Gladstone Commercial Provides Commercial Update :: Gladstone Commercial Corporation (GOOD)
MCLEAN, VA/ACCESSWIRE/February 9, 2022/ Gladstone Commercial Corporation (NASDAQ:GOOD) (“we” or “Gladstone Commercial”) is a real estate investment trust (“REIT”) focused on the acquisition, ownership and operation of net leased industrial and office properties across the United States. We provide the following business update regarding the performance of our portfolio during a period of market volatility related to, among other factors, the global COVID-19 pandemic.
- 99% of January 2022 base rents have been paid and collected.
- The occupancy rate of the portfolio is 97.2% as of January 31, 2022.
- We remain in a small subset of US equity REITs that have maintained their dividend yield and distribution payout alongside this high level of rent collection during the COVID-19 pandemic.
- In January 2022, we extended the lease with tenant Truck and Wheel Automotive USA for five years for the entire 127,444 square foot industrial facility located in Vance, Alabama. The lease now runs until December 31, 2032. The Truck and Wheel operation supports the nearby Mercedes Benz plant and is a key supplier to the automaker.
- On January 13, 2022, we announced that our Board of Directors had appointed Arthur S. (“Buzz”) Cooper as Co-Chairman of Gladstone Commercial, effective January 11, 2022. Additionally, Bob Cutlip, then current Chairman of Gladstone Commercial, has advised the Company that, in connection with his retirement, he will step down as President of the Company on or about June 30, 2022.
- From January 1, 2022 to January 31, 2022, we issued 57,326 common shares for net proceeds of $1.4 million.
- We continue to have abundant liquidity and a solid capital structure. As of January 31, 2022, our current available liquidity was approximately $23.6 million through our revolving credit facility and cash on hand.
We have had successful rent collection during the COVID-19 pandemic; however, we may receive requests for additional rent relief as the pandemic continues to negatively affect business operations. However, we are unable to quantify the results of any future relief package negotiations, the success of a tenant’s financial prospects, or the amount of relief requests we will ultimately receive or grant.
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 September 30, 2021, Gladstone Commercial’s real estate portfolio consisted of 127 properties located in 27 states, totaling approximately 15.7 million square feet. For more information, please visit www.gladstonecommercial.com.
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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 on forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the business, financial condition, liquidity, results of operations, funds from operations or the outlook of Gladstone Commercial differ materially from those expressed or implied by such statements. These risks and uncertainties are disclosed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on February 16, 2021, and certain other documents we file with the SEC. Gladstone Commercial cautions readers not to place undue reliance on these 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 regarding any of Gladstone’s monthly dividend-paying funds, please visit www.gladstonecompanies.com.
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Released February 9, 2022