Gladstone Commercial Corp Stock Price, News & Analysis

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.

Gladstone Commercial (Nasdaq: GOOD) announced a five-year lease agreement with Pipeline Foods LLC for 8,032 square feet at its Fridley, Minnesota property. Construction of the space is set to commence immediately, with an expected occupancy in early November 2020. This lease follows recent property repositioning efforts and demonstrates strong leasing activity, highlighting Gladstone's effective asset management and marketing strategies. The company’s portfolio includes 122 properties across 28 states, totaling approximately 15.1 million square feet.

Gladstone Commercial Corporation (Nasdaq: GOOD) announced the acquisition of a 153,600 square foot distribution building in Terre Haute, Indiana, for $10.6 million on September 1, 2020. The initial capitalization rate for this acquisition was 7.3%, with an average of 8.0%. The property is fully leased to Clabber Girl Corporation, backed by its parent company, B&G Foods (NYSE: BGS). This acquisition aligns with Gladstone's strategy to enhance its portfolio with high-quality industrial assets in targeted growth markets. This marks Gladstone's fifth property acquisition in Central Indiana.

Gladstone Commercial Corporation (Nasdaq: GOOD) reported a strong portfolio performance amidst COVID-19 market volatility. As of August 19, 2020, approximately 99% of cash base rents for August were collected, consistent with July's levels. The company achieved a Core FFO of $14.2 million for Q2 2020, equating to $0.41 per share, reflecting a 3.3% increase from Q1. Portfolio occupancy remains stable at 97%. Gladstone also noted successful lease extensions and completed 10 renewals increasing GAAP rents by 8.0%. The company maintains robust liquidity exceeding $35 million.