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Gladstone Commercial Corporation GOOD is witnessing robust demand for its properties from existing as well as new tenants. The company recently clinched a 12.5-year lease for an industrial property, with Lyseon North America, Inc.
The 238,312-square-foot industrial facility is located at 1110 Tenkiller Road at The Tulsa Port of Catoosa, outside of Tulsa, OK. The lease will commence through Dec 31, 2033.
Lyseon, a wholly-owned subsidiary of Topia Co., LTD, will use the facility for manufacturing in support of the contract with Navistar's subsidiary IC bus, which recently announced a 20-year commitment to Tulsa.
Apart from this, Gladstone Commercial has clinched a six-year lease extension with Yanfeng US Automotive Interior Systems LLC at an industrial property in Monroe, MI, a suburb of Detroit. The move is likely to help the company secure steady cash flows from the property. It will receive more than $10 million in contractual rental revenues during the extension term.
Gladstone Commercial focuses on achieving growth on buyouts of high-quality industrial assets in the thriving markets with creditworthy tenants. As part of such measures, Gladstone Commercial has also acquired a 25,200-square-foot industrial service facility in Baytown for $8.125 million.
Moreover, Gladstone Commercial’s rent collections have been healthy. In its recent business update, the company noted that approximately 100% of the June cash base rents have been paid and collected. Also, as of Jun 30, 2021, portfolio occupancy is in excess of 95%.
Gladstone Commercial currently carries a Zacks Rank #3 (Hold). The stock has gained 25.1%, outperforming its industry’s rally of 23.3% in the past six months.
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Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs
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MackCali Realty Corporation (CLI) : Free Stock Analysis Report
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