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Gladstone Commercial (GOOD) Sees Solid Demand, Boosts Portfolio
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Gladstone Commercial Corporation (GOOD - Free Report) has been witnessing active leasing, aiding solid occupancy, healthy rental collections and ample liquidity to back its acquisitions and growth efforts.
As of Sep 30, 2022, Gladstone Commercial’s portfolio occupancy was 96.9% due to successful leasing activities. Moreover, Gladstone Commercial collected 100% of the September cash base rent. The healthy levels of rental receipts have enabled GOOD to maintain its dividend rate.
Gladstone Commercial is also focused on expansion. In September, the company acquired two industrial assets aggregating 116,703 square feet in Jacksonville, FL and Fort Payne, AL. The total purchase price was $13.6 million.
So far in the year, the company has shelled out $97.5 million as the total cost for the acquisition of 1,105,006 square feet of industrial real estate. These consist of 11 properties and six tenants with an average remaining lease term at acquisition of 13.8 years.
Gladstone Commercial is also witnessing healthy demand for its properties. So far in the year, GOOD has extended or executed 501,501 square feet of space, covering nine tenants with an average residual lease term of 8.1 years. The annualized straight-line rent of these transactions amounts to $5.8 million.
Further, management noted that as of Sep 30, 2022, the company’s available liquidity was $64.0 million consisting of a revolving credit facility and cash in hand. Since Jan 1, 2022, and through Sep 30, 2022, Gladstone Commercial issued 1,992,706 shares of common stock for net proceeds of $40.6 million. Such an amount of liquidity supports Gladstone Commercial’s growth strategy.
Some key picks from the REIT sector include Extra Space Storage (EXR - Free Report) and Host Hotels & Resorts (HST - Free Report) .
The Zacks Consensus Estimate for Extra Space Storage’s third-quarter 2022 funds from operations (FFO) per share has been raised marginally over the past month to $2.18. EXR carries a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for Host Hotels & Resorts’ third-quarter 2022 FFO per share has moved a cent upward in the past month to 40 cents. HST presently carries a Zacks Rank of 2.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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Gladstone Commercial (GOOD) Sees Solid Demand, Boosts Portfolio
Gladstone Commercial Corporation (GOOD - Free Report) has been witnessing active leasing, aiding solid occupancy, healthy rental collections and ample liquidity to back its acquisitions and growth efforts.
As of Sep 30, 2022, Gladstone Commercial’s portfolio occupancy was 96.9% due to successful leasing activities. Moreover, Gladstone Commercial collected 100% of the September cash base rent. The healthy levels of rental receipts have enabled GOOD to maintain its dividend rate.
Gladstone Commercial is also focused on expansion. In September, the company acquired two industrial assets aggregating 116,703 square feet in Jacksonville, FL and Fort Payne, AL. The total purchase price was $13.6 million.
So far in the year, the company has shelled out $97.5 million as the total cost for the acquisition of 1,105,006 square feet of industrial real estate. These consist of 11 properties and six tenants with an average remaining lease term at acquisition of 13.8 years.
Gladstone Commercial is also witnessing healthy demand for its properties. So far in the year, GOOD has extended or executed 501,501 square feet of space, covering nine tenants with an average residual lease term of 8.1 years. The annualized straight-line rent of these transactions amounts to $5.8 million.
Further, management noted that as of Sep 30, 2022, the company’s available liquidity was $64.0 million consisting of a revolving credit facility and cash in hand. Since Jan 1, 2022, and through Sep 30, 2022, Gladstone Commercial issued 1,992,706 shares of common stock for net proceeds of $40.6 million. Such an amount of liquidity supports Gladstone Commercial’s growth strategy.
Shares of this Zacks Rank #3 (Hold) company have declined 16.2% in the past three months compared with the industry’s fall of 10.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Stocks to Consider
Some key picks from the REIT sector include Extra Space Storage (EXR - Free Report) and Host Hotels & Resorts (HST - Free Report) .
The Zacks Consensus Estimate for Extra Space Storage’s third-quarter 2022 funds from operations (FFO) per share has been raised marginally over the past month to $2.18. EXR carries a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for Host Hotels & Resorts’ third-quarter 2022 FFO per share has moved a cent upward in the past month to 40 cents. HST presently carries a Zacks Rank of 2.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.