Gladstone Commercial Corporation Announces Conditional Redemption of all Outstanding Shares of its Series A and Series B Pref...
16 May 2016 - 10:51PM
Gladstone Commercial Corporation (NASDAQ:GOOD) (the “Company”)
today announced the conditional redemption of all outstanding
shares of its $25.0 million 7.75% Series A Cumulative Redeemable
Preferred Stock (the “Series A Preferred Stock”), and its $31.6
million 7.5% Series B Cumulative Redeemable Preferred Stock (the
“Series B Preferred Stock”) and its intention to redeem its $38.5
million 7.125% Series C Cumulative Term Preferred Stock (the
“Series C Preferred Stock”). These optional redemptions are
contingent upon the closing of an offering of a new series of
cumulative redeemable preferred stock on or prior to June 13, 2016,
with net proceeds to the Company sufficient to effect the
redemptions, with priority given to the Series C Preferred Stock,
then the Series A Preferred Stock, and then the Series B Preferred
Stock. The Company may waive the contingencies with respect to the
redemptions of one or more series, may authorize partial
redemptions of one or more series and may cancel any redemptions at
its sole discretion.
Notices of redemption on a conditional basis will be sent and
publicized with respect to both the Series A Preferred Stock and
Series B Preferred Stock, each with a conditional redemption date
of June 15, 2016 at a redemption price of $25.00 per share plus all
accrued and unpaid dividends. We intend to send notices of
redemption for Series C Preferred Stock following the closing of
the Company’s preferred stock offering and the receipt of
sufficient funds to redeem the Series C Preferred Stock.
About Gladstone Commercial Corporation:
Gladstone Commercial is a real estate investment trust focused on
acquiring, owning and operating net leased industrial and office
properties across the United States. Gladstone Commercial’s real
estate portfolio consists of 99 properties located in 24 states,
totaling approximately 11.0 million square feet. For additional
information please visit www.gladstonecommercial.com.
Forward-Looking Statements
This press release contains certain forward-looking statements,
which are based upon the Company’s current expectations and are
inherently uncertain, including forward-looking statements with
respect to the offering and the redemptions. Any such statements
other than statements of historical fact are likely to be affected
by other unknowable future events and conditions, including
elements of the future that are or are not under the Company’s
control, and that the Company may or may not have considered;
accordingly, such statements cannot be guarantees or assurances of
any aspect of future performance. Actual performance and results
could vary materially from these estimates and projections of the
future. Such statements speak only as of the time when made and are
based on information available to the Company as of the date hereof
and are qualified in their entirety by this cautionary statement.
The Company assumes no obligation to revise or update any such
statement now or in the future.
Investor Relations Inquiries: Please visit www.gladstone.com or +1-703-287-5878.
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