Gladstone Commercial Provides a Business Update
Gladstone Commercial Corporation (NASDAQ:GOOD) provided a business update amid market volatility caused by the COVID-19 pandemic. As of July 13, 2022, 100% of June cash base rents were collected and portfolio occupancy stood at 96.6%. The company has acquired 742,303 square feet of industrial properties in 2022 for $51.4 million and extended leases covering 292,710 square feet, generating an additional $3.2 million in annualized rent. Despite these successes, they anticipate potential rent relief requests due to ongoing pandemic impacts. Liquidity remains strong at approximately $27.6 million.
- 100% of June cash base rents collected.
- Portfolio occupancy at 96.6% as of July 13, 2022.
- Acquired 742,303 square feet of industrial real estate for $51.4 million in 2022.
- Extended leases covering 292,710 square feet with $3.2 million in annualized straight-line rent.
- Maintained dividend payments since IPO in 2003.
- Strong liquidity of approximately $27.6 million.
- Potential for future rent relief requests due to ongoing business impacts from the pandemic.
MCLEAN, VA / ACCESSWIRE / July 14, 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 related to, among other factors, the global COVID-19 pandemic.
100% of June cash base rents have been collected.- Portfolio occupancy is at
96.6% , as of July 13, 2022. - We remain within a small subset of U.S. equity REITs that have maintained their dividend rate and payment of distributions in tandem with this high level of rental collections during the COVID-19 pandemic.
- 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 292,710 square feet covering five tenants with an average remaining lease term of 10.1 years. The annualized straight-line rent of these transactions totals
$3.2 million . - Since January 1, 2022, and through July 13, 2022, we have issued 1,654,332 shares of common stock for net proceeds of
$34.2 million . - We continue to have ample liquidity and a strong capital structure. As of July 13, 2022, our current available liquidity is approximately
$27.6 million via our revolving credit facility and cash on hand. - We have never cut or suspended our dividend since our IPO in 2003.
We have experienced successful rent collection during the COVID-19 pandemic; however, we may receive additional rent relief requests as the pandemic continues to adversely affect business operations. However, we are unable to quantify the outcomes of potential future negotiation of relief packages, the success of any tenant's financial prospects or the amount of relief requests that we will ultimately receive or grant.
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 March 31, 2022, Gladstone Commercial's real estate portfolio consisted of 131 properties located in 27 states, totaling approximately 16.4 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: |
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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