693,236 total SF |
(9 properties) | |
Tier 1 automotive | |
manufacturing facilities | |
Purchase: | $54.5 million |
Lease term: | 20.0 years |
W-Industries (Acquisition) | |
Deal Type: | Industrial portfolio acquisition |
(sale leaseback) | |
Tenant: | CSE W-Industries |
manufactures specialized | |
electrical and hydraulic | |
systems | |
Location: | Houston, TX |
Facility: | 215,474 total SF |
(5 properties) | |
Industrial manufacturing | |
facility | |
Purchase: | $29.3 million |
Lease term: | 10.0 years |
Recent Case Studies (2/2)
Acquire quality, well located and configured, single tenant and anchored multi-tenant, NNN leased industrial properties in target path of growth marketsMission-
Critical Real Estate
Long Term
Leases with Contractual Rent Growth
Proactive
Asset Management
Rigorous
Tenant Credit and Real Estate Underwriting
Accretive
Capital Structure
Path of
Growth Markets
Strong & sustainable investor returns anchored by a diversified income stream from high quality properties leased to financially strong tenantsInvestment Philosophy
Appendix
Institutional stock ownership increased from 26.8% in 2013 to 61.2% as of June 30, 20261
Balance sheet remains below 50% levered
Weighted average interest rate on mortgage debt of just 4.20%
Current capital structure as of June 30, 2026 (Dollars in $000)
Common Equity2, 36.7%
Preferred Equity, 11.9%
Senior Unsecured Notes, 9.7%
Line of Credit & Term Loan, 27.5%
Net Mortgage Debt, 14.2%
$1,750,000
$1,500,000
Capital Structure Details
(Dollars in $000s, except stock price) Wtd. Average Rate 6/30/2026
Mortgage Notes Payable, Net 4.20% $ 244,081
Less: Cash & Cash Equivalents (10,361)
Net Mortgage Debt $ 233,720
Line of Credit SOFR+1.45% $ 51,570
Term Note, Net SOFR+1.40% 398,046
Line of Credit, Term Loan, Net, and Senior Unsecured Notes, Net
$
607,969
Senior Unsecured Notes, Net 6.22% 158,353
$1,250,000
$1,000,000
$750,000
Total Debt, Net $ 841,689
Series E - Preferred 6.625% $ 76,536
Series F - Preferred 6.00% 17,924
Series G - Preferred 6.00% 99,772
$500,000
Total Preferred Equity $ 194,232
Diluted Common Shares Outstanding 48,768,782
Implied Common Equity2 Market Capitalization $ 599,856
Stock Price $ 12.30
$250,000
Enterprise Value $ 1,635,777
1 Source: Nasdaq Online.
$0
Total = $1,636mm
2 Common Equity is based on the closing common stock price per share as of June 30, 2026 of $12.30 and includes effect of OP units and convertible senior common stock.
Capital Structure Overview
David Gladstone
Chairman
25+ years of experience
Buzz Cooper
CEO and President
25+ years of experience
Gary Gerson
Executive Vice President, CFO, and Assistant Treasurer
25+ years of experience
Jay Beckhorn
Treasurer
25+ years of experience
Current Chairman of all five Gladstone funds, public companies #7, #8, #9 and #10 in his career
Former CEO of the Company from inception (2003) to March 2026
Former Chairman of Allied Capital Commercial (REIT), Allied Capital and American Capital
Former board member of Capital Automotive REIT
MBA from Harvard Business School, MA from American University, BA from University of Virginia
Current CEO and President of the Company; 20+ years with Gladstone
Former Principal of Allied Commercial Corporation REIT, where his responsibilities ranged from buying loans from RTC and banks to making real estate backed loans
BA from Washington and Lee University
Current Executive Vice President, CFO, and Assistant Treasurer of the Company
Former CFO of Spotted Hawk Development, LLC, an Apollo Investment Corporation portfolio company
Former Treasurer of the Gladstone Companies
Former AVP of Finance at The Bozzuto Group
Former Director of Finance at PG&E National Energy Group
MBA from Yale School of Management, BSME from the US Naval Academy
CPA in the Commonwealth of Virginia, CFA Charterholder
Current Treasurer of the Company and Gladstone Land, Assistant Treasurer of Gladstone Capital and Gladstone Investment
Former Regional Managing Director of Heavenrich & Co.
Former Senior Vice President of Sunrise Senior Living
Former Managing Director of Riggs Bank
MBA from Duke University, BA from Colgate University
Experienced Leadership Team
Ryan Carter
Executive Vice President, Head of West and Midwest Regions
25+ years of experience
Todd McDonald
Managing Director, Head of South Central Region
9+ years of experience
Nick Lindsay
Vice President, Northeast and Southeast Regions
9+ years of experience
John Sateri
Chief Investment Officer
25+ years of experience
Current Executive Vice President of the Company
Manages regional acquisition and asset management activities
Former founding partner of Porthaven Partners, LLC
Former Director with Stan Johnson Company
MBA from Oklahoma State University, BSBA from the University of Tulsa
Manages regional acquisition and asset management activities
Former Credit Team Lead and member of the Wholesale Loan Group at United Bankshares
BS from Washington and Lee University
Manages regional acquisition and asset management activities
Former private equity investor with H.I.G. Capital in the LBO Fund
Former investment banking analyst and member of the Industrials group at Harris Williams
MBA from UNC Kenan-Flagler, BS from McIntire School of Commerce at the University of Virginia
Current Chief Investment Officer; 19+ years with Gladstone
Former Principal at Commercial Analytics
Former Vice President at Wachovia, a Wells Fargo Bank
Master's in Real Estate Development from the University of Maryland, BBA from University of Hawai'i at Manoa
Experienced Leadership Team
($ 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 operating revenues | $ 43,989 | $ 41,909 | $ 39,533 | $ 85,898 | $ 77,034 |
Operating expenses | |||||
Depreciation and amortization | $ 14,957 | $ 14,796 | $ 14,249 | $ 29,753 | $ 27,492 |
Property operating expenses | 7,157 | 7,035 | 7,258 | 14,192 | 14,158 |
Base management fee | 1,745 | 1,735 | 1,640 | 3,480 | 3,207 |
Incentive fee | 597 | 597 | 709 | 1,195 | 1,348 |
Administration fee | 622 | 671 | 590 | 1,293 | 1,212 |
General and administrative | 1,181 | 1,006 | 1,400 | 2,187 | 2,284 |
Impairment charge | - | - | 9 | - | 9 |
Total operating expense before incentive fee waiver | $ 26,259 | $ 25,840 | $ 25,855 | $ 52,100 | $ 49,710 |
Incentive fee waiver | (22) | (597) | (709) | (619) | (709) |
Total operating expenses | $ 26,237 | $ 25,243 | $ 25,146 | $ 51,481 | $ 49,001 |
Other (expense) income Interest expense | $ (11,397) | $ (11,453) | $ (10,058) | $ (22,851) | $ (19,196) |
Gain on sale of real estate, net | 1,894 | 1,783 | 377 | 3,676 | 377 |
Other income (expense) | 21 | (24) | (72) | (3) | 559 |
Total other (expense) income, net | $ (9,482) | $ (9,694) | $ (9,753) | $ (19,178) | $ (18,260) |
Net income | $ 8,270 | $ 6,972 | $ 4,634 | $ 15,239 | $ 9,773 |
Net income available to non-controlling interests | (4) | (3) | (1) | (7) | (3) |
Net income available to the company | $ 8,266 | $ 6,969 | $ 4,633 | $ 15,232 | $ 9,770 |
Distributions attributable to Series E, F, and G preferred stock | (3,036) | (3,042) | (3,085) | (6,078) | (6,193) |
Distributions attributable to senior common stock | (99) | (98) | (101) | (197) | (202) |
(Loss) gain on extinguishment of Series F preferred stock | (7) | 4 | 9 | (3) | (1) |
Net income available to common stockholders | $ 5,124 | $ 3,833 | $ 1,456 | $ 8,954 | $ 3,374 |
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 | |
Net income | $ 8,270 | $ 6,972 | $ 4,634 | $ 15,239 | $ 9,773 |
Less: Distributions attributable to preferred and senior common stock | (3,135) | (3,140) | (3,186) | (6,275) | (6,395) |
Less/Add: (Loss) gain on extinguishment of Series F preferred stock, net | (7) | 4 | 9 | (3) | (1) |
Net income available to common stockholders and Non-controlling OP Unitholders | $ 5,128 | $ 3,836 | $ 1,457 | $ 8,961 | $ 3,377 |
Adjustments: Add: Real estate depreciation and amortization | $ 14,957 | $ 14,796 | $ 14,249 | $ 29,753 | $ 27,492 |
Add: Impairment charge | - | - | 9 | - | 9 |
Less: Gain on sale of real estate, net | (1,894) | (1,783) | (377) | (3,676) | (377) |
FFO available to common stockholders and Non-controlling OP Unitholders - basic | $ 18,191 | $ 16,849 | $ 15,338 | $ 35,038 | $ 30,501 |
Add: Convertible senior common distributions | 99 | 98 | 101 | 197 | 202 |
FFO available to common stockholders and Non-controlling OP Unitholders - diluted | $ 18,290 | $ 16,947 | $ 15,439 | $ 35,235 | $ 30,703 |
FFO available to common stockholders and Non-controlling OP Unitholders - basic | $ 18,191 | $ 16,849 | $ 15,338 | $ 35,038 | $ 30,501 |
Add: Write off of deferred financing fees | - | - | 305 | - | 305 |
Add: Asset retirement obligation expense | 37 | 37 | 34 | 74 | 68 |
Add: Closing costs on sale | - | - | 336 | - | 336 |
Add: Realized loss on interest rate hedging instruments | - | 29 | - | 29 | - |
Core FFO available to common stockholders and Non-controlling OP Unitholders - basic | $ 18,228 | $ 16,915 | $ 16,013 | $ 35,141 | $ 31,210 |
Add: Convertible senior common distributions | 99 | 98 | 101 | 197 | 202 |
Core FFO available to common stockholders and Non-controlling OP Unitholders - diluted | $ 18,327 | $ 17,013 | $ 16,114 | $ 35,338 | $ 31,412 |
Weighted average common shares outstanding and Non-controlling OP Units - basic | 48,446,593 | 48,446,467 | 46,259,137 | 48,446,530 | 45,457,266 |
Weighted average common shares outstanding and Non-controlling OP Units - diluted | 48,768,526 | 48,768,782 | 46,587,696 | 48,768,463 | 45,785,825 |
FFO per weighted average share of common stock and Non-controlling OP Unit - basic | $ 0.38 | $ 0.35 | $ 0.33 | $ 0.72 | $ 0.67 |
FFO per weighted average share of common stock and Non-controlling OP Unit - diluted | $ 0.38 | $ 0.35 | $ 0.33 | $ 0.72 | $ 0.67 |
Core FFO per weighted average share of common stock and Non-controlling OP Unit - | |||||
basic | $ 0.38 | $ 0.35 | $ 0.35 | $ 0.73 | $ 0.69 |
Core FFO per weighted average share of common stock and Non-controlling OP Unit -diluted | $ 0.38 | $ 0.35 | $ 0.35 | $ 0.72 | $ 0.69 |
Distributions declared per share of common stock and Non-controlling OP Unit | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.60 | $ 0.60 |
Funds from Operations (FFO) and Core FFO
($ in thousands) 6/30/2026
12/31/2025
ASSETS
(unaudited)
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 held for sale, net | - | 11,260 |
Cash and cash equivalents | 10,361 | 10,810 |
Restricted cash | 5,437 | 5,781 |
Funds held in escrow | 2,266 | 5,336 |
Right-of-use assets from operating leases | 3,575 | 3,707 |
Right-of-use assets from finance leases, net | 2,836 | 2,877 |
Deferred rent receivable, net | 49,205 | 47,922 |
Other assets | 19,015 | 12,729 |
TOTAL ASSETS | $ 1,242,968 | $ 1,246,933 |
LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Mortgage notes payable, net | $ 244,081 | $ 250,193 |
Borrowings under revolver and term loan, net | 449,616 | 435,072 |
Senior unsecured notes, net | 158,353 | 158,201 |
Deferred rent liability, asset retirement obligation and other liabilities, net | 63,393 | 61,534 |
TOTAL LIABILITIES | $ 915,443 | $ 905,000 |
MEZZANINE EQUITY Series E and G redeemable preferred stock, net | $ 170,041 | $ 170,041 |
TOTAL MEZZANINE EQUITY | $ 170,041 | $ 170,041 |
STOCKHOLDERS' EQUITY Senior common stock | $ 1 | $ 1 |
Common stock | 48 | 48 |
Series F redeemable preferred stock | 1 | 1 |
Additional paid in capital | 840,812 | 841,574 |
Accumulated other comprehensive income | 9,768 | 3,314 |
Distributions in excess of accumulated earnings | (693,257) | (673,168) |
TOTAL STOCKHOLDERS' EQUITY | $ 157,373 | $ 171,770 |
OP Units held by Non-controlling OP Unitholders | 111 | 122 |
TOTAL EQUITY | $ 157,484 | $ 171,892 |
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | $ 1,242,968 | $ 1,246,933 |
Consolidated Balance Sheets
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