Gladstone Commercial : Investor Presentation May 2025

Published: 2025-05-14 15:15:08 ET GOOD

Published on 05/14/2025 at 15:15

May 2025 | Nasdaq: GOOD

Investment Focus

Portfolio Highlights

141

Properties

$1.6 billion

Gross Assets

Single tenant or anchored multi-tenant net lease industrial assets

Long term leases (7+ years)

Strong, credit tenants

107

Unique Tenants

17.3 million

Square Feet

Mission-critical real estate in path of growth markets

Third party purchases, sale leasebacks, or build-to-suit developments

Focused on industrial portfolio growth

98.4%

Occupancy

6.8 years

Average Remaining Lease Term

Company Overview

Portfolio diversified across tenants, geographies, and industries

141 properties with 107 unique tenants in 27 different states with no tenant accounting for more than 6% of annualized straight-line rent

Most industrial leases have fixed annual escalations up to 3.5%, providing steady contractual revenue growth

Since 2018, GOOD has increased industrial concentration (as a % of annualized straight-line base rent) from 35% to 65%

Industrial assets continue to outperform other asset classes with long term future demand driven by numerous tailwinds including manufacturing reshoring and supply chain optimization

20+ Year History

GOOD management has decades of combined experience investing in net lease assets and evaluating tenant credit

History of consistent and disciplined growth poised to continue in any economic environment

Mission-Critical Assets

GOOD portfolio occupancy has never declined below 95%, and industrial and office portfolio occupancy rates were 99.4% and 91.7%, respectively, as of March 31, 2025

Tenants often have heavy fixed investment in a site, resulting in prohibitive relocation costs

More than 68% of annualized straight-line base rent expires in 2029 or later

Robust Underwriting Platform

GOOD's in-house underwriting team critically evaluates every potential new tenant's credit

In GOOD's 20+ year history spanning multiple economic cycles, only six tenants have ever defaulted

Consistently high cash rent collection - 100% of cash rents collected in 2021-2025 (through April 2025), and 99% cash rent collection in 2020 (overlapping with COVID-19 pandemic)

92% of outstanding debt is fixed rate or hedged floating rate, and only 2.3% of debt matures before 2026

Since January 1, 2022, GOOD has repaid net $183.8 million of mortgage debt and grown its unencumbered asset base by over 60%

$80.5 million in available liquidity via revolving credit facility and cash on hand

Investment Highlights

By State

By Asset Class

As % of Annualized Straight-Line Base Rent As % of Annualized Straight-Line Base Rent

Office 31%

Retail 3%

Medical Office 1%

Industrial 65%

By Tenant Industry

As % of Annualized Straight-Line Base Rent

Automotive 15%

TX

17.3 %

PA

14.1 %

FL

10.7 %

UT

2.3 %

OH

6.9 %

NJ

2.0 %

NC

5.7 %

TN

2.0 %

GA

5.6 %

SC

2.0 %

AL

5.5 %

IA

1.8 %

MI

5.3 %

WI

1.4 %

IN

3.5 %

IL

1.1 %

CO

3.4 %

MN

1.0 %

MO

3.3 %

All Others

5.1 %

All 14 Others 38%

Beverage, Food & Tobacco 7%

Diversified/Conglomerate Services 12%

Building and Real Estate 10%

Telecommunications 9%

Diversified/Conglomerate

Manufacturing 9%

Diverse, Stable Portfolio

Disclaimer

Gladstone Commercial Corporation published this content on May 14, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2025 at 19:14 UTC.