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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) will host its Second Quarter Earnings Call on Tuesday, August 2, 2022, at 8:30 a.m. EDT. This event will cover the earnings results for the quarter ending June 30, 2022. Investors can join the call via webcast or by calling (877) 407-9045. A replay will be accessible through August 9, 2022, using conference number 13730106. The company specializes in acquiring and operating net leased industrial and office properties across the U.S.
Gladstone Commercial Corporation (Nasdaq:GOOD) has secured a 5.7-year lease with Cognizant Technology Solutions for 41,225 square feet in its office building in Austin, Texas, raising occupancy to approximately 70%. This deal underscores the strength of the Austin market and the office sector's resilience. Perry Finney, Senior VP, expressed satisfaction with Cognizant as a tenant, while President Buzz Cooper praised the speed of the transaction. Gladstone's portfolio includes 131 properties across 27 states, totaling around 16.4 million square feet.
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.
Gladstone Commercial Corporation (Nasdaq: GOOD) appointed EJ Wislar as Chief Investment Officer effective July 12, 2022. Wislar, who joined in 2018, continues to lead the Southeast and Northeast regions overseeing acquisitions and asset management. The company also announced Buzz Cooper as the sole President, succeeding Bob Cutlip, who retired. Cooper, a key figure since 2001, will focus on net leased real estate acquisitions and corporate strategy. Gladstone's portfolio includes 131 properties across 27 states, covering approximately 16.4 million square feet.
Gladstone Commercial Corporation (Nasdaq:GOOD) has declared cash distributions for July, August, and September 2022. The common stock will receive a distribution of $0.1254 per share, totaling $0.3762 for the quarter. Senior common stockholders will receive $0.0875 per share, totaling $0.2625. The Series E and F preferred stocks will receive $0.138021 and $0.125 respectively. The company has consistently paid distributions without deferral since its inception in 2003. Earnings for the second quarter ended June 30, 2022 will be reported on August 1, 2022.
Gladstone Commercial Corporation (Nasdaq: GOOD) has successfully sold its 60,000 SF office building in Jupiter, FL, for $19.0 million. The sale, completed on July 1, 2022, generated a gain of approximately $8.1 million, reflecting a leveraged internal rate of return of around 18%. Originally purchased for $15.5 million in 2012, this strategic move aligns with the company’s capital recycling plan, allowing for reinvestment into industrial properties. Senior executives have expressed satisfaction with the transaction's outcome.
Gladstone Commercial Corporation (Nasdaq:GOOD) has reported strong performance amid ongoing market volatility due to the COVID-19 pandemic. As of June 8, 2022, 100% of May cash base rents were collected, with portfolio occupancy at 97.0%. The company has successfully maintained its dividend payments since its IPO in 2003. In terms of growth, it acquired two industrial properties for a total of $38.1 million and has bought 742,303 square feet of real estate year-to-date. Despite this success, the company anticipates potential rent relief requests as the pandemic continues.
Gladstone Commercial Corporation (NASDAQ:GOOD) has acquired a 345,584 square foot industrial warehouse in Wilmington, North Carolina, for $18.8 million, achieving a GAAP capitalization rate of 6.45%. The property is fully leased to Pacon Manufacturing with a significant remaining lease term of 13.1 years. This acquisition aligns with Gladstone's strategy of developing its industrial portfolio in prime locations. The site offers convenient access to major transport routes, enhancing its logistics capabilities.
Gladstone Commercial Corporation (NASDAQ: GOOD) provided a business update amid market volatility from the COVID-19 pandemic. Key highlights include:
- 100% of April cash base rents collected.
- Portfolio occupancy at 97.2% as of May 6, 2022.
- Acquisition of a 260,719 square foot industrial portfolio for $19.3 million.
- 1,036,793 shares issued for $22.4 million.
- Current liquidity of approximately $26.8 million.
Despite strong rent collections, potential future rent relief requests may impact financials.
Gladstone Commercial Corporation (NASDAQ:GOOD) has acquired a 260,719 square foot industrial portfolio in Fort Payne, AL, and Cleveland, OH, for $19.3 million, achieving a GAAP capitalization rate of 6.80%. The properties are fully leased to Plasman for 11.4 years, specializing in automotive components. This acquisition aligns with Gladstone's strategy of securing high-quality assets leased to credible tenants, enhancing their industrial property allocation.
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