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Gladstone Commercial Corporation (Nasdaq:GOOD) Grows Industrial Portfolio in 2023

Acquisition Activity:

• We completed $29.5 million in new acquisitions across five properties totaling 321,432 square feet. At closing, these five properties had a weighted average lease term of 19.3 years. The transactions were completed in established, growing industrial markets, including Chicago, Illinois, Dallas/Fort Worth, Texas, Lehigh Valley, Pennsylvania, and Indianapolis, Indiana.
• We increased portfolio industrial concentration to 60% of annualized straight-line rent as of December 2023 (compared to 56% as of December 2022).

Leasing and Disposition Activity:

• During 2023 we entered into 1,428,830 square feet of leases at 14 of our properties. These leases resulted in a more than $1.2 million net increase in same-store GAAP rent.
• We exited seven non-core markets and properties.

Additional Highlights:

• We collected 100% of cash-based rents during the year, generating substantial internal cash flow.
• We raised net proceeds of $4.1 million by issuing common shares through our at-the-market offering program and $5.6 million by issuing our Series F Cumulative Redeemable Preferred Stock.
• As of December 31, 2023, we had $57.4 million in available liquidity via our revolving credit facility and cash on hand.

Available Liquidity:

We begin 2024 with substantial liquidity, and we are well positioned to continue growing our portfolio of mission-critical assets. Please reach out to EJ Wislar, Ryan Carter, or Todd McDonald with any questions or investment opportunities.

About Gladstone Commercial (Nasdaq: GOOD)

Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States. As of September 30, 2023, Gladstone Commercial's real estate portfolio consisted of 135 properties located in 27 states, totaling approximately 17.2 million square feet. For additional information, please visit www.gladstonecommercial.com.

For Broker Submittals:

Investor or Media Inquiries:

All statements contained in this press release, other than historical facts, may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Readers should not rely upon forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause Gladstone Commercial's business, financial condition, liquidity, results of operations, funds from operations or prospects to differ materially from those expressed in or implied by such statements. Such risks and uncertainties are disclosed under the captions "Forward-Looking Statements" and "Risk Factors" of the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the SEC on February 22, 2023, and certain other filings made with the SEC. Gladstone Commercial cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

For further information:

Gladstone Commercial Corporation, (703) 287-5893

For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstonecompanies.com.

SOURCE: Gladstone Commercial Corporation