Gladstone Commercial Corp Stock Price, News & Analysis

Gladstone Commercial Corporation (NASDAQ:GOOD) announced a seven-year lease agreement with ViaQuest Inc. for 21,000 square feet at its Akron, Ohio office and laboratory property, achieving 100% occupancy. Construction of tenant improvements is set to begin in January 2021, with occupancy expected in April 2021. This lease enhances the weighted average lease term across their national portfolio and is expected to increase Funds from Operations (FFO) for shareholders. Gladstone’s portfolio currently spans 122 properties totaling approximately 14.9 million square feet.

Gladstone Commercial Corporation (NASDAQ:GOOD) provided a business update on November 16, 2020, highlighting strong rent collection despite COVID-19 challenges. As of now, 98% of November cash base rents and 100% of October rents have been collected. Strong third-quarter results reported a Core FFO of $14 million, or $0.40 per share. The company raised $11.3 million through share issuances since July and has over $30 million in liquidity. While negotiations for potential tenant rent relief continue, Gladstone maintains a solid capital structure and portfolio occupancy above 95%.

Gladstone Commercial Corporation (NASDAQ:GOOD) reported its third-quarter financial results for the period ending September 30, 2020. Total operating revenue decreased by 1.1% to $33.1 million, while operating expenses fell by 2.3%. The company achieved a net income of $2.8 million, a significant increase of 194.7% compared to the previous quarter. Core funds from operations (FFO) available to common stockholders decreased by 1.6% to $14.0 million. Notably, Gladstone collected 99% of cash rents during Q3 and 100% in October. The company also expanded its portfolio with new acquisitions.

Gladstone Commercial Corporation (NASDAQ:GOOD) announced the sale of three adjacent office buildings in Champaign, IL, totaling 87,862 square feet, leased to a single tenant with four years remaining on the lease. The company realized net proceeds of approximately $13.2 million and a gain of $4.1 million from the sale, achieving a leveraged internal rate of return of 13.3% over 14 years of ownership. This transaction aligns with Gladstone's strategy to exit tertiary markets and reinvest in industrial properties in targeted areas.

Gladstone Commercial Corporation (NASDAQ: GOOD) has appointed three Managing Directors as Executive Vice Presidents: Arthur "Buzz" Cooper, Matt Tucker, and Brandon Flickinger. Cooper brings 35 years of commercial lending and real estate experience, having managed real estate acquisitions worth nearly $600 million. Tucker, with over 20 years in real estate and finance, oversees operations in the Northeast and Midwest. Flickinger, a former Vice President at Jones Lang LaSalle, will manage the Southeast and Mountain West portfolios. These appointments aim to enhance profitability and operational effectiveness.

Gladstone Commercial (Nasdaq:GOOD) reported a business update amidst ongoing market volatility due to COVID-19. Approximately 99% of October cash base rent has been collected, consistent with previous quarters. The portfolio remains over 95% occupied. On October 14, the company acquired a 240,714 square foot manufacturing center for $14.25 million, leased by WestRock CP, with a capitalization rate of 7.3%. Gladstone raised $5.2 million from common stock and $4.3 million from preferred stock since July 2020, maintaining over $30 million in liquidity.

Gladstone Commercial Corporation (NASDAQ: GOOD) has acquired a 240,714 square foot industrial manufacturing center in Montgomery, Alabama for $14.25 million. The acquisition features an initial capitalization rate of 6.7% and an average capitalization rate of 7.3%. The facility is fully leased to WestRock CP, which guarantees the lease and has occupied the site since 1990. This acquisition aligns with Gladstone's strategic goal to expand its portfolio with high-quality assets leased to credit-worthy tenants.

Gladstone Commercial Corporation (NASDAQ:GOOD) declared cash distributions for common and preferred stock for October, November, and December 2020. The common stock receives $0.12515 per share monthly, with a total of $0.37545 for the quarter. The senior common stock distribution is $0.0875, totaling $0.2625 quarterly. Preferred stocks have distributions of $0.1458333 for Series D, $0.138021 for Series E, and $0.125 for Series F. Additionally, earnings for the third quarter ending September 30, 2020, will be reported on November 5, 2020, with a conference call scheduled for November 6.

Gladstone Commercial Corporation (Nasdaq: GOOD) reported a robust portfolio performance amid COVID-19, with approximately 99% of September cash base rent collected, consistent with the previous months. The company has maintained a dividend rate despite market challenges, with portfolio occupancy over 95%. Notable activities include acquiring a $10.6 million distribution facility in Indiana, leased to Clabber Girl, and a lease extension with Haier US Appliance Solutions. Available liquidity exceeds $35 million, bolstered by successful capital raising through stock issuance.