Gladstone Commercial Supplies a Organization Update
MCLEAN, VA / ACCESSWIRE / February 23, 2021 /Gladstone Commercial Corporation (NASDAQ:Good) (“we” or “Gladstone Industrial”) is a true estate financial investment have faith in focused on buying, possessing and working net leased industrial and place of work homes throughout the United States. We are delivering the subsequent small business update regarding our portfolio efficiency during this time of market place volatility relevant to, among other aspects, the worldwide COVID-19 pandemic.
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Approximately 98% of February income base rents and January funds base rents have been paid out and collected. The remaining 2% of dollars base rents are connected with the earlier agreed upon deferral agreements. All deferred amounts are to be compensated again by the respective tenants through their lease expression. Portfolio occupancy is in surplus of 95% as of February 23, 2021. The incremental raise in vacancy from January to February is a consequence of our tenant at our 61,358 sq. foot single-story business office house in Rancho Cordova, CA working out its early termination possibility, successful at the finish of January. The tenant represented .9% of our annual base rents. We are at the moment under agreement to market the home, with a closing anticipated to arise in March 2021.
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On February 11, 2021, we additional a new $65. million time period mortgage ingredient to our credit history facility, inclusive of a $15. million delayed funding component. We anticipate this will further enable potential portfolio expansion. The new term bank loan has a maturity day of February 2026. As a final result, we go on to have sufficient liquidity and a robust money construction. As of February 23, 2021, our recent readily available liquidity is somewhere around $25 million by using our obtainable borrowings and hard cash on hand.
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Through the fiscal yr ended December 31, 2020, we procured nine fully occupied industrial qualities, with an mixture of roughly 1.7 million square ft of rental house, for $130. million, at a weighted average cap rate of 7.41% and gathered 99% of 2020 base rental charges owed to us through the COVID-19 pandemic. We completed 20 lease transactions during 2020 the weighted common straight line hire elevated by 4.7% and the overall tenant advancement allowance was approximately $3 per sq. foot. For the year, Core FFO available to prevalent stockholders and Non-controlling OP Unitholders was $55.4 million, a 9.2% raise when as opposed to the calendar year ended December 31, 2019. We have paid a regular frequent dividend to our shareholders without hold off or reduction for 193 consecutive months.
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We have continued to increase additional funds by means of our at-the-market systems to fund acquisitions and operating requirements. Since July 1, 2020, we have issued 1,726,790 shares of common inventory for web proceeds of $31.2 million and 214,000 shares of Collection E perpetual chosen inventory for web proceeds of $5.2 million.
We may receive extra hire aid requests through the COVID-19 pandemic. Nonetheless, we are unable to quantify the outcomes of possible potential negotiation of reduction packages, the results of any tenant’s money potential clients or the sum of reduction requests that we will eventually acquire or grant.
About Gladstone Business (Nasdaq: Good)
Gladstone Commercial is a true estate financial commitment have confidence in focused on attaining, possessing and working internet leased industrial and workplace attributes across the United States. As of December 31, 2020, Gladstone Commercial’s serious estate portfolio consisted of 121 homes situated in 28 states, totaling somewhere around 15.4 million sq. feet. For added info make sure you visit www.gladstonecommercial.com
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All statements contained in this push launch, other than historic information, may possibly represent “forward-seeking statements” within the this means of Area 27A of the Securities Act of 1933, as amended, and Portion 21E of the Securities Trade Act of 1934, as amended. Words this kind of as “anticipates,” “expects,” “intends,” “programs,” “believes,” “seeks,” “estimates” and variations of these words and very similar expressions are meant to discover forward-on the lookout statements. Visitors should not rely on ahead-hunting statements because the matters they explain are matter to acknowledged and mysterious dangers and uncertainties that could lead to the Gladstone Commercial’s business enterprise, financial issue, liquidity, final results of operations, cash from operations or prospective customers to differ materially from people expressed in or implied by such statements. These kinds of challenges and uncertainties are disclosed below the caption “Risk Aspects” of the firm’s Annual Report on Form 10-K for the fiscal yr ended December 31, 2020, as filed with the SEC on February 16, 2021 and particular other filings we make with the SEC. Gladstone Commercial cautions audience not to area undue reliance on any these kinds of forward-on the lookout statements which communicate only as of the date produced. The company undertakes no obligation to publicly update or revise any forward-searching statements, no matter whether as a end result of new info, long run functions or usually.
For Investor Relations inquiries relevant to any of the regular monthly dividend having to pay Gladstone money, be sure to stop by www.gladstonecompanies.com.
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