Gladstone Commercial Corporation reported consistent performance and stabilized revenues for the third quarter ended September 30, 2020. The company collected 99% of cash rents, acquired an industrial facility, sold a property, and renewed leases.
Collected 99% of cash rents owed during the third quarter.
Acquired a 153,600 square foot industrial facility in Indianapolis, Indiana for $10.6 million.
Sold our Maple Heights, Ohio property for $11.4 million, resulting in a gain on sale of $1.2 million.
Renewed four leases totaling 617,699 square feet with remaining lease terms ranging from 5.6 to 12.0 years.
Gladstone Commercial expects to face challenges due to the COVID-19 pandemic but feels strongly about the depth of their tenant credit underwriting. They anticipate their tenants will successfully navigate the current economic climate and will be able to continue operating successfully when operating restrictions are lifted and economic normalcy improves.
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