Gladstone Commercial Corporation Completes $8.5 Million Lease Expansion and Extension in Indianapolis, IN

MCLEAN, Va., July 17, 2019 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone Commercial”) announced today that it completed the expansion, early renewal and extension of its anchor lease with Community Health Network, Inc.'s for-profit subsidiary, Visionary Enterprises Inc. (“CHN”) at Heritage Park II, Gladstone’s office property in Indianapolis, Indiana.  As of November 1, CHN will lease approximately 90% of the 100% occupied office building through April 2031. CHN is Central Indiana's leader in providing convenient access to exceptional healthcare services, where and when patients need them—in hospitals, health pavilions and doctor's offices, as well as workplaces, schools and homes.

“Since our acquisition of Heritage Park II in 2015, CHN has expanded three times, and will now occupy more than 76,000 square feet of the five-story, 86,495 square foot, multi-tenant office building,” said Matt Tucker, Senior Managing Director and Northeast/Midwest Regional Head for Gladstone Commercial.  “This expansion and extension validates our anchored multi-tenant business plan for this high quality office asset.”

“We are pleased that CHN chose again to renew and expand their footprint at our property,” said Karen Priesman, Senior Asset Manager for Gladstone Commercial. “This expansion and extension increase both our cash and straight-line rent as well as contributing to greater weighted average lease term at the property and in our portfolio overall.” 

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 March 31, 2019, its real estate portfolio consisted of 102 properties located in 24 states, totaling approximately 11.7 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, 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 rely upon forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Gladstone Commercial’s business, financial condition, liquidity, results of operations, funds from operations or prospects to differ materially from those expressed in or implied by such statements. Such risks and uncertainties are disclosed under the caption “Risk Factors” of the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, as filed with the SEC on February 13, 2019 and certain other filings we make 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.

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

SOURCE: Gladstone Commercial Corporation

Released July 17, 2019