Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER: 001-33097 GLADSTONE COMMERCIAL CORPORATION (Exact name of registrant as specified in its charter) Maryland 02-068127 ...

Financial Data and Key Metrics Changes - Funds from operations (FFO) and core FFO available to common stockholders were both $0.39 and $0.40 per share respectively, indicating prudent growth and portfolio performance [35][36] - Total operating revenues increased to $33.6 million compared to total operating expenses of $24.1 million for the period [38] - Debt to gross assets reduced by nearly 15% to 46% over the past five years [38][41] Business Line Data and Key Metrics Changes - The company acquired five industrial properties during the quarter, totaling $72 million in investment volume [12][9] - Industrial allocation increased from 33% on January 1, 2019, to 41% as of March 31, 2020 [10] - Same-store cash rent grew at an annualized rate of 2% [36] Market Data and Key Metrics Changes - The buyer pool for commercial properties shrank significantly, with an estimated 790 unique buyers in March compared to an average of 2,100 from 2016 to 2019 [28][29] - Import volumes for East Coast ports are expected to be 10% below levels from the same period in 2019 [30] Company Strategy and Development Direction - The investment strategy emphasizes increasing the portfolio's industrial allocation to improve operating efficiencies and reduce capital expenditures [10] - The company plans to continue pursuing acquisition opportunities, particularly in industrial properties, as market conditions allow [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding tenant rent payments, with 98% of April scheduled rent paid [22][50] - The company is actively engaging with tenants to address rent deferral requests while aiming to maintain core FFO per share [20][62] - Management noted that the economic slowdown due to COVID-19 will impact the industry, but they are prepared to navigate these challenges [27][37] Other Important Information - Institutional ownership of the stock increased to 56% as of March 31 [47] - The company has not suspended its dividend since its IPO in 2003, maintaining a distribution yield of 9.4% [48] Q&A Session Summary Question: What are you seeing from your office versus industrial tenants? - More requests for rent deferrals have come from office tenants, with some opportunistic requests from strong tenants [57] Question: Are you getting any additional terms from tenants in exchange for deferrals? - The company prefers to maintain core FFO per share and has not agreed to interest charges on rent deferrals [62][64] Question: What is the current liquidity situation? - The company has $3 million in cash and $29.5 million available under its line of credit, totaling over $30 million in liquidity [65] Question: Why not adjust the dividend given the high payout ratio? - The company has no intention to cut the dividend, emphasizing its commitment to shareholders [73][76] Question: What are the bright and dark spots in the portfolio? - Concerns exist regarding retail tenants, while optimism is noted for industrial tenants, especially with potential on-shoring of manufacturing [84][86] Question: How has the pandemic impacted re-leasing operations? - Re-leasing activity has dropped in certain areas, but there are positive developments in others, such as Minneapolis [99] Question: What is the breakdown between manufacturing and distribution in the portfolio? - The portfolio is approximately 40% manufacturing and 60% distribution, with few deferral requests from industrial tenants [104]

1.87.148 200.201.204 7.161.142 210.189.154 224.224.13 247.82.73 200.201.204 114.95.164Supplemental Financial & Operating Information for the Quarter Ended March 31, 2020 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 typically identified by words s ...

Gladstone Commercial Corporation (NASDAQ:GOOD) Q4 2019 Earnings Conference Call February 13, 2020 8:30 AM ET Company Participants David Gladstone - Chief Executive Officer Michael LiCalsi - General Counsel & Secretary Bob Cutlip - President Mike Sodo - Chief Financial Officer Conference Call Participants Gaurav Mehta - National Securities Barry Oxford - D.A. Davidson Rob Stevenson - Janney Henry Coffey - Wedbush Securities John Massocca - Ladenburg Craig Kucera - B. Riley FBR Operator Ladies and gentlemen, ...

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 December 31, 2019 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 typical ...

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, 2019 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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019 1521 WESTBRANCH DRIVE, SUITE 100 MCLEAN, VIRGINIA 22102 (Address of principal executive offices) (Zip Code) (703) 287-5800 (Registrant's telephone number, including area code) Not Applicable OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITI ...