Please note that the limited information that
follows in this press release is not adequate to make an informed
investment judgment.
Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone
Commercial" or the "Company") today reported financial results for
the fourth quarter and year ended December 31, 2016. A
description of funds from operations, or FFO, and Core FFO, both
non-GAAP (generally accepted accounting principles in the United
States) financial measures, are located at the end of this press
release. All per share references are to fully-diluted
weighted average shares of common stock, unless otherwise noted.
For further detail, please also refer to both the quarterly
financial supplement and the Company’s Annual Report on Form 10-K
which can be retrieved from our website at
www.GladstoneCommercial.com.
Summary Information (dollars in thousands,
except per share data):
|
|
As of and for the three months ended |
|
|
|
|
|
|
December 31, 2016 |
|
September 30, 2016 |
|
$ Change |
|
% Change |
Operating
Data: |
|
|
|
|
|
|
|
|
Total operating
revenue |
|
$ |
22,009 |
|
|
$ |
21,589 |
|
|
$ |
420 |
|
|
1.9 |
% |
Total operating
expenses |
|
(13,733 |
) |
|
(15,172 |
) |
(2 |
) |
1,439 |
|
|
(9.5 |
)% |
Other expense, net |
|
(5,981 |
) |
|
(6,490 |
) |
|
509 |
|
|
(7.8 |
)% |
Net income (loss)
available (attributable) |
|
$ |
2,295 |
|
|
$ |
(73 |
) |
|
$ |
2,368 |
|
|
(3,243.8 |
)% |
Less: Dividends
attributable to preferred stock |
|
(2,353 |
) |
|
(2,002 |
) |
|
(351 |
) |
|
17.5 |
% |
Less: Dividends
attributable to senior common stock |
|
(254 |
) |
|
(254 |
) |
|
— |
|
|
— |
% |
Net loss attributable
to common stockholders |
|
$ |
(312 |
) |
|
$ |
(2,329 |
) |
|
$ |
2,017 |
|
|
(86.6 |
)% |
Add: Real estate
depreciation and amortization |
|
9,720 |
|
|
9,459 |
|
|
261 |
|
|
2.8 |
% |
Add: Impairment
charge |
|
— |
|
|
1,786 |
|
|
(1,786 |
) |
|
(100.0 |
)% |
Add: Loss on sale of
real estate |
|
— |
|
|
24 |
|
|
(24 |
) |
|
— |
% |
Less: Gain on sale of
real estate |
|
(266 |
) |
|
— |
|
|
(266 |
) |
|
100.0 |
% |
Funds from
operations available to common stockholders - basic |
|
$ |
9,142 |
|
|
$ |
8,940 |
|
|
$ |
202 |
|
|
2.3 |
% |
Add: Convertible senior
common distributions |
|
254 |
|
|
254 |
|
|
— |
|
|
— |
% |
Funds from
operations available to common stockholders - diluted |
|
$ |
9,396 |
|
|
$ |
9,194 |
|
|
$ |
202 |
|
|
2.2 |
% |
|
|
|
|
|
|
|
|
|
Funds from operations
available to common stockholders - basic |
|
$ |
9,142 |
|
|
$ |
8,940 |
|
|
$ |
202 |
|
|
2.3 |
% |
Add: Acquisition
related expenses |
|
(14 |
) |
|
149 |
|
|
(163 |
) |
|
(109.4 |
)% |
Add: Write-off of
offering costs |
|
— |
|
|
58 |
|
|
(58 |
) |
|
(100.0 |
)% |
Core funds from
operations available to common stockholders - basic |
|
$ |
9,128 |
|
|
$ |
9,147 |
|
|
$ |
(19 |
) |
|
(0.2 |
)% |
Add: Convertible senior
common distributions |
|
254 |
|
|
254 |
|
|
— |
|
|
— |
% |
Core funds from
operations available to common stockholders - diluted |
|
$ |
9,382 |
|
|
$ |
9,401 |
|
|
$ |
(19 |
) |
|
(0.2 |
)% |
|
|
|
|
|
|
|
|
|
Share and Per
Share Data: |
|
|
|
|
|
|
|
|
Net loss attributable
to common stockholders - basic & diluted |
|
(0.01 |
) |
|
(0.10 |
) |
|
0.09 |
|
|
(90.0 |
)% |
FFO available to common
stockholders - basic |
|
0.38 |
|
|
0.38 |
|
|
— |
|
|
— |
% |
FFO available to common
stockholders - diluted |
|
0.38 |
|
|
0.38 |
|
|
— |
|
|
— |
% |
Core FFO available to
common stockholders - basic |
|
0.38 |
|
|
0.39 |
|
|
(0.01 |
) |
|
(2.6 |
)% |
Core FFO available to
common stockholders - diluted |
|
0.38 |
|
|
0.39 |
|
|
(0.01 |
) |
|
(2.6 |
)% |
Weighted average shares
of common stock outstanding - basic |
|
24,024,280 |
|
|
23,509,054 |
|
|
515,226 |
|
|
2.2 |
% |
Weighted average shares
of common stock outstanding - diluted |
|
24,824,397 |
|
|
24,309,170 |
|
|
515,227 |
|
|
2.1 |
% |
Cash dividends declared
per common share |
|
$ |
0.375 |
|
|
$ |
0.375 |
|
|
$ |
— |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
Financial
Position |
|
|
|
|
|
|
|
|
Real estate, before
accumulated depreciation |
|
$ |
833,203 |
|
(1 |
) |
$ |
812,166 |
|
(3 |
) |
$ |
21,037 |
|
|
2.6 |
% |
Total assets |
|
$ |
851,742 |
|
|
$ |
838,643 |
|
|
$ |
13,099 |
|
|
1.6 |
% |
Mortgage notes payable,
term preferred stock, term loan facility & line of credit,
net |
|
$ |
509,395 |
|
|
$ |
516,186 |
|
|
$ |
(6,791 |
) |
|
(1.3 |
)% |
Total stockholders' and
mezzanine equity |
|
$ |
310,620 |
|
|
$ |
293,128 |
|
|
$ |
17,492 |
|
|
6.0 |
% |
Properties owned |
|
96 |
|
(1 |
) |
97 |
|
(3 |
) |
(1 |
) |
|
(1.0 |
)% |
Square feet owned |
|
11,099,338 |
|
(1 |
) |
11,048,844 |
|
(3 |
) |
50,494 |
|
|
0.5 |
% |
Square feet leased |
|
97.9 |
% |
|
97.7 |
% |
|
0.2 |
% |
|
0.2 |
% |
(1) Includes two properties classified as held for sale of
$11.5 million and 234,155 square feet.(2) Includes a $1.8
million impairment charge recognized on two of our five properties
held for sale during the three months ended September 30, 2016.(3)
Includes five properties classified as held for sale of $15.1
million and 325,875 square feet.
|
|
As of and for the year ended |
|
|
|
|
|
|
December 31, 2016 |
|
December 31, 2015 |
|
$ Change |
|
% Change |
Operating
Data: |
|
|
|
|
|
|
|
|
Total operating
revenue |
|
$ |
86,372 |
|
|
$ |
83,766 |
|
|
$ |
2,606 |
|
|
3.1 |
% |
Total operating
expenses |
|
(55,595 |
) |
(1 |
) |
(50,965 |
) |
(3 |
) |
(4,630 |
) |
|
9.1 |
% |
Other expense, net |
|
(26,819 |
) |
|
(29,205 |
) |
|
2,386 |
|
|
(8.2 |
)% |
Net income |
|
$ |
3,958 |
|
|
$ |
3,596 |
|
|
$ |
362 |
|
|
10.1 |
% |
Less: Dividends
attributable to preferred stock |
|
(6,645 |
) |
|
(4,094 |
) |
|
(2,551 |
) |
|
62.3 |
% |
Less: Dividends
attributable to senior common stock |
|
(1,011 |
) |
|
(1,007 |
) |
|
(4 |
) |
|
0.4 |
% |
Net loss attributable
to common stockholders |
|
$ |
(3,698 |
) |
|
$ |
(1,505 |
) |
|
$ |
(2,193 |
) |
|
145.7 |
% |
Add: Real estate
depreciation and amortization |
|
37,517 |
|
|
35,288 |
|
|
2,229 |
|
|
6.3 |
% |
Add: Impairment
charge |
|
2,016 |
|
|
622 |
|
|
1,394 |
|
|
224.1 |
% |
Less: Gain on sale of
real estate |
|
(242 |
) |
|
(1,538 |
) |
|
1,296 |
|
|
(84.3 |
)% |
Funds from
operations available to common stockholders - basic |
|
$ |
35,593 |
|
|
$ |
32,867 |
|
|
$ |
2,726 |
|
|
8.3 |
% |
Add: Convertible senior
common distributions |
|
1,011 |
|
|
1,007 |
|
|
4 |
|
|
0.4 |
% |
Funds from
operations available to common stockholders - diluted |
|
$ |
36,604 |
|
|
$ |
33,874 |
|
(4 |
) |
$ |
2,730 |
|
|
8.1 |
% |
|
|
|
|
|
|
|
|
|
Funds from operations
available to common stockholders - basic |
|
$ |
35,593 |
|
|
$ |
32,867 |
|
|
$ |
2,726 |
|
|
8.3 |
% |
Add: Acquisition
related expenses |
|
261 |
|
|
622 |
|
|
(361 |
) |
|
(58.0 |
)% |
Add: Write-off of
offering costs |
|
263 |
|
|
206 |
|
|
57 |
|
|
27.7 |
% |
Core funds from
operations available to common stockholders - basic |
|
$ |
36,117 |
|
|
$ |
33,695 |
|
|
$ |
2,422 |
|
|
7.2 |
% |
Add: Convertible senior
common distributions |
|
1,011 |
|
|
1,007 |
|
|
4 |
|
|
0.4 |
% |
Core funds from
operations available to common stockholders - diluted |
|
$ |
37,128 |
|
|
$ |
34,702 |
|
(4 |
) |
$ |
2,426 |
|
|
7.0 |
% |
|
|
|
|
|
|
|
|
|
Share and Per
Share Data: |
|
|
|
|
|
|
|
|
Net loss attributable
to common stockholders - basic & diluted |
|
(0.16 |
) |
|
(0.07 |
) |
|
(0.09 |
) |
|
128.6 |
% |
FFO available to common
stockholders - basic |
|
1.53 |
|
|
1.55 |
|
|
(0.02 |
) |
|
(1.3 |
)% |
FFO available to common
stockholders - diluted |
|
1.53 |
|
|
1.54 |
|
(4 |
) |
(0.01 |
) |
|
(0.6 |
)% |
Core FFO available to
common stockholders - basic |
|
1.56 |
|
|
1.59 |
|
|
(0.03 |
) |
|
(1.9 |
)% |
Core FFO available to
common stockholders - diluted |
|
1.55 |
|
|
1.58 |
|
(4 |
) |
(0.03 |
) |
|
(1.9 |
)% |
Weighted average shares
of common stock outstanding - basic |
|
23,193,962 |
|
|
21,159,597 |
|
|
2,034,365 |
|
|
9.6 |
% |
Weighted average shares
of common stock outstanding - diluted |
|
23,994,078 |
|
|
21,942,554 |
|
|
2,051,524 |
|
|
9.3 |
% |
Cash dividends declared
per common share |
|
$ |
1.50 |
|
|
$ |
1.50 |
|
|
$ |
— |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
Financial
Position |
|
|
|
|
|
|
|
|
Real estate, before
accumulated depreciation |
|
$ |
833,203 |
|
(2 |
) |
$ |
782,276 |
|
(5 |
) |
$ |
50,927 |
|
|
6.5 |
% |
Total assets |
|
$ |
851,742 |
|
|
$ |
827,184 |
|
(6 |
) |
$ |
24,558 |
|
|
3.0 |
% |
Mortgage notes payable,
term preferred stock, term loan facility & line of credit,
net |
|
$ |
509,395 |
|
|
$ |
563,432 |
|
(6 |
) |
$ |
(54,037 |
) |
|
(9.6 |
)% |
Total stockholders' and
mezzanine equity |
|
$ |
310,620 |
|
|
$ |
233,871 |
|
|
$ |
76,749 |
|
|
32.8 |
% |
Properties owned |
|
96 |
|
(2 |
) |
99 |
|
(5 |
) |
(3 |
) |
|
(3.0 |
)% |
Square feet owned |
|
11,099,338 |
|
(2 |
) |
11,039,454 |
|
(5 |
) |
59,884 |
|
|
0.5 |
% |
Square feet leased |
|
97.9 |
% |
|
97.4 |
% |
|
0.5 |
% |
|
0.5 |
% |
(1) Includes a $2.0 million impairment charge recognized
on seven of our properties during the year ended December 31,
2016.(2) Includes two properties classified as held for sale
of $11.5 million and 234,155 square feet.(3) Includes a $0.6
million impairment charge recognized on our Dayton, Ohio property
during the year ended December 31, 2015.(4) Diluted FFO
available to common stockholders was not previously adjusted for
the income impact of the assumed conversion of senior common stock,
in accordance with ASC 260 ("Earnings per Share").(5)
Includes one property classified as held for sale of $1.9
million and 59,894 square feet.(6) We adopted ASU 2015-03,
“Simplifying the Presentation of Debt Issuance Costs”
(“ASU-2015-03”) during the year ended December 31, 2016, which
requires the presentation of debt issuance costs in the balance
sheet as a deduction from the carrying amount of the related debt
liability instead of a deferred financing cost. Balances as of
December 31, 2015 have been retroactively adjusted.
Highlights of 2016:
- Acquired properties: Purchased three
fully-occupied properties, comprised of an aggregate of
approximately 0.3 million square feet of rental space, for $66.6
million, at a weighted average cap rate of 8.4%;
- Sold properties: Sold six properties located
in non-core markets as part of our capital recycling strategy for
$7.1 million, resulting in a net gain on sale of $0.2
million;
- Exited development financing: Received
repayment of a $5.9 million mortgage note, and an exit fee
sufficient to earn a 22% return on this investment;
- Issued debt: Borrowed $38.8 million in fixed
rate mortgage debt at a weighted average interest rate of 4.7% for
10 year terms and borrowed $39.9 million in variable rate mortgage
debt, at an interest rate equal to one month LIBOR plus a spread
ranging from 2.35% to 2.75% for terms ranging from two to seven
years;
- Repaid debt: Repaid $79.4 million in fixed
rate mortgage debt with a weighted average interest rate of 6.1%
with new variable rate debt and cash on hand;
- Leased vacant space: Leased 0.1 million of
previously vacant space with lease terms ranging from five to eight
years at three of our properties, resulting in two of these
properties being fully occupied;
- Renewed leases: Renewed leases at four of our
properties for terms ranging from one to five years;
- Expanded property: Entered into an expansion
agreement at a property to expand the square footage of the space
by 75,000 square feet. We will enter into a new 10 year lease with
the tenant upon completion of the expansion;
- Filed Shelf Registration Statement: Filed new
shelf registration statement with the U.S. Securities and Exchange
Commission that was declared effective with capacity to raise $500
million;
- Issued preferred stock: Issued 2,273,725
shares of our newly created 7.00% Series D Preferred Stock in two
separate registered direct placements, raising net proceeds of
$54.7 million;
- Issued common stock: Issued 774,400 shares of
our common stock in a registered direct placement, raising net
proceeds of $13.9 million;
- Amended Common Stock ATM Program: Amended
common stock ATM program with Cantor Fitzgerald to increase
capacity to $160.0 million;
- Entered into New Preferred Stock ATM Programs:
Entered into a $40.0 million Series A and B Preferred Stock ATM
program with Cantor Fitzgerald and entered into a $50.0 million ATM
program for our Series D Preferred Stock with Cantor
Fitzgerald;
- Issued Stock under ATM Programs: Issued
1,622,751 shares of common stock for net proceeds of $28.0 million,
114,000 shares of Series B Preferred Stock for net proceeds of $2.8
million and 643,733 shares of our Series D Preferred Stock for net
proceeds of $16.0 million;
- Added to the MSCI U.S. REIT Index (RMZ): Added
to the MSCI U.S. REIT Index, which represents approximately 99% of
the US equity REIT universe;
- Redeemed Series C Term Preferred Stock:
Redeemed all $38.5 million of our remaining issued and outstanding
7.125% Series C Term Preferred Stock that was originally set to
mature in January 2017; and
- Paid distributions: Paid monthly cash
distributions for the year totaling $1.50 per share on our common
stock, $1.9374996 per share on our Series A Preferred Stock, $1.875
per share on our Series B Preferred Stock, $1.133 per share on our
Series C Term Preferred Stock, $1.0538 per share on our Series D
Preferred Stock, and $1.05 per share on our senior common
stock.
Fourth Quarter 2016 Results: Core FFO available
to common shareholders for the quarter ended December 31, 2016
was $9.4 million, or $0.38 per share, a (0.2)% decrease when
compared to the quarter ended September 30, 2016. Core FFO
decreased primarily due to an increase in net property operating
expenses, coupled with an increase in professional fees. This was
partially offset by an increase in rental income from 2016
acquisitions and re-leased vacant space, decreased interest expense
from refinancing mortgages at lower interest rates, and fully
redeeming the Series C Term Preferred Stock.
2016 Results: Core FFO available to common
stockholders for the year ended December 31, 2016, was $37.1
million, or $1.55 per share, a 7.0% increase when compared to the
year ended December 31, 2015. Core FFO increased primarily due
to the increase in rental income from 2016 acquisitions and
re-leased vacant space, and decreased interest expense from
refinancing mortgages at lower interest rates.
Net loss attributable to common stockholders for the three
months and year ended December 31, 2016 was $(0.3) million and
$(3.7) million, or $(0.01) and $(0.16) per share, respectively,
compared to net loss attributable to common stockholders for the
three months ended September 30, 2016 and year ended
December 31, 2015 of $(2.3) million and $(1.5) million, or
$(0.10) and $(0.07) per share, respectively. A reconciliation of
Core FFO to net loss for the three months ended December 31,
2016 and September 30, 2016 and the years ended
December 31, 2016 and 2015, which we believe is the most
directly comparable GAAP measure to Core FFO, and a computation of
basic and diluted Core FFO per weighted average share of common
stock and basic and diluted net income per weighted average share
of common stock is set forth in the Summary Information table
above.
Subsequent to the end of the quarter:
- Sold Property: Completed the sale of our
Franklin, New Jersey property for $12.8 million; and
- Declared distributions: Declared monthly cash
distributions for January, February and March 2017 totaling $0.375
per share on our common stock, $0.4843749 per share on our Series A
Preferred Stock, $0.46875 per share on our Series B Preferred
Stock, $0.4375 per share on our Series D Preferred Stock and
$0.2625 per share on our senior common stock.
Comments from Gladstone Commercial’s President, Bob
Cutlip: “Our financial results reflect stabilized revenues
from our real estate investments made this year and our ability to
lease previously vacant space and execute our capital recycling
strategy. We continue to refinance maturing mortgage debt, and we
have successfully negotiated lower interest rates, which has
resulted in interest cost savings for the portfolio. We issued our
Series D Preferred Stock to fully redeem our maturing Term
Preferred Stock, which has bolstered our capital strategy with a
reduced cost of capital. We have successfully exited 6 properties
located in non-core markets, and have used the proceeds from these
sales for acquisitions in our target secondary growth markets. Our
success in issuing common and preferred equity in the second,
third, and fourth quarters through direct placements and the ATM
programs position us well for growth in 2017 with our limited lease
expirations. While the fourth quarter common stock direct placement
was temporarily dilutive, it was an efficient issuance at an
opportune time that provided liquidity for upcoming acquisitions.
We are extremely pleased with our activity, high occupancy, and
consistency over the last several years, and we appreciate being
recognized for our long term performance by being added to the MSCI
U.S. REIT Index. We believe our same store rents should be stable
and growing over the next three years, as we only have 4.4% of
forecasted rental income expiring through 2019. We are looking
forward to continued growth and
success."
Conference Call: Gladstone Commercial will hold
a conference call on Thursday February 16, 2017, at 8:30 a.m. EST
to discuss its earnings results. Please call (888) 734-0328
to enter the conference call. An operator will monitor the
call and set a queue for questions. A conference call replay will
be available beginning one hour after the call and will be
accessible through March 16, 2017. To hear the replay, please
dial (855) 859-2056 and use playback conference number 56202731.
The live audio broadcast of the Company’s quarterly conference call
will also be available on our website, www.GladstoneCommercial.com,
and will also be archived and available for replay through April
16, 2017.
About Gladstone Commercial: Gladstone
Commercial Corporation is a real estate investment trust that
invests in net leased industrial and office real property and
selectively makes long-term industrial and commercial mortgage
loans. Including payments through January 2017, Gladstone
Commercial has paid 144 consecutive monthly cash distributions on
its common stock. Prior to paying distributions on a monthly
basis, Gladstone Commercial paid 5 consecutive quarterly cash
distributions. The company has also paid 132 consecutive monthly
cash distributions on its Series A Preferred Stock, 123 consecutive
monthly cash distributions on its Series B Preferred Stock and 8
consecutive monthly cash distributions on its Series D Preferred
Stock. Gladstone Commercial has never skipped, reduced or deferred
a distribution since its inception in 2003. Further
information can be found at www.GladstoneCommercial.com.
About the Gladstone Companies: Information on
the business activities of all the Gladstone family of funds can be
found at www.gladstonecompanies.com.
Investor Relations: For
Investor Relations inquiries related to any of the monthly
distribution-paying Gladstone family of funds, please visit
www.gladstone.com.
Non-GAAP Financial Measures:
FFO: The National Association of Real Estate
Investment Trusts (“NAREIT”) developed FFO as a relative non-GAAP
supplemental measure of operating performance of an equity REIT in
order to recognize that income-producing real estate historically
has not depreciated on the basis determined under GAAP. FFO,
as defined by NAREIT, is net income (computed in accordance with
GAAP), excluding gains (or losses) from sales of property and
impairment losses on property, plus depreciation and amortization
of real estate assets, and after adjustments for unconsolidated
partnerships and joint ventures. FFO does not represent cash
flows from operating activities determined in accordance with GAAP
and should not be considered an alternative to net income as an
indication of its performance or to cash flow from operations as a
measure of liquidity or ability to make distributions. The
Company believes that FFO per share provides investors with an
additional context for evaluating its financial performance and as
a supplemental measure to compare it to other REITs; however,
comparisons of its FFO to the FFO of other REITs may not
necessarily be meaningful due to potential differences in the
application of the NAREIT definition used by such other REITs.
Core FFO: Core FFO is FFO adjusted for certain
items that are not indicative of the results provided by the
Company’s operating portfolio and affect the comparability of the
Company’s period-over-period performance. These items include the
adjustment for acquisition related expenses, gains or losses from
early extinguishment of debt and any other non-recurring expense
adjustments. Although the Company’s calculation of Core FFO
differs from NAREIT’s definition of FFO and may not be comparable
to that of other REITs, the Company believes it is a meaningful
supplemental measure of its operating performance.
Accordingly, Core FFO should be considered a supplement to net
income computed in accordance with GAAP as a measure of our
performance.
The Company’s presentation of FFO, as defined by NAREIT, or
presentation of Core FFO, does not represent cash flows from
operating activities determined in accordance with GAAP and should
not be considered an alternative to net income as an indication of
its performance or to cash flow from operations as a measure of
liquidity or ability to make distributions.
The statements in this press release regarding the forecasted
stability of Gladstone Commercial’s income, its ability, plans or
prospects to re-lease its unoccupied properties, and grow its
portfolio are “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. These
forward-looking statements inherently involve certain risks and
uncertainties, although they are based on Gladstone Commercial’s
current plans that are believed to be reasonable as of the date of
this press release. Factors that may cause actual results to
differ materially from these forward-looking statements include,
but are not limited to, Gladstone Commercial’s ability to raise
additional capital; availability and terms of capital and
financing, both to fund its operations and to refinance its
indebtedness as it matures; downturns in the current economic
environment; the performance of its tenants; the impact of
competition on its efforts to renew existing leases or re-lease
space; and significant changes in interest rates. Additional
factors that could cause actual results to differ materially from
those stated or implied by its forward-looking statements are
disclosed under the caption "Risk factors" of its Form 10-K for the
fiscal year ended December 31, 2016, as filed with the SEC on
February 15, 2017. Gladstone Commercial cautions readers not to
place undue reliance on any such forward-looking statements, which
speak only as of the date made. Gladstone Commercial undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
CONTACT:
Gladstone Commercial Corporation
+1-703-287-5893
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