|9 Months Ended|
Sep. 30, 2018
|Subsequent Events [Abstract]|
On October 9, 2018, our Board of Directors declared the following monthly distributions for the months of October, November and December of 2018:
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.
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.
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.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef