We currently own three types of  real estate properties: PERFORMANCE MEASUREMENT COMPARISON COMPARISON CUMULATIVE TOTAL RETURN ON INVESTMENT (in dollars) The following graph shows the total stockholder return on an  investment of $100 in cash on December 31, 2009 for (i) our com- mon stock, (ii) the Standard and Poor’s 500 Index (the “S&P 500”)  and (iii) the NAREIT Composite Index (the “NAREIT Index”). All  values assume reinvestment of the full amount of all distributions. The total return performance shown in this graph is not necessarily indicative of and is not  intended to suggest future total return performance. This section is not “soliciting material,” is not deemed “filed” with the Securities and  Exchange Commission, and is not to be incorporated by reference in any of our filings under  the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or  after the date hereof and irrespective of any general incorporation language contained in any  such filing. 1. Real estate leased to tenants with small- and  medium-sized unrated businesses, as well as  larger rated businesses.  2. Real estate occupied by companies controlled by buyout funds. We are very familiar with the  leveraged buyout business and are comfortable  owning the real estate properties occupied by  such tenants. 3. Real estate purchased from and leased back to businesses that are seeking to raise capital  from the sale of their real estate so that they  can invest the proceeds of the sale of their real  estate into their business. 12/31/09 0 100 150 200 $250 50 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 NAREIT INDEX S&P 500 GOOD GOOD S&P 500 NAREIT  Index 12/31/09 $100.00 $100.00 $100.00 12/31/10 $153.86 $115.06 $127.58 12/31/11 $156.17 $117.49 $136.86 12/31/12 $173.99 $136.30 $164.44 12/31/13 $188.76 $180.44 $169.71 12/31/14 $196.23 $205.14 $215.78 4 GLADSTONE COMMERCIAL 2014 ANNUAL REPORT Property Location