1.87.148 200.201.204 7.161.142 114.95.164 247.82.73 Supplemental Financial & Operating Information for the Quarter Ended September 30, 2023 Legal disclaimer 114.95.164 210.189.154 224.224.13 200.201.204 1 1.87.148 200.201.204 7.161.142 210.189.154 224.224.13 247.82.73 200.201.204 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 wo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 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 SEPTEMBER 30, 2023 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 ...

Financial Data and Key Metrics - Total operating revenues for Q2 2023 were $38.7 million, compared to $36.4 million in Q2 2022 [17] - Operating expenses increased to $33.7 million in Q2 2023 from $27.8 million in Q2 2022, primarily due to a $6.8 million impairment charge on three office properties [17] - FFO and core FFO per share for Q2 2023 were both $0.41, compared to $0.39 in Q2 2022 [38] - Same-store cash rent increased by 9.5% in the first two quarters of 2023 compared to the same period in 2022, driven by a one-time accelerated rental payment from a lease termination [17] - The company repurchased $1 million of common stock, approximately 80,000 shares at an average price of $12.40 [61] Business Line Data and Key Metrics - The industrial portfolio allocation based on straight-line rent increased from 32% in 2019 to 59% in Q2 2023, while office allocation decreased to 37% [34] - The company aims to increase its industrial allocation to at least 60% within the next 6 to 12 months [34] - Same-store lease revenues increased by 9.5% in Q2 2023 compared to Q2 2022 [12] - Rent collections remained strong, with 100% of cash rents collected through July [12] Market Data and Key Metrics - Transaction volumes in the commercial real estate market decreased by over 60% year-over-year due to higher interest rates and tightened credit standards [6] - The industrial sector normalized in Q2 2023 after two record-setting years in 2021 and 2022, but fundamentals remain strong [35] - Office development activity has significantly decreased, with only 5 million square feet of office space breaking ground year-to-date [14] Company Strategy and Industry Competition - The company continues to pivot towards industrial assets, divesting non-core office properties to reduce exposure to the weakened office market [10] - The company focuses on acquiring industrial properties in the 50,000 to 300,000 square foot range, predominantly through sale-leaseback transactions [34] - The company is actively managing its portfolio to maximize value, with a focus on improving same-store operations and capital recycling into industrial assets [12][15] Management Commentary on Operating Environment and Future Outlook - The company acknowledges the economic uncertainty and volatility in Q2 2023, driven by higher interest rates and tightened credit standards [6] - Management remains optimistic about the industrial sector, citing strong fundamentals and attractive acquisition opportunities [35] - The company expects to continue its focus on industrial acquisitions and improving operations, with a pipeline of approximately $408 million in potential acquisitions [77] Other Important Information - The company identified errors in the calculation of depreciation for tenant-funded improvement assets, which were corrected in the financial statements for Q2 2023 [39] - The company has manageable loan maturities, with $9 million due in 2023 and $19.7 million due in 2024 [19] - The company has $6.9 million in cash and $44.1 million of availability under its line of credit as of Q2 2023 [41] Q&A Session Summary Question: Timing and pricing of remaining dispositions - The company expects most dispositions to close by the end of 2023, with one potentially spilling over into Q1 2024 due to repositioning in the marketplace [23] - Pricing for dispositions is uncertain, with some properties requiring adjustments during due diligence [23] Question: Credit quality of industrial tenants - The company maintains its historical underwriting standards for tenant credit quality, even as it shifts focus to industrial assets [24] - Industrial tenants, particularly in manufacturing, are often middle-market businesses but are considered mission-critical, leading to higher renewal probabilities [25] Question: Use of proceeds from dispositions - The company plans to redeploy proceeds from dispositions into higher accretive industrial acquisitions, with stock buybacks remaining an option [59] Question: Acquisition pipeline and expectations - The company has a pipeline of approximately $408 million in potential acquisitions, with two deals under LOI and several others under review [77] - The company is cautious about acquisition timing due to market conditions, including cap rate expansion and availability of capital [78] Question: Lease termination details - The lease termination in Q2 2023 involved a Fort Lauderdale office property, where the company negotiated a direct lease with a new tenant, resulting in a $2 million cash value [64]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 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, 2023 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 02-0681 ...

Gladstone Commercial Corporation (NASDAQ:GOOD) Q1 2023 Earnings Conference Call May 4, 2023 8:30 AM ET Company Participants Gaurav Mehta - EF Hutton Rob Stevenson - Janney Montgomery Scott John Massocca - Ladenburg Thalmann It is now my pleasure to introduce your host, David Gladstone, Chief Executive Officer. Please proceed, sir. Michael LiCalsi Today's call is an overview of our results, so we had to review our press release and Form 10-Q, both issued yesterday for more detailed information and find them. ...

Table of Contents (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 WASHINGTON, D.C. 20549 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER: 001-33097 GLADSTONE COMMERCIAL CORPORATION FORM 10-Q (Exact name of registrant as specified in its charter) Maryland 02-068 ...

Gladstone Commercial Corporation (NASDAQ:GOOD) Q4 2022 Earnings Conference Call February 23, 2023 8:30 AM ET Gaurav Mehta - EF Hutton James Allen Villard - Ladenburg Thalmann Craig Kucera - B. Riley David Gladstone David Gladstone - CEO Michael LiCalsi - General Counsel and Secretary Buzz Cooper - President Gary Gerson - CFO Greetings. Welcome to Gladstone Commercial Corporation's Year End Conference Call. [Operator Instructions] Please note that this conference is being recorded. Thank you, Rob. Nice intro ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________________________________________________________ FORM 10-K ____________________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Comm ...

Gladstone Commercial Corporation (NASDAQ:GOOD) Q3 2022 Earnings Conference Call November 8, 2022 8:30 AM ET Company Participants David Gladstone - Chief Executive Officer Michael LiCalsi - General Counsel & Secretary Buzz Cooper - President Gary Gerson - Chief Financial Officer Conference Call Participants Gaurav Mehta - EF Hutton John Massocca - Ladenburg Thalmann Craig Kucera - B. Riley Operator Greetings and welcome to the Gladstone Commercial Corporation Third Quarter Earnings Conference Call. At this t ...

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 ...