Gladstone Commercial Corporation Executes $10 million Lease Renewal at Industrial Property in Monroe, Michigan
MCLEAN, VA / ACCESSWIRE / June 24, 2021 / Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial") announced today that it signed a lease renewal with Yanfeng US Automotive Interior Systems LLC ("Yanfeng") through August 31, 2029 at its 1833 Frenchtown Center Drive industrial property in Monroe, Michigan, a suburb of Detroit. This lease renewal continues Yanfeng's existing tenancy that began in 2008.
Yanfeng is a global leader in automotive interiors with business segments including Cockpit Systems, Instrument Panels, Door Panels and Floor Consoles.
Yanfeng executed a six-year lease extension for the entire 315,000 square foot property, providing contractual rental revenue of more than $10 million during the extension term. Yanfeng also has the right to request that the building be expanded to accommodate their growing demand.
"We are happy to not only renew this important tenant, but also do so well ahead of the renewal deadline" said Todd McDonald, Senior Analyst for Gladstone Commercial. "Our Detroit portfolio remains 100% leased with untarnished collections through the pandemic, a true testament to the strength of Gladstone's underwriting, property management and focus on servicing our tenants."
"Executing this lease delivers on Gladstone Commercial's core attributes of engaging and retaining financially strong tenants. This transaction increases the weighted average term of our Midwest portfolio and is immediately accretive to FFO," Karen Priesman, Senior Vice President and Head of Asset Management for the Midwest Region for Gladstone Commercial.
About Gladstone Commercial (NASDAQ:GOOD)
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 March 31, 2021, Gladstone Commercial's real estate portfolio consisted of 120 properties, located in 27 states, totaling approximately 15.5 million square feet. Additional information can be found at www.gladstonecommercial.com.
For Broker Submittals:
|Buzz Cooper||Todd McDonald|
|Executive Vice President||Senior Analyst|
|(703) 287-5815||(703) 287-5895|
|EJ Wislar||Mac Dobbins|
|Senior Vice President||Senior Associate|
|(703) 462-1027||(703) 287-5845|
Investor or Media Inquiries:
|President - Gladstone Commercial Corporation|
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 Gladstone Commercial'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, 2020, as filed with the SEC on February 16, 2021 and certain other filings we make with the SEC. Gladstone Commercial 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 further information: Gladstone Commercial Corporation, +1-703-287-5893
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstonecompanies.com.
SOURCE: Gladstone Commercial Corporation
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Released June 24, 2021