Gladstone Commercial Corporation Announces $48.9 Million in Debt Refinancing During 2015 Resulting in a $1.8 Million Reductio...
November 23 2015 - 4:30PM
Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone
Commercial" or the "Company"), a real estate investment trust
focused on acquiring, owning and operating net leased office and
industrial properties, announced today that it has completed the
refinancing of $18.6 million of mortgage debt that was set to
expire in 2015 and early 2016, with $3.6 million of new mortgage
debt. The remainder was repaid using proceeds from the Company's
line of credit.
This announcement brings year to date refinancing to $48.9
million at a new weighted average interest rate of 2.57%. Prior to
the refinancing, the mortgages carried a weighted average interest
rate of 5.45%. The combined refinancing will reduce the Company's
annual debt service by $1.8 million.
The $3.6 million of new debt was issued by First Niagara Bank at
an interest rate of 1-month LIBOR + 2.25%, a current rate of
approximately 2.45%. The prior mortgage carried an interest rate of
5.81%. The refinancing will reduce annual debt service by
approximately $0.12 million.
"This year's refinancings are the latest examples of our team's
ability to take advantage of opportunities created by today's debt
market," said Bob Cutlip, President of Gladstone Commercial. "These
transactions strengthen our financial position by significantly
reducing our interest costs which will be a benefit to our
shareholders. We will continue to explore refinancing transactions
to further create short and long-term shareholder value."
About Gladstone Commercial Corporation
(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. Gladstone Commercial's real
estate portfolio consists of 101 properties located in 24 states,
totaling approximately 11.1 million square feet. For additional
information please visit www.gladstonecommercial.com.
For Broker Submittals: |
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South/Southwest: |
West: |
Buzz Cooper |
Andrew White |
Senior Managing Director |
Managing Director |
(703) 287-5815 |
(310) 953-4960 |
Buzz.Cooper@gladstonecompanies.com |
Andrew.White@gladstonecompanies.com |
|
|
Midwest/Northeast: |
Tennessee/Kentucky: |
Matt Tucker |
Brandon Flickinger |
Managing Director |
Director |
(703) 287-5830 |
(703) 287-5819 |
Matt.Tucker@gladstonecompanies.com |
Brandon.Flickinger@gladstonecompanies.com |
|
|
Investor or Media
Inquiries: |
|
|
|
Bob Cutlip |
|
President – Gladstone Commercial
Corporation |
(703) 287-5878 |
|
Bob.Cutlip@gladstonecompanies.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, 2014, as filed with the SEC
on February 18, 2015 and the Company's Form 10-Q for the
quarter ended June 30, 2015, as filed with the SEC on August 3,
2015. 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.
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