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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) announced the acquisition of a 161,458 square foot industrial facility in Monroe, North Carolina, for $12.8 million on November 3, 2021. This property is fully leased to Assa Abloy for 7.9 years and will serve as their North American headquarters. This acquisition marks Gladstone's third industrial investment in the Charlotte, NC area, aligning with its strategy to enhance its portfolio with quality assets leased to reputable tenants in robust markets.
Gladstone Commercial Corporation (Nasdaq:GOOD) reported its third-quarter financial results for 2021, showing a net income of $4.5 million, a significant increase from a net loss of $3.1 million in the previous quarter. Total operating revenue rose by 2.9% to $34.3 million, while total operating expenses increased by only 2%. Funds from operations (FFO) experienced a notable increase of 45.6%, reaching $16.2 million. The company successfully collected 100% of cash rents and expanded its portfolio with the acquisition of six industrial properties for $26.7 million.
Gladstone Commercial Corporation (Nasdaq: GOOD) will hold its Third Quarter Earnings Call on November 2, 2021, at 8:30 a.m. EDT. The call will cover earnings for the quarter ended September 30, 2021, and will be available via webcast and phone. A replay will be accessible until November 9, 2021, with details provided for accessing it. The company focuses on acquiring, owning, and operating net leased industrial and office properties across the U.S.
Gladstone Commercial Corporation (NASDAQ: GOOD) has declared cash distributions for October, November, and December 2021, maintaining a consistent payment history of 201 months for common stock and 138 months for senior common stock. The monthly cash distribution stands at $0.125275 per share for common stock and $0.0875 for senior common stock. Additionally, the company plans to report its third-quarter earnings on November 1, 2021, with a conference call on November 2.
Gladstone Commercial Corporation (Nasdaq: GOOD) provided a business update highlighting strong performance amid market volatility due to the COVID-19 pandemic. As of September 30, 2021, 99% of cash base rents were collected, with portfolio occupancy exceeding 97%. The company acquired $45.855 million worth of industrial properties in 2021 and entered a five-year lease with an investment-grade tenant. Current liquidity stands at $33.6 million. The firm remains committed to its growth strategy and continues to navigate potential rent relief requests resulting from the pandemic.
Gladstone Commercial Corporation (NASDAQ:GOOD) announced a new lease agreement on September 15, 2021, with a national credit tenant for a duration of five years and three months. This lease covers half of their 320,000 square foot office building located at 717 Parmer Lane in Austin, Texas. As of June 30, 2021, Gladstone's real estate portfolio comprises 121 properties across 27 states, totaling approximately 15.6 million square feet.
Gladstone Commercial Corporation (NASDAQ:GOOD) has appointed Ryan Carter as Executive Vice President, focusing on net leased real estate acquisitions and sale-leaseback investments in the Midwest and West. Carter, a CPA with 20 years of industry experience, previously co-founded Porthaven Partners and worked with Stan Johnson Company. His extensive history with Gladstone includes significant transactions that remain key to its portfolio since 2003. The company manages a real estate portfolio of 121 properties across 27 states, totaling 15.5 million square feet.
Gladstone Commercial Corporation (Nasdaq:GOOD) reported strong portfolio performance amid the COVID-19 pandemic. As of August 31, 2021, 100% of cash base rents for August were collected, and portfolio occupancy exceeded 96%. The company acquired $45.855 million in industrial properties year-to-date, maintaining a dividend rate and distributions amidst market volatility. They have ample liquidity, with approximately $30.9 million available. However, potential future rent relief requests remain uncertain as the pandemic evolves.
Gladstone Commercial Corporation (NASDAQ:GOOD) has acquired an industrial facility in Peru, Illinois for $4.7 million, effective August 20, 2021. The property spans 81,760 square feet and is fully leased to Pretium Packaging, LLC under a 15-year NNN lease, supporting manufacturing and distribution activities. This acquisition marks a strategic addition to Gladstone's portfolio, further expanding its presence in the Chicagoland area. With an initial capitalization rate of 6.9%, the company aims to grow its industrial asset allocation while partnering with credit-worthy tenants.
Gladstone Commercial Corporation (Nasdaq:GOOD) reported its second-quarter financial results for the period ending June 30, 2021, showing total operating revenue of $33.4 million, a decrease of 3.8% from the previous quarter. Operating expenses declined 7.1% to $25.0 million, leading to a sharp increase in net income to $2.1 million. Core Funds From Operations (Core FFO) fell 11.5% to $13.6 million compared to Q1 2021. The company collected 100% of cash rents during the quarter and made strategic acquisitions, including a new industrial facility in Texas for $8.2 million.
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