Gladstone Commercial Corporation (GOOD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Gladstone Commercial Corporation (Good), un fideicomiso dinámico de inversión inmobiliaria que transforma la inversión de propiedades comerciales en un modelo de negocio meticulosamente elaborado. Con un enfoque sólido para adquirir, administrar y optimizar las propiedades generadoras de ingresos, Good ofrece a los inversores un camino único hacia los rendimientos estables en el complejo mundo de bienes raíces comerciales. Desde carteras de propiedad diversificadas hasta estrategias de dividendos transparentes, esta compañía ha diseñado un marco sofisticado que equilibra el riesgo, la oportunidad y el desempeño financiero consistente.

Gladstone Commercial Corporation (Good) - Modelo de negocios: asociaciones clave

Corredores de bienes raíces comerciales y administradores de propiedades

A partir del cuarto trimestre de 2023, Gladstone Commercial Corporation mantiene asociaciones con:

Tipo de socio	Número de socios	Cobertura geográfica
Corredores de bienes raíces comerciales	37	42 estados de los Estados Unidos
Empresas de administración de propiedades	22	Cubriendo las principales áreas metropolitanas

Instituciones bancarias para financiamiento y préstamo

Detalles de la asociación financiera a partir de 2024:

• Facilidades de crédito total: $ 500 millones
• Número de socios bancarios: 8 principales instituciones financieras
• Línea de crédito promedio: $ 62.5 millones por institución

Contratistas de construcción y renovación

Categoría de contratista	Número de contratistas activos	Presupuesto anual de renovación
Empresas de construcción comerciales	15	$ 45.7 millones
Contratistas de renovación especializados	23	$ 22.3 millones

Inversores institucionales e individuales

Desglose de asociación de inversión:

• Inversores institucionales: 68% de la cartera de inversiones totales
• Inversores individuales: 32% de la cartera de inversiones totales
• Capital de inversión total: $ 1.2 mil millones

Proveedores de servicios legales y contables

Tipo de servicio	Número de proveedores	Gasto anual de servicio
Firma legal	6	$ 3.4 millones
Firmas de contabilidad	4	$ 2.1 millones

Gladstone Commercial Corporation (Good) - Modelo de negocio: actividades clave

Adquirir y administrar propiedades de bienes raíces comerciales

A partir del cuarto trimestre de 2023, Gladstone Commercial Corporation poseía 134 propiedades en 24 estados, con un total de aproximadamente 15.3 millones de pies cuadrados alquilados. La cartera consta de 96 propiedades industriales y 38 propiedades de oficina.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Propiedades industriales	96	10.2 millones de pies cuadrados
Propiedades de la oficina	38	5.1 millones de pies cuadrados

Oficina de arrendamiento y espacios industriales a inquilinos

Al 31 de diciembre de 2023, la compañía mantuvo un Tasa de ocupación del 93.7% a través de su cartera de propiedades.

• Término de arrendamiento promedio ponderado: 7.1 años
• Tasa de alquiler mensual promedio: $ 12.45 por pie cuadrado
• Alquiler base anualizado: $ 107.3 millones

Diversificación de cartera y selección de propiedades estratégicas

Región geográfica	Porcentaje de cartera
Sudeste	22.4%
Suroeste	19.6%
Medio oeste	18.3%
Nordeste	15.7%
Oeste	24%

Gestión de activos y mantenimiento de la propiedad

Gastos operativos de propiedad anual para 2023: $ 24.6 millones

• Gastos de capital de mantenimiento: $ 8.2 millones
• Gastos de administración de propiedades: $ 3.9 millones
• Gastos del impuesto a la propiedad: $ 12.5 millones

Relaciones con inversores y recaudación de capital

Capitalización de mercado total a partir de febrero de 2024: $ 745.6 millones

Método de recaudación de capital	Cantidad recaudada en 2023
Ofrendas de capital	$ 86.3 millones
Financiación de la deuda	$ 132.5 millones

Gladstone Commercial Corporation (Good) - Modelo de negocios: recursos clave

Cartera diversificada de activos de bienes raíces comerciales

A partir del cuarto trimestre de 2023, Gladstone Commercial Corporation mantiene una cartera de 134 propiedades en 28 estados, por un total de 15.5 millones de pies cuadrados alquilados. La composición de la cartera incluye:

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Edificios de oficinas	73	8.2 millones de pies cuadrados
Instalaciones industriales	61	7.3 millones de pies cuadrados

Balance general fuerte y estabilidad financiera

Métricas financieras al 31 de diciembre de 2023:

• Activos totales: $ 1.3 mil millones
• Deuda total: $ 735 millones
• Relación de deuda / capital: 0.57
• Tasa de ocupación: 95.2%

Equipo de gestión experimentado

Composición de liderazgo:

Posición	Años de experiencia
CEO	Más de 25 años en bienes raíces
director de Finanzas	18+ años en gestión financiera
Director de inversiones	Más de 22 años en bienes raíces comerciales

Capital de inversión

Estructura de capital a partir del cuarto trimestre 2023:

• Equidad de los accionistas: $ 565 millones
• Deuda a largo plazo: $ 685 millones
• Tasa de interés promedio ponderada: 4.75%

Relaciones de la industria

Métricas de red:

• Base de inquilinos activos: 109 compañías diferentes
• Diversificación geográfica: 28 estados
• Los 10 principales inquilinos representan: 35.6% del ingreso total de alquiler

Gladstone Commercial Corporation (Good) - Modelo de negocio: propuestas de valor

Ingresos estables y predecibles a través de contratos de arrendamiento a largo plazo

A partir del cuarto trimestre de 2023, Gladstone Commercial Corporation mantiene una cartera con un plazo promedio de arrendamiento de 7,2 años. La expiración de arrendamiento promedio ponderado (WALE) es de 6,8 años. Aproximadamente el 92.4% de la cartera consiste en acuerdos de arrendamiento de triple red a largo plazo.

Métrico de arrendamiento	Valor
Término de arrendamiento promedio	7.2 años
Vencimiento de arrendamiento promedio ponderado	6.8 años
Porcentaje de cartera de arrendamiento de triple red	92.4%

Centrarse en propiedades comerciales de alta calidad que generan ingresos

La cartera de propiedades de la compañía incluye 135 propiedades en 33 estados, por un total de aproximadamente 16.7 millones de pies cuadrados alquilados. La tasa de ocupación a partir del cuarto trimestre de 2023 fue del 96,3%.

• Propiedades totales: 135
• Cobertura geográfica: 33 estados
• Pies cuadrados alquilados totales: 16.7 millones
• Tasa de ocupación: 96.3%

Distribuciones de dividendos transparentes y consistentes

Gladstone Commercial ha mantenido una distribución de dividendos mensual constante. Para 2023, el rendimiento anual de dividendos fue de 8.2%, con un total de $ 1.56 por acción distribuido en 12 pagos mensuales.

Métrico de dividendos	Valor 2023
Rendimiento de dividendos anuales	8.2%
Dividendo anual total por acción	$1.56
Frecuencia de pago de dividendos	Mensual

Gestión de activos profesionales y optimización de propiedades

El equipo de gestión de la compañía tiene un promedio de 18.5 años de experiencia en inversión inmobiliaria. Los activos totales bajo administración fueron de $ 2.1 mil millones a partir del cuarto trimestre de 2023.

• Experiencia de gestión promedio: 18.5 años
• Activos totales bajo administración: $ 2.1 mil millones

Oportunidad para que los inversores accedan al mercado inmobiliario comercial

La capitalización de mercado de Gladstone Commercial Corporation fue de aproximadamente $ 605 millones al 31 de diciembre de 2023. Las acciones (NASDAQ: Good) brindan a los inversores acceso directo a una cartera de bienes raíces comerciales diversificadas.

Métrica financiera	Valor 2023
Capitalización de mercado	$ 605 millones
Bolsa	Nasdaq
Símbolo de ticker	BIEN

Gladstone Commercial Corporation (Good) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento a largo plazo con inquilinos comerciales

A partir del cuarto trimestre de 2023, Gladstone Commercial Corporation mantiene una cartera de 134 propiedades comerciales con un plazo de arrendamiento promedio de 7.2 años. El área total de lesiones brutas es de 20.5 millones de pies cuadrados en 27 estados.

Métrico de arrendamiento	Valor
Propiedades totales	134
Término de arrendamiento promedio	7.2 años
Área gruesa de manera gruesa	20.5 millones de pies cuadrados
Tasa de ocupación	95.6%

Servicios de administración de propiedades personalizados

Gladstone ofrece administración de propiedades dedicadas un equipo de 42 administradores de propiedades profesionales a tiempo completo.

• Línea directa de soporte de inquilinos 24/7
• Programación de mantenimiento personalizado
• Asignaciones directas del administrador de propiedades
• Inspecciones trimestrales de propiedad en el sitio

Información financiera regular y comunicaciones de inversores

El informe financiero trimestral incluye presentaciones detalladas de los inversores y llamadas de conferencia. En 2023, la compañía organizó 4 llamadas trimestrales de ganancias con una participación promedio de los inversores de 87 inversores institucionales.

Apoyo y mantenimiento del inquilino receptivo

Tiempo de respuesta de mantenimiento promedio: 3.2 horas. La cobertura del servicio de mantenimiento incluye el 100% de las propiedades de la cartera.

Equipo de relaciones con inversores dedicado

El equipo de relaciones con los inversores comprende 6 profesionales a tiempo completo que administran las comunicaciones y relaciones de los inversores.

Métrica de Relaciones con Inversores	Valor
Tamaño del equipo	6 profesionales
Reuniones anuales de inversores	12-15
Canales de comunicación de inversores	Llamadas trimestrales, informe anual, sitio web, correo electrónico directo

Gladstone Commercial Corporation (Good) - Modelo de negocios: canales

Arrendamiento de propiedades directas

A partir del cuarto trimestre de 2023, Gladstone Commercial Corporation administra una cartera de 134 propiedades comerciales con un total de 20.3 millones de pies cuadrados alquilados en 28 estados. Los canales de arrendamiento directo generan $ 88.7 millones en ingresos anuales de alquiler.

Tipo de propiedad	Número de propiedades	Total de pies cuadrados
Edificios de oficinas	73	11.2 millones
Instalaciones industriales	61	9.1 millones

Plataforma de relaciones con inversores en línea

La compañía mantiene una plataforma integral de relaciones con inversores en línea con datos e informes financieros en tiempo real.

• Tráfico del sitio web: 127,000 visitantes únicos por trimestre
• Documentos de inversionista en línea Descargados: 42,500 anuales
• Vistas de informes anuales digitales: 18,700

Conferencias de inversión inmobiliaria

Gladstone Commercial participa en 12-15 conferencias de inversión inmobiliaria anualmente, generando aproximadamente $ 5.2 millones en posibles clientes potenciales.

Tipo de conferencia	Participación anual	Contactos de inversores potenciales
Conferencias nacionales de REIT	7	1.350 contactos directos
Foros de inversión regionales	5-8	850 inversores potenciales

Redes de asesores financieros

Gladstone Commercial mantiene las relaciones con 215 empresas de asesoramiento financiero, que representan posibles canales de inversión con $ 3.8 mil millones en activos combinados bajo administración.

Sitio web corporativo y presentaciones de inversores

El sitio web corporativo proporciona presentaciones detalladas de los inversores con métricas actuales de desempeño financiero.

• Descargas de presentación de inversores trimestrales: 22,300
• Tiempo de visualización de presentación promedio: 12.4 minutos
• Investor Webcast Participación: 1.750 por trimestre

Gladstone Commercial Corporation (Good) - Modelo de negocio: segmentos de clientes

Empresas comerciales medianas a grandes

A partir del cuarto trimestre de 2023, la cartera de Gladstone Commercial Corporation incluye 133 propiedades comerciales por un total de aproximadamente 15.2 millones de pies cuadrados alquilados en 26 estados.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Edificios de oficinas	54	6.8 millones de pies cuadrados
Instalaciones industriales	79	8.4 millones de pies cuadrados

Empresas de servicios profesionales

Gladstone se dirige a las empresas de servicios profesionales con un plazo de arrendamiento promedio de 7.2 años y una tasa de ocupación del 94.3% al 31 de diciembre de 2023.

• Las industrias de los inquilinos incluyen servicios legales, de consultoría, tecnología y financieros
• Calificación crediticia promedio del inquilino: BBB+
• Término de arrendamiento promedio ponderado restante: 6.8 años

Empresas industriales y manufactureras

El segmento industrial representa el 52.6% del valor total de la cartera de la compañía, con 79 propiedades dedicadas a la fabricación y a los clientes industriales.

Sector manufacturero	Número de propiedades	Porcentaje de cartera industrial
Fabricación	42	53.2%
Distribución	37	46.8%

Inversores institucionales

Capitalización total de mercado a partir de febrero de 2024: $ 573.2 millones, con propiedad institucional al 68.3%.

• Los principales inversores institucionales:
  • Vanguard Group: 12.4%
  • BlackRock: 9.7%
  • Cohen & Caros: 6.2%

Inversores individuales de alto nivel de red

Rendimiento de dividendos a partir de febrero de 2024: 8.2%, atrayendo a inversores individuales de alto nivel de red que buscan ingresos consistentes.

Categoría de inversionista	Porcentaje de accionistas	Monto promedio de la inversión
Individuos de alto nivel de red	31.7%	$250,000 - $1,000,000

Gladstone Commercial Corporation (Good) - Modelo de negocio: Estructura de costos

Costos de adquisición de propiedades

A partir del cuarto trimestre de 2023, la estrategia de adquisición de propiedades de Gladstone Commercial Corporation involucró:

Tipo de propiedad	Costo de adquisición total	Número de propiedades
Propiedades industriales	$ 324.7 millones	46 propiedades
Propiedades de la oficina	$ 276.3 millones	38 propiedades

Gastos de mantenimiento y renovación de la propiedad

Costos anuales de mantenimiento y renovación de la propiedad para 2023:

• Gastos de mantenimiento total: $ 18.4 millones
• Presupuesto de mejora de capital: $ 12.6 millones
• Costo de mantenimiento promedio por propiedad: $ 247,000

Gestión y gastos generales administrativos

Categoría de gastos	Costo anual
Compensación ejecutiva	$ 4.2 millones
Salarios de los empleados	$ 9.7 millones
Servicios profesionales	$ 3.5 millones
Gastos administrativos generales	$ 2.9 millones

Gastos de intereses sobre financiamiento de la deuda

Estructura de costos de financiamiento de deuda para 2023:

• Deuda total: $ 789.6 millones
• Tasa de interés promedio ponderada: 4.75%
• Gastos de intereses anuales: $ 37.5 millones

Gastos de marketing y relaciones con los inversores

Actividad de marketing	Gasto anual
Participación de la conferencia de inversores	$425,000
Marketing digital	$276,000
Producción de informes anuales	$185,000
Comunicaciones de relaciones con los inversores	$340,000

Gladstone Commercial Corporation (Good) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler mensuales de propiedades comerciales

A partir del cuarto trimestre de 2023, Gladstone Commercial Corporation reportó ingresos totales de alquiler de $ 53.1 millones para el año fiscal.

Tipo de propiedad	Ingreso de alquiler	Tasa de ocupación
Propiedades industriales	$ 31.2 millones	93.4%
Propiedades de la oficina	$ 21.9 millones	89.7%

Contratos de arrendamiento a largo plazo

El término de arrendamiento promedio para la cartera de Gladstone Commercial Corporation es de 7,2 años, con un vencimiento promedio de arrendamiento promedio ponderado en 2029.

• Total de pies cuadrados bajo arrendamiento: 4.3 millones de pies cuadrados
• Término de arrendamiento promedio ponderado restante: 7.2 años
• Escaladas de alquiler contractual: 2.5% anual

Apreciación de la propiedad

Al 31 de diciembre de 2023, el valor razonable total de la cartera de propiedades era de $ 1.2 mil millones, lo que representa un aumento del 3.7% respecto al año anterior.

Distribuciones de dividendos a los accionistas

Año	Dividendo anual	Rendimiento de dividendos
2023	$ 1.56 por acción	6.8%
2022	$ 1.52 por acción	6.5%

Posibles ventas de propiedades y ganancias de capital

En 2023, Gladstone Commercial Corporation obtuvo $ 42.3 millones de las disposiciones de la propiedad con una ganancia neta de $ 7.6 millones.

• Ventas totales de propiedades: $ 42.3 millones
• Ganancias netas de capital: $ 7.6 millones
• Número de propiedades vendidas: 6

Gladstone Commercial Corporation (GOOD) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Gladstone Commercial Corporation (GOOD) attracts and keeps its capital providers. The value proposition centers on durable income derived from essential real estate assets.

Stable, predictable cash flow from long-term net leases is the bedrock here. This structure means tenants handle most property operating expenses, which helps smooth out Gladstone Commercial Corporation's net operating income. The portfolio shows a weighted-average remaining lease term of 7.5 years as of the end of Q3 2025. This duration provides excellent visibility into future cash flows.

The nature of the real estate itself is a key value driver. Gladstone Commercial Corporation focuses on properties that are mission-critical real estate for tenant operations. This is strongly supported by the portfolio's performance; the overall portfolio occupancy rate stood at 99.1% as of September 30, 2025. In the company's operating history since its 2003 initial public offering, the occupancy level has never fallen below 95.0%, which reinforces the essential nature of these locations for the tenants' businesses.

The portfolio's structure is designed for resilience through diversification, even as Gladstone Commercial Corporation strategically pivots toward industrial assets.

• High overall portfolio occupancy rate as of Q3 2025: 99.1%.
• Total properties in the portfolio: 151.
• Leased to 110 unique tenants.
• Diversified across 20 different industries.
• Industrial assets now account for 69% of annualized straight-line rent.

The industrial segment offers specific value enhancers, such as fixed annual rent escalations of up to 3.5% on those leases, which helps combat inflation.

For investors, the commitment to shareholder returns is tangible through consistent monthly dividend distributions. Gladstone Commercial Corporation has a long history of paying these distributions monthly, which is a significant draw for income-focused capital. The quarterly common stock dividend was maintained at $0.30 per share in Q3 2025, equating to an annualized distribution of $1.20 per share. This monthly cadence has been a feature for over 16 consecutive years.

Here's a quick look at the key portfolio metrics supporting these value propositions as of Q3 2025:

Metric	Value	Source Context
Occupancy Rate	99.1%	As of September 30, 2025
Total Properties	151	As of September 30, 2025
Number of Tenants	110	As of September 30, 2025
Number of Industries	20	As of September 30, 2025
Average Remaining Lease Term	7.5 years	As of Q3 2025 end
Industrial Rent Concentration	69%	Of annualized straight-line rents
Quarterly Common Dividend	$0.30	Maintained in Q3 2025

Finance: draft 13-week cash view by Friday.

Gladstone Commercial Corporation (GOOD) - Canvas Business Model: Customer Relationships

You're looking at how Gladstone Commercial Corporation (GOOD) keeps its tenants locked in, which is the bedrock of its net lease model. The relationship here isn't about daily service; it's about long-term, structural alignment, which is why the net lease structure is so central to their customer relationship strategy.

Direct, long-term relationships via net lease structure

The core relationship is defined by the lease itself. Gladstone Commercial Corporation focuses on acquiring assets that are mission critical to tenant operations. This means tenants often have heavy fixed machinery and equipment investment in a site, making relocation costs prohibitive. This structural dependency naturally fosters a long-term commitment. As of September 30, 2025, the average remaining lease term across the portfolio stood at a healthy 7.5 years. Furthermore, the company targets long-term leases, with the average term generally being 7+ years. This long duration is a direct relationship feature.

The stability this creates is clear in their near-term lease roll. As of the Q2 2025 update, only 1.3% of annualized straight-line rents were set to expire through the end of 2025, giving you excellent cash flow visibility. By the Q3 2025 report, the company confirmed no remaining loan maturities in 2025, further solidifying near-term stability from a financing perspective, which indirectly supports tenant relationships.

Here's a snapshot of that long-term commitment and portfolio health as of late 2025:

Metric	Value (As of Q3 2025)	Reference Period/Context
Portfolio Occupancy Rate	99.1%	As of September 30, 2025
Industrial Occupancy Rate	99.8%	As of September 30, 2025
Office Occupancy Rate	94.2%	As of September 30, 2025
Average Remaining Lease Term	7.5 years	As of September 30, 2025
Portfolio Never Dipped Below	95.0%	Historical Occupancy Floor
Total Unique Tenants	110	As of September 30, 2025

Dedicated asset management for tenant retention

Gladstone Commercial Corporation uses its dedicated asset management team to actively manage these relationships, which is key to retention. The team's focus is on maintaining high performance and tenant satisfaction. They achieved 100% collection of cash-based rents in the third quarter of 2025, and they reported 100% collection of cash base rents through the first half of 2025. Honestly, that kind of collection rate speaks volumes about tenant health and management effectiveness.

The company's history shows a low default rate, which is a testament to their underwriting and ongoing management. In their 20-plus year history, only six tenants have ever defaulted. This suggests their in-house credit-underwriting expertise is working to select tenants who can maintain their obligations.

Proactive lease renewals to maintain high occupancy

You see the proactive approach in their leasing activity. They aren't waiting for leases to expire to start talking. For example, in the first half of 2025, they renewed leases on 67,709 square feet of industrial space and 55,308 square feet of office space across the portfolio. That's active relationship management in action.

The leasing efforts in Q3 2025 were substantial, too. They completed leasing activity on 734,000 square feet of property at 14 sites, securing remaining lease terms ranging from 0.7 years to 11.4 years. This activity resulted in a total straight-line rental increase of $1.1 million for those specific properties. It's defintely about securing the future occupancy now.

The focus on industrial assets, which now represent 69% of annualized straight-line rent as of Q3 2025, also supports this relationship strategy, as industrial tenants often have longer-term needs and higher fixed investments.

• Industrial leases frequently feature fixed annual escalations up to 3.5%.
• No single tenant accounts for more than 6% of annualized straight-line rent.
• Leasing activity in 2025 (through Q3) covered 857,481 square feet with 12 tenants.

Finance: draft the 2026 lease renewal pipeline analysis by Friday.

Gladstone Commercial Corporation (GOOD) - Canvas Business Model: Channels

The Channels component for Gladstone Commercial Corporation (GOOD) centers on how the company reaches its customers (tenants) and its investors (shareholders) and how it sources new assets.

Direct leasing and property management teams

The direct channel involves the internal teams managing the existing real estate portfolio, which as of September 30, 2025, consisted of 151 properties across 27 states, leased to 110 different tenants. The direct team handles lease renewals and ongoing property management, which is crucial given the net lease structure where tenants handle most operating expenses.

Key performance metrics channeled through this team as of the latest reporting periods include:

• Occupancy rate as of September 30, 2025: 99.1%.
• Cash base rents collected for the first half of 2025: 100%.
• Same store lease revenue increase compared to the same time period in 2024 (as of June 30, 2025): 6.4%.
• Square feet leased or renewed in Q3 2025: 734,464 sq ft across 14 properties.
• Annualized straight-line rent increase from Q3 2025 leasing activities: about $1.1 million.

Investor Relations website for SEC filings and webcasts

Gladstone Commercial Corporation (GOOD) uses its Investor Relations section on www.gladstonecommercial.com as the primary channel for communicating with its equity investors and the broader financial community. This channel delivers mandatory disclosures and supplemental information.

Recent communications available through this channel include:

• The Q3 2025 Earnings Release and 10-Q filing, both released on November 3, 2025.
• The Q3 2025 Earnings Call and Webcast, held on Tuesday, November 4, 2025 at 8:30 a.m. ET.
• The company's quarterly financial supplement, which provides detailed financial and portfolio information, is posted on the website.

At-the-Market (ATM) equity program for capital raising

The At-the-Market (ATM) program serves as a direct equity channel to raise capital for acquisitions and other capital requirements, allowing Gladstone Commercial Corporation (GOOD) to issue shares opportunistically based on market conditions.

Capital raised via the ATM program through the first three quarters of 2025:

Reporting Period	Net Proceeds Raised	Shares Sold
Q3 2025 Only	$23.0 million	Data not specified for Q3 only
9 Months Ended September 30, 2025	$61 million	4.4 million shares
Q1 2025 (Combined reported issuances)	$34.9 million (Calculated: $7.2M + $27.7M)	2,295,773 shares (Calculated: 525,192 + 1,770,581)

The company actively manages this equity issuance to maintain sufficient liquidity; as of the Q3 2025 earnings call, they had approximately $6 million in cash and $63 million of availability under their line of credit.

Real estate brokers and developers for acquisitions

Acquisitions are sourced through external channels, primarily involving real estate brokers and developers who bring potential properties matching Gladstone Commercial Corporation (GOOD)'s investment profile, which is heavily weighted toward industrial assets.

Recent acquisition activity channeled through these sources in 2025:

• Total investment in four industrial property acquisitions in the first half of 2025: $152.2 million, totaling 874,871 square feet.
• Q3 2025 acquisition: A 6-facility industrial portfolio totaling 693,236 square feet for approximately $54.5 million to $54.8 million.
• Weighted average lease term on the H1 2025 acquisitions: approximately 14.3 years.
• Cap rate on the Q3 2025 industrial portfolio acquisition: 9.53%.

The company's strategy involves rigorous underwriting of these sourced properties to ensure strong credit tenants and superior locations. Also, Gladstone Commercial Corporation (GOOD) has a contact email, commercial@gladstonecompanies.com, for direct property submissions.

Gladstone Commercial Corporation (GOOD) - Canvas Business Model: Customer Segments

You're looking at the core of Gladstone Commercial Corporation's business-who actually pays the rent. As a seasoned analyst, I can tell you that for a Net Lease REIT like Gladstone Commercial, the customer segment is everything because the lease structure means you are betting on the tenant's long-term viability.

Gladstone Commercial Corporation, as of the third quarter of 2025, has a portfolio of 151 properties leased to 110 unique tenants across 27 states, with total assets valued at $1,265 million as of September 30, 2025. The focus has clearly shifted to industrial space, which is a key driver of their current strategy.

The breakdown of the portfolio by property type, based on annualized straight-line rent as of Q3 2025, shows this concentration:

Property Type	Percentage of Annualized Straight-Line Rent	Occupancy Rate (as of Q3 2025)
Industrial tenants	69%	99.8%
Office tenants	28%	94.2%
Retail	2%	N/A
Medical Office	1%	N/A

This split shows industrial tenants form the majority of the portfolio, which management is actively growing, up from 62% at the same time in 2024. Office tenants represent the secondary focus, and you can see the difference in occupancy between the two main asset classes.

When we look at the quality of these tenants, Gladstone Commercial Corporation uses its underwriting expertise to target specific credit profiles. Here are the key characteristics defining the tenant base:

• Industrial tenants (majority of portfolio, 69% of rent)
• Office tenants (secondary focus, 28% of portfolio)
• Tenants carrying investment grade or non-rated equivalent credit ratings make up 53% of the base
• The company emphasizes underwriting middle-market credits, leveraging insights from its corporate cash flow lending and private equity practices

The overall portfolio occupancy was reported at an impressive 99.1% at the end of September 2025, which is the highest since the first quarter of 2019. This high occupancy, coupled with the focus on industrial assets, suggests mission-critical space for a large portion of their customer base.

Finance: draft Q4 2025 tenant credit quality review by next Tuesday.

Gladstone Commercial Corporation (GOOD) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Gladstone Commercial Corporation (GOOD) machine as of late 2025. This is where the money goes to keep the portfolio running and the debt serviced. For a Real Estate Investment Trust (REIT) like Gladstone Commercial Corporation, the costs are heavily weighted toward financing and property upkeep.

Interest expense on debt is a major outflow. As of March 31, 2025, the weighted average interest rate on their mortgage debt stood at 4.23%. Also, as of September 30, 2025, the effective average SOFR (Secured Overnight Financing Rate) on the floating rate debt components was 4.24%. The actual reported interest expense for the three months ended September 30, 2025, was an outflow of $10,683 thousand dollars, which was higher than the previous quarter due to increased outstanding variable rate debt.

The costs associated with keeping the 16.5 million square feet of rentable space in good shape are significant. Property operating expenses and maintenance are a direct hit to the bottom line before management fees. For the quarter ending September 30, 2025, these expenses totaled $7,258 thousand. Over the first nine months of 2025, this cost accumulated to $14,158 thousand.

Keeping the corporate structure running falls under General and administrative expenses. For the third quarter of 2025, these expenses were reported at $1,400 thousand. Year-to-date through September 30, 2025, G&A expenses reached $2,284 thousand.

Depreciation and amortization expenses represent a non-cash charge reflecting the wear and tear on the assets. This is a consistent, large expense for any property owner. For the three months ending September 30, 2025, this charge was $14,249 thousand. The cumulative expense for the first nine months of 2025 was $27,492 thousand.

Costs related to buying and selling property, the Acquisition and disposition transaction costs, are lumpy but important for capital recycling. During the third quarter of 2025, Gladstone Commercial Corporation purchased a six-facility portfolio for $54.8 million and sold one non-core industrial property for $3.0 million. While specific transaction costs aren't always broken out separately from operating results, the gain or loss on sales gives you a sense of the activity; for the three months ended September 30, 2025, the Gain on sale of real estate, net, was $377 thousand.

Here's a look at the key operating cost components for the third quarter of 2025 compared to the prior quarter, all in thousands of dollars:

Cost Component	Three Months Ended Sep 30, 2025	Three Months Ended Jun 30, 2025
Interest expense	$(10,683)	$(9,138)
Property operating expenses	$7,258	$6,900
General and administrative	$1,400	$885
Depreciation and amortization	$14,249	$13,243
Base management fee	$1,640	$1,568

You can see the pressure on interest expense quarter-over-quarter. Also, note the other recurring fees that factor into the cost structure:

• Base management fee for Q3 2025 was $1,640 thousand.
• Administration fee for Q3 2025 was $590 thousand.
• The incentive fee for Q3 2025 was $709 thousand, though this was offset by a waiver in the same period.

Finance: draft 13-week cash view by Friday.

Gladstone Commercial Corporation (GOOD) - Canvas Business Model: Revenue Streams

Gladstone Commercial Corporation's revenue streams are fundamentally anchored in its net-leased real estate portfolio, primarily focused on industrial properties as of late 2025.

The primary revenue driver is rental income from net-leased properties. For the third quarter ended September 30, 2025, Gladstone Commercial Corporation reported total operating revenue of $40.84 million. This figure represents a 3.3% increase sequentially from the previous quarter.

A key indicator of revenue quality is the collection rate; Gladstone Commercial Corporation reported collecting 100% of its cash rents due during Q3 2025 and October. This consistent collection supports the stability of the core rental revenue.

The company also generates revenue through recoveries, specifically recovery revenue from tenant-paid property expenses. This component contributed to the growth seen in same-store lease revenue.

Another source is proceeds from non-core asset sales, which is part of the capital recycling strategy to shift focus toward industrial assets. While the outline suggested a specific Q3 2025 figure, the reported activity includes the sale of a non-core property during the quarter. For context, the company recorded a $0.4 million gain on sale, net, from one property sold in the three months ended June 30, 2025.

The performance of existing leases is tracked via same-store lease revenue growth. For the nine months ended September 30, 2025, this metric was up 3.1% compared to the same period in 2024. This growth reflects increases in both rental rates from leasing activity and the aforementioned recovery revenue.

Here is a breakdown of key revenue-related metrics as of Q3 2025:

Revenue Stream Component	Latest Reported Metric/Value	Period/Context
Total Operating Revenue	$40.84 million	Q3 2025
Same-Store Lease Revenue Growth	up 3.1%	Nine months ended September 30, 2025
Cash Rent Collection	100%	Q3 2025
Industrial Portfolio Concentration	69%	Percentage of annualized straight-line rent as of Q3 2025

The revenue model is supported by the portfolio's high occupancy and strategic positioning:

• Occupancy rate stood at 99.1% across 151 properties.
• Average remaining lease term was 7.5 years.
• The portfolio is leased to 110 tenants across 20 industries.
• The company acquired a six-facility industrial portfolio for $54.5 million in Q3 2025.

Management emphasized Core FFO as a key REIT metric, which was $16.4 million, or $0.35 per diluted share, for Q3 2025.

Finance: draft 13-week cash view by Friday.