Gladstone Commercial : Financial Supplement as of June 30, 2022

Supplemental Financial & Operating Information

for the Quarter Ended June 30, 2022

Legal disclaimer

Forward-LookingStatements: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," "will," "provided," "anticipate," "future," "could," "growth," "plan," "project," "intend," "expect," "should," "would," "if," "seek," "possible," "potential," "likely" or the negative or variations of such terms or comparable terminology. These forward-looking statements include comments with respect to our objectives and strategies, and the future results of our operations and our business. By their nature, these forward-looking statements involve numerous assumptions, uncertainties and descriptions of opportunities, both general and specific. The risk exists that these statements may not be fulfilled. We caution readers of this presentation not to place undue reliance on these forward-looking statements as a number of factors could cause our future results to differ materially from these statements. Any results or performance implied by forward-looking statements may be influenced by certain factors including, but not limited to, fluctuations in interest rates and stock indices, the effects of competition in the areas in which we operate, the overall impact of the COVID-19 pandemic and other health emergencies, and changes in economic, political, regulatory and technological conditions as well as those factors delineated under the caption "Risk Factors" in our Forms 10-Q and Form 10-K, and other documents we file with the SEC from time to time. Therefore, we caution that the foregoing list is not exhaustive. Investors should not rely on forward-looking statements to make decisions and should carefully consider the aforementioned factors as well as other uncertainties and events. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the SEC, including subsequent annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Past or Present Performance Disclaimer:This presentation includes information regarding past or present performance of the Company. Please note, past or present performance is not a guarantee of future performance or future results.

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Table of contents

About Gladstone Commercial
Corporate overview	4
Portfolio and financial overview	5
Q2 2022 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 structure	11
Liquidity and debt overview	12
Debt summary	13
Select corporate covenants	14
Portfolio Overview
Portfolio overview	16-19

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Corporate overview

Part of a two office building portfolio located in an Orlando, Florida

submarket

Corporate Headquarters	Investor Relations
1521 Westbranch Drive	703-287-5893
Suite 100	[e-mail]
McLean, VA 22102
703-287-5800
www.gladstonecommercial.com

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 June 30, 2022, we owned approximately 17.0 million square feet of primarily office and industrial real estate nationwide. We partner with a variety of tenants-from middle market private businesses to investment grade rated companies. We acquire properties through third party purchases, sale leaseback transactions, and by partnering with developers in build-to-suit transactions.

As of June 30, 2022, total assets were approximately $1.2 billion, representing investments in 136 properties. Our properties are leased to 112 tenants who represent 19 diversified industries across 27 states.

At June 30, 2022, our leases had an average remaining term of 7.1 years. In addition, approximately 57% of our tenants have an investment grade or investment grade equivalent credit rating.

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Portfolio and financial overview

Portfolio data1

Total assets ($mm)	$ 1,193
Properties	136
Tenants	112
Industries	19
States	27
Average remaining lease term (years)	7.1
Occupancy	97.3 %
Square footage owned (mm)	17.0

Capitalization ($mm)1

Common equity market capitalization2	$	744
Preferred equity		190
Net total debt		734
Total capitalization	$	1,668
Less: Cash and cash equivalents		(11)
Total enterprise value	$	1,657
Net total debt / enterprise value		43.6%
Net total debt + preferred / enterprise value		55.1%
Net total debt / gross assets		44.9%

Top 5 tenants1	% of annualized	% of SF
	straight line rent
	4%	1%
	4%	1%
	3%	1%
	3%	6%
	3%	1%
Top 5 Tenants total	17%	10%
Top 5 Tenants average remaining lease term	2.6 years
Portfolio average remaining lease term	7.1 years

Corporate liquidity ($mm)1

Cash and Cash Equivalents	$	10.7
Availability Under Revolving Credit Facility3		18.4
Total	$	29.1

• As of 6/30/2022.

• Based on the closing common stock price per share on June 30, 2022 of $18.84. Includes OP units and senior common shares convertible into shares of common stock.
  3 As of August 1, 2022, approximately $34.6 million is available under the Company's revolving credit facility.

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