Gladstone Commercial Corporation

10/08/2019 | Press release | Distributed by Public on 10/08/2019 14:48

Gladstone Commercial Corporation Announces Monthly Cash Distributions for October, November and December 2019 and Third Quarter Ended September 30, 2019 Earnings Release and[...]

MCLEAN, Va., Oct. 08, 2019 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ: GOOD) (the 'Company') announced today that its board of directors declared cash distributions for the months of October, November and December 2019 and also announced its plan to report earnings for the third quarter ended September 30, 2019.

Cash Distributions:

Common Stock: $0.125 cash distribution per common share for each of October, November and December 2019, payable per Table 1 below. The Company has paid 177 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 or quarterly common stock distribution since its inception in 2003.

Table 1: Summary of common stock cash distributions:

Record Date Payment Date Cash Distribution
October 22 October 31 $ 0.125
November 19 November 29 $ 0.125
December 19 December 31 $ 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 October, November and December 2019, payable per Table 2 below. The Company has paid 114 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
October November 7 $ 0.0875
November December 6 $ 0.0875
December January 7 $ 0.0875
Total for the Quarter: $ 0.2625

Series D Preferred Stock: $0.1458333 cash distribution per share of the Company's 7.0% Series D Preferred Stock ('Series D Preferred Stock') for each of October, November and December 2019, payable per Table 3 below. The Series D Preferred Stock trades on NASDAQ under the symbol 'GOODM.' The Company has paid 41 consecutive monthly cash distributions on its Series D Preferred Stock. The Company has never skipped, reduced or deferred a monthly Series D Preferred Stock distribution.

Table 3: Summary of Series D Preferred Stock cash distributions:

Record Date Payment Date Cash Distribution
October 22 October 31 $ 0.1458333
November 19 November 29 $ 0.1458333
December 19 December 31 $ 0.1458333
Total for the Quarter: $ 0.4374999

Series E Preferred Stock: Cash distribution per share, as summarized in Table 4 below, of the Company's newly designated 6.625% Series E Preferred Stock ('Series E Preferred Stock') for each of October, November and December 2019. The Series E Preferred Stock trades on NASDAQ under the symbol 'GOODN.'

Table 4: Summary of Series E Preferred Stock cash distributions:

Record Date Payment Date Cash Distribution
October 22 October 31 $ 0.128819*
November 19 November 29 $ 0.138021
December 19 December 31 $ 0.138021
Total for the Quarter: $ 0.404861
*Represents a prorated monthly distribution, based upon issuance date.

The Company offers a dividend reinvestment plan (the 'DRIP') to its common stockholders. For more information regarding the DRIP, please visit www.gladstonecommercial.com.

The Company also recently announced its optional redemption of all outstanding shares of its $25.0 million 7.75% Series A Cumulative Redeemable Preferred Stock, and all outstanding shares of its $31.6 million 7.5% Series B Cumulative Redeemable Preferred Stock with a redemption date of October 28, 2019 and a redemption price of $25.00 per share plus all accrued and unpaid dividends through such redemption date.

Earnings Announcement:

The Company also announced today that it plans to report earnings for the third quarter ended September 30, 2019, after the stock market closes on Wednesday, October 30, 2019. The Company will hold a conference call Thursday, October 31, 2019 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 November 7, 2019. To hear the replay, please dial (855) 859-2056 and use playback conference number 9673066.

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 December 31, 2019.

If you have questions prior to or following the earnings release you may e-mail them to [email protected].

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. As of June 30, 2019, the Company owned 106 properties located in 24 states, totaling approximately 12.9 million square feet. Additional information can be found at www.gladstonecompanies.com.

Source: Gladstone Commercial Corporation