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Gladstone Commercial Inks Lease Expansion With Morgan Stanley
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Gladstone Commercial Corporation (GOOD - Free Report) is witnessing healthy demand for its office properties from existing tenants. The company recently executed a lease amendment with Morgan Stanley Smith Barney Financing to expand the tenant’s footprint by around 16,000 square feet at Gladstone Commercial’s 4343 Easton Commons office property situated in Columbus, OH.
The expansion lease will increase the company’s cash and straight-line rents. Father, it will contribute to extending the weighted average lease term of Gladstone Commercial’s portfolio.
With the $1.5-million lease expansion, Morgan Stanley will fully occupy the building from Aug 1, 2020, through December 2025.
4343 Easton Commons is a three-story Class A office building, spanning 103,000 square feet. Morgan Stanley began its tenancy in the property in 2008, upon the completion of the building’s construction and will now lease the entire three-story, 103,000-square-foot, Class A office building.
The company acquired the property in an anchored-multitenant portfolio buyout along with 680 West Shields Lane in Salt Lake City. Morgan Stanley occupies 98,000 square feet of Class A space at 680 West Shields Lane at present.
In May, Gladstone Commercial renewed its lease with Bosch Service Solutions at the company’s office property at 12000 Portland in Burnsville, MN. With this, the lease was extended through January 2023. The tenant occupies around 5,600 square feet through the lease. No tenant improvement was required for the renewal and this indicates the quality of its properties and impressive services received by tenants.
In the same month, the company entered a lease extension with Elster Solutions, LLC — a wholly-owned subsidiary of Honeywell International Inc. — at its 58,926-square-foot office building in Raleigh, NC. The deal resulted in a 14% increase in GAAP rent and enables the company to maintain 100% occupancy at the property.
Amid the uncertainty in the markets due to the coronavirus outbreak-led concerns, the company’s ability to execute such leases indicates the high quality of its properties. The deals will likely boost the company’s revenues in the near term.
Alexander Baldwin Holdings, Inc.’s (ALEX - Free Report) Zacks Consensus Estimate for 2020 funds from operations (FFO) per share has been unchanged at 83 cents over the past month. The company currently flaunts a Zacks Rank of 1.
One Liberty Properties, Inc.’s (OLP - Free Report) FFO per share estimate for the ongoing year has been unchanged at $1.89 over the past 30 days. The company currently sports a Zacks Rank of 1.
Gladstone Land Corporation’s (LAND - Free Report) FFO per share estimate for 2020 has moved 3% upward to 68 cents over the past month. Further, it currently carries a Zacks Rank of 2 (Buy).
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This young company’s gigantic growth was hidden by low-volume trading, then cut short by the coronavirus. But its digital products stand out in a region where the internet economy has tripled since 2015 and looks to triple again by 2025.
Its stock price is already starting to resume its upward arc. The sky’s the limit! And the earlier you get in, the greater your potential gain.
Image: Bigstock
Gladstone Commercial Inks Lease Expansion With Morgan Stanley
Gladstone Commercial Corporation (GOOD - Free Report) is witnessing healthy demand for its office properties from existing tenants. The company recently executed a lease amendment with Morgan Stanley Smith Barney Financing to expand the tenant’s footprint by around 16,000 square feet at Gladstone Commercial’s 4343 Easton Commons office property situated in Columbus, OH.
The expansion lease will increase the company’s cash and straight-line rents. Father, it will contribute to extending the weighted average lease term of Gladstone Commercial’s portfolio.
With the $1.5-million lease expansion, Morgan Stanley will fully occupy the building from Aug 1, 2020, through December 2025.
4343 Easton Commons is a three-story Class A office building, spanning 103,000 square feet. Morgan Stanley began its tenancy in the property in 2008, upon the completion of the building’s construction and will now lease the entire three-story, 103,000-square-foot, Class A office building.
The company acquired the property in an anchored-multitenant portfolio buyout along with 680 West Shields Lane in Salt Lake City. Morgan Stanley occupies 98,000 square feet of Class A space at 680 West Shields Lane at present.
In May, Gladstone Commercial renewed its lease with Bosch Service Solutions at the company’s office property at 12000 Portland in Burnsville, MN. With this, the lease was extended through January 2023. The tenant occupies around 5,600 square feet through the lease. No tenant improvement was required for the renewal and this indicates the quality of its properties and impressive services received by tenants.
In the same month, the company entered a lease extension with Elster Solutions, LLC — a wholly-owned subsidiary of Honeywell International Inc. — at its 58,926-square-foot office building in Raleigh, NC. The deal resulted in a 14% increase in GAAP rent and enables the company to maintain 100% occupancy at the property.
Amid the uncertainty in the markets due to the coronavirus outbreak-led concerns, the company’s ability to execute such leases indicates the high quality of its properties. The deals will likely boost the company’s revenues in the near term.
Moreover, shares of the Zacks Rank #3 (Hold) company have declined 14.9% over the past year compared with the industry’s decline of 6.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Alexander Baldwin Holdings, Inc.’s (ALEX - Free Report) Zacks Consensus Estimate for 2020 funds from operations (FFO) per share has been unchanged at 83 cents over the past month. The company currently flaunts a Zacks Rank of 1.
One Liberty Properties, Inc.’s (OLP - Free Report) FFO per share estimate for the ongoing year has been unchanged at $1.89 over the past 30 days. The company currently sports a Zacks Rank of 1.
Gladstone Land Corporation’s (LAND - Free Report) FFO per share estimate for 2020 has moved 3% upward to 68 cents over the past month. Further, it currently carries a Zacks Rank of 2 (Buy).
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This young company’s gigantic growth was hidden by low-volume trading, then cut short by the coronavirus. But its digital products stand out in a region where the internet economy has tripled since 2015 and looks to triple again by 2025.
Its stock price is already starting to resume its upward arc. The sky’s the limit! And the earlier you get in, the greater your potential gain.
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