Gladstone Commercial Corporation Announces Lease Renewal of Wichita, KS Office Building

Rhea-AI Summary

Gladstone Commercial Corporation (Nasdaq: GOOD) announced a five-year lease extension for its 69,287 square foot class A office facility in Wichita, Kansas. The property is leased to T-Mobile USA, serving as a national customer service center until September 30, 2027. Gladstone has a diversified real estate portfolio of 121 properties across 28 states, totaling approximately 15.4 million square feet. This long-term lease enhances the stability of Gladstone's revenue stream and reflects the trust T-Mobile has in the location.

Positive

• Five-year lease extension with T-Mobile enhances revenue stability.
• Property serves as a national customer service center, indicating strong demand.

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• None.

MCLEAN, VA / ACCESSWIRE / March 10, 2021 / Gladstone Commercial Corporation (Nasdaq:GOOD) ("Gladstone Commercial") announced a five-year lease extension at its 69,287 square foot, class A office facility located at 2525 North Woodlawn Avenue in Wichita, Kansas. As a result of the lease extension, the property is leased to T-Mobile USA, Inc. through September 30, 2027.

The one-story, build-to-suit class A office building serves as one of T-Mobile's national customer service centers. T-Mobile takes pride in its mission to provide wireless voice, messaging, and data services in the United States and its territories. The company is highly regarded for its leadership and innovation in the cellular field.

"T-Mobile and the brokers at Site Selection were terrific to work with on this deal. They brought the opportunity together and we could not have asked for better partners," said Buzz Cooper, Gladstone Commercial's Executive Vice President.

About Gladstone Commercial Corporation (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, 2020, Gladstone Commercial's real estate portfolio consisted of 121 properties located in 28 states, totaling approximately 15.4 million square feet. For additional information please visit www.gladstonecommercial.com.

Investor or Media Inquiries:

Bob Cutlip
President - Gladstone Commercial Corporation
(703) 287-5878
Bob.Cutlip@gladstonecompanies.com

For Broker Submittals:

Buzz Cooper
Executive Vice President
(703) 287-5815
Buzz.Cooper@gladstonecompanies.com

All statements contained in this press release, other than historical facts, may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Readers should not rely upon forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Company's business, financial condition, liquidity, results of operations, funds from operations or prospects to differ materially from those expressed in or implied by such statements. Such risks and uncertainties are disclosed under the caption "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on February 16, 2021, and certain other filings we make with the SEC. The Company cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.

For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstonecompanies.com.

SOURCE: Gladstone Commercial Corporation

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https://www.accesswire.com/634792/Gladstone-Commercial-Corporation-Announces-Lease-Renewal-of-Wichita-KS-Office-Building

FAQ

What is the significance of Gladstone Commercial's lease extension with T-Mobile?

The lease extension secures stable revenue for Gladstone Commercial through September 30, 2027, reflecting T-Mobile's trust in the property as a key service center.

How large is the office facility leased by T-Mobile from Gladstone Commercial?

The office facility is 69,287 square feet.

When does the lease for the Wichita office building expire?

The lease expires on September 30, 2027.

What type of properties does Gladstone Commercial Corporation focus on?

Gladstone Commercial focuses on acquiring, owning, and operating net leased industrial and office properties.

How many properties does Gladstone Commercial own?

As of December 31, 2020, Gladstone Commercial owned 121 properties across 28 states.