Gladstone Commercial Corporation Announces 278,020 SF Lease Extension in Duncan, SC
MCLEAN, Va., Oct. 29, 2015 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial") announced today that it has executed a lease extension with AFL Telecommunications LLC ("AFL") for its 278,020 square foot Duncan, South Carolina office and industrial campus, extending the lease expiration through July 2028. This lease extension will increase the property's existing straight-line rent. AFL manufactures, engineers, and installs fiber optic products for regional and long distance telephone carriers, electric utilities, cable television operators, and wireless service providers.
"We are excited that AFL has made a long-term commitment to growing its business at our campus. This extension will maintain the campus' 100% occupancy through July 2028 while increasing our straight-line rent," said Buzz Cooper, Senior Managing Director of Gladstone Commercial.
Bob Cutlip, Gladstone Commercial's President, added, "I am proud of our team's proactive leasing efforts this year. Today's announcement brings total year-to-date 2015 leasing volume to over 547,000 square feet and maintains a high portfolio occupancy rate of 97.9%."
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 102 properties located in 24 states, totaling approximately 11.2 million square feet. For additional information please visit www.gladstonecommercial.com.
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, 2014, as filed with the SEC on February 18, 2015 and the Company's Form 10-Q for the quarter ended June 30, 2015, as filed with the SEC on August 3, 2015. 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.
CONTACT: For Broker Submittals: South/Southwest: Buzz Cooper Senior Managing Director (703) 287-5830 Buzz.Cooper@gladstonecompanies.com Midwest/Northeast: Matt Tucker Managing Director (703) 287-5815 Matt.Tucker@gladstonecompanies.com West: Andrew White Managing Director (310) 953-4960 Andrew.White@gladstonecompanies.com Tennessee/Kentucky: Brandon Flickinger Director (703) 287-5819 Brandon.Flickinger@gladstonecompanies.com Investor or Media Inquiries: Bob Cutlip President - Gladstone Commercial Corporation (703) 287-5878 Bob.Cutlip@gladstonecompanies.com