Gladstone Commercial (GOOD) Investor presentation summary

Company overview and portfolio

• Publicly traded REIT focused on single tenant or anchored multi-tenant net lease industrial assets in growth markets.

• Portfolio includes 141 properties, 107 unique tenants, and 17.3 million square feet with 98.4% occupancy and an average remaining lease term of 6.8 years.

• Industrial assets now comprise 65% of annualized straight-line base rent, up from 35% in 2018.

• Diversified across 27 states and multiple industries, with no tenant accounting for more than 6% of rent.

Financial performance and capital structure

• Gross assets total $1.6 billion as of March 31, 2025, with a 78% revenue and 58% asset growth since 2015.

• Net debt/gross assets reduced from 56.9% in 2015 to 44.9%, with over 90% of debt fixed or hedged.

• $80.5 million in available liquidity and weighted average mortgage interest rate of 4.29%.

• Institutional stock ownership increased to 45.5% as of March 2025.

Operational highlights and risk management

• Portfolio occupancy has never dropped below 95%; industrial occupancy at 99.4% and office at 91.7% as of Q1 2025.

• Over 68% of base rent expires in 2029 or later, supporting long-term income stability.

• Only six tenant defaults in 20+ years, with 100% cash rent collection from 2021–2025 and 99% in 2020.

• Majority of tenants are privately held; 53% are investment grade or equivalent.