Gladstone Commercial Corporation Announces Common Stock Repurchase Authorization

Rhea-AI Summary

Gladstone Commercial Corporation (Nasdaq:GOOD) announced a $50 million share repurchase program aimed at increasing shareholder value. The repurchases will take place through open market transactions or private agreements, adhering to securities regulations. This authorization is valid until March 20, 2024, and can be suspended at any time. The Company’s president, Buzz Cooper, emphasized that the current market conditions present an attractive buying opportunity for its stock. Gladstone Commercial operates a diversified real estate portfolio of 137 properties across 27 states, totaling 17.2 million square feet.

Positive

• Authorization of a $50 million share repurchase program aimed at enhancing shareholder value.
• Strategic capital allocation reflects confidence in the company's future prospects.

Negative

• None.

MCLEAN, VA / ACCESSWIRE / March 20, 2023 / Gladstone Commercial Corporation (Nasdaq:GOOD) (the "Company") announced that its board of directors has authorized a share repurchase program for up to $50,000,000 of the Company's common stock. The repurchases are intended to be implemented through open market transactions on U.S. exchanges or in privately negotiated transactions, in accordance with applicable securities laws, and any market purchases will be made during applicable trading window periods or pursuant to any applicable Rule 10b5-1 trading plans. The timing, prices, and sizes of repurchases will depend upon prevailing market prices, general economic and market conditions and other considerations. The authorization expires March 20, 2024 and the repurchase program may be suspended or discontinued at any time and does not obligate the Company to acquire any particular amount of stock.

"After thorough continued analysis and in consultation with our board of directors, we are announcing a share repurchase authorization as part of a capital allocation strategy that we believe is in the best interest of our shareholders and our business. We believe that, with the current market volatility, there is an attractive buying opportunity for our common stock. We believe using capital to repurchase our common shares at appropriate prices represents a favorable strategic use of capital," said Buzz Cooper, President of the Company.

About Gladstone Commercial (Nasdaq:GOOD)

Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States. As of December 31, 2022, Gladstone Commercial's real estate portfolio consisted of 137 properties located in 27 states, totaling approximately 17.2 million square feet. For additional information please visit www.gladstonecommercial.com.

Forward-looking Statements: The statements in this press release regarding the Company's capacity for growth, share repurchases and future distributions are "forward-looking statements." These forward-looking statements inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on the Company's current plans that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these forward-looking statements, including those factors described from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or otherwise, except as required by law.

Contact: For further information contact Investor Relations at 703-287-5893

SOURCE: Gladstone Commercial Corporation

View source version on accesswire.com:
https://www.accesswire.com/744414/Gladstone-Commercial-Corporation-Announces-Common-Stock-Repurchase-Authorization

FAQ

What is the purpose of the $50 million share repurchase program by Gladstone Commercial?

The share repurchase program is aimed at enhancing shareholder value by utilizing capital to buy back stock when market conditions are favorable.

How long is the share repurchase authorization valid for Gladstone Commercial?

The authorization for the share repurchase program is valid until March 20, 2024.

When will Gladstone Commercial begin its share repurchases?

Repurchases will depend on market conditions and may be conducted during applicable trading windows or under Rule 10b5-1 trading plans.

What factors will influence the timing and amount of stock repurchases by Gladstone Commercial?

The timing, prices, and sizes of repurchases will depend on prevailing market prices, general economic conditions, and other factors.

What is the current portfolio size of Gladstone Commercial as of December 31, 2022?

Gladstone Commercial's real estate portfolio comprises 137 properties across 27 states, totaling approximately 17.2 million square feet.