Gladstone Commercial Corporation Executes 5-Year Lease Renewal at Industrial Property in Horseheads, New York
Gladstone Commercial Corporation (Nasdaq:GOOD) announced a 5-year lease renewal with Corning, Inc. for its 120,000 SF industrial property in Horseheads, New York. This space has been fully occupied by Corning since Gladstone's acquisition in 2005. The lease extension enhances the weighted average lease term and maintains full occupancy, signaling Corning's commitment to the property. As of June 30, 2022, Gladstone Commercial's portfolio includes 136 properties across 27 states, totaling approximately 17.0 million square feet.
- 5-year lease renewal with Corning increases stability of cash flow.
- Maintains full occupancy of the industrial property, enhancing portfolio performance.
- Extends weighted average lease term, positively impacting asset value.
- None.
MCLEAN, VA / ACCESSWIRE / August 4, 2022 / Gladstone Commercial Corporation (Nasdaq:GOOD) ("Gladstone Commercial") announced today that it executed a 5-year lease renewal with Corning, Inc. ("Corning") at its 120,000 SF industrial building in Horseheads, New York. The property has been fully occupied by Corning since Gladstone Commercial's purchase in 2005.
Corning (NYSE:GLW) specializes in glass science, ceramic science, and optical physics, as well as related materials and technologies. The company traces its origins to 1851 and is headquartered in Corning, New York.
"We are pleased to extend Corning's lease for a second time under our ownership," stated EJ Wislar, Chief Investment Officer of Gladstone Commercial.
"This lease extension highlights the continued importance of our building to Corning's operations," added Greg Yayac, Senior Vice President of Gladstone Commercial. "This transaction increases the weighted average lease term of the portfolio and ensures continued full occupancy of the asset."
"We have a long relationship with Corning at the building and this lease extension solidifies their commitment to the space," said Buzz Cooper, President of Gladstone Commercial.
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 June 30, 2022, Gladstone Commercial's real estate portfolio consisted of 136 properties located in 27 states, totaling approximately 17.0 million square feet. For additional information please visit www.gladstonecommercial.com.
For Broker Submittals: Investor or Media Inquiries:
| EJ Wislar | Buzz Cooper |
| Chief Investment Officer | President |
| (703) 462-1027 | (703) 287-5815 |
| EJ.Wislar@gladstonecompanies.com | Buzz.Cooper@gladstonecompanies.com |
For Asset Management Matters:
| Greg Yayac | |
| Senior Vice President / Director | |
| (703) 287-5912 | |
| Gregory.Yayac@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 Gladstone Commercial'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, 2021, as filed with the SEC on February 15, 2022, and certain other filings we make with the SEC. Gladstone Commercial 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.
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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