Key Developments For Gladstone Commercial Corporation
Gladstone Commercial Corporation (GOOD.O) (Consolidated Issue listed on NASDAQ Global Market)
Gladstone Commercial Corp. Announces Its Intention To Sell Up To $50 Million In Senior Common Stock
Gladstone Commercial Corp. announced that it plans to commence a continuous private offering pursuant to which a dealer manager (Dealer Manager) may enter into agreements with participating broker-dealers whereby the Company may issue a maximum of 3,333,333 shares of its senior common stock (Senior Common Stock) at $15.00 per share. The Company will also offer up to 500,000 shares of Senior Common Stock at $15.00 per share pursuant to a distribution reinvestment plan to those purchasers of Senior Common Stock who elect to participate in the plan. The net proceeds from the sale of the Senior Common Stock will be used for investment in additional properties and mortgage loans, to repay indebtedness, to potentially purchase shares of the Company's preferred stock on the open market, or other general corporate purposes. The Senior Common Stock will be a newly designated class of the Company's common stock that will have priority over its existing common stock, which is listed on the NASDAQ Global Market under the symbol GOOD (Listed Common Stock), with respect to payment of dividends. The offering is expected to continue until the earlier of the date that the entire $50 million of Senior Common Stock has been sold or November 19, 2011, although the Company's board of directors may elect to extend the offering or terminate the offering earlier.
Gladstone Commercial Corp. Announces Common Stock Cash Distributions for July, August and September
Gladstone Commercial Corp. announced that the Board of Directors has declared monthly cash distributions of $0.125 per common share for each of the months of July, August and September of 2009.
Gladstone Commercial Corp. Appoints Danielle Jones as Chief Financial Officer
Gladstone Commercial Corp. announced that Danielle Jones was appointed as the Company’s Chief Financial Officer effective December 12, 2008. Ms. Jones was appointed to serve as Chief Financial Officer until the appointment of her successor. Harry Brill delivered to the Board of Directors of Gladstone Commercial Corporation his intention to resign as Chief Financial Officer of the Company. Mr. Brill’s resignation became effective on December 12, 2008.
Gladstone Commercial Corp. Announces Closing Of GE Financing
Gladstone Commercial Corp. announced that it has closed on a non-recourse mortgage loan with GE Commercial Mortgage Financial Corporation for $48,015,000 (GE Loan), which is collateralized by a total of 15 of the Company's properties. The term of the GE loan is 24 months, with three annual extension options through September 2013. Interest is paid monthly at the rate of 6.85%. The proceeds will be used to repay outstanding indebtedness under the Company's line of credit.
Gladstone Commercial Corp. Announces Common And Preferred Stock Distributions For July, August and September
Gladstone Commercial Corp. announced that the Board of Directors declared monthly distributions of $0.125 per common share for each of the months of July, August and September of 2008. The distribution equates to a quarterly distribution of $0.375 and an annual distribution of $1.50 at the current rate.
