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 reports recurring developments as a REIT focused on acquiring, owning and operating net-leased industrial and office properties across the United States. Company news commonly covers quarterly results, funds from operations, Core FFO and AFFO, portfolio occupancy and leasing activity, tenant credit quality, rent collection and management of office lease rollovers.
Updates also address monthly cash distributions on common stock, senior common stock and listed preferred stock, as well as portfolio recycling through acquisitions and dispositions. Financing news includes credit facility changes, term debt and liquidity actions, while governance announcements include board and executive succession matters.
Gladstone Commercial (NASDAQ:GOOD) announced the acquisition of an 80,604 square foot industrial facility in Pacific, Missouri, for $22 million on July 21, 2021. The facility, leased to ADB Companies, LLC
for 17.5 years, marks Gladstone's second industrial acquisition in the St. Louis area. The property features a Class A office building and significant outdoor storage. The acquisition aligns with Gladstone's strategy of securing mission-critical properties in growth locations, aiming for a strong tenant portfolio and enhanced long-term value.
Gladstone Commercial Corporation (Nasdaq:GOOD) announced a lease renewal with Power Engineers Incorporated for its 12,663 square foot office property in Burnsville, Minnesota. The updated lease extends through December 31, 2029, with a potential five-year extension. This renewal underscores Gladstone's strategy of retaining financially strong tenants, increasing the weighted average lease term, and contributing 3.3% to Funds From Operations (FFO). Gladstone Commercial currently manages a portfolio of 120 properties across 27 states.
Gladstone Commercial Corporation (NASDAQ:GOOD) has declared monthly cash distributions for July, August, and September 2021, maintaining a streak of 198 consecutive monthly payouts since its inception in 2003. The common stockholders will receive $0.12515 per share, while senior common stockholders will receive $0.0875 per share. Additionally, $0.138021 per share will be distributed to Series E Preferred Stock holders, $0.125 for Series F Preferred Stock holders, and $0.125 for Series G Preferred Stock holders. The company plans to report its Q2 earnings on August 9, 2021.
Gladstone Commercial Corporation (Nasdaq:GOOD) has secured a 12.5-year lease for its 238,312-square-foot industrial facility at The Tulsa Port of Catoosa, leased to Lyseon North America, a subsidiary of Topia Co., LTD. This facility will support a long-term contract with IC Bus, a subsidiary of Navistar, which recently committed to a 20-year presence in Tulsa. The lease reflects Gladstone's ongoing strategy to strengthen its portfolio with reliable tenants. The company's portfolio includes 120 properties across 27 states, totaling approximately 15.5 million square feet.
Gladstone Commercial Corporation (Nasdaq: GOOD) reported strong portfolio performance despite market volatility due to COVID-19. As of June 30, 2021, almost 100% of cash base rents were collected, with occupancy over 95%. The company announced a new acquisition of an industrial facility in Texas, leased to Mobile Mini for 12.7 years at a 7.1% cap rate. Notable lease extensions and new agreements further solidify revenue streams. Additionally, the company raised about $96.7 million via preferred stock offerings, enhancing liquidity with approximately $33 million available.
Gladstone Commercial Corporation (NASDAQ:GOOD) announced a lease renewal with Yanfeng US Automotive Interior Systems LLC for its Monroe, Michigan property, extending their tenure through August 31, 2029. The renewal includes a six-year lease for the entire 315,000 square foot property, generating over $10 million in rental revenue. This extension is part of Gladstone's strategy to retain financially robust tenants, enhancing the weighted average term of their Midwest portfolio. The company's Detroit portfolio remains fully leased, indicating sound property management amid economic challenges.
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.