Slides
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Supplemental Financial & Operating Information for the Quarter Ended September 30, 2026 | Nasdaq: GOOD
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- 2 - 1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164 Legal Disclaimer Forward-Looking Statements: This presentation may include forward-looking statements within the meaning of the Securities Act of 1933 or the Securities Exchange Act of 1934. Forward-looking statements are typically identified by words such as “estimate,” “may,” “might,” “believe,” “will,” “provided,” “anticipate,” “future,” “could,” “growth,” “plan,” “project,” “intend,” “expect,” “should,” “would,” “if,” “seek,” “possible,” “potential,” “likely” or the negative or variations of such terms or comparable terminology. These forward-looking statements include comments with respect to our objectives and strategies, and the future results of our operations and our business. By their nature, these forward-looking statements involve numerous assumptions, uncertainties and descriptions of opportunities, both general and specific. The risk exists that these statements may not be fulfilled. We caution readers of this presentation not to place undue reliance on these forward- looking statements as a number of factors could cause our future results to differ materially from these statements. Any results or performance implied by forward-looking statements may be influenced by certain factors including, but not limited to, fluctuations in interest rates and stock indices, the effects of competition in the areas in which we operate, the overall impact of public health emergencies, and changes in economic, political, regulatory and technological conditions as well as those factors delineated under the caption “Risk Factors” in our Forms 10-Q and Form 10-K, and other documents we file with the SEC from time to time. Therefore, we caution that the foregoing list is not exhaustive. Investors should not rely on forward-looking statements to make decisions and should carefully consider the aforementioned factors as well as other uncertainties and events. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the SEC, including subsequent annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Past or Present Performance Disclaimer: This presentation includes information regarding past or present performance of the Company. Please note, past or present performance is not a guarantee of future performance or future results.
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- 3 - 1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164 Table of contents About Gladstone Commercial Corporate overview Portfolio and financial overview Q3 2026 highlights (unaudited) 4 5 6 Financial overview Condensed consolidated statements of operations Funds from Operations (FFO) and core FFO Condensed consolidated balance sheets Capital structure Liquidity and debt overview Debt summary Select corporate covenants 8 9 10 11 12 13 14 Portfolio Overview Portfolio overview 16-19
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- 4 - 1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164 Corporate overview About Gladstone Commercial Gladstone Commercial (Nasdaq: GOOD) is an established real estate investment trust (REIT) that invests in single tenant and anchored multi-tenant net leased assets. As of September 30, 2026 , we owned approximately 17.8 million square feet of primarily industrial and office real estate nationwide. We partner with a variety of tenants —from middle market private businesses to investment grade rated companies. We acquire properties through third party purchases, sale leaseback transactions, and by partnering with developers in build-to-suit transactions. As of September 30, 2026 , total assets were approximately $1.25 billion, representing investments in 152 properties. Our properties are leased to 110 tenants who represent 21 diversified industries across 27 states. As of September 30, 2026 , our leases had an average remaining term of 7.1 years. In addition, approximately 54% of our tenants have an investment grade or investment grade equivalent credit rating. Corporate Headquarters 1521 Westbranch Drive Suite 100 McLean, VA 22102 703-287-5800 www.gladstonecommercial.com Investor Relations 703-287-5893 commercial@gladstonecompanies.com Industrial building owned by Gladstone Commercial, located in Crandall, Georgia
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- 5 - 1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164 Portfolio and financial overview Total assets ($mm) $ 1,246 Properties 152 Tenants 110 Industries 21 States 27 Average remaining lease term (years) 7.1 Occupancy 99.3 % Square footage owned (mm) 17.8 Common equity market capitalization2 $ 618 Preferred equity 194 Net total debt 858 Total capitalization $ 1,670 Less: Cash and cash equivalents (11) Total enterprise value $ 1,659 Top 5 tenants1 % of annualized straight line rent 5% 4% 3% 3% 2% Top 5 Tenants total 17% Top 5 Tenants average remaining lease term 6.9 years Portfolio average remaining lease term 7.1 years Net total debt / enterprise value 51.1% Net total debt + preferred / enterprise value 62.8% Net total debt / gross assets 47.1% Corporate liquidity ($mm)1 Cash and Cash Equivalents $ 10.8 Availability Under Revolving Credit Facility3 64.9 Total $ 75.7 1 As of September 30, 2026. 2 Based on the closing common stock price per share on September 30, 2026 of $12.63. Includes OP units and senior common shares convertible into shares of common stock. 3 As of November 3, 2026, approximately $70.2 million is available under the Company's revolving credit facility. Capitalization ($mm)1 Portfolio data1
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- 6 - 1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164 Q3 2026 highlights (unaudited) 1 FFO is calculated as net income (computed in accordance with GAAP), excluding gains or losses from sales of property and impairment losses on property, plus depreciation and amortization of real estate assets, which we believe to be consistent with the NAREIT definition. FFO does not represent cash flows from operating activities in accordance with GAAP. FFO should not be considered an alternative to net income as an indication of our performance or to cash flows from operations as a measure of liquidity or ability to make distributions. 2Core FFO is FFO adjusted for gains from early extinguishment of debt and any other non-routine revenue or expense adjustments. 3Purchase prices do not include acquisition costs capitalized for GAAP purposes under ASC 2017-01, "Clarifying the Definition of a Business". FFO1 and Core FFO2: Acquisitions3: Dividends: Equity Issuances: Select Expenditure Activity: Generated FFO and Core FFO of $16.9 million, or $0.35 per diluted share, each. Purchased a 146,650 square foot industrial property in Red Bud, Illinois for $6.6 million, with an 8.4-year lease term. Paid monthly common stock dividends totaling $0.30 per common share for the quarter, or an annualized $1.20 per common share, as well as continued payments of monthly senior common stock dividends, Series E preferred dividends, Series F preferred dividends, and Series G preferred dividends. Issued common stock through our ATM program for net proceeds of $2.2 million. Paid $4.0 million related to capital expenditures and $2.8 million related to leasing commissions.
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1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164 Financial Overview [PIC] [PIC] [PIC] [PIC] [PIC][PIC] [PIC] [PIC] [PIC] [PIC] [PIC][PIC]
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- 8 - 1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164 Condensed consolidated statements of operations ($ in thousands, except per share amounts) For the three months ended (unaudited) For the nine months ended (unaudited) 9/30/2026 6/30/2026 9/30/2025 9/30/2026 9/30/2025 Operating revenues Lease revenue $ 42,419 $ 43,989 $ 40,841 $ 128,317 $ 117,875 Total operating revenues $ 42,419 $ 43,989 $ 40,841 $ 128,317 $ 117,875 Operating expenses Depreciation and amortization $ 15,435 $ 14,957 $ 15,271 $ 45,188 $ 42,763 Property operating expenses 7,446 7,157 7,409 21,638 21,568 Base management fee 1,762 1,745 1,701 5,242 4,908 Incentive fee 547 597 709 1,742 2,057 Administration fee 653 622 720 1,947 1,932 General and administrative 879 1,181 920 3,066 3,204 Impairment charge 6,518 — — 6,518 9 Total operating expense before incentive fee waiver $ 33,240 $ 26,259 $ 26,730 $ 85,341 $ 76,441 Incentive fee waiver (325) (22) (709) (944) (1,417) Total operating expenses $ 32,915 $ 26,237 $ 26,021 $ 84,397 $ 75,024 Other (expense) income Interest expense $ (11,613) $ (11,397) $ (10,704) $ (34,464) $ (29,900) Gain (loss) on sale of real estate, net — 1,894 (10) 3,676 367 Other income 46 21 31 43 590 Total other (expense) income, net $ (11,567) $ (9,482) $ (10,683) $ (30,745) $ (28,943) Net (loss) income $ (2,063) $ 8,270 $ 4,137 $ 13,175 $ 13,908 Net loss (income) attributable (available) to non-controlling interests 4 (4) (1) (3) (4) Net (loss) income (attributable) available to the company $ (2,059) $ 8,266 $ 4,136 $ 13,172 $ 13,904 Distributions attributable to Series E, F, and G preferred stock (3,032) (3,036) (3,058) (9,110) (9,251) Distributions attributable to senior common stock (100) (99) (102) (298) (304) Gain (loss) on extinguishment of Series F preferred stock 2 (7) 6 (2) 5 Net (loss) income (attributable) available to common stockholders $ (5,189) $ 5,124 $ 982 $ 3,762 $ 4,354
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- 9 - 1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164 Funds from Operations (FFO) and core FFO ($ in thousands, except per share amounts) For the three months ended (unaudited) For the nine months ended (unaudited) 9/30/2026 6/30/2026 9/30/2025 9/30/2026 9/30/2025 Net (loss) income $ (2,063) $ 8,270 $ 4,137 $ 13,175 $ 13,908 Less: Distributions attributable to preferred and senior common stock (3,132) (3,135) (3,160) (9,408) (9,555) Add/Less: Gain (loss) on extinguishment of Series F preferred stock, net 2 (7) 6 (2) 5 Net (loss) income (attributable) available to common stockholders and Non-controlling OP Unitholders $ (5,193) $ 5,128 $ 983 $ 3,765 $ 4,358 Adjustments: Add: Real estate depreciation and amortization $ 15,435 $ 14,957 $ 15,271 $ 45,188 $ 42,763 Add: Impairment charge 6,518 — — 6,518 9 Add: Loss on sale of real estate, net — — 10 — — Less: Gain on sale of real estate, net — (1,894) — (3,676) (367) FFO available to common stockholders and Non-controlling OP Unitholders - basic $ 16,760 $ 18,191 $ 16,264 $ 51,795 $ 46,763 Add: Convertible senior common distributions 100 99 102 298 304 FFO available to common stockholders and Non-controlling OP Unitholders - diluted $ 16,860 $ 18,290 $ 16,366 $ 52,093 $ 47,067 FFO available to common stockholders and Non-controlling OP Unitholders - basic $ 16,760 $ 18,191 $ 16,264 $ 51,795 $ 46,763 Add: Write off of deferred financing fees — — — — 305 Add: Asset retirement obligation expense 37 37 34 113 102 Add: Closing costs on sale — — — — 336 Add: Realized loss on interest rate hedging instruments — — — 29 — Core FFO available to common stockholders and Non-controlling OP Unitholders - basic $ 16,797 $ 18,228 $ 16,298 $ 51,937 $ 47,506 Add: Convertible senior common distributions 100 99 102 298 304 Core FFO available to common stockholders and Non-controlling OP Unitholders - diluted $ 16,897 $ 18,327 $ 16,400 $ 52,235 $ 47,810 Weighted average common shares outstanding and Non-controlling OP Units - basic 48,507,694 48,446,593 46,917,160 48,467,142 45,949,245 Weighted average common shares outstanding and Non-controlling OP Units - diluted 48,829,501 48,768,526 47,245,719 48,788,949 46,277,804 FFO per weighted average share of common stock and Non-controlling OP Unit - basic $ 0.35 $ 0.38 $ 0.35 $ 1.07 $ 1.02 FFO per weighted average share of common stock and Non-controlling OP Unit - diluted $ 0.35 $ 0.38 $ 0.35 $ 1.07 $ 1.02 Core FFO per weighted average share of common stock and Non-controlling OP Unit - basic $ 0.35 $ 0.38 $ 0.35 $ 1.07 $ 1.03 Core FFO per weighted average share of common stock and Non-controlling OP Unit - diluted $ 0.35 $ 0.38 $ 0.35 $ 1.07 $ 1.03 Distributions declared per share of common stock and Non-controlling OP Unit $ 0.30 $ 0.30 $ 0.30 $ 0.90 $ 0.90
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- 10 - 1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164 Condensed consolidated balance sheets ($ in thousands) 9/30/2026 (unaudited) 12/31/2025 ASSETS Real estate, at cost $ 1,427,631 $ 1,390,445 Less: accumulated depreciation 393,032 359,513 Total real estate, net 1,034,599 1,030,932 Lease intangibles, net 111,240 115,579 Real estate and related assets held for sale, net — 11,260 Cash and cash equivalents 10,752 10,810 Restricted cash 6,452 5,781 Funds held in escrow 2,447 5,336 Right-of-use assets from operating leases 3,507 3,707 Right-of-use assets from finance leases, net 2,816 2,877 Deferred rent receivable, net 48,884 47,922 Other assets 25,050 12,729 TOTAL ASSETS $ 1,245,747 $ 1,246,933 LIABILITIES AND STOCKHOLDERS’ EQUITY LIABILITIES Mortgage notes payable, net $ 242,125 $ 250,193 Borrowings under revolver and term loan, net 457,689 435,072 Senior unsecured notes, net 158,457 158,201 Deferred rent liability, asset retirement obligation and other liabilities, net 69,372 61,534 TOTAL LIABILITIES $ 927,643 $ 905,000 MEZZANINE EQUITY Series E and G redeemable preferred stock, net $ 170,041 $ 170,041 TOTAL MEZZANINE EQUITY $ 170,041 $ 170,041 STOCKHOLDERS’ EQUITY Senior common stock $ 1 $ 1 Common stock 48 48 Series F redeemable preferred stock 1 1 Additional paid in capital 842,904 841,574 Accumulated other comprehensive income 17,993 3,314 Distributions in excess of accumulated earnings (712,987) (673,168) TOTAL STOCKHOLDERS' EQUITY $ 147,960 $ 171,770 OP Units held by Non-controlling OP Unitholders 103 122 TOTAL EQUITY $ 148,063 $ 171,892 TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY $ 1,245,747 $ 1,246,933
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- 11 - 1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164 Capital structure Current capital structure as of September 30, 2026 (Dollars in $000) $479,000 48% Total = $1,660mm$0 $250,000 $500,000 $750,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000 Common Equity2, 37.2% Net Mortgage Debt, 14.0% Preferred Equity, 11.7% Line of Credit & Term Loan, 27.6% (Dollars in $000s, except stock price) Wtd. Average Rate 9/30/2026 Mortgage Notes Payable, Net 4.20% $ 242,125 Less: Cash & Cash Equivalents (10,752) Net Mortgage Debt $ 231,373 Line of Credit SOFR+1.45% $ 59,470 Term Note, Net SOFR+1.40% 398,219 Senior Unsecured Notes, Net 6.22% 158,457 Line of Credit, Term Loan, Net, and Senior Unsecured Notes, Net $ 616,146 Total Debt, Net $ 847,519 Series E - Preferred 6.625% $ 76,536 Series F - Preferred 6.00% 17,836 Series G - Preferred 6.00% 99,772 Total Preferred Equity $ 194,144 Diluted Common Shares Outstanding 48,937,650 Stock Price $ 12.63 Implied Common Equity2 Market Capitalization $ 618,083 Enterprise Value $ 1,659,746 Capital Structure Details 1 Source: Nasdaq Online. 2 Common Equity is based on the closing common stock price per share as of September 30, 2026 of $12.63 and includes effect of OP units and convertible senior common stock. • Institutional stock ownership increased from 26.8% in 2013 to 64.8% as of September 30, 20261 • Balance sheet remains below 50% levered • Weighted average interest rate on mortgage debt of just 4.20% Senior Unsecured Notes, 9.5%
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- 12 - 1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164 Scheduled debt maturity1 ($000) Mortgage Maturities Line of Credit Maturity Term Loan Maturities Senior Unsecured Notes Maturity 2026 2027 2028 2029 2030 2031 2032+ $0 $40,000 $80,000 $120,000 $160,000 $200,000 $240,000 $280,000 19.6% Liquidity and debt overview 1 As of September 30, 2026. Fixed vs. Floating Debt1 56.9% 48.6%47.0%46.8%46.1%45.9%45.5%45.3%46.1%44.1%47.4%47.1% Net Debt/Gross Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 2026 20% 30% 40% 50% 60% 70%Reducing Leverage1 11.9% 1.2% 34.1% 30.4% Fixed Rate 47% Hedged Floating Rate 46% Floating Rate 7% 0.5% 2.3%
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- 13 - 1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164 Debt summary ($ in thousands) Principal Maturity Date Weighted Average Interest Rate as of Principal Balance Outstanding as of 9/30/2026 9/30/2026 2026 4.13% $ 17,602 2027 4.27% 99,864 2028 4.15% 35,759 2029 5.39% 35,011 2030 3.23% 36,282 2031 3.24% 4,615 2032 3.40% 9,235 2037 4.63% 4,727 Contractual Mortgage Notes Payable: 4.20% $ 243,095 Premiums (Discounts), net: 13 Total Mortgage Notes Payable: $ 243,108 Variable-Rate Line of Credit: 2029 SOFR +1.45% $ 59,470 Variable-Rate Term Loan Facility: 2029 SOFR +1.40% $ 125,000 2030 SOFR +1.40% 143,333 2028 SOFR +1.40% 131,667 Senior Unsecured Notes: 2029 6.47% $ 75,000 2030 5.99% 85,000 Total Mortgage Notes Payable, Line of Credit, Term Loan Facility, Senior Unsecured Notes 5.16% $ 862,578
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- 14 - 1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164 Select corporate covenants ($ in thousands) Description Threshold September 30, 2026 Consolidated Tangible Net Worth > $760,392 $1,068,063 Leverage Ratio < 60% 45% Fixed Charge Coverage Ratio > 1.50 1.71 Maximum Dividend Payout (FFO based) < 95% 84% Secured Indebtedness < 40% 13% Note: Covenants calculated as defined by our Credit Facility, as administered by KeyBank.
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1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164 [PIC] [PIC] [PIC] [PIC] [PIC][PIC] [PIC] [PIC] [PIC] [PIC] [PIC][PIC] Portfolio Overview
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- 16 - 1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164 Portfolio overview • 152 properties across the U.S., located in 27 states • Focus on secondary growth markets with higher yields • Occupancy has never fallen below 95% • Current occupancy 99.3% • 4.4% of annualized straight line rents expiring through the end of 2026 • Of 100+ assets with over $1 billion invested since inception, only six tenant defaults High occupancy Tenant and property diversity • Diverse base of 21 different industries • Primarily industrial and office property types • Focus on mid-size tenants occupying properties ranging from 30-150K SF (office) and 75-500K SF (industrial) • Sell non-core assets in non-core markets • Sold 49 properties in non-core markets since mid-2016 • Re-deploy proceeds in growth markets Periodic capital recycling Note: As of September 30, 2026. Geographic diversity
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- 17 - 1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164 Diversified portfolio Note: As of September 30, 2026. 152 properties spread across 27 states As % of Annualized Straight-Line Base Rent TX 16.5 % PA 12.9 % FL 8.9 % MI 6.6 % OH 6.2 % GA 5.8 % WI 5.1 % IN 5.0 % AL 5.0 % NC 4.7 % MO 3.3 % CO 3.0 % UT 2.1 % NJ 1.8 % TN 1.8 % VA 1.8 % SC 1.8 % IA 1.6 % IL 1.4 % MN 1.0 % All Others 3.7 %
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- 18 - 1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164 High quality, diversified portfolio Note: As of September 30, 2026. Industry diversification (based on annualized straight line rent) Publicly-traded vs. privately-held tenants (as % of annualized straight line rent) Tenant credit ratings (as % of annualized straight line rent) Rated Investment Grade and Non-Rated Equivalent 54% Public 39% Private 61% Rated, Investment Grade 18% Not Rated, Investment Grade Equivalent 36% Rated, Non-Investment Grade 10% Not Rated, Non-Investment Grade Equivalent 36% Automotive 20% Diversified/Conglomerate Services 11% Beverage, Food & Tobacco 10% Building and Real Estate 9%Diversified/Conglomerate Manufacturing 8% Telecommunications 7% All 15 Others 35% $144M $144M $144M Property type diversification (by annualized straight line rent) Industrial 69% Office 28% Retail 2% Medical Office 1% $144M
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- 19 - 1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164 Smooth lease rollover Note: As of September 30, 2026. Year of Lease Expiration SF of Leases Expiring Number of Expiring Leases Annualized Straight Line Rent (in thousands) % of Annualized Straight Line Rent 2026 396,151 3 $ 6,297 4.4 % 2027 659,305 10 10,048 7.0 % 2028 2,011,857 16 12,486 8.7 % 2029 1,473,458 15 8,647 6.0 % 2030 995,667 12 8,172 5.7 % 2031 2,648,723 13 17,171 12.0 % Thereafter 9,511,366 75 80,759 56.2 % Total 17,696,527 144 $ 143,580 100.0 % 4.4% 7.0% 8.7% 6.0% 5.7% 12.0% 56.2% Annualized Straight Line Rent 2026 2027 2028 2029 2030 3031 Thereafter0.0% 25.0% 50.0% 75.0% 100.0% Rent expiring Existing portfolio - contractual expirations
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‹#› 1.87.148 210.189.154 224.224.13 200.201.204 247.82.73 200.201.204 7.161.142 114.95.164