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Gladstone Commercial Corporation (NASDAQ: GOOD) is a publicly traded real estate investment trust (REIT) focusing on single-tenant and anchored multi-tenant net leased industrial, office, and, to a lesser extent, medical properties across the United States. Known for its strategic investments, Gladstone Commercial also collaborates with developers on build-to-suit projects where tenants require new buildings. The company's robust portfolio includes properties with strong tenants of varying sizes, emphasizing a track record of superior credit underwriting of middle-market businesses.
Under the guidance of David Gladstone, the senior management team brings over 200 years of combined experience in real estate and middle-market business investments. Gladstone Commercial targets high-growth primary and secondary markets with favorable economic trends, diversified industries, growing populations, and strong employment rates. The company's strategic approach has resulted in consistent occupancy rates above 96%, signifying a stable and reliable income stream for investors.
Recent achievements include the successful management and occupancy of 135 properties in 27 states, totaling approximately 17.2 million square feet as of the latest reports. The company has also maintained a remarkable history of paying continuous monthly cash distributions for over a decade, reinforcing its reputation for financial stability and investor trust.
As part of its financial strategies, Gladstone Commercial offers a dividend reinvestment plan (DRIP) to its common and Series F preferred stockholders, providing a flexible investment option for shareholders. The company publicly reports its quarterly earnings, the latest being scheduled for discussion on an earnings call on May 7, 2024, following the first quarter results for the fiscal year 2024.
The company's focus on industrial and office properties ensures a diversified and resilient investment portfolio. Despite global economic uncertainties, Gladstone Commercial remains confident in the depth of its tenant credit underwriting and operational strategies. For more detailed financial performance and investor relations information, please visit their official website at www.gladstonecommercial.com.
Gladstone Commercial (Nasdaq:GOOD) reported key business developments for 2024, highlighting significant progress in portfolio optimization and financial strengthening. The company secured a $75.0 million private placement of 6.47% senior unsecured notes due December 2029, expanding its financing options. Acquisition activity included $26.8 million in new industrial properties across seven locations, totaling 316,727 square feet with average lease terms exceeding 20 years.
The company increased its industrial portfolio concentration to 63% of annualized straight-line rent, up from 60% in 2023. Leasing activity saw renewals and extensions of 2.94 million square feet across 11 properties, generating a $3.8 million increase in GAAP rent. Property dispositions included seven non-core assets (five office and two medical office properties). Occupancy improved to 98.7% from 96.8% year-over-year, with $93.0 million in available liquidity at year-end.
Gladstone Commercial (Nasdaq:GOOD) has announced its monthly cash distributions for Q1 2025 and upcoming earnings release schedule. The company declared a $0.10 monthly cash distribution per common share for January, February, and March 2025, totaling $0.30 for the quarter. This marks their 240th consecutive monthly distribution.
Additional distributions include $0.0875 per share for Senior Common Stock, $0.138021 for Series E Preferred Stock (GOODN), $0.125 for Series F Preferred Stock, and $0.125 for Series G Preferred Stock (GOODO) for each month.
The company will report Q4 2024 earnings after market close on February 18, 2025, with a conference call scheduled for February 19, 2025. As of September 30, 2024, GOOD's portfolio includes 135 properties across 27 states, comprising approximately 16.8 million square feet.
Gladstone Commercial (Nasdaq:GOOD) announced that its subsidiary, Gladstone Commercial Partnership, has closed $75 million in 6.47% senior unsecured notes due December 18, 2029, through a private placement with institutional investors. The proceeds will be used to repay outstanding debt under its senior unsecured revolving credit facility, pre-pay a portion of its $60 million Term Loan B facility, and for general corporate purposes.
This marks Gladstone's first issuance in the long-term unsecured debt market, representing a strategic shift away from secured mortgage debt. KeyBanc Capital Markets led the placement, with Bank of America Securities, Goldman Sachs, Huntington Securities, and Fifth Third Securities serving as co-placement agents.
Gladstone Commercial (Nasdaq:GOOD) has acquired a 124,500 square foot industrial manufacturing, distribution, and warehouse facility in St. Clair, Missouri. The property is subject to a 20-year absolute NNN lease to ATRO, , a manufacturer of heavy-duty polyurethane truck parts. The facility is described as mission-critical and high-quality, strategically located in a region with strong industrial demand. This acquisition aligns with Gladstone's strategy to expand its industrial portfolio, increases its industrial concentration, and extends its weighted average lease term.
Gladstone Commercial (Nasdaq:GOOD) announced the retirement of Terry Lee Brubaker as Chief Operating Officer, effective December 2, 2024. Brubaker will also step down from his roles at Gladstone Management and Gladstone Administration, Michael LiCalsi, the Company's General Counsel and Secretary, will assume additional operational responsibilities while a national search for a Chief Investment Officer is conducted. The company's portfolio currently includes 135 properties across 27 states, totaling approximately 16.8 million square feet.
Gladstone Commercial Corp (NASDAQ: GOOD) reported strong Q3 2024 financial results, exceeding both revenue and FFO estimates. Revenue reached $39.2M, while FFO per share was $0.38 and AFFO per share was $0.14. The company's Core FFO increased from $0.36 in Q2 2024 to $0.38, primarily due to a $2.0M settlement received for deferred maintenance. Notable operational highlights include a 98.5% occupancy rate, with industrial properties comprising 63% of the portfolio, and a 100% rent collection rate year-to-date.
Gladstone Commercial (Nasdaq:GOOD) reported financial results for Q3 2024. Key highlights include: total operating revenue of $39.2 million (up 5.9% quarter-over-quarter), net income of $11.7 million, and Core FFO of $16.3 million ($0.38 per share). The company maintained a 98.5% occupancy rate and collected 100% of cash rents during the quarter.
Notable Q3 activities included purchasing a 50,102 square foot property for $10.2 million, selling two non-core properties for $14.2 million, and issuing common stock for net proceeds of $38.9 million. The company renewed or leased 242,467 square feet across five properties and maintained quarterly distributions of $0.30 per common share.
Gladstone Commercial (Nasdaq: GOOD) has announced its Third Quarter 2024 Earnings Call & Webcast, scheduled for Tuesday, November 5, 2024, at 8:30 a.m. ET. Participants can join via webcast or by calling (866) 424-3437. A conference call replay will be available until November 12, 2024, accessible by dialing (877) 660-6853 with playback conference number 13748839. The call will also be archived on the company's website. Gladstone Commercial operates as a REIT focused on net leased industrial and office properties across the United States.
Gladstone Commercial (Nasdaq:GOOD) has announced cash distributions for October, November, and December 2024, as well as its plan to report earnings for Q3 2024. The company declared:
- $0.10 per common share for each month, totaling $0.30 for the quarter
- $0.0875 per share of senior common stock for each month, totaling $0.2625 for the quarter
- $0.138021 per share of Series E Preferred Stock for each month, totaling $0.414063 for the quarter
- $0.125 per share of Series F Preferred Stock for each month, totaling $0.375 for the quarter
- $0.125 per share of Series G Preferred Stock for each month, totaling $0.375 for the quarter
The company will report Q3 2024 earnings after market close on November 4, 2024, with a conference call on November 5, 2024, at 8:30 a.m. ET.
Gladstone Commercial (NASDAQ:GOOD) has announced an 8-year lease extension with Elster Solutions, for its 58,926 square foot flex / R&D building in Raleigh, North Carolina. Elster, owned by Honeywell International Inc., has been the tenant since Gladstone Commercial acquired the property in 2003. This marks the fourth extension with Elster, highlighting the tenant's long-term commitment to the space.
Elster, a market leader in metering and flow measurement systems for gas, was acquired by Honeywell in 2016. The lease extension demonstrates Gladstone Commercial's success in maintaining long-term relationships with quality tenants and validates their strategy of investing in mission-critical facilities.
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