GLADSTONE COMMERCIAL CORP

Gladstone Commercial Corporation (Nasdaq: GOOD) operates as a real estate investment trust focused on acquiring, owning, and managing primarily industrial and office properties across the United States. The company's website is www.GladstoneCommercial.com.

As of February 2026, Gladstone Commercial owns 151 properties totaling 17.7 million square feet of rentable space located across 27 states, with an occupancy rate of 99.1%. The company's portfolio consists primarily of single-tenant industrial real property, though it also selectively acquires office properties and multi-tenant industrial facilities. Properties are leased to tenants under net lease arrangements typically spanning seven to 20 years with built-in rental rate increases, whereby tenants pay most or all operating costs, maintenance, repairs, insurance, and real estate taxes.

The company's investment strategy emphasizes geographic diversification and tenant diversification across multiple business sectors, ranging from small private companies to large public corporations. As of December 31, 2025, 35 percent of lease revenues were earned from tenants rated by nationally recognized statistical rating organizations. The average remaining lease term of the portfolio is 7.3 years.

Gladstone Commercial conducts substantially all business activities through an Umbrella Partnership Real Estate Investment Trust structure, with properties held directly or indirectly by Gladstone Commercial Limited Partnership. The company finances acquisitions and operations through equity offerings, mortgage financing, a credit facility, long-term private debt, and cash from operations. As of December 31, 2025, the company had mortgage notes payable of $250.2 million and $437.4 million outstanding under its credit facility.

The company is externally managed by Gladstone Management Corporation, which serves as its investment adviser, while Gladstone Administration LLC provides administrative services. The adviser's investment committee reviews and approves all investments to ensure compliance with the company's investment criteria and policies. The company has elected to be taxed as a REIT for federal income tax purposes and also issues preferred stock, including Series E, F, and G cumulative redeemable preferred stock.