Gladstone Commercial Corp Stock Price, News & Analysis

Gladstone Commercial Corporation (NASDAQ:GOOD) has priced a public offering of 4,000,000 shares of its 6.00% Series G Cumulative Redeemable Preferred Stock at $25.00 per share, raising $100.0 million in gross proceeds. Net proceeds are estimated at $96.7 million after expenses. The funds will be used to redeem the 7.00% Series D Preferred Stock and reduce credit facility debt. The offering is expected to close on June 28, 2021. Stifel, Goldman Sachs, B. Riley Securities, and Baird are handling the offering.

Gladstone Commercial Corporation (NASDAQ:GOOD) announced plans to sell shares of its Series G Cumulative Redeemable Preferred Stock in an underwritten public offering. The pricing and terms will be determined through negotiations. Proceeds will be used to optionally redeem all shares of the 7.00% Series D Preferred Stock and pay down credit facility debt. The offering is under the effective shelf registration statement filed with the SEC. The company operates a portfolio of 120 properties across 27 states, totaling approximately 15.5 million square feet.

Gladstone Commercial Corporation (NASDAQ:GOOD) announced the acquisition of a 25,200 square foot industrial service facility in Baytown, Texas for $8.125 million on June 17, 2021. The facility, fully leased to Mobile Mini, Inc., features a 5.9% initial capitalization rate and an average of 7.1%. With a remaining lease term of 12.7 years, the acquisition aims to strengthen Gladstone's portfolio and expand its presence in Houston's industrial sector.

Gladstone Commercial Corporation (NASDAQ:GOOD) has appointed Gary Gerson as Chief Financial Officer, effective June 4, 2021. Gerson previously served as Interim CFO since March 26, 2021, and has extensive experience, including a tenure as CFO at Spotted Hawk Development. His familiarity with Gladstone’s operations is expected to enhance financial management and support future growth. The company’s portfolio consists of 120 properties across 27 states, totaling approximately 15.5 million square feet as of March 31, 2021.

Gladstone Commercial Corporation (Nasdaq: GOOD) reported solid performance amidst COVID-19 challenges. As of May 31, 2021, nearly 100% of cash base rents were collected, and portfolio occupancy exceeded 95%. The company has maintained its dividend amid high rental collections, demonstrating resilience. In Q2, three new leases were signed, totaling 259,056 square feet, with an average rent increase of 9.4%. Gladstone raised $14.9 million through stock issuance since January and has approximately $27 million in available liquidity.

Gladstone Commercial Corporation (NASDAQ:GOOD) announced the conditional optional redemption of its 7.00% Series D Cumulative Redeemable Preferred Stock. This redemption is subject to the Company having enough liquidity on the redemption date of June 30, 2021. Each share will be redeemed at $25.1458333, which includes the liquidation preference of $25.00 and accrued dividends of $0.1458333. Post-redemption, the shares will be delisted from Nasdaq. The Company has a strong track record, having paid consecutive monthly distributions on preferred and common stock since 2003.

Gladstone Commercial Corporation (NASDAQ:GOOD) reported its Q1 2021 financial results, revealing a 5.5% increase in total operating revenue to $34.7 million. However, net loss attributable to common stockholders reached $3 million, compared to a net income of $5.9 million in Q4 2020, reflecting a 99.6% decline. Core Funds from Operations (FFO) rose 14.8% to $15.4 million. The company collected 98% of cash rents during the quarter and maintained a solid occupancy rate of 95.5%. This performance highlights both revenue growth and challenges in net income amidst economic uncertainty.

Gladstone Commercial Corporation (NASDAQ:GOOD) will host its First Quarter Earnings Call for the period ending March 31, 2021. The call is scheduled for May 11, 2021, at 8:30 a.m. EDT. Investors can join through a webcast or by phone at (877) 407-9045. A replay will be available until May 18, 2021, by calling (877) 660-6853 and using conference number 13717651. Gladstone Commercial is a real estate investment trust (REIT) focused on net leased industrial and office properties across the U.S.

Gladstone Commercial Corporation (NASDAQ:GOOD) reported that approximately 98% of April cash base rents were collected, maintaining over 95% occupancy in its portfolio as of April 30, 2021. The company has successfully executed leasing initiatives, including a new five-year lease for its Denver industrial property, resulting in a 12.2% rent increase. Gladstone has raised $13.5 million through stock issuance and has about $28 million in liquidity. Despite potential future rent relief requests due to COVID-19, the company's strong capital structure supports ongoing operations.