MCLEAN, VA / ACCESSWIRE / August 8, 2024 / Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone Commercial”) announced that on August 7, 2024, it sold two medical office spaces totaling 26,331 square feet leased to Northside Hospital at a capitalization rate of 5.97% in the Atlanta MSA.

Gladstone Commercial achieved an internal rate of return of approximately 13.2 percent on the assets originally acquired in an eight-property portfolio transaction in 2007.

“We recognized the opportunity to realize a strong result through the sale of two medical practices. We intend to invest this capital in the industrial sector, which will allow Gladstone Commercial to further pursue its stated goal of greater industrial concentration while generating additional income,” said Todd Alan McDonald, Senior Vice President of Gladstone Commercial.

“The Northside Hospital team has been a wonderful partner for many years,” said Perry Finney, senior vice president of Gladstone Commercial. “We are very pleased with the outcome.”

“This sale is a strong result for the legacy portfolio and reinforces our overall migration into 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-lease industrial and office properties throughout the United States. As of June 30, 2024, Gladstone Commercial’s real estate portfolio consisted of 136 properties in 27 states totaling approximately 16.8 million square feet. For more information, visit www.gladstonecommercial.com.

All statements other than statements of historical fact included in this press release 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 place undue reliance on forward-looking statements because the matters described therein involve known and unknown risks and uncertainties that may cause Gladstone Commercial’s business, financial condition, liquidity, results of operations, funds from operations or prospects to differ materially from those expressed or implied by such statements. Such risks and uncertainties are disclosed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 21, 2024, and in certain other filings we make with the SEC. Gladstone Commercial cautions readers not to place undue reliance on such forward-looking statements, which speak only as of the date they are 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 more information:

Gladstone Commercial Corporation, (703) 287-5893

For investor relations inquiries regarding Gladstone’s monthly dividend paying funds, please visit www.gladstonecompanies.com.

SOURCE: Gladstone Trading Company