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Gladstone Commercial Provides a Business Update

MCLEAN, VA / ACCESSWIRE / July 10, 2023 / 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 quarterly business update regarding our portfolio performance during a time of market volatility.

  • 100% of Q2 2023 cash base rents have been paid and collected.
  • Portfolio occupancy is at 96.0%, as of June 30, 2023.
  • We acquired a 76,000 square foot industrial manufacturing facility in Riverdale, Illinois at a weighted GAAP capitalization rate of 9.7%.
  • On July 10, 2023, we acquired 7,714 square foot medical facility in Burleson, Texas for $2.85 million with a 10-year lease in place.
  • We executed an 11-year, 1-month lease with Moss & Associates for the entirety of our 119,224 square foot office building in Fort Lauderdale, Florida.
  • We extended the lease for our 220,500 square foot industrial property in Monroe, Michigan with Yanfeng International Automotive Technology US LLC for an additional 5.0 years.
  • We extended the lease of 13,919 square feet of medical office space in Cumming, Georgia by an additional 5.0 years.
  • We executed a lease with the subtenant of our 125,682 square foot industrial property in Menomonee Falls, Minnesota for 10.0 years as the primary tenant to begin at the current lease expiration in 2028.
  • We extended the 22,031 square foot lease at our industrial property in Burnsville, Minnesota by an additional 5.4 years.
  • From January 1, 2023, through June 30, 2023, we have extended or executed 858,768 square feet covering eight tenants with a weighted average remaining lease term of 8.9 years. The annualized straight-line rent of these transactions totaled $6.4 million, an increase of 24%.
  • From January 1, 2023, through June 30, 2023, we have issued 236,302 shares of common stock for net proceeds of $4.0 million.
  • During Q2 of 2023, we repurchased 80,780 common shares pursuant to our common stock buyback program.
  • We continue to have ample liquidity and a strong capital structure. As of June 30, 2023, our current available liquidity is approximately $84.2 million via our revolving credit facility and cash on hand.

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 March 31, 2023, Gladstone Commercial's real estate portfolio consisted of 137 properties located in 27 states, totaling approximately 17.2 million square feet. For additional information please visit

For Broker Submittals:

EJ Wislar

Chief Investment Officer

(703) 462-1027

Ryan Carter
Executive Vice President
(571) 451-0019

Investor or Media Inquiries:

Buzz Cooper

President - Gladstone Commercial Corp.
(703) 287-5815

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, 2022, as filed with the SEC on February 22, 2023, 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 further information:

Gladstone Commercial Corporation, (703) 287-5893

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

SOURCE: Gladstone Commercial Corporation

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