Gladstone Trading Provides Business Update :: Gladstone Trading Company (Good)

MCLEAN, VA / ACCESWIRE / May 9, 2022 / Gladstone Commercial Corporation (NASDAQ: GOOD) (“we” or “Gladstone Business”) is a real estate investment trust (“REIT”) focused on acquiring, owning and operating net rental industrial and office properties throughout the United States. We provide the following business update regarding our portfolio performance during a time of market volatility associated with, among other factors, the global COVID-19 pandemic.

  • 100% of the cash base rents for the month of April have been paid and collected.
  • Portfolio occupancy was 97.2% as of May 6, 2022.
  • We remain among a small subset of US REITs that have maintained average dividend payouts along with such a high level of rental pools during the COVID-19 pandemic.
  • On May 4, 2022, we acquired 260,719 square feet, a two-property industrial portfolio, with locations in Fort Payne, AL, and Cleveland, OH for a total purchase price of $19.3 million.
  • We have executed a five-year lease agreement with Aveda Services, Inc. for 29,505 square feet in our industrial building in Blaine, Minnesota, bringing the property’s occupancy rate to 100%.
  • Year-to-date, we acquired 396,719 square feet of industrial property consisting of four properties and three tenants with an average lease term remaining on acquisition of 10.9 years at a total cost of $32.6 million.
  • Year-to-date we have extended or leased 287,483 square feet covering five tenants with an average remaining lease term of 10.2 years. The total annual fixed-line rent for these transactions is $3.1 million.
  • From January 1, 2022 through May 6, 2022, we issued 1,036,793 shares of common stock for net proceeds of $22.4 million.
  • We still have ample liquidity and a strong capital structure. As of May 6, 2022, we have current liquidity of approximately $26.8 million through our revolving credit facility and cash on hand.
  • We have not cut or suspended our earnings since our IPO in 2003.

We have witnessed successful rent collection during the COVID-19 pandemic; However, we may receive additional requests for rent relief as the pandemic continues to negatively impact business operations. However, we cannot determine the outcome of possible future negotiations on relief packages, the success of any tenant’s financial projections or the amount of relief requests we will eventually receive or grant.

About Gladstone Trading (NASDAQ: Good)

Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net rental industrial and office properties across the United States. As of March 31, 2022, Gladstone’s commercial real estate portfolio consisted of 131 properties located in 27 states, with a total area of ​​approximately 16.4 million square feet. For additional information, please visit www.gladstonecommercial.com.

For broker submissions:

Central South:

Buzz Cooper
Co-Chair
(703) 287-5815
[email protected]

Southeast / Northeast:

E.J. Whistler
top cum
(703) 462-1027
[email protected]

Midwest / West:

Ryan Carter
Executive Vice President
(571) 451-0019
[email protected]

Investor or media inquiries:

Bob Catlip
Co-President – Gladstone Trading Corporation
(703) 287-5878
[email protected]

All statements in this press release, other than historical facts, may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “expect,” “expect,” “intend,” “plan,” “believe,” “seek,” “estimate,” 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 Gladstone Commercial’s business, financial condition, liquidity, results of operations, funds from operations or expectations to differ materially from those expressed or implied by such statements. These risks and uncertainties are disclosed under the caption “Risk Factors” in the company’s annual report on Form 10-K for the fiscal year ending December 31, 2021, as filed with the Securities and Exchange Commission on February 15, 2022, and certain other filings we file with the SEC . Gladstone Commercial cautions readers not to place undue reliance on any such forward-looking statements that speak only as of the date specified. 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 relating to any of the monthly dividends paid out of Gladstone Funds, please visit www.gladstonecompanies.com.

source: Gladstone Trading Corporation

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https://www.accesswire.com/700645/Gladstone-Commercial-Provides-a-Business-Update

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