Gladstone Commercial Corp Stock Price, News & Analysis

Gladstone Commercial Corporation (Nasdaq:GOOD) has acquired a 68,674 square foot industrial facility in Denver, Colorado, for $12 million at an 8.2% GAAP capitalization rate. The facility is fully leased to a leader in electric motor repair, featuring a 20-year absolute NNN lease. This acquisition aligns with Gladstone's strategy of securing industrial assets leased to credible tenants in strong markets. The addition of this property enhances their industrial portfolio and lease term, emphasizing growth in proven industrial sectors.

Gladstone Commercial Corporation (Nasdaq: GOOD) has announced the election of Paula Novara to its 2024 class of Directors, effective October 11, 2022. Novara, age 53, has been with the company since its inception, serving as Head of Resource Management and overseeing Human Resources, Facilities, Office Management, and IT. Her extensive experience includes previous roles in human resources at WMF Group and Prudential Financial. The company anticipates her knowledge will enhance board diversity. Gladstone is a REIT focused on acquiring and operating net leased industrial and office properties across the U.S.

Gladstone Commercial Corporation (Nasdaq: GOOD) has declared cash distributions for its common stock, senior common stock, preferred stock, and Series E and F preferred stock for October, November, and December 2022. The cash distribution per common share is $0.1254 monthly, maintaining a record of 213 consecutive monthly payouts. Additionally, the company plans to report its third-quarter earnings on November 7, 2022, followed by a conference call on November 8, 2022. As of June 30, 2022, its portfolio comprises 136 properties across 27 states, totaling approximately 17.0 million square feet.

Gladstone Commercial Corporation (Nasdaq:GOOD) provided a business update highlighting robust portfolio performance amidst market volatility. Key points include:

• 100% of September cash base rents collected.
• Portfolio occupancy at 96.9% as of September 30, 2022.
• Acquisition of two industrial assets in Jacksonville and Fort Payne totaling $13.6 million.
• Year-to-date acquisitions of 1,105,006 square feet at $97.5 million.
• Extended or executed leases covering 501,501 square feet with annualized rent of $5.8 million.
• Liquidity of approximately $64.0 million available.

Gladstone Commercial Corporation (Nasdaq:GOOD) has successfully acquired two industrial properties in Jacksonville, Florida, and Fort Payne, Alabama, for a total of $13.6 million. The acquisition includes a weighted GAAP capitalization rate of 7.45%. The Jacksonville property features a sale/leaseback agreement with 20 years remaining on the lease, while the Fort Payne asset has 14.8 years remaining. This purchase aligns with Gladstone's strategy of acquiring functional assets leased to creditworthy tenants in strong markets, enhancing their portfolio's lease term and industrial concentration.

Gladstone Commercial Corporation (NASDAQ:GOOD) provided a business update on September 1, 2022, highlighting key portfolio performance metrics amidst market volatility. They amended their credit facility, increasing it from $325 million to $480 million. The company reported 100% collection of August cash base rents and a 96.9% portfolio occupancy rate as of August 31, 2022. They acquired a 246,000 square foot industrial portfolio for $32.5 million and executed significant lease renewals. The company maintains strong liquidity with around $84.9 million available.

Gladstone Commercial Corporation (Nasdaq: GOOD) announced the sale of its 60,000 SF office building located in Parsippany, New Jersey, on August 25, 2022. The company achieved a leveraged internal rate of return of approximately 15% on the property, originally acquired in 2011. This successful sale aligns with Gladstone's strategy to reposition its portfolio towards industrial properties, as stated by executives. The transaction is viewed as beneficial for all parties involved and supports the company’s capital recycling plan.

Gladstone Commercial Corporation (Nasdaq: GOOD) announced a new lease agreement with Moss & Associates LLC for 47,566 square feet at its Fort Lauderdale office building. The lease spans 5 years and 4 months, starting November 1, 2025. This deal follows a sub-lease arrangement that ends on October 31, 2025, showcasing Moss's long-term commitment. Gladstone's Chief Investment Officer expressed excitement about this addition to their tenant portfolio, emphasizing the significance of capital improvements made to the property.

Gladstone Commercial Corporation (NASDAQ:GOOD) announced on August 18, 2022, the amendment, extension, and upsizing of its syndicated revolving credit and term loan facility from $325 million to $480 million. The term loan was increased by $135 million, and the revolving credit facility was enhanced by $20 million. These funds will be used to repay maturing mortgage loans. The new facility provides improved liquidity for future acquisitions and operations, with debt maturities extended through February 2028 for the new term loan component.