GLADSTONE COMMERCIAL CORP

Year of Lease Expiration · Square Feet (1) · Number of Expiring Leases · Lease Revenue for the twelve months ended December 31, 2025 · % Expiring

2026 · 1,386,295 · 8 · 19,103 · 11.8

2027 · 1,136,955 · 13 · 18,215 · 11.3

2028 · 1,822,647 · 15 · 12,772 · 7.9

2029 · 1,647,579 · 17 · 11,731 · 7.3

2030 · 996,574 · 12 · 12,063 · 7.5

Thereafter · 10,519,597 · 78 · 84,918 · 52.6

Sold/terminated leases · N/A · N/A · 2,534 · 1.6

17,509,647 · 143 · 161,336 · 100.0

(1)Our vacant square footage totaled 166,316 square feet as of December 31, 2025.

N/A - Not Applicable

The following table summarizes the geographic locations of our properties as of December 31, 2025, 2024, and 2023, respectively (dollars in thousands):

State · Lease Revenue for the twelve months ended December 31, 2025 · % of Lease Revenue · Number of Leases for the twelve months ended December 31, 2025 · Rentable Square Feet for the twelve months ended December 31, 2025 · Lease Revenue for the twelve months ended December 31, 2024 · % of Lease Revenue · Number of Leases for the twelve months ended December 31, 2024 · Rentable Square Feet for the twelve months ended December 31, 2024 · Lease Revenue for the year ended December 31, 2023 · % of Lease Revenue · Number of Leases for the year ended December 31, 2023 · Rentable Square Feet for the year ended December 31, 2023

Texas · 25,454 · 15.8 · 17 · 1,723,160 · 18,772 · 12.6 · 15 · 1,367,382 · 17,847 · 12.1 · 14 · 1,473,264

Pennsylvania · 21,419 · 13.3 · 11 · 2,420,790 · 20,209 · 13.5 · 11 · 2,420,790 · 14,809 · 10.0 · 10 · 2,267,847

Florida · 17,489 · 10.8 · 9 · 1,045,404 · 17,228 · 11.5 · 9 · 1,045,404 · 19,387 · 13.1 · 9 · 1,045,404

Ohio · 13,487 · 8.4 · 15 · 1,197,505 · 12,267 · 8.2 · 15 · 1,197,505 · 14,347 · 9.7 · 15 · 1,312,291

Georgia · 9,439 · 5.9 · 12 · 1,102,054 · 12,132 · 8.1 · 9 · 1,660,655 · 12,061 · 8.2 · 11 · 1,686,986

Alabama · 8,689 · 5.4 · 6 · 1,107,654 · 8,675 · 5.8 · 6 · 1,107,654 · 8,793 · 6.0 · 6 · 1,107,654

North Carolina · 8,577 · 5.3 · 9 · 1,479,430 · 9,464 · 6.3 · 10 · 1,539,430 · 9,340 · 6.3 · 10 · 1,539,430

Michigan · 8,073 · 5.0 · 10 · 1,341,513 · 6,833 · 4.6 · 6 · 973,638 · 6,487 · 4.4 · 6 · 973,638

Colorado · 7,506 · 4.7 · 4 · 482,481 · 7,480 · 5.0 · 4 · 482,481 · 7,480 · 5.1 · 4 · 482,481

Wisconsin · 5,761 · 3.6 · 3 · 951,083 · 1,815 · 1.2 · 2 · 647,092 · 1,728 · 1.2 · 2 · 647,092

All Other States · 35,442 · 21.8 · 47 · 4,824,889 · 34,513 · 23.2 · 45 · 4,457,856 · 35,305 · 23.9 · 50 · 4,523,182

161,336 · 100.0 · 143 · 17,675,963 · 149,388 · 100.0 · 132 · 16,899,887 · 147,584 · 100.0 · 137 · 17,059,269

The following table summarizes lease revenue by tenant industries for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):

Industry Classification · Lease Revenue · Percentage of Lease Revenue · Lease Revenue · Percentage of Lease Revenue · Lease Revenue · Percentage of Lease Revenue

Automotive · 24,534 · 15.2 · 21,617 · 14.5 · 20,697 · 14.0

Diversified/Conglomerate Services · 20,285 · 12.6 · 23,584 · 15.8 · 18,379 · 12.5

Buildings and Real Estate · 15,437 · 9.6 · 14,800 · 9.9 · 9,667 · 6.6

Telecommunications · 14,030 · 8.7 · 13,401 · 9.0 · 21,306 · 14.1

Beverage. Food & Tobacco · 12,918 · 8.0 · 5,829 · 3.9 · 5,724 · 3.9

Diversified/Conglomerate Manufacturing · 12,126 · 7.5 · 9,969 · 6.7 · 10,648 · 7.2

Personal, Food & Miscellaneous Services · 10,481 · 6.5 · 9,554 · 6.4 · 9,382 · 6.4

Banking · 8,949 · 5.5 · 9,366 · 6.3 · 9,538 · 6.5

Machinery · 7,375 · 4.6 · 7,393 · 4.9 · 5,874 · 4.0

Personal & Non-Durable Consumer Products · 7,317 · 4.5 · 7,440 · 5.0 · 7,648 · 5.2

Healthcare · 7,217 · 4.5 · 8,180 · 5.5 · 11,156 · 7.6

Chemicals, Plastics & Rubber · 5,399 · 3.3 · 5,391 · 3.6 · 5,365 · 3.6

Containers, Packaging & Glass · 4,727 · 2.9 · 4,620 · 3.1 · 4,065 · 2.8

Electronics · 2,829 · 1.8 · 1,176 · 0.8 · 1,145 · 0.8

Childcare · 2,294 · 1.4 · 2,293 · 1.5 · 2,292 · 1.6

Information Technology · 2,288 · 1.4 · 2,288 · 1.5 · 2,439 · 1.7

Printing & Publishing · 1,066 · 0.7 · 1,065 · 0.7 · 930 · 0.6

Oil & Gas · 994 · 0.6 · 339 · 0.2 · — · —

Education · 577 · 0.4 · 590 · 0.4 · 836 · 0.6

Home & Office Furnishings · 493 · 0.3 · 493 · 0.3 · 493 · 0.3

Total · 161,336 · 100.0 · 149,388 · 100.0 · 147,584 · 100.0

• We could be exposed to liability and remedial costs related to environmental matters.
• Our properties may be subject to impairment charges, which could adversely affect our results of operations.
• Risks related to our financing
• Capital markets and economic conditions can materially affect our financial condition and results of operations, the value of our equity securities, and our ability to sustain the payment of distributions at current levels.
• Our Credit Facility contains various covenants which, if not complied with, could accelerate our repayment obligations, thereby materially and adversely affecting our liquidity, financial condition, results of operations and ability to pay distributions to stockholders.
• Because our business strategy relies on external financing, we may be negatively affected by restrictions on additional borrowings, and the risks associated with leverage, including our debt service obligations.
• We face liquidity, credit, and performance risks related to “balloon payments” and refinancing.
• We mortgage our properties, which subjects us to the risk of foreclosure in the event of non-payment.
• We face a risk from the fact that certain of our properties are cross-collateralized.
• A change in the value of our assets could cause us to experience a cash shortfall or be in default of our loan covenants.
• Interest rate fluctuations may adversely affect our results of operations.
• Adverse changes in our credit ratings could negatively affect our financing activity.
• The 2029 Notes, the 2030 Notes, and certain of our other secured loans contain, and any other future indebtedness we incur may contain, various covenants, including business activity restrictions, and the failure to comply with those covenants could materially adversely affect us.
• Risks related to the real estate industry
• We are subject to certain risks associated with real estate ownership and borrowing which could reduce the value of our investments.
• Competition for real estate may impede our ability to make acquisitions or may increase the cost of these acquisitions.
• Our ownership of properties through ground leases exposes us to risks which are different than those resulting from our ownership of fee title to other properties.
• Risks related to our Adviser and Administrator
• We are dependent upon our key personnel, who are employed by our Adviser or Administrator, as applicable, for our future success, particularly David Gladstone, Arthur “Buzz” Cooper and Gary Gerson.
• Our success depends on the performance of our Adviser and if our Adviser makes inadvisable investment or management decisions, our operations could be materially adversely impacted.
• We may have conflicts of interest with our Adviser and other affiliates.
• Our termination of the Advisory Agreement without cause would require payment of a termination fee.
• Our Adviser is not obligated to provide a waiver of the incentive fee, which could negatively impact our earnings and our ability to maintain our current level of, or increase, distributions to our stockholders.
• Risks Related to Qualification and Operation as a REIT
• If we fail to qualify as a REIT, our operations and distributions to stockholders would be adversely impacted.
• We may need to incur additional borrowings to meet the REIT minimum distribution requirement and to avoid excise tax.
• Complying with the REIT requirements may cause us to forgo otherwise attractive opportunities or liquidate otherwise attractive investments.
• To the extent that our distributions represent a return of capital for tax purposes, you could recognize an increased capital gain upon a subsequent sale of your stock.
• We may be subject to adverse legislative or regulatory tax changes that could reduce the market price of our securities.
• Complying with the REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
• Ownership limitations may restrict or prevent stockholders from engaging in certain transfers of our common stock.
• We operate as a holding company dependent upon the assets and operations of our subsidiaries, and because of our structure, we may not be able to generate the funds necessary to make dividend payments on our capital stock.
• We are subject to restrictions that may discourage a change of control. Certain provisions contained in our articles of incorporation and Maryland law may prohibit or restrict a change of control.
• Market conditions could adversely affect the market price and trading volume of our securities.
• Shares of common and preferred stock eligible for future sale may have adverse effects on the respective share price.
• Compliance or failure to comply with laws requiring access to our properties by disabled persons could result in substantial cost.
• Our Board of Directors may change our investment policy without stockholders’ approval.
• Our rights and the rights of our stockholders to take action against our directors and officers are limited.
• We may enter into tax protection agreements in the future if we issue OP Units in connection with the acquisition of properties, which could limit our ability to sell or otherwise dispose of certain properties.
• Our redemption of OP Units could result in the issuance of a large number of new shares of our common stock and/or force us to expend significant cash, which may limit our funds necessary to make distributions on our common stock.
• Our ability to pay distributions is limited by the requirements of Maryland law.
• Cybersecurity threats and cyber incidents may adversely affect our business by causing a disruption to our operations, or the operations of businesses in which we invest, a compromise or corruption of our confidential information and/or damage to our business relationships, all of which could negatively impact our business, financial condition and operating results.
• Legislative or regulatory tax changes related to REITs could materially and adversely affect us.
• We are exposed to the potential impacts of climate change, which may result in unanticipated losses that could affect our business and financial condition.