Gladstone Commercial Provides a Business Update

Rhea-AI Summary

Gladstone Commercial Corporation (Nasdaq:GOOD) provided a business update highlighting robust portfolio performance amidst market volatility. Key points include:

• 100% of September cash base rents collected.
• Portfolio occupancy at 96.9% as of September 30, 2022.
• Acquisition of two industrial assets in Jacksonville and Fort Payne totaling $13.6 million.
• Year-to-date acquisitions of 1,105,006 square feet at $97.5 million.
• Extended or executed leases covering 501,501 square feet with annualized rent of $5.8 million.
• Liquidity of approximately $64.0 million available.

Positive

• 100% of September cash base rents collected.
• Portfolio occupancy at 96.9%.
• Acquired two industrial assets for $13.6 million.
• Year-to-date acquisitions totaling 1,105,006 square feet for $97.5 million.
• Extended leases covering 501,501 square feet with annualized rent of $5.8 million.
• Available liquidity of approximately $64.0 million.

Negative

• None.

MCLEAN, VA / ACCESSWIRE / October 5, 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 September cash base rents have been paid and collected.
• Portfolio occupancy is at 96.9%, as of September 30, 2022.
• We acquired two industrial assets, totaling 116,703 square feet, in Jacksonville, Florida and Fort Payne, Alabama, for a total purchase price of $13.6 million.
• Year-to-date, we have acquired 1,105,006 square feet of industrial real estate, comprised of eleven properties and six tenants, with a weighted average remaining lease term at acquisition of 13.8 years for a total cost of $97.5 million.
• Year-to-date, we extended or executed 501,501 square feet covering nine tenants, with an average remaining lease term of 8.1 years. The annualized straight-line rent of these transactions totals $5.8 million.
• Since January 1, 2022, and through September 30, 2022, we have issued 1,992,706 shares of common stock for net proceeds of $40.6 million.
• We continue to have ample liquidity and a strong capital structure. As of September 30, 2022, our current available liquidity is approximately $64.0 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 - Gladstone Commercial Corp.
(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

View source version on accesswire.com:
https://www.accesswire.com/718857/Gladstone-Commercial-Provides-a-Business-Update

FAQ

What is the current occupancy rate for Gladstone Commercial as of September 30, 2022?

The current occupancy rate for Gladstone Commercial is 96.9% as of September 30, 2022.

How much cash base rent was collected by Gladstone Commercial in September 2022?

Gladstone Commercial collected 100% of its cash base rents for September 2022.

What recent acquisitions did Gladstone Commercial make?

Gladstone Commercial acquired two industrial assets in Jacksonville, Florida and Fort Payne, Alabama, totaling 116,703 square feet for $13.6 million.

What are the year-to-date acquisitions of Gladstone Commercial?

Year-to-date, Gladstone Commercial has acquired 1,105,006 square feet of industrial real estate for a total cost of $97.5 million.

How much liquidity does Gladstone Commercial have as of September 30, 2022?

Gladstone Commercial has approximately $64.0 million in available liquidity.