Welcome to our dedicated page for Gladstone Commercial news (Ticker: GOOD), a resource for investors and traders seeking the latest updates and insights on Gladstone Commercial stock.
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 (Nasdaq:GOOD) reported financial results for Q3 2024. Key highlights include: total operating revenue of $39.2 million (up 5.9% quarter-over-quarter), net income of $11.7 million, and Core FFO of $16.3 million ($0.38 per share). The company maintained a 98.5% occupancy rate and collected 100% of cash rents during the quarter.
Notable Q3 activities included purchasing a 50,102 square foot property for $10.2 million, selling two non-core properties for $14.2 million, and issuing common stock for net proceeds of $38.9 million. The company renewed or leased 242,467 square feet across five properties and maintained quarterly distributions of $0.30 per common share.
Gladstone Commercial (Nasdaq: GOOD) has announced its Third Quarter 2024 Earnings Call & Webcast, scheduled for Tuesday, November 5, 2024, at 8:30 a.m. ET. Participants can join via webcast or by calling (866) 424-3437. A conference call replay will be available until November 12, 2024, accessible by dialing (877) 660-6853 with playback conference number 13748839. The call will also be archived on the company's website. Gladstone Commercial operates as a REIT focused on net leased industrial and office properties across the United States.
Gladstone Commercial (Nasdaq:GOOD) has announced cash distributions for October, November, and December 2024, as well as its plan to report earnings for Q3 2024. The company declared:
- $0.10 per common share for each month, totaling $0.30 for the quarter
- $0.0875 per share of senior common stock for each month, totaling $0.2625 for the quarter
- $0.138021 per share of Series E Preferred Stock for each month, totaling $0.414063 for the quarter
- $0.125 per share of Series F Preferred Stock for each month, totaling $0.375 for the quarter
- $0.125 per share of Series G Preferred Stock for each month, totaling $0.375 for the quarter
The company will report Q3 2024 earnings after market close on November 4, 2024, with a conference call on November 5, 2024, at 8:30 a.m. ET.
Gladstone Commercial (NASDAQ:GOOD) has announced an 8-year lease extension with Elster Solutions, for its 58,926 square foot flex / R&D building in Raleigh, North Carolina. Elster, owned by Honeywell International Inc., has been the tenant since Gladstone Commercial acquired the property in 2003. This marks the fourth extension with Elster, highlighting the tenant's long-term commitment to the space.
Elster, a market leader in metering and flow measurement systems for gas, was acquired by Honeywell in 2016. The lease extension demonstrates Gladstone Commercial's success in maintaining long-term relationships with quality tenants and validates their strategy of investing in mission-critical facilities.
Gladstone Commercial (NASDAQ:GOOD) has acquired a 50,102 square foot Class A industrial facility in Midland, Texas, at a 9.94% weighted GAAP capitalization rate. The property was acquired in a long-term sale-leaseback transaction with a 15-year absolute NNN lease. It's fully leased to a leading provider of electrical feedthrough connectors and wellhead solutions, primarily serving E&P operators in the Permian Basin. This acquisition aligns with Gladstone's growth strategy of acquiring functional assets leased to credit-worthy tenants in strong industrial markets. The facility is mission-critical to the tenant's operations, serving as a hub for design, manufacture, installation, and service of its products.
Gladstone Commercial (Nasdaq: GOOD) has announced the election of Katharine Cornell Gorka to its Board of Directors, effective August 22, 2024. Gorka, 64, will serve in the 2027 class of Directors. She is the President of Threat Knowledge Group and chair of the Fairfax County Republican Party. Her background includes roles as Senior Policy Advisor at the U.S. Department of Homeland Security (2017-2020), Press Secretary for U.S. Customs and Border Protection (2020), and Director for Civil Society at The Heritage Foundation (2020-2022).
Gorka holds a B.A. from the University of North Carolina at Chapel Hill (1978) and an M.Sc. in Economics from the London School of Economics (1987). Gladstone Commercial believes her management expertise and strategic analysis skills will enhance the Board's knowledge base and diversity of perspectives.
Gladstone Commercial (NASDAQ:GOOD) has executed a 5-year lease extension with Morgan Stanley Smith Barney Financing for 72,301 square feet of its 101,869 square foot office building in Columbus, Ohio. The extension continues Morgan Stanley's tenancy, which began in 2008, through December 31, 2030. The property is located at 4343 Easton Commons. Gladstone Commercial's executives expressed satisfaction with the renewal, highlighting the ongoing relationship with Morgan Stanley and the suitability of the office building for the tenant's operations in the Columbus market. John Hall of CBRE was acknowledged for his assistance in facilitating the renewal process.
Stonegate Capital Partners has updated its coverage on Gladstone Commercial Corp. (NASDAQ: GOOD) for Q2 2024. The report highlights strong fundamentals for the company, with occupancy levels reaching 98.5% as of July 30, 2024. GOOD continues to diversify its portfolio, with 62% of its properties now being industrial. Notably, the company has maintained a 100% rent collection rate year-to-date, demonstrating robust performance in its real estate operations. These factors indicate a solid position for Gladstone Commercial Corp. in the commercial real estate market, potentially attracting investor interest.
Gladstone Commercial (Nasdaq: GOOD) has announced the sale of two medical office properties in the Atlanta MSA, totaling 26,331 square feet, on August 7, 2024. The properties, leased to Northside Hospital, were sold at a cap rate of 5.97%. Gladstone Commercial realized a leveraged internal rate of return of approximately 13.2% on these assets, which were part of an 8-property portfolio acquired in 2007.
The company intends to reinvest the proceeds from this sale into the industrial sector, aligning with their goal of increasing industrial concentration and potentially gaining additional yield. This strategic move reinforces Gladstone Commercial's shift towards the industrial sector, as highlighted by President Buzz Cooper.
Gladstone Commercial (Nasdaq:GOOD) reported financial results for Q2 2024. Key highlights include:
- Total operating revenue increased 3.7% to $37,057,000
- Core FFO available to common stockholders and Non-controlling OP Unitholders increased 5.0% to $14,639,000 ($0.36 per share)
- Collected 100% of cash rents for April, May, and June
- Acquired a five-property portfolio for $12,000,000 at a 12.3% cap rate
- Renewed or leased 2,383,732 square feet of space
- Issued 756,214 shares of common stock for net proceeds of $10,600,000
The company maintains a strong focus on industrial properties and active portfolio management despite economic uncertainties.
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