Gladstone Commercial Provides Semi-Annual Business Update

Gladstone Commercial Corporation (NASDAQ:GOOD) has released its semi-annual business update amid market volatility. The real estate investment trust has successfully collected 100% of cash base rents through June 30, 2024.

The portfolio occupancy stands at 98.5% as of June 30, 2024. Notably, on May 7, 2024, Gladstone acquired a 142,125 square foot industrial facility in Warfordsburg, Pennsylvania for $11.7 million, with a GAAP capitalization rate of 12.3%.

The company has sold several office buildings, including properties in Columbus, Ohio; Draper, Utah; Richardson, Texas; and Egg Harbor, New Jersey. From January 1 to June 30, 2024, leases covering 2.4 million square feet were extended or executed with five tenants, contributing to an annualized straight-line rent of $11.4 million, up 46%.

Gladstone Commercial maintains a solid capital structure, with available liquidity of approximately $48.8 million by June 30, 2024.