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Gladstone Commercial Corporation (NASDAQ: GOOD) is a publicly traded real estate investment trust (REIT) focusing on single-tenant and anchored multi-tenant net leased industrial, office, and, to a lesser extent, medical properties across the United States. Known for its strategic investments, Gladstone Commercial also collaborates with developers on build-to-suit projects where tenants require new buildings. The company's robust portfolio includes properties with strong tenants of varying sizes, emphasizing a track record of superior credit underwriting of middle-market businesses.
Under the guidance of David Gladstone, the senior management team brings over 200 years of combined experience in real estate and middle-market business investments. Gladstone Commercial targets high-growth primary and secondary markets with favorable economic trends, diversified industries, growing populations, and strong employment rates. The company's strategic approach has resulted in consistent occupancy rates above 96%, signifying a stable and reliable income stream for investors.
Recent achievements include the successful management and occupancy of 135 properties in 27 states, totaling approximately 17.2 million square feet as of the latest reports. The company has also maintained a remarkable history of paying continuous monthly cash distributions for over a decade, reinforcing its reputation for financial stability and investor trust.
As part of its financial strategies, Gladstone Commercial offers a dividend reinvestment plan (DRIP) to its common and Series F preferred stockholders, providing a flexible investment option for shareholders. The company publicly reports its quarterly earnings, the latest being scheduled for discussion on an earnings call on May 7, 2024, following the first quarter results for the fiscal year 2024.
The company's focus on industrial and office properties ensures a diversified and resilient investment portfolio. Despite global economic uncertainties, Gladstone Commercial remains confident in the depth of its tenant credit underwriting and operational strategies. For more detailed financial performance and investor relations information, please visit their official website at www.gladstonecommercial.com.
Gladstone Commercial Corporation (NASDAQ:GOOD) reported its financial results for Q4 and fiscal year 2021. Total operating revenue increased to $35.3 million, a 2.8% rise from the previous quarter, while total expenses slightly decreased. However, net income dropped 31.6% to $3.1 million in Q4. Funds from operations (FFO) decreased by 8.0% to $15.1 million. Despite these challenges, the company successfully collected 100% of 2021 base rent during the pandemic. In 2021, Gladstone acquired 11 industrial properties for $99.7 million and executed notable lease renewals.
Gladstone Commercial Corporation (NASDAQ:GOOD) will host its Fourth Quarter Earnings Call on February 16, 2022, at 8:30 a.m. EST. Investors can join the call via webcast or phone. The conference call will be archived on their website post-event. The company operates as a real estate investment trust (REIT), focusing on acquiring and managing net leased industrial and office properties across the United States. For further details, interested parties can contact the company directly.
Gladstone Commercial Corporation (NASDAQ:GOOD) has reported robust operational performance amidst ongoing market volatility due to the COVID-19 pandemic. Key highlights include a 99% collection rate for January 2022 cash base rents and a 97.2% occupancy rate in its portfolio. The company successfully extended a five-year lease with Truck and Wheel Automotive USA, crucial to the local automotive supply chain. Additionally, Gladstone maintains a strong liquidity position with approximately $23.6 million available. The company acknowledges potential future rent relief requests from tenants as the pandemic evolves.
Gladstone Commercial Corporation (Nasdaq: GOOD) appointed Arthur S. Cooper as co-President, effective January 11, 2022. Cooper, who has over 35 years of experience in commercial real estate, has been with the company since its inception in 2001. He previously served as Chief Investment Officer. Co-President Bob Cutlip will resign on June 30, 2022, as part of his planned retirement. Gladstone Commercial focuses on net leased industrial and office properties across the U.S., with a portfolio of 127 properties totaling approximately 15.7 million square feet as of September 30, 2021.
Gladstone Commercial Corporation (Nasdaq:GOOD) has declared an increase in cash distributions for January, February, and March 2022. The company will distribute $0.1254 per common share, marking 204 consecutive months of cash payments without interruption. Additionally, $0.0875 will be paid on senior common stocks, alongside various preferred stocks, totaling quarterly payments of $0.3762, $0.2625, $0.414063, and $0.375 respectively. An earnings report for Q4 ending December 31, 2021, is scheduled for February 15, 2022, with a conference call on February 16.
Gladstone Commercial Corporation (NASDAQ:GOOD) announced a strong portfolio performance update amid the COVID-19 pandemic. As of December 31, 2021, 100% of December cash base rents were collected and portfolio occupancy stood at 97.1%. The company has maintained its dividend distribution rate throughout the pandemic. Notable acquisitions include a $12 million facility in Atlanta and a $29 million facility in Crossville, totaling 581,460 square feet acquired for $53.8 million. Year-to-date, Gladstone extended or leased 1.6 million square feet of space with a 7.1% increase in straight-line rents.
Gladstone Commercial Corporation (NASDAQ:GOOD) has acquired a 300,000 square foot industrial facility in Crossville, Tennessee, for $29.0 million on December 21, 2021. This property, fully leased to CoLinx, LLC, has an 11-year absolute NNN lease term, supporting critical operations for major clients like SKF and Timken. The acquisition aligns with Gladstone's strategy to enhance its portfolio of functional assets in strong logistics locations, fostering industrial growth.
Gladstone Commercial Corporation (NASDAQ:GOOD) has acquired a 120,000 square foot industrial facility in Stone Mountain, Georgia, for $12 million. This acquisition features a 6.4% initial capitalization rate and a 7.3% average capitalization rate, with a 15-year absolute NNN lease to House of Cheatham LLC. This purchase aligns with Gladstone's strategy of acquiring functional industrial assets with long-term leases, adding to their portfolio of properties across the U.S., which now includes 127 properties totaling approximately 15.7 million square feet.
Gladstone Commercial Corporation (NASDAQ:GOOD) reports a strong portfolio performance during the COVID-19 pandemic. Key highlights include:
- 100% cash base rent collection for November 2021.
- 97.8% occupancy rate as of November 30, 2021.
- Dividend payments maintained throughout the pandemic.
- Acquired a 161,458 sq. ft. facility for $12.8 million and extended leases with key tenants.
- Liquidity of approximately $21.7 million as of November 30, 2021.
Despite successful rent collection, potential future rent relief requests remain an uncertainty.
Gladstone Commercial Corporation (Nasdaq: GOOD) announced a new 10-year lease at its refrigerated industrial property in Reading, Pennsylvania, encompassing 42,900 square feet. The lease, effective immediately with the previous lease's end, ensures 100% occupancy without downtime. The tenant, Country Fresh, specializes in fresh-cut fruits and vegetables. By securing this long-term lease, Gladstone aims to enhance its portfolio's weighted average lease term, reflecting strong demand for specialized industrial spaces.
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