GLADSTONE COMMERCIAL Business Summary

Gladstone Commercial Corp (GOOD) is a real estate investment trust (REIT) that generates revenue primarily through rental income from a portfolio of single-tenant and anchored multi-tenant net-leased properties. The company operates through two primary business segments: Industrial and Office real estate. As of early 2026, Gladstone has executed a strategic pivot to increase its industrial exposure, which now accounts for approximately 69% of its annualized straight-line rent, while systematically divesting from non-core office assets to enhance portfolio stability. The firm competes directly with other net-lease REITs such as Agree Realty Corp (ADC), Realty Income Corp (O), American Assets Trust (AAT), and Armada Hoffler Properties (AHH). Within this landscape, Gladstone Commercial distinguishes itself as a middle-market specialist, focusing on high-yield, mission-critical properties in secondary growth markets that are often overlooked by larger institutional peers. The company was founded in 2003 by David Gladstone, who continues to serve as Chairman and Chief Executive Officer. Mr. Gladstone brings a significant pedigree to the firm, having previously served as Chairman and CEO of Allied Capital and American Capital Strategies, where he managed billions in assets. The current leadership team includes President Arthur S. "Buzz" Cooper, who has been with the Gladstone Companies since their inception, Chief Financial Officer Gary Gerson, and Treasurer Jay Beckhorn. Following the late 2024 retirement of long-time COO Terry Brubaker, Michael LiCalsi, the firm’s General Counsel and Chief Administrative Officer, assumed expanded operational responsibilities. The company is backed by major institutional investors, including The Vanguard Group and BlackRock, and its board of directors features notable members such as Michela A. English and Katharine C. Gorka.