Financial Data and Key Metrics Changes - Funds from operations (FFO) available to common stockholders was $0.23 per share for Q3 2022, compared to $0.44 per share in Q3 2021, while core FFO was $0.44 per share in Q3 2022, up from $0.39 per share in Q3 2021 [30] - Total operating revenues for Q3 2022 were $39.8 million, an increase from $34.3 million in Q3 2021, while operating expenses rose to $37.4 million from $25.5 million in the same period [32] - Year-to-date same-store cash rent increased by 0.2% over the first three quarters of 2021 [31] Business Line Data and Key Metrics Changes - The company acquired a total of four industrial assets during the quarter for $46.1 million, while selling three office buildings, reinforcing its strategy to increase industrial allocation [46] - Industrial allocation increased from 32% to 54% since July 2021, with a target to reach 60% within the next 12 to 18 months [16] Market Data and Key Metrics Changes - National industrial market fundamentals remain strong, with net absorption exceeding 100 million square feet for the eighth consecutive quarter, driving vacancy down to 3.2% [21] - Average industrial asking rates increased by 22% year-over-year, marking the strongest growth rate ever recorded [22] - The office market continues to face challenges, with a net negative absorption of 18.5 million square feet in Q3 2022 [25] Company Strategy and Development Direction - The company is focused on industrial acquisitions and improving operations, with a strategy to increase its portfolio's industrial allocation while reducing office property holdings [10][14] - The company aims to continue capital recycling efforts to redeploy sale proceeds into industrial assets, benefiting both current and future operating performance [17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from rising inflation, interest rates, and supply chain disruptions but expressed confidence in the portfolio's performance and tenant rent payments [49][50] - The company is actively managing lease expirations and is optimistic about re-leasing efforts, particularly for properties with upcoming expirations [52][54] Other Important Information - The company amended and extended its syndicated revolving credit and term loan facility from $325 million to $495 million, using net proceeds to pay down mortgage loans [10] - Institutional ownership of the stock increased to 46.6% as of September 30, indicating growing investor confidence [41] Q&A Session Summary Question: Can you provide details on lease expirations and management strategies? - Management is actively monitoring one lease expiring in Q4 2022 in South Carolina and is exploring options for re-leasing or selling the property [52][54] Question: What are the expectations for acquisition cap rates moving forward? - The company noted that the higher cap rate on recent acquisitions reflects market conditions and the need for sellers to adjust expectations due to rising interest rates [56] Question: How is the company addressing the slowdown in deal volume? - Management acknowledged a slowdown in opportunities but emphasized a continued focus on off-market sale-leaseback transactions and a discerning approach to acquisitions [64][66] Question: What is the outlook for refinancing and cost of debt in 2023? - The company expects interest rates to rise, impacting refinancing costs, but believes its current debt profile is manageable [67][70] Question: Are there signs of stress among tenants due to rising input costs? - Management indicated that cash flows are generally stable, and the company has chosen strong tenants, although rising interest rates pose challenges for new transactions [80][82]

1.87.148 200.201.204 7.161.142 210.189.154 114.95.164 224.224.13 247.82.73 200.201.204 1 Supplemental Financial & Operating Information for the Quarter Ended June 30, 2022 1.87.148 Legal disclaimer 200.201.204 7.161.142 210.189.154 114.95.164 224.224.13 247.82.73 200.201.204 Forward-Looking Statements: 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 s ...

Gladstone Commercial Corporation (NASDAQ:GOOD) Q2 2022 Earnings Conference Call August 2, 2022 8:30 AM ET Company Participants David Gladstone - Chief Executive Officer Michael LiCalsi - General Counsel and Secretary Buzz Cooper - President Gary Gerson - Chief Financial Officer Conference Call Participants Gaurav Mehta - EF Hutton Craig Kucera - B. Riley James Allen Villard - Ladenburg Thalmann Operator Greetings and welcome to the Gladstone Commercial Corporation Second Quarter Earnings Conference Call. [O ...

Gladstone Commercial Corporation (NASDAQ:GOOD) Q1 2022 Earnings Conference Call May 5, 2022 8:30 AM ET Company Participants David Gladstone - Chairman and Chief Executive Officer Gary Gerson - Chief Financial Officer Michael LiCalsi - General Counsel and Secretary Robert Cutlip - President Buzz Cooper - Co-President, Chief Investment Officer, and Executive Vice President Conference Call Participants Rob Stevenson - Janney Montgomery Scott Craig Kucera - B. Riley Securities Brian Hollenden - Aegis Capital Ja ...

1.87.148 200.201.204 7.161.142 210.189.154 114.95.164 224.224.13 247.82.73 200.201.204 1 Supplemental Financial & Operating Information for the Quarter Ended March 31, 2022 1.87.148 Legal disclaimer 200.201.204 7.161.142 210.189.154 114.95.164 224.224.13 247.82.73 200.201.204 Forward-Looking Statements: 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 ...

Financial Data and Key Metrics Changes - FFO and core FFO available to common stockholders were both $0.40 per share for Q4 2021, compared to $0.37 and $0.38 per share in Q4 2020 respectively [28] - Total operating revenues for Q4 2021 were $35.3 million, up from $32.9 million in the same period last year, while operating expenses increased to $25.4 million from $24.7 million [29] - Same-store cash rent grew by 3.2% overall in 2021 compared to 2020 [28] Business Line Data and Key Metrics Changes - The company acquired three industrial assets in Q4 2021 for a total investment of $53.8 million, focusing on industrial properties [37] - The industrial allocation in the portfolio increased from 33% to 51% since 2019, with a target of reaching 60% in the next 12 to 18 months [10] Market Data and Key Metrics Changes - Industrial vacancy rates remained low at 4% to 4.5%, with net absorption exceeding 100 million square feet per quarter in 2021 [22] - Office vacancy rates dropped to 16.6% in Q4 2021, marking the first decrease since mid-2019 [23] Company Strategy and Development Direction - The company aims to increase its industrial allocation and improve property operations while divesting non-core assets [8] - The acquisition pipeline currently stands at approximately $350 million, with a focus on industrial properties [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong performance and ability to navigate challenges posed by COVID-19 and supply chain disruptions [40] - The outlook for 2022 acquisitions is optimistic, with expectations to exceed $120 million based on current market conditions [44] Other Important Information - The company has maintained its common stock dividend at $0.3762 per share per quarter, with a distribution yield of 6.97% [35] - Institutional ownership of the stock has increased to 50.5% as of December 31 [34] Q&A Session Summary Question: What is the current acquisition pipeline? - The acquisition pipeline includes $32 million in due diligence and $100 million to $110 million in the letter of intent stage, with expectations for a significant portion to convert to contracts soon [43][44] Question: How are you thinking about dispositions this year? - The company aims to limit dispositions to $15 million to $20 million per year, but this could increase if significant capital gains opportunities arise [48] Question: What is the outlook for the Austin office asset? - The Austin asset has been refilled to over half of the building, generating approximately 90% of the previous cash flow, with ongoing interest from potential tenants [50][52] Question: What is the overall cap rate outlook for potential acquisitions? - The average cap rate for industrial properties is expected to be between 5.25% to 6%, consistent with 2021 levels [63] Question: What is the outlook for refinancing maturing debt? - Current interest rates are manageable, and refinancing is expected to be accretive given today's rates [75][77]

1.87.148 200.201.204 7.161.142 210.189.154 224.224.13 247.82.73 200.201.204 GLADSTONE COMMERCIAL 114.95.164Supplemental Financial & Operating Information for the Quarter Ended September 30, 2021 1 1.87.148 Legal disclaimer 200.201.204 7.161.142 210.189.154 114.95.164 224.224.13 247.82.73 200.201.204 Forward-Looking Statements: 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 typica ...

Gladstone Commercial Corporation (NASDAQ:GOOD) Q3 2021 Earnings Conference Call November 2, 2021 8:30 AM ET Company Participants Michael LiCalsi - General Counsel & Secretary David Gladstone - Chairman & CEO Bob Cutlip - President Gary Gerson - CFO & Assistant Treasurer Conference Call Participants Craig Kucera - B Riley and Securities John Massocca - Ladenburg Brian Hollenden - Aegis Operator Greetings and welcome to Gladstone Commercial's Third Quarter Earnings Call. At this time all participants are in a ...

Financial Data and Key Metrics Changes - FFO adjusted for comparability and core FFO available to common stockholders were $0.36 and $0.37 per share for Q2 2021, compared to $0.40 and $0.41 per share in Q2 2020 [25] - Total operating revenues for Q2 2021 were stable at $33.4 million, with operating expenses of $25 million, compared to $33.5 million and $25.9 million for the same period in 2020 [26] - Same-store cash rent in Q2 grew by 2.8% over Q2 2020, and for the first six months of 2021, it grew by 4% over the same period in 2020 [25] Business Line Data and Key Metrics Changes - The company acquired a 25,200 square foot industrial service facility in Baytown, Texas for $8.1 million and an 80,600 square foot industrial facility in St. Louis, Missouri for $22 million [6][10] - The asset management team extended, expanded, and/or leased 1.27 million square feet covering 12 tenants, with an average weighted lease term of 8.6 years [11] - 100% of cash-based rents were collected during Q2 2021, with July collections at 99% [13] Market Data and Key Metrics Changes - Industrial activity remains strong, with second quarter vacancy rates at 4% to 4.5% and net absorption exceeding 100 million square feet [18] - Office vacancy increased to 16.5%, but negative absorption has improved compared to previous quarters [19] - E-commerce and logistics demand continue to drive the industrial sector, while office rents increased approximately 1% quarter-over-quarter [20] Company Strategy and Development Direction - The company is focusing on increasing its industrial allocation from 49% today to a target of 60% within the next 18 months [9] - The current pipeline of acquisition candidates is approximately $360 million, with a focus on industrial properties [21] - The company is exploring dual strategies for its Austin office property, considering both re-leasing and selling options [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage lease expirations, with only 2.9% of leases expiring through year-end 2021 [14] - The team is optimistic about future performance, citing strong tenant performance and a robust acquisition strategy [22] - Management noted that the operating environment remains challenging but emphasized the team's capability to navigate these conditions [38] Other Important Information - The company issued $100 million of Series G preferred stock, primarily to redeem Series D preferred stock, reducing total dividend expenses and providing additional investable capital [28] - Institutional ownership of the stock has increased to 54.3% as of June 30, a 7% increase over the last five years [33] Q&A Session Summary Question: Can you talk about the sequential revenue drop and its causes? - Management indicated that the drop was due to accelerated rents from Q1 not carrying into Q2 and increased G&A costs in Q2 compared to Q1 [41][42] Question: What is the status of the 310 million square feet of vacant space leased? - The free rent period for the leases does not start until November [43] Question: What was the spread on the rents for the renewals since the end of Q1? - Renewals represented about $6.3 million of straight-line rent, which increased by approximately 8.5% [44] Question: Has the investment expectation for 2021 changed? - Management expects to remain above $110 million in investments, with increased market activity [50] Question: What is the current cap rate environment for smaller assets? - Cap rates in secondary markets are in the mid- to high 5s, while gateway markets are lower [51] Question: What is the confidence level for potential transactions in the Austin market? - Increased interest in property tours and buyer inquiries has led to confidence in potential transactions by the end of Q3 [53]

ll GLADSTONE COMMERCIAL REITWEEK 2021 1.87.148 Legal Disclaimer 200.201.204 7.161.142 210.189.154 114.95.164 224.224.13 247.82.73 200.201.204 Forward-Looking Statements: 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," "inten ...