Gladstone Commercial Corporation Announces Redemption of its 7.125% Series C Cumulative Term Preferred Stock, Monthly Cash Di...
July 12 2016 - 4:10PM
Gladstone Commercial Corporation (NASDAQ:GOOD) (the “Company”)
announced today that it intends to redeem all remaining 540,000
shares, or 100%, of the outstanding shares, of its 7.125% Series C
Cumulative Term Preferred Stock (the “Series C Term Preferred
Stock”) on August 19, 2016 (the “Redemption Date”). The
shares of Series C Preferred Stock will be redeemed at a redemption
price equal to $25.09401042 per share (the “Redemption Price”),
representing the payment of the $25.00 liquidation preference, plus
accrued and unpaid dividends from and including August 1, 2016, up
to and including August 19, 2016 (the “Redemption Date”), in the
amount of $0.09401042 per share.
The Company additionally announced that its board of directors
declared the following monthly cash distributions and its plan to
report earnings for the second quarter ended June 30, 2016.
Cash Distributions:
Common Stock: $0.125 cash distribution per
common share for each of July, August and September, 2016, payable
per Table 1 below. The Company has paid 138 consecutive
monthly cash distributions on its common stock. Prior to paying
distributions on a monthly basis, the Company paid five consecutive
quarterly cash distributions. The Company has never skipped,
reduced or deferred a monthly common stock distribution since
inception, over 10 years ago.
Table 1: Summary of
common stock cash distributions: |
Ex-Dividend Date |
Record Date |
Payment Date |
Amount |
July
20 |
July
22 |
August
2 |
$ |
0.125 |
|
August
18 |
August
22 |
August
31 |
$ |
0.125 |
|
September
19 |
September
21 |
September
30 |
$ |
0.125 |
|
Total for the Quarter: |
$ |
0.375 |
|
|
|
|
|
Senior Common Stock: $0.0875 cash distribution
per share of the Company’s senior common stock (“Senior Common”)
for each of July, August and September, 2016, payable per Table 2
below. The Company has paid 75 consecutive monthly cash
distributions on its Senior Common. The Company has never skipped,
reduced or deferred a monthly Senior Common distribution.
Table 2: Summary of Senior Common cash distributions: |
Payable to Holders of Record During the Month
of: |
Payment Date |
Amount |
July |
August
5 |
$ |
0.0875 |
|
August |
September
8 |
$ |
0.0875 |
|
September |
October
7 |
$ |
0.0875 |
|
Total for the Quarter: |
$ |
0.2625 |
|
|
|
|
|
Series A Preferred Stock: $0.1614583 cash
distribution per share of the Company’s 7.75% Series A Cumulative
Redeemable Preferred Stock (“Series A Preferred Stock”) for each of
July, August and September, 2016, payable per Table 3 below. The
Series A Preferred Stock trades on the NASDAQ under the symbol
“GOODP.” The Company has paid 126 consecutive monthly cash
distributions on its Series A Preferred Stock. The Company has
never skipped, reduced or deferred a monthly Series A Preferred
Stock distribution.
Table 3: Summary of Series A Preferred Stock cash
distributions: |
Ex-Dividend Date |
Record Date |
Payment Date |
Amount |
July
20 |
July
22 |
August
2 |
$ |
0.1614583 |
|
August
18 |
August
22 |
August
31 |
$ |
0.1614583 |
|
September
19 |
September
21 |
September
30 |
$ |
0.1614583 |
|
Total for the Quarter: |
$ |
0.4843749 |
|
|
|
|
|
Series B Preferred Stock: $0.15625 cash
distribution per share of the Company’s 7.50% Series B Cumulative
Redeemable Preferred Stock (“Series B Preferred Stock”) for each of
July, August and September, 2016, payable per Table 4 below. The
Series B Preferred Stock trades on the NASDAQ under the symbol
“GOODO.” The Company has paid 117 consecutive monthly cash
distributions on its Series B Preferred Stock. The Company has
never skipped, reduced or deferred a monthly Series B Preferred
Stock distribution.
Table 4: Summary of Series B Preferred Stock cash
distributions: |
Ex-Dividend Date |
Record Date |
Payment Date |
Amount |
July
20 |
July
22 |
August
2 |
$ |
0.15625 |
|
August
18 |
August
22 |
August
31 |
$ |
0.15625 |
|
September
19 |
September
21 |
September
30 |
$ |
0.15625 |
|
Total for the Quarter: |
$ |
0.46875 |
|
|
|
|
Series C Preferred Stock: $0.1484375 cash
distribution per share of the Company’s Series C Term Preferred
Stock for the month of July, payable per Table 5 below. The Series
C Term Preferred Stock will be redeemed in full on August 19, 2016,
in accordance with Notices of Redemption mailed today to holders of
the Series C Term Preferred Stock and as announced above.
Table 5: Summary of Series C Term Preferred Stock cash
distributions: |
Ex-Dividend Date |
Record Date |
Payment Date |
Amount |
July
20 |
July
22 |
August
2 |
$ |
0.1484375 |
|
Total for the Quarter: |
$ |
0.1484375 |
|
|
|
|
|
Series D Preferred Stock: $0.1458333 cash
distribution per share of the Company’s newly issued 7.0% Series D
Preferred Stock (“Series D Preferred Stock”) for each of July,
August and September, 2016, payable per Table 6 below. The Series D
Preferred Stock trades on the NASDAQ under the symbol
“GOODM.”
Table 6: Summary of Series D Preferred Stock cash
distributions: |
Ex-Dividend Date |
Record Date |
Payment Date |
Amount |
July
20 |
July
22 |
August
2 |
$ |
0.1458333 |
|
August
18 |
August
22 |
August
31 |
$ |
0.1458333 |
|
September
19 |
September
21 |
September
30 |
$ |
0.1458333 |
|
Total for the Quarter: |
$ |
0.4375 |
|
|
|
|
|
The Company offers a dividend reinvestment plan
(the “DRIP”) to its common stockholders. For more information
regarding the DRIP, please visit www.gladstonecommercial.com.
Earnings Announcement:
The Company also announced today that it plans to report
earnings for the second quarter ended June 30, 2016, after the
stock market closes on Monday, July 25, 2016. The Company will hold
a conference call Tuesday, July 26, at 8:30 a.m. EDT to discuss its
earnings results. Please call (888) 734-0328 to enter the
conference call. An operator will monitor the call and set a
queue for questions.
A conference call replay will be available after the call and
will be accessible through August 26, 2016. To hear the
replay, please dial (855) 859-2056 and use playback conference
number 29246154.
The live audio broadcast of the Company’s conference call will
be available online at www.gladstonecommercial.com. The event will
also be archived and available for replay on the Company’s website
through September 26, 2016.
If you have questions prior to or following the earnings release
you may e-mail them to info@gladstonecompanies.com.
Gladstone Commercial Corporation is a real estate investment
trust (“REIT”) focused on acquiring, owning and operating net
leased industrial and office properties across the United States.
The Company currently owns 99 properties. Additional
information can be found at www.gladstonecompanies.com.
Forward-Looking Statements
This press release contains certain forward-looking statements,
which are based upon the Company's current expectations and are
inherently uncertain, including forward-looking statements with
respect to the redemption. Any such statements other than
statements of historical fact are likely to be affected by other
unknowable future events and conditions, including elements of the
future that are or are not under the Company's control, and that
the Company may or may not have considered; accordingly, such
statements cannot be guarantees or assurances of any aspect of
future performance. Actual performance and results could vary
materially from these estimates and projections of the future. Such
statements speak only as of the time when made and are based on
information available to the Company as of the date hereof and are
qualified in their entirety by this cautionary statement. The
Company assumes no obligation to revise or update any such
statement now or in the future.
Investor Relations Inquiries:
For Investor Relations inquiries related to any of the monthly
dividend paying Gladstone funds, please visit
www.gladstone.com.
For further information: Gladstone Commercial Corporation, +1
703-287-5893
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