Gladstone Commercial Corporation Executes Seven Year Lease at Akron Office Property

Rhea-AI Summary

Gladstone Commercial Corporation (NASDAQ:GOOD) announced a seven-year lease agreement with ViaQuest Inc. for 21,000 square feet at its Akron, Ohio office and laboratory property, achieving 100% occupancy. Construction of tenant improvements is set to begin in January 2021, with occupancy expected in April 2021. This lease enhances the weighted average lease term across their national portfolio and is expected to increase Funds from Operations (FFO) for shareholders. Gladstone’s portfolio currently spans 122 properties totaling approximately 14.9 million square feet.

Positive

• Achieved 100% occupancy at the Akron property, enhancing attractiveness in a challenging leasing market.
• Increased weighted average lease term across the national portfolio, indicative of long-term stability.
• Expected rise in Funds from Operations (FFO) for shareholders due to this lease agreement.

Negative

• None.

MCLEAN, VA / ACCESSWIRE / December 1, 2020 / Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial") announced today that it has executed a lease with ViaQuest Inc. ("ViaQuest") at Gladstone Commercial's office and laboratory property in Akron, Ohio, located at 260 Springside Drive. Construction of tenant improvements will begin in January 2021 with occupancy expected in April 2021. ViaQuest is a veteran owned and operated business which offers highly-personalized, quality, specialized services to individuals with intellectual and developmental disabilities, mental and behavioral health, and people receiving hospice services. ViaQuest signed a seven-year lease for 21,000 square feet in the 79,000 square foot building.

"We are happy to welcome ViaQuest to our Akron building" said Buzz Cooper Executive Vice President for Gladstone Commercial. "This brings the property to 100% occupancy in one of the most difficult leasing markets in many decades. Bringing our Northern Ohio portfolio to 100% leased, increasing the weighted average lease term of our national portfolio and increasing FFO for our shareholders are all hallmarks of this transaction."

"It is with great pleasure that we welcome ViaQuest to occupy a second property in our portfolio, as they also lease their headquarters in Columbus, Ohio from Gladstone Commercial," said Karen Priesman, Senior Asset Manager for Gladstone Commercial. "The unique layout of the property allows ViaQuest to consolidate from three other locations and service several different operating units at our property. We thank Cresco's Eric Schreibman for his efforts in bringing ViaQuest to the building and Rico Pietro and Antonio Sibbio, also of Cresco, for representing Gladstone Commercial. In addition, we recognize our operations team of Keith Johnson and Sean Ryle of Colliers for their excellent service providing a top environment for our tenants."

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 September 30, 2020, Gladstone Commercial's real estate portfolio consisted of 122 properties located in 28 states, totaling approximately 14.9 million square feet. For additional information please visit www.gladstonecommercial.com.

For Broker Submittals:

Southcentral:	Northeast/Midwest:
Buzz Cooper	Matt Tucker
Executive Vice President	Executive Vice President
(703) 287-5815	(703) 287-5830
Buzz.Cooper@gladstonecompanies.com	Matt.Tucker@gladstonecompanies.com
Southeast/Southwest:
Brandon Flickinger
Executive Vice President
(703) 287-5819
Brandon.Flickinger@gladstonecompanies.com

Investor or Media Inquiries:

Bob Cutlip
President - Gladstone Commercial Corporation
(703) 287-5878
Bob.Cutlip@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, 2019, as filed with the SEC on February 12, 2020 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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FAQ

What is the significance of the lease signed by Gladstone Commercial Corporation with ViaQuest Inc.?

The lease represents 100% occupancy for Gladstone's Akron property, enhancing overall portfolio value and expected increase in Funds from Operations.

When is ViaQuest Inc. expected to occupy the Akron property leased from Gladstone?

ViaQuest is expected to occupy the property in April 2021, following the commencement of construction on tenant improvements in January 2021.

How much space did ViaQuest lease from Gladstone Commercial Corporation?

ViaQuest leased 21,000 square feet of space in Gladstone's Akron, Ohio office and laboratory property.

What impact does the new lease have on Gladstone's portfolio?

The new lease increases the weighted average lease term and brings the Northern Ohio portfolio to 100% leased, which is critical for financial performance.

What is the current size of Gladstone Commercial Corporation's real estate portfolio?

As of September 30, 2020, Gladstone's portfolio consisted of 122 properties totaling approximately 14.9 million square feet.