November 2025 | Nasdaq: GOOD
Gladstone Commercial Corporation ("GOOD" or the "Company") is a publicly owned 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
110
Unique Tenants
Third party purchases, sale leasebacks, or build-to-suit developments
Focused on industrial portfolio growth
99.1%
Occupancy
7.5 years
Average Remaining Lease Term
Company Overview
Diverse Portfolio
Portfolio diversified across tenants, geographies, and industries
151 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
Mission-Critical Assets
GOOD's portfolio occupancy has never declined below 95%, and industrial and office portfolio occupancy rates were 99.8% and 94.2%, respectively, as of September 30, 2025
Tenants often have heavy fixed investment in a site, resulting in prohibitive relocation costs
More than 71% 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 2021-2025 (through October 2025), and 99% cash rent collection in 2020 (overlapping with COVID-19 pandemic)
Conservative Balance Sheet and Capital Structure
76% of outstanding debt is fixed rate or hedged floating rate, and only 0.7% of debt matures before 2026
Since January 1, 2022, GOOD has repaid net $195.8 million of mortgage debt and grown its unencumbered asset base by over 60%
$24.6 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
Retail 2%
Medical Office 1%
$140MOffice 28%
Industrial 69%
By Tenant Industry
As % of Annualized Straight-Line Base Rent
TX 15.7 %
PA 12.9 %
FL 9.8 %
OH 6.3 %
GA | 5.9 % | TN | 1.8 % |
MI 6.8 %
WI 5.2 %
NC | 5.1 % | IA | 1.6 % | Diversified/Conglomerate | 10% | |||
AL | 5.0 % | IL | 1.0 % | Manufacturing 8% | Building and Real Estate 9% | |||
MO | 3.3 % | All Others | 5.6 % | Telecommunications 8% |
IN 5.2 %
CO 3.1 %
UT 2.1 %
SC 1.8 %
NJ 1.8 %
All 14 Others 35%
$140MAutomotive 19%
Diversified/Conglomerate Services 11%
Beverage, Food & Tobacco
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 Q3 2025
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
$1,777
35%
51%
69%
Industrial % of Annualized Straight-line Base Rent
2018 2019 2020 2021 2022 2023 2024 Q3 2025
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, 2025
2015 - 2024 total revenue and total gross assets growth of 78% and 58%, respectively
2022 - Q3 2025 moderate decline in gross assets driven primarily by strategic selling of non-core office assets
History of monthly dividend returns to shareholders - in 2024, distributed more than $63.1 million in dividends to preferred, common, and senior common shareholders
Total Revenue
$149.0 $147.6 $149.4 $155.3
$133.2 $137.7
$106.8
$114.4
$86.4
$94.8
$ in Millions
2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM
Q3 2025
Total Gross Assets
Funds from Operations
$1.53
$1.54
$1.58
$1.55
$1.56 $1.60
$1.54
$1.46
$1.41
$1.37
$ in Millions, Office & Other % of Annualized Straight-Line Rent
$1,651
$1,456
$1,555
$1,601 $1,571
$1,209
$1,358
65%
62%
53%
37%
49%
40%
44%
31%
Total Gross Assets
$1,777
Per Share, As Adjusted For Comparability
2018 2019 2020 2021 2022 2023 2024 Q3 2025
2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM
Q3 2025
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%
9.3%
11.1%
7.7%
7.7%
5.7%
As of September 30, 2025, industrial occupancy was 99.8%, and office occupancy was 94.2%, 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 7.5 years, and more than 71% of
As % of Annualized Straight-Line Base Rent
58.5%
annualized straight-line base rent expires in 2029 or later
2026 2027 2028 2029 2030 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%
Occupancy has never declined below 95.0% | ||||
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025
Note: All statistics as of September 30, 2025 unless otherwise stated. Occupancy as of December 31 of respective year.
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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 2021-2025 (through October 2025), 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 BenchmarkingPublicly-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
19%
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
34%
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 47.4%
In addition to the low leverage ratio, over 75% of outstanding debt is fixed rate or hedged floating rate -only 24% of debt is floating rate
GOOD's capital structure allows patience and flexibility
Since January 1, 2022, GOOD has repaid net $195.8 million of mortgage debt and grown its unencumbered asset base by over 60%
The Company is well-positioned for accretive industrial acquisitions with $24.6 million in available liquidity via revolving credit facility and cash on hand
Floating Rate 24%
Hedged Floating Rate
37%
Fixed Rate 39%
Scheduled Debt Maturities
32.5%
26.0%
22.1%
13.0%
0.7%
4.0%
1.7%
2025 2026 2027 2028 2029 2030 2031+
Conservative Balance Sheet
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Disclaimer
Gladstone Commercial Corporation published this content on November 04, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 04, 2025 at 22:04 UTC.
