Gladstone Commercial Provides a Business Update

Rhea-AI Summary

Gladstone Commercial Corporation (Nasdaq:GOOD) reported robust portfolio performance amidst market volatility. Key updates include:

• 100% of July cash base rents collected.
• 97.3% portfolio occupancy as of August 1, 2022.
• Sale of Jupiter office property for $19 million, yielding an $8 million gain.
• Year-to-date acquisitions of 742,303 square feet of industrial real estate for $51.4 million.
• Current liquidity of $39.2 million from revolving credit and cash reserves.

The company has never suspended its dividend since the IPO in 2003.

Positive

• 100% of July cash base rents collected.
• Portfolio occupancy at 97.3%.
• Sold Jupiter office property at an $8 million gain.
• Acquired 742,303 square feet of industrial real estate for $51.4 million.
• Current liquidity of approximately $39.2 million.

Negative

• None.

MCLEAN, VA / ACCESSWIRE / August 3, 2022 / Gladstone Commercial Corporation (Nasdaq:GOOD) ("we" or "Gladstone Commercial") is a real estate investment trust ("REIT") focused on acquiring, owning and operating net leased industrial and office properties across the United States. We are providing the following business update regarding our portfolio performance during a time of market volatility.

• 100% of July cash base rents have been paid and collected.
• Portfolio occupancy is at 97.3%, as of August 1, 2022.
• We sold our Jupiter, Florida office property for $19.0 million, with a gain of approximately $8.0 million.
• We appointed EJ Wislar, Head of our Southeast and Northeast Regions, as Chief Investment Officer.
• Year-to-date, we have acquired 742,303 square feet of industrial real estate, comprised of seven properties and four tenants, with an average remaining lease term at acquisition of 11.7 years, for a total cost of $51.4 million.
• Year-to-date, we extended or executed 333,935 square feet, covering six tenants, with an average remaining lease term of 9.2 years. The annualized straight-line rent of these transactions totals $4.0 million.
• Since January 1, 2022, and through August 2, 2022, we have issued 1,918,197 shares of common stock for net proceeds of $39.1 million.
• We continue to have ample liquidity and a strong capital structure. As of August 1, 2022, our current available liquidity was approximately $39.2 million via our revolving credit facility and cash on hand.
• We have never cut or suspended our dividend since our IPO in 2003.

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 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:

EJ Wislar Chief Investment Officer (703) 462-1027 EJ.Wislar@gladstonecompanies.com	Ryan Carter Executive Vice President (571) 451-0019 Ryan.Carter@gladstonecompanies.com
Investor or Media Inquiries: Buzz Cooper 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 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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FAQ

What is Gladstone Commercial Corporation's stock symbol?

Gladstone Commercial Corporation's stock symbol is GOOD.

What occupancy rate did Gladstone Commercial report in August 2022?

Gladstone Commercial reported a portfolio occupancy rate of 97.3% as of August 1, 2022.

How much cash base rent did Gladstone Commercial collect in July 2022?

Gladstone Commercial collected 100% of its July cash base rents.

What was the gain from the sale of the Jupiter office property?

Gladstone Commercial gained approximately $8 million from the sale of the Jupiter office property.

How much liquidity does Gladstone Commercial have as of August 2022?

As of August 1, 2022, Gladstone Commercial reported approximately $39.2 million in liquidity.

Has Gladstone Commercial ever cut its dividend since going public?

Gladstone Commercial has never cut or suspended its dividend since its IPO in 2003.