Gladstone Commercial Announces Industrial Acquisition in Midland, TX

MCLEAN, VA / ACCESSWIRE / September 3, 2024 / Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial") has acquired a 50,102 square foot Class A industrial manufacturing, distribution, and service facility in Midland, Texas, at a weighted GAAP capitalization rate of 9.94%.

The property was acquired in a long-term sale-leaseback transaction with a 15-year absolute NNN lease. The property is 100% leased to a leading provider of electrical feedthrough connectors, wellhead solutions, and related services, targeting E&P operators primarily in the Permian Basin. The acquisition is consistent with Gladstone Commercial's growth strategy of acquiring functional assets leased to credit-worthy tenants in strong industrial markets.

The property was marketed by Jerry Hopkins of NEWMARK's Dallas office.

"We are excited to partner with another quality tenant in a long-term sale-leaseback transaction. The facility is mission-critical to the tenant's operations, serving as a hub for the design, manufacture, installation, and service of its products," stated Todd McDonald, Head of the South-Central Region for Gladstone Commercial.

"This acquisition aligns well with our strategy of acquiring mission-critical industrial assets in growth markets. Adding a newly constructed facility in a region with a solid, long-term, industrial user-base allows us to diversify our portfolio while strengthening our industrial footprint. This investment not only enhances our weighted average lease term but also reinforces our commitment to the industrial sale-leaseback platform, showcasing our ability to partner with credit-worthy tenants in sectors poised for long-term growth," said Buzz Cooper, President of Gladstone Commercial.

About Gladstone Commercial (NASDAQ:GOOD)

Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States. As of June 30, 2024, Gladstone Commercial's real estate portfolio consisted of 136 properties located in 27 states, totaling approximately 16.8 million square feet. For additional information, please visit www.gladstonecommercial.com.

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All statements contained in this press release, other than historical facts, may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements involve inherent risks and uncertainties as they relate to expectations, beliefs, projections, future plans and strategies, anticipated events, or trends concerning matters that are not historical facts and may ultimately prove to be incorrect or false. Forward-looking statements include information about possible or assumed future events, including, without limitation, those relating to the discussion and analysis of Gladstone Commercial's business, financial condition, results of operations, and our strategic plans and objectives. Words such as "may," "might," "believe," "will," "anticipate," "future," "could," "growth," "plan," "intend," "expect," "should," "would," "if," "seek," "possible," "potential," "likely" and variations of these words and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements contain these words. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those included within or contemplated by such statements, including, but not limited to, the description of risks and uncertainties in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" of the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on February 21, 2024, and certain other filings made with the SEC. Gladstone Commercial cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date 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, except as required by law.

For further information: Gladstone Commercial Corporation, (703) 287-5893

For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstonecompanies.com.

SOURCE: Gladstone Commercial Corporation