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GLADSTONE COMMERCIAL CORPORATION

(GOOD)
  Report
Delayed Nasdaq  -  04:00 2022-09-29 pm EDT
15.25 USD   -4.15%
09/22Gladstone Commercial Acquires Industrial Properties in Florida, Alabama for $13.6 Million
MT
09/22Gladstone Commercial Corporation Announces Industrial Acquisitions in Jacksonville, FL and Fort Payne, AL
CI
09/22Gladstone Commercial Corporation acquired Fort Payne, Alabama asset.
CI
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Gladstone Commercial : Provides a Business Update

08/03/2022 | 04:41pm EDT
Gladstone Commercial Provides a Business Update
Download as PDF August 03, 2022 4:15pm EDT

MCLEAN, VA / ACCESSWIRE / August 3, 2022 /Gladstone Commercial Corporation (Nasdaq:GOOD) ("we" or "Gladstone Commercial") is a real estate investment trust ("REIT") focused on acquiring, owning and operating net leased industrial and office properties across the United States. We are providing the following business update regarding our portfolio performance during a time of market volatility.

  • 100% of July cash base rents have been paid and collected.
  • Portfolio occupancy is at 97.3%, as of August 1, 2022.
  • We sold our Jupiter, Florida office property for $19.0 million, with a gain of approximately $8.0 million.
  • We appointed EJ Wislar, Head of our Southeast and Northeast Regions, as Chief Investment Officer.
  • Year-to-date, we have acquired 742,303 square feet of industrial real estate, comprised of seven properties and four tenants, with an average remaining lease term at acquisition of 11.7 years, for a total cost of $51.4 million.
  • Year-to-date, we extended or executed 333,935 square feet, covering six tenants, with an average remaining lease term of 9.2 years. The annualized straight-line rent of these transactions totals $4.0 million.
  • Since January 1, 2022, and through August 2, 2022, we have issued 1,918,197 shares of common stock for net proceeds of $39.1 million.
  • We continue to have ample liquidity and a strong capital structure. As of August 1, 2022, our current available liquidity was approximately $39.2 million via our revolving credit facility and cash on hand.
  • We have never cut or suspended our dividend since our IPO in 2003.

About Gladstone Commercial (Nasdaq:GOOD)

Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States. As of June 30, 2022, Gladstone Commercial's real estate portfolio consisted of 136 properties located in 27 states, totaling approximately 17.0 million square feet. For additional information please visit www.gladstonecommercial.com.

For Broker Submittals:

EJ Wislar

Chief Investment Officer

(703) 462-1027

EJ.Wislar@gladstonecompanies.com

Ryan Carter
Executive Vice President
(571) 451-0019
Ryan.Carter@gladstonecompanies.com

Investor or Media Inquiries:

Buzz Cooper

President

(703) 287-5815

Buzz.Cooper@gladstonecompanies.com

All statements contained in this press release, other than historical facts, may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Readers should not rely upon forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Gladstone Commercial's business, financial condition, liquidity, results of operations, funds from operations or prospects to differ materially from those expressed in or implied by such statements. Such risks and uncertainties are disclosed under the caption "Risk Factors" of the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC on February 15, 2022, and certain other filings we make with the SEC. Gladstone Commercial cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstonecompanies.com.

SOURCE: Gladstone Commercial Corporation



View source version on accesswire.com:
https://www.accesswire.com/710777/Gladstone-Commercial-Provides-a-Business-Update

Released August 3, 2022

Disclaimer

Gladstone Commercial Corporation published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 20:35:36 UTC.


© Publicnow 2022
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Sales 2022 146 M - -
Net income 2022 3,86 M - -
Net Debt 2022 - - -
P/E ratio 2022 654x
Yield 2022 9,84%
Capitalization 603 M 603 M -
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Capi. / Sales 2023 3,88x
Nbr of Employees -
Free-Float 97,5%
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Number of Analysts 5
Last Close Price 15,25 $
Average target price 23,00 $
Spread / Average Target 50,8%
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Managers and Directors
David J. Gladstone Chairman & Chief Executive Officer
Arthur S. Cooper President
Gary Gerson Chief Financial Officer
Terry Lee Brubaker Vice Chairman, Chief Operating Officer & Secretary
EJ Wislar Head-Southeast & Northeast Region
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