Gladstone Commercial Corp Stock Price, News & Analysis

Gladstone Commercial Corporation (Nasdaq: GOOD) announced cash distributions for July, August, and September 2020. Common stockholders will receive $0.12515 per share, totaling $0.37545 for the quarter, maintaining 186 consecutive monthly payouts. Senior common stockholders will receive $0.0875 per share for a total of $0.2625. Series D, E, and F preferred stockholders will receive $0.1458333, $0.138021, and $0.125 per share, respectively. The company plans to report second-quarter earnings on July 27, 2020, with a conference call scheduled for July 28.

Gladstone Commercial Corporation (Nasdaq: GOOD) announced a six-year lease extension with Conduent State Healthcare, LLC for its 42,213 square foot office in Richmond, VA, ensuring full occupancy through September 2026. This extension highlights the property’s significance to Conduent's operations, as the company has been a tenant since 2014. Senior Managing Director Buzz Cooper stated their commitment to tenant renewals and increasing cash flow, alongside a focus on industrial acquisitions.

Gladstone Commercial Corporation (Nasdaq: GOOD) reported strong rent collection amid COVID-19, with 98% of cash base rent collected in June, matching April and May figures. The company maintains a 97% portfolio occupancy rate and has successfully amended a lease with Morgan Stanley, increasing GAAP rent by 51%. Gladstone raised $29.2 million in capital since January 2020 and boasts over $30 million in liquidity. However, there may be future rent relief requests, with uncertain outcomes regarding negotiations.

Gladstone Commercial Corporation (Nasdaq: GOOD) has announced a lease amendment with Morgan Stanley to expand its office space by 16,000 square feet at 4343 Easton Commons, Columbus, OH. This expansion will allow Morgan Stanley to occupy the entire 103,000 square foot building until December 2025. The move aligns with Gladstone’s strategy of flexible growth for its anchor tenants, and it will result in increased cash and straight-line rents, contributing to the overall portfolio's lease term.

Gladstone Commercial (Nasdaq: GOOD) provided a business update on May 20, 2020, emphasizing portfolio performance amidst COVID-19. Key highlights include a portfolio occupancy rate of approximately 97% and a cash base rent collection rate of around 98% for May, consistent with April. The company anticipates additional rent relief requests but cannot estimate the impact of negotiations. Core Funds From Operations for Q1 were $13.8 million, a 4.2% increase from the previous quarter. The firm maintained cash distributions at $0.12515 per share for April, May, and June, and has over $30 million in liquidity.

Gladstone Commercial (Nasdaq: GOOD) has announced that Benedictine Health System (BHS) has moved its headquarters to a newly leased property at 6499 University Avenue, Fridley, Minnesota. The 10-year lease is for 35,757 square feet, with construction completed ahead of schedule and under budget, involving over $1 million in property improvements. Additionally, the lease with Bosch Service Solutions has been renewed through January 2023. Gladstone is highlighting strong leasing activity, indicating resilience in its property management despite current market conditions.

Gladstone Commercial Corporation (Nasdaq: GOOD) announced a lease extension with Elster Solutions, LLC, for its 58,926 square foot office building in Raleigh, NC, ensuring 100% occupancy. Additionally, an extension was signed for an adjacent manufacturing facility where Elster occupies 22,198 square feet. Elster has been a tenant since 1997, affirming its commitment to the location. As of March 31, 2020, Gladstone's portfolio includes 122 properties across 28 states, totaling approximately 15.1 million square feet.