Gladstone Commercial Corporation (Nasdaq:GOOD) Grows Industrial Portfolio in 2023

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[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / February 5, 2024 / Gladstone Commercial Corporation (Nasdaq:GOOD) (\"Gladstone Commercial\") is pleased to report another successful year of investing, leasing, and disposition activity in the net lease space. We continue to create shareholder value by increasing our industrial exposure and disposing of non-core office assets.Acquisition Activity:We completed $29.5 million in new acquisitions across five properties totaling 321,432 square feet. At closing, these five properties had a weighted average lease term of 19.3 years. The transactions were completed in established, growing industrial markets, including Chicago, Illinois, Dallas/Fort Worth, Texas, Lehigh Valley, Pennsylvania, and Indianapolis, Indiana.We increased portfolio industrial concentration to 60% of annualized straight-line rent as of December 2023 (compared to 56% as of December 2022).Leasing and Disposition Activity:During 2023 we entered into 1,428,830 square feet of leases at 14 of our properties. These leases resulted in a more than $1.2 million net increase in same-store GAAP rent.We exited seven non-core markets and properties.Additional Highlights:We collected 100% of cash-based rents during the year, generating substantial internal cash flow.We raised net proceeds of $4.1 million by issuing common shares through our at-the-market offering program and $5.6 million by issuing our Series F Cumulative Redeemable Preferred Stock.As of December 31, 2023, we had $57.4 million in available liquidity via our revolving credit facility and cash on hand.Available Liquidity:We begin 2024 with substantial liquidity, and we are well positioned to continue growing our portfolio of mission-critical assets. Please reach out to EJ Wislar, Ryan Carter, or Todd McDonald with any questions or investment opportunities.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 September 30, 2023, Gladstone Commercial's real estate portfolio consisted of 135 properties located in 27 states, totaling approximately 17.2 million square feet. For additional information, please visit www.gladstonecommercial.com.For Broker Submittals:Southeast/NortheastSouth Central:EJ WislarTodd Alan McDonaldChief Investm...

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