MCLEAN, VA / ACCESSWIRE / August 8, 2024 / Gladstone Commercial Corporation (Nasdaq:GOOD) ("Gladstone Commercial") announced that on August 7, 2024, it sold two medical office properties located in the Atlanta MSA leased to Northside Hospital, totaling 26,331 square feet at a cap rate of 5.97%.
Gladstone Commercial realized a leveraged internal rate of return of approximately 13.2% on the assets, which were originally acquired as a component of an 8-property portfolio transaction in 2007.
"We recognized the opportunity to realize a strong outcome from the sale of two medical office assets. We intend to recycle this capital into the industrial sector, which will allow Gladstone Commercial to continue its stated goal of increasing industrial concentration while gaining additional yield," stated Todd Alan McDonald, Senior Vice President of Gladstone Commercial.
"The Northside Hospital team has been a wonderful partner for many years," stated Perry Finney, Senior Vice President of Gladstone Commercial. "We are very pleased with the result."
"This sale is a strong outcome for the legacy portfolio and reinforces our overall migration to the industrial sector," added Buzz Cooper, President of Gladstone Commercial.
About Gladstone Commercial Corporation (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, 2024, Gladstone Commercial's real estate portfolio consisted of 136 properties located in 27 states, totaling approximately 16.8 million square feet. For additional information please visit www.gladstonecommercial.com.
For Broker Submittals (South Central): | For Asset Management Matters (South Central and West): |
Todd Alan McDonald | Perry Finney |
Senior Vice President | Senior Vice President |
(703) 287-5895 | (703) 462-1028 |
Todd.McDonald@gladstone.com | Perry.Finney@gladstone.com |
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Investor or Media Inquiries: |
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Buzz Cooper | Catherine Gerkis |
President | Director of Investor Relations/ESG |
(703) 287-5815 | (703) 287-5846 |
Buzz.Cooper@gladstone.com | Catherine.Gerkis@gladstone.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, 2023, as filed with the SEC on February 21, 2024, 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 www.gladstonecompanies.com.
SOURCE: Gladstone Commercial Corporation
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