Investor Presentation November 2026

November 2026 | Nasdaq: GOOD

152

Properties

$1.8 billion

Gross Assets

• Single tenant or anchored multi-tenant net lease industrial assets

• Long term leases (7+ years)

• Strong, credit tenants

  17.8 million

  Square Feet

• Mission-critical real estate in path of growth markets

  110

  Unique Tenants

• Third party purchases, sale leasebacks, or build-to-suit developments

• Focused on industrial portfolio growth

  99.3%

  Occupancy

  7.1 years

  Average Remaining Lease Term

  Company Overview

  Diverse Portfolio

• Portfolio diversified across tenants, geographies, and industries

• 152 properties with 110 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

• GOOD's portfolio occupancy has never declined below 95%, and industrial and office portfolio occupancy rates were 99.8% and 96.3%, respectively, as of September 30, 2026

• Tenants often have heavy fixed investment in a site, resulting in prohibitive relocation costs

• More than 79% 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 October 2026), and 99% cash rent collection in 2020 (overlapping with COVID-19 pandemic)

• 93% of outstanding debt is fixed rate or hedged floating rate, and only 2.3% of debt matures before 2027

• Since January 1, 2022, GOOD has repaid net $209.8 million of mortgage debt and grown its unencumbered asset base by over 60%

• $75.7 million in available liquidity via revolving credit facility and cash on hand

  Investment Highlights

  Portfolio diversified across tenants, geographies, and industries

  By State

As % of Annualized Straight-Line Base Rent As % of Annualized Straight-Line Base Rent

Office 28%

Retail 2%

Medical Office 1%

$144M

Industrial 69%

As % of Annualized Straight-Line Base Rent

TX

16.5 %

Automotive 20%

> 10%

5-10%

1-5%

< 1%

All 15 Others 35%

Telecommunications 7%

Diversified/Conglomerate Services 11%

Beverage, Food & Tobacco 10%

Building and Real Estate 9%

Diversified/Conglomerate Manufacturing 8%

Diverse, Stable Portfolio

Total Gross Assets

$ in Millions

$1,774 $1,815

$1,555

$1,651

$1,601

$1,571

$1,209

$1,358

$1,456

35%

38%

47%

63%

51%

60%

56%

69%

69%

Industrial % of Annualized Straight-line Base Rent

2018 2019 2020 2021 2022 2023 2024 2025 Q3 2026

Total Gross Assets % Industrial

Growing 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 September 30, 2026

• 2015 - 2025 total revenue and total gross assets growth of 93% and 78%, respectively

• 2022 - Q3 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

$

in Millions

$161.3

$171.8

$133.2 $137.7

$149.0 $147.6 $149.4

$114.4

$106.8

2018 2019 2020 2021 2022 2023 2024 2025 LTM

Q3 2026

$ 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 $1,815

$1,601 $1,571

$1,358 $1,456

$1,209

65%

62%

53%

37%

49%

40%

44%

31%

31%

$1.58 $1.55 $1.56 $1.60 $1.54

Total Gross Assets

2018 2019 2020 2021 2022 2023 2024 2025 Q3

2026

Total Gross Assets % Office & Other

2018 2019 2020 2021 2022 2023 2024 2025 LTM

Q3 2026

20+ Year History of Net Lease Investing

• GOOD portfolio occupancy has never declined below 95%

  4.4%

  7.0%

  8.7%

  6.0%

  5.7%

  12.0%

• As of September 30, 2026, industrial occupancy was 99.8%, and office occupancy was 96.3%, 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 79% of

  As % of Annualized Straight-Line Base Rent

  56.2%

  annualized straight-line base rent expires in 2029 or later

  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% 99.3%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 2026

Note: All statistics as of September 30, 2026 unless otherwise stated. Occupancy as of December 31 of respective year.

- 8 -

Mission Critical Assets

As % of Annualized Straight-Line Base Rent As % of Annualized Straight-Line Base Rent

$144M

Not Rated,

Rated, Investment Grade

18%

Private 61%

Public 39%

Non-Investment Grade Equivalent 36%

Rated, Non-Investment Grade

10%

Rated Investment Grade and Not Rated, Investment Grade Equivalent: 54%

Not Rated, Investment Grade Equivalent

36%

Robust Underwriting Platform

Hedged Floating Rate

46%

Floating Rate 7%

Fixed Rate 47%

34.1%

30.4%

19.6%

11.9%

2.3%

0.5%

1.2%

2026 2027 2028 2029 2030 2031 2032+

Mortgage Maturities Line of Credit Maturity Term Loan Maturities Senior Unsecured Notes Maturity

Conservative Balance Sheet

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:

Recent Case Studies (1/2)

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:

Recent Case Studies (2/2)

Mission-

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

Investment Philosophy

• Institutional stock ownership increased from 26.8% in 2013 to 64.8% as of September 30, 20261

• Balance sheet remains below 50% levered

• Weighted average interest rate on mortgage debt of just 4.20%

Common Equity2, 37.2%

Preferred Equity, 11.7%

Senior Unsecured Notes, 9.5%

Line of Credit & Term Loan, 27.6%

Net Mortgage Debt, 14.0%

$1,750,000

$1,500,000

(Dollars in $000s, except stock price) Wtd. Average Rate 9/30/2026

Mortgage Notes Payable, Net 4.20% $ 242,125

Less: Cash & Cash Equivalents (10,752)

Line of Credit SOFR+1.45% $ 59,470

Term Note, Net SOFR+1.40% 398,219

Line of Credit, Term Loan, Net, and Senior Unsecured Notes, Net

$

616,146

Senior Unsecured Notes, Net 6.22% 158,457

$1,250,000

$1,000,000

$750,000

Total Debt, Net $ 847,519

Series E - Preferred 6.625% $ 76,536

Series F - Preferred 6.00% 17,836

Series G - Preferred 6.00% 99,772

$500,000

Diluted Common Shares Outstanding 48,937,650

Stock Price $ 12.63

$250,000

1 Source: Nasdaq Online.

$0

Total = $1,660mm

2 Common Equity is based on the closing common stock price per share as of September 30, 2026 of $12.63 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

(unaudited)

($ in thousands, except per share amounts) For the three months ended (unaudited) For the nine months ended

Consolidated Statements of Operations

(unaudited)

($ in thousands, except per share amounts) For the three months ended (unaudited) For the nine months ended

Funds from Operations (FFO) and Core FFO

($ in thousands) 9/30/2026

12/31/2025

ASSETS

(unaudited)

Consolidated Balance Sheets