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, 2018. 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 and non-controlling OP Units, 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 the investor relations
section of 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, 2018 |
|
September 30, 2018 |
|
$ Change |
|
% Change |
Operating
Data: |
|
|
|
|
|
|
|
Total operating
revenue |
$ |
27,261 |
|
|
$ |
26,591 |
|
|
$ |
670 |
|
|
2.5 |
|
% |
Total operating
expenses |
(18,771 |
) |
|
(17,422 |
) |
|
(1,349 |
) |
|
7.7 |
|
% |
Other expense, net |
(5,973 |
) |
(1) |
(6,492 |
) |
|
519 |
|
|
(8.0 |
) |
% |
Net income |
$ |
2,517 |
|
|
$ |
2,677 |
|
|
$ |
(160 |
) |
|
(6.0 |
) |
% |
Less: Dividends
attributable to preferred stock |
(2,613 |
) |
|
(2,612 |
) |
|
(1 |
) |
|
— |
|
% |
Less: Dividends
attributable to senior common stock |
(231 |
) |
|
(235 |
) |
|
4 |
|
|
(1.7 |
) |
% |
Net loss attributable
to common stockholders and Non-controlling OP Unitholders |
$ |
(327 |
) |
|
$ |
(170 |
) |
|
$ |
(157 |
) |
|
92.4 |
|
% |
Add: Real estate
depreciation and amortization |
12,454 |
|
|
11,807 |
|
|
647 |
|
|
5.5 |
|
% |
Less: Gain on sale of
real estate |
(919 |
) |
|
— |
|
|
(919 |
) |
|
100.0 |
|
% |
Funds from
operations available to common stockholders and Non-controlling OP
Unitholders - basic |
$ |
11,208 |
|
|
$ |
11,637 |
|
|
$ |
(429 |
) |
|
(3.7 |
) |
% |
Add: Convertible senior
common distributions |
231 |
|
|
235 |
|
|
(4 |
) |
|
(1.7 |
) |
% |
Funds from
operations available to common stockholders and Non-controlling OP
Unitholders - diluted |
$ |
11,439 |
|
|
$ |
11,872 |
|
|
$ |
(433 |
) |
|
(3.6 |
) |
% |
|
|
|
|
|
|
|
|
Funds from operations
available to common stockholders and Non-controlling OP Unitholders
- basic |
$ |
11,208 |
|
|
$ |
11,637 |
|
|
$ |
(429 |
) |
|
(3.7 |
) |
% |
Add: Acquisition
related expenses |
69 |
|
|
19 |
|
|
50 |
|
|
263.2 |
|
% |
Add: Deferred rent
write off |
184 |
|
|
— |
|
|
184 |
|
|
100.0 |
|
% |
Add: Deferred rent
asset accelerated amortization |
165 |
|
|
— |
|
|
165 |
|
|
100.0 |
|
% |
Less: Lease contraction
fee |
(165 |
) |
|
— |
|
|
(165 |
) |
|
(100.0 |
) |
% |
Core funds from
operations available to common stockholders and Non-controlling OP
Unitholders - basic |
$ |
11,461 |
|
|
$ |
11,656 |
|
|
$ |
(195 |
) |
|
(1.7 |
) |
% |
Add: Convertible senior
common distributions |
231 |
|
|
235 |
|
|
(4 |
) |
|
(1.7 |
) |
% |
Core funds from
operations available to common stockholders and Non-controlling OP
Unitholders - diluted |
$ |
11,692 |
|
|
$ |
11,891 |
|
|
$ |
(199 |
) |
|
(1.7 |
) |
% |
|
|
|
|
|
|
|
|
Share and Per
Share Data: |
|
|
|
|
|
|
|
Net loss attributable
to common stockholders and Non-controlling OP Unitholders - basic
and diluted |
(0.01 |
) |
|
(0.01 |
) |
|
— |
|
|
— |
|
% |
FFO available to common
stockholders and Non-controlling OP Unitholders - basic |
0.38 |
|
|
0.40 |
|
|
(0.02 |
) |
|
(5.0 |
) |
% |
FFO available to common
stockholders and Non-controlling OP Unitholders - diluted |
0.38 |
|
|
0.40 |
|
|
(0.02 |
) |
|
(5.0 |
) |
% |
Core FFO available to
common stockholders and Non-controlling OP Unitholders - basic |
0.39 |
|
|
0.41 |
|
|
(0.02 |
) |
|
(4.9 |
) |
% |
Core FFO available to
common stockholders and Non-controlling OP Unitholders -
diluted |
0.39 |
|
|
0.40 |
|
|
(0.01 |
) |
|
(2.5 |
) |
% |
Weighted average shares
of common stock and Non-controlling OP Units outstanding -
basic |
29,611,130 |
|
|
28,734,380 |
|
|
876,750 |
|
|
3.1 |
|
% |
Weighted average shares
of common stock and Non-controlling OP Units outstanding -
diluted |
30,335,466 |
|
|
29,472,132 |
|
|
863,334 |
|
|
2.9 |
|
% |
Cash dividends declared
per common share and Non-controlling OP Unit |
$ |
0.375 |
|
|
$ |
0.375 |
|
|
$ |
— |
|
|
— |
|
% |
|
|
|
|
|
|
|
|
Financial
Position |
|
|
|
|
|
|
|
Real estate, before accumulated
depreciation |
$ |
949,822 |
|
(2) |
$ |
915,764 |
|
(3) |
$ |
34,058 |
|
|
3.7 |
|
% |
Total assets |
$ |
938,775 |
|
|
$ |
904,175 |
|
|
$ |
34,600 |
|
|
3.8 |
|
% |
Mortgage notes payable,
net, borrowings under revolver, net & borrowings under term
loan, net |
$ |
566,059 |
|
|
$ |
542,084 |
|
|
$ |
23,975 |
|
|
4.4 |
|
% |
Total equity and
mezzanine equity |
$ |
340,017 |
|
|
$ |
332,722 |
|
|
$ |
7,295 |
|
|
2.2 |
|
% |
Properties owned |
101 |
|
(2) |
99 |
|
(3) |
2 |
|
|
2.0 |
|
% |
Square feet owned |
11,726,996 |
|
(2) |
11,571,213 |
|
(3) |
155,783 |
|
|
1.3 |
|
% |
Square feet leased |
99.1 |
% |
|
99.1 |
% |
|
— |
% |
|
— |
|
% |
(1) |
Includes a $0.9 million
gain on sale, net, from one property sale during the three months
ended December 31, 2018. |
(2) |
Includes one property
classified as held for sale of $3.2 million and 50,000 square
feet. |
(3) |
Includes one property
classified as held for sale of $2.3 million and 150,000 square
feet. |
|
|
|
|
|
|
|
As of and for the year ended |
|
|
|
|
|
December 31, 2018 |
|
December 31, 2017 |
|
$ Change |
|
% Change |
Operating
Data: |
|
|
|
|
|
|
|
Total operating
revenue |
$ |
106,798 |
|
|
$ |
94,799 |
|
|
$ |
11,999 |
|
|
12.7 |
|
% |
Total operating
expenses |
(71,137 |
) |
|
(68,337 |
) |
(3) |
(2,800 |
) |
|
4.1 |
|
% |
Other expense, net |
(23,337 |
) |
(1) |
(20,525 |
) |
(4) |
(2,812 |
) |
|
13.7 |
|
% |
Net income |
$ |
12,324 |
|
|
$ |
5,937 |
|
|
$ |
6,387 |
|
|
107.6 |
|
% |
Less: Dividends
attributable to preferred stock |
(10,416 |
) |
|
(9,890 |
) |
|
(526 |
) |
|
5.3 |
|
% |
Less: Dividends
attributable to senior common stock |
(931 |
) |
|
(986 |
) |
|
55 |
|
|
(5.6 |
) |
% |
Net income (loss)
available (attributable) to common stockholders and Non-controlling
OP Unitholders |
$ |
977 |
|
|
$ |
(4,939 |
) |
|
$ |
5,916 |
|
|
(119.8 |
) |
% |
Add: Real estate
depreciation and amortization |
47,620 |
|
|
42,795 |
|
|
4,825 |
|
|
11.3 |
|
% |
Add: Impairment
charge |
— |
|
|
6,835 |
|
|
(6,835 |
) |
|
(100.0 |
) |
% |
Less: Gain on sale of
real estate |
(2,763 |
) |
|
(3,993 |
) |
|
1,230 |
|
|
(30.8 |
) |
% |
Funds from
operations available to common stockholders and Non-controlling OP
Unitholders - basic |
$ |
45,834 |
|
|
$ |
40,698 |
|
|
$ |
5,136 |
|
|
12.6 |
|
% |
Add: Convertible senior
common distributions |
931 |
|
|
986 |
|
|
(55 |
) |
|
(5.6 |
) |
% |
Funds from
operations available to common stockholders and Non-controlling OP
Unitholders - diluted |
$ |
46,765 |
|
|
$ |
41,684 |
|
|
$ |
5,081 |
|
|
12.2 |
|
% |
|
|
|
|
|
|
|
|
Funds from operations
available to common stockholders and Non-controlling OP Unitholders
- basic |
$ |
45,834 |
|
|
$ |
40,698 |
|
|
$ |
5,136 |
|
|
12.6 |
|
% |
Add: Acquisition
related expenses |
174 |
|
|
67 |
|
|
107 |
|
|
159.7 |
|
% |
Add: Write-off of
deferred financing fees |
6 |
|
|
95 |
|
|
(89 |
) |
|
(93.7 |
) |
% |
Add: Deferred rent
write off |
184 |
|
|
— |
|
|
184 |
|
|
100.0 |
|
% |
Add: Deferred rent
asset accelerated amortization |
165 |
|
|
— |
|
|
165 |
|
|
100.0 |
|
% |
Less: Lease contraction
fee |
(165 |
) |
|
— |
|
|
(165 |
) |
|
(100.0 |
) |
% |
Less: Write off of debt
discount |
(49 |
) |
|
— |
|
|
(49 |
) |
|
(100.0 |
) |
% |
Less: Lease termination
fee |
— |
|
|
(550 |
) |
|
550 |
|
|
100.0 |
|
% |
Core funds from
operations available to common stockholders and Non-controlling OP
Unitholders - basic |
$ |
46,149 |
|
|
$ |
40,310 |
|
|
$ |
5,839 |
|
|
14.5 |
|
% |
Add: Convertible senior
common distributions |
931 |
|
|
986 |
|
|
(55 |
) |
|
(5.6 |
) |
% |
Core funds from
operations available to common stockholders and Non-controlling OP
Unitholders - diluted |
$ |
47,080 |
|
|
$ |
41,296 |
|
|
$ |
5,784 |
|
|
14.0 |
|
% |
|
|
|
|
|
|
|
|
Share and Per
Share Data: |
|
|
|
|
|
|
|
Net income (loss)
available (attributable) to common stockholders and Non-controlling
OP Unitholders - basic & diluted |
0.03 |
|
|
(0.19 |
) |
|
0.22 |
|
|
(115.8 |
) |
% |
FFO available to common
stockholders and Non-controlling OP Unitholders - basic |
1.59 |
|
|
1.54 |
|
|
0.05 |
|
|
3.2 |
|
% |
FFO available to common
stockholders and Non-controlling OP Unitholders - diluted |
1.58 |
|
|
1.54 |
|
|
0.04 |
|
|
2.6 |
|
% |
Core FFO available to
common stockholders and Non-controlling OP Unitholders - basic |
1.60 |
|
|
1.53 |
|
|
0.07 |
|
|
4.6 |
|
% |
Core FFO available to
common stockholders and Non-controlling OP Unitholders -
diluted |
1.59 |
|
|
1.52 |
|
|
0.07 |
|
|
4.6 |
|
% |
Weighted average shares
of common stock and Non-controlling OP Units outstanding -
basic |
28,804,167 |
|
|
26,358,237 |
|
|
2,445,930 |
|
|
9.3 |
|
% |
Weighted average shares
of common stock and Non-controlling OP Units outstanding -
diluted |
29,528,503 |
|
|
27,112,118 |
|
|
2,416,385 |
|
|
8.9 |
|
% |
Cash dividends declared
per common share and Non-controlling OP Unit |
$ |
1.50 |
|
|
$ |
1.50 |
|
|
$ |
— |
|
|
— |
|
% |
|
|
|
|
|
|
|
|
Financial
Position |
|
|
|
|
|
|
|
Real estate, before
accumulated depreciation |
$ |
949,822 |
|
(2) |
$ |
906,850 |
|
(5) |
$ |
42,972 |
|
|
4.7 |
|
% |
Total assets |
$ |
938,775 |
|
|
$ |
928,454 |
|
|
$ |
10,321 |
|
|
1.1 |
|
% |
Mortgage notes payable,
term preferred stock, term loan facility & line of credit,
net |
$ |
566,059 |
|
|
$ |
542,627 |
|
|
$ |
23,432 |
|
|
4.3 |
|
% |
Total equity and
mezzanine equity |
$ |
340,017 |
|
|
$ |
350,230 |
|
|
$ |
(10,213 |
) |
|
(2.9 |
) |
% |
Properties owned |
101 |
|
(2) |
99 |
|
(5) |
2 |
|
|
2.0 |
|
% |
Square feet owned |
11,726,996 |
|
(2) |
11,452,159 |
|
(5) |
274,837 |
|
|
2.4 |
|
% |
Square feet leased |
99.1 |
% |
|
98 |
% |
|
1.1 |
% |
|
1.1 |
|
% |
(1) |
Includes a $2.8 million
gain on sale, net, from three property sales during the year ended
December 31, 2018. |
(2) |
Includes one property
classified as held for sale of $3.2 million and 50,000 square
feet. |
(3) |
Includes a $6.8 million
impairment charge recognized on three of our properties during the
year ended December 31, 2017. |
(4) |
Includes a $4.0 million
gain on sale, net, from four property sales during the year ended
December 31, 2017. |
(5) |
Includes two properties
classified as held for sale of $13.0 million and 166,200 square
feet in the aggregate. |
Highlights of Fiscal Year 2018:
- Acquired properties: Purchased five
fully-occupied properties, comprised of four industrial buildings
and one office building with an aggregate of approximately 0.6
million square feet of rental space for $63.2 million, at a
weighted average cap rate of 8.6%;
- Sold properties: Sold three properties located
in our non-core markets as part of our capital recycling strategy
for $13.4 million, resulting in a net gain of $2.8 million;
- Issued Non-controlling OP Units: Acquired two
properties through the issuance of 742,937 OP Units of our
operating partnership to the seller for our first OP Unit
transaction as well as assumed debt;
- Issued and assumed new debt: Borrowed or
assumed $21.0 million in fixed rate mortgage debt at a weighted
average interest rate of 4.8% with maturity dates ranging from
March 1, 2023 to August 1, 2037;
- Repaid debt: Repaid $9.4 million in fixed rate
mortgage debt with an interest rate of 5.8% with cash on hand and
borrowings from our line of credit and repaid $6.7 million of
variable rate mortgage debt at a rate of LIBOR plus 2.25%, for
which we had an interest rate cap agreement;
- Extended mortgage debt maturity dates:
Extended the maturity date on $24.8 million of variable rate
mortgage debt for a weighted average 1.5 years, and extended the
maturity date of $3.6 million of fixed rate mortgage debt for three
years;
- Leased vacant space: Leased 37,178 square feet
of previously vacant space with lease terms ranging from 3.6 to 7
years at two of our properties;
- Expanded property: Acquired additional land
and performed an expansion of the parking facilities totaling $0.5
million for one of our Springfield, Missouri tenants which we are
amortizing to the tenant at a 9% interest rate;
- Renewed lease: Renewed a 60,000 square feet
lease for an additional five years;
- Issued stock under ATM Programs: Issued
841,338 shares of common stock for net proceeds of $16.1 million
and 87,702 shares of our Series D Preferred Stock for net proceeds
of $2.2 million; 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, $1.75 per share on our
Series D Preferred Stock, and $1.05 per share on our senior common
stock.
Fourth Quarter 2018 Results:
Core FFO available to common shareholders and Non-controlling OP
Unitholders for the quarter ended December 31, 2018 was $11.7
million, a 1.7% decrease when compared to the quarter ended
September 30, 2018, equaling $0.39 per share. Core FFO
decreased primarily due to a non-cash expense of $131,000 related
to changes in mark-to-market valuations on certain interest rate
hedges, an increase in interest expense due to an increase in
one-month LIBOR, as well as an increase in net property operating
expenses. This was partially offset by an increase in rental income
due to the three properties we acquired during fourth quarter
2018.
Fiscal Year 2018 Results: Core
FFO available to common stockholders and Non-controlling OP
Unitholders for the year ended December 31, 2018, was $47.1
million, a 14.0% increase when compared to the year ended
December 31, 2017, equaling $1.59 per share. On a per share
basis, this equates to a 4.6% increase to Core FFO. Core FFO
increased primarily due to the increase in rental income from 2018
acquisitions and re-leased vacant space, partially offset by an
increase in net property operating expenses and an increase in
interest expense.
Net (loss) income (attributable) available to
common stockholders and Non-controlling OP Unitholders for the
three months and year ended December 31, 2018 was $(0.3)
million and $1.0 million, or $(0.01) and $0.03 per share,
respectively, compared to net loss attributable to common
stockholders for the three months ended September 30, 2018 and
year ended December 31, 2017 of $0.2 million and $4.9 million,
or $0.01 and $0.19 per share, respectively. A reconciliation of
Core FFO to net income (loss) for the three months ended
December 31, 2018 and September 30, 2018 and the years
ended December 31, 2018 and 2017, 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 Non-controlling OP Unit and basic and diluted net income
per weighted average share of common stock and Non-controlling OP
Unit is set forth in the Summary Information table above.
Subsequent to the end of the
quarter:
- Acquired property: Acquired a $2.7 million
industrial property located in a Philadelphia, Pennsylvania
submarket at a weighted average cap rate of 8.8%, which is 100%
leased to one tenant for 15 years on an absolute triple net
lease;
- Sold property: Sold one property located in
Maitland, Florida for gross proceeds of $6.9 million, resulting in
a gain of $3.0 million;
- Renewed shelf registration: Renewed our shelf
registration statement to allow us to issue up to $500.0 million of
additional equity;
- Declared distributions: Declared monthly cash
distributions for January, February and March 2019 totaling $0.375
per share on our common stock and OP Units, $0.4843749 per share on
our Series A Preferred Stock, $0.46875 per share on our Series B
Preferred Stock, $0.4374999 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
consistent performance and stabilized revenues from our high same
store property occupancy, accretive real estate investments made
during 2017 and 2018, our ability to lease previously vacant space,
and our deleveraging and capital recycling programs. Our fourth
quarter Core FFO per share results of $0.39, combined with our
first, second and third quarter performance, reflects a 4.6%
increase in per share Core FFO, as compared to 2017. We have
continued our capital recycling program, whereby we have sold
non-core assets and used the proceeds to de-lever our portfolio as
well as acquire properties in our target growth markets. We
successfully exited three non-core assets during the year ended
December 31, 2018, including our only fully vacant asset,
recognizing a net capital gain of $2.8 million. We will continue to
opportunistically sell non-core assets and redeploy the proceeds
into stronger target growth markets. During fourth quarter 2018, we
acquired two strong industrial assets in suburban Detroit,
Michigan, for $21.7 million in our first UPREIT transaction, where
we issued an interest in our operating partnership equal to
approximately $14.0 million. We will continue to explore UPREIT
transactions in the future, as they allow us the flexibility to
acquire properties without increasing our leverage, and without
significant cash outflows. We also acquired an office property in
suburban Orlando for $18.7 million. Our pipeline of acquisition
opportunities has grown in recent months, with the pipeline
favoring industrial properties. We anticipate our robust pipeline
will result in successful acquisitions during 2019 and beyond. We
are extremely pleased with our solid performance over the last
several years, and we believe our same store rents should be stable
and rising as we continue our growth. We will continue to primarily
focus on investing in new properties as we only have 3.4% of
forecasted rental income expiring through the end of 2019. We are
looking forward to continued growth and success for our
shareholders."
Conference Call: Gladstone
Commercial will hold a conference call on Thursday, February 14,
2019, 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 February 21, 2019. To hear the replay, please
dial (855) 859-2056 and use playback conference number 9299748. 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
14, 2019.
About Gladstone Commercial:
Gladstone Commercial Corporation is a real estate investment trust
focused on acquiring, owning, and operating net leased industrial
and office properties across the United States. Including payments
through January 2019, Gladstone Commercial has paid 168 consecutive
monthly cash distributions on its common stock. Prior to paying
distributions on a monthly basis, Gladstone Commercial paid five
consecutive quarterly cash distributions. The company has also paid
156 consecutive monthly cash distributions on its Series A
Preferred Stock, 147 consecutive monthly cash distributions on its
Series B Preferred Stock and 32 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 and unit
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, 2018, as filed with the SEC on
February 13, 2019. 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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