At Gladstone Commercial, we invest in single-tenant and anchored multi-tenant net leased industrial and office properties located in primary and secondary growth markets and with strong underlying land value. Our portfolio consists of approximately 17 million square feet of real estate assets, and we aim to evaluate our impact on the environment and ways in which we may increase our value to our shareholders and other stakeholders.

Our Company

2024 Accomplishments

• Expanded our use of the Measurabl platform to collect data, as possible, from our tenants, including energy and water usage, waste, and Scope 1 and 2 carbon emissions. In total, 40 of 116 property sites submitted data for the 2023 calendar year on one or more of these categories, which represents 34% of our properties, an increase from 23% of properties last year.
• Completed our third year as a member of GRESB (formerly the Global Real Estate Sustainability Benchmark) in submitting a real estate assessment on their platform. GRESB collects, validates, scores, and independently benchmarks ESG data to provide business intelligence, engagement tools, and regulatory reporting solutions. The results help us to understand our position within the industry and gain actionable insights which we can share with our properties. 

Employee Diversity, Equity and Inclusion (DEI)

We collect diversity data from employees, including age, gender pay gap, gender identity, international background and racial background. Within Gladstone Commercial, as of December 31, 2023, our employee breakdown is 41% who identify as women and 59% who identify as men. Further, 15% of employees are under age 30, 62% are between 30 and 50 years old, and 23% are over age 50. Each employee is an integral part of our team, and we seek to support the growth of each employee through training and mentorship.

Board of Directors Diversity

We have an Ethics, Nominating, and Corporate Governance Committee Charter that speaks to our hiring practices for board positions, including a focus on diversity. The committee considers in its review of nominees for director multiple factors which are assessed with the perceived needs of the company and the board at that point in time to maintain a diverse group. Upon the occurrence of any vacancy on the board, the committee will actively seek out highly qualified candidates, including female candidates and racially or ethnically diverse candidates, to include as qualified candidates from which an ultimate nominee for director is chosen. Our current Board is 38% female, 13% ethnically diverse, and 50% of directors are military veterans.

Corporate Governance Policies

All new hires are given copies of documents including a Code of Ethics and Business Conduct, which they must review and provide written acknowledgement that they agree to follow the policies and procedures. The Code contains specific policies on bribery and corruption, cybersecurity, data protection and privacy, fiduciary duty, fraud, and political contributions, among others. We have processes in place to implement training, compliance, and disciplinary actions in case of breach.

The David and Lorna Gladstone Foundation

In 2011, our founder and CEO and his wife set up the David and Lorna Gladstone Foundation and since then have regularly given to charities. This foundation seeks to further the advancement of humankind and personal freedom through the charitable relief of the poor, distressed, and underprivileged; the advancement of religious freedom; the advancement of science and education; the elimination of prejudice and discrimination; and the prevention of cruelty to animals. Over the past six years, the Foundation has donated more than $1.7 million to various public charities associated with these causes.

Our Properties

Asset Management

Our asset management team and property managers work diligently to improve asset quality and value. While many of the initiatives we undertake are focused on financial and operational improvements, others are related directly to sustainability.  

Green Leases

We continue to structure our leases, both new leases and during the lease renewal process, with green initiatives top-of-mind focusing on the ability to implement “green” projects where appropriate. These include items such as solar arrays, enhanced HVAC, and lighting systems, among other projects. Additionally, our green leases contain language regarding the sharing of sustainability information, including energy, water, and waste data, where appropriate. Currently, approximately 8% of our contracts have an ESG clause.

Energy Efficiency Projects

Many of our properties have undergone energy or building automation system upgrade projects. Recent projects include an interior LED lighting retrofit at 6363 NW 6^th Way in Fort Lauderdale, Florida; an interior and exterior LED lighting retrofit at 5225 W 81^st Street in Indianapolis, Indiana; an interior LED lighting retrofit at 4780 E Margaret Avenue in Terre Haute, Indiana; an interior and exterior LED conversion at 150 and 170 Ridgeview Center Drive in Duncan, South Carolina; and a parking lot LED lighting conversion at 2405 Lucien Way in Maitland, Florida. We also converted grass parking lot islands to zero scape at 680 West Shields Lane, Salt Lake City, Utah to reduce water usage in landscaping.

Certifications and Ratings

• LEED Core & Shell: Two of our properties are LEED Core & Shell certified, which were awarded in 2008 and 2012. This rating system is designed for projects where the developer controls the design and construction of the entire mechanical, electrical, plumbing, and fire protection system—called the core and shell—but not the design and construction of the tenant fit-out.
• LEED Interior Design and Construction: One of our buildings, 4343 Easton Commons in Columbus, Ohio, was awarded LEED Interior Design and Construction certification when it was built in 2009. This certification focuses on developing the indoor spaces of a building.
• ENERGY STAR®: 20 of our properties currently have ENERGY STAR® scores, with eight of those properties having scores over 75, indicating they are top performers in energy efficiency.