Gladstone Commercial Corporation Signs 5+ Year Lease Extension at Its Allen, TX Property

MCLEAN, Va., July 17, 2017 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ:GOOD) (“Gladstone Commercial”) is pleased to announce that it has executed a 5-year, 10-month lease extension with the anchor tenant at its 115,200 square foot office property located in Allen, Texas. The lease extension will keep the tenant in its current 83,662 square foot space through September 30, 2028.

The tenant, founded in the 1930s, is a leading provider of data, video and voice services to commercial and consumer customers in 29 states. Buzz Cooper, Senior Managing Director of Gladstone Commercial, stated, “We are very pleased with the commitment that the tenant is showing to this location. We found the dealings to be very transparent and agreeable to satisfy all parties involved.” The tenant has occupied the property since June 2011. Gladstone Commercial originally purchased the property in July 2013, and has maintained a 100% occupancy level since acquisition. The lease extension underscores Gladstone Commercial’s commitment to providing steady and growing cash flow to investors, and will keep the tenant as the anchor in the building through September 2028.

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, 2017, its real estate portfolio consisted of 95 properties located in 24 states, totaling approximately 10.9 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 Company'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, 2016, as filed with the SEC on February 15, 2017.  The Company 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.gladstone.com. 

Released July 17, 2017