Gladstone Commercial Corporation Signs 5-Year Lease Extension at its Hickory, North Carolina Property
MCLEAN, Va., Nov. 01, 2018 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone Commercial”) announced today that it has executed a 5-year lease extension with Fiserv Solutions, LLC (“Fiserv”) at its 60,000 square foot office property located in Hickory, North Carolina. The lease extension maintains the property’s 100% occupancy with Fiserv through March 31, 2025.
The single-story build-to suit class A office building serves as a regional data and call-center for Fiserv Solutions, an operating subsidiary of Fiserv, Inc. (NASDAQ: FISV) whose unsecured debt was rated investment grade Baa2 by Moody’s in September 2018. Fiserv Solutions, LLC provides automotive finance and real-estate lending software solutions for banks, thrifts, credit unions, mortgage companies, and captive finance companies in the United States.
"We acquired this property in 2011," stated Buzz Cooper, Senior Managing Director of Gladstone Commercial, "and the lease extension by Fiserv Solutions confirms their commitment to this location in Hickory, NC."
"I am pleased with our team's continued successful leasing efforts in 2018," remarked Bob Cutlip, President of Gladstone Commercial. "Extending the term with an investment grade tenant further increases the quality and length of the weighted average remaining lease term in the Gladstone portfolio and further stabilizes same store rental income."
About Gladstone Commercial Corporation (NASDAQ: GOOD)
Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States. Gladstone Commercial’s real estate portfolio consists of 101 properties located in 24 states, totaling approximately 11.8 million square feet as of October 30, 2018. For additional information please visit www.gladstonecommercial.com
For Broker Submittals:
|Buzz Cooper||Brandon Flickinger|
|Senior Managing Director||Director, Real Estate|
|(703) 287-5815||(703) 287-5819|
|Andrew White||Matt Tucker|
|Managing Director||Senior Managing Director|
|(310) 953-4960||(703) 287-5830|
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 Company'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, 2017, as filed with the SEC on February 14, 2018 and certain other filings we make with the SEC. The Company 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 Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.
Released November 1, 2018