Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.10.0.1
Subsequent Events
 9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Distributions

On October 9, 2018, our Board of Directors declared the following monthly distributions for the months of October, November and December of 2018:

 
Record Date
 
Payment Date
 
Common Stock Distributions per Share
 
Series A Preferred Distributions per Share
 
Series B Preferred Distributions per Share
 
Series D Preferred Distributions per Share
October 19, 2018
 
October 31, 2018
 
$
0.125

 
$
0.1614583

 
$
0.15625

 
$
0.1458333

November 20, 2018
 
November 30, 2018
 
0.125

 
0.1614583

 
0.15625

 
0.1458333

December 20, 2018
 
December 31, 2018
 
0.125

 
0.1614583

 
0.15625

 
0.1458333


 
 
 
$
0.375

 
$
0.4843749

 
$
0.46875

 
$
0.4374999


Senior Common Stock Distributions
Payable to the Holders of Record During the Month of:
 
Payment Date
 
Distribution per Share
October
 
November 7, 2018
 
$
0.0875

November
 
December 7, 2018
 
0.0875

December
 
January 7, 2019
 
0.0875


 
 
 
$
0.2625



ATM Equity Activity

Subsequent to September 30, 2018 and through October 30, 2018, we raised $1.1 million in net proceeds from the sale of 61,045 shares of Common Stock under our Common Stock ATM Program. We made no sales under our Series D Preferred ATM Program or Series A and B Preferred Stock ATM Program subsequent to September 30, 2018 and through October 30, 2018.

Leasing Activity

On October 24, 2018, we extended the lease with the tenant occupying our 60,000 square foot property located in Hickory, North Carolina. The lease was extended through March 31, 2025. The lease provides for prescribed rent escalations over its life with annualized GAAP rents of $1.1 million. In connection with the extension of the lease, we committed to $0.4 million in tenant improvements and will pay $0.2 million in leasing commissions.

Acquisition Activity

On October 30, 2018, we acquired a 218,703 square foot two property portfolio located in Detroit, Michigan for $21.3 million, net of acquisition costs. We funded this acquisition with $0.8 million cash on hand, the assumption of a $6.9 million mortgage, and the issuance of units of limited partnership interests in Gladstone Commercial Limited Partnership. The mortgage assumed has a fixed interest rate of 4.63% with a 19 year term. The portfolio is 100% leased to two tenants, with a weighted average lease term of 10.5 years. Both triple net leases provide for prescribed rent escalations over their life with annualized GAAP rents of $1.7 million.