Supplemental Financial & Operating Information
for the Quarter Ended September 30, 2021
Legal disclaimer
Forward-LookingStatements:This presentation may include forward-looking statements within the meaning of the Securities Act of 1933 or the Securities Exchange Act of 1934. Forward-looking statements are typically identified by words such as "estimate," "may," "might," "believe," "will," "provided," "anticipate," "future," "could," "growth," "plan," "project," "intend," "expect," "should," "would," "if," "seek," "possible," "potential," "likely" or the negative or variations of such terms or comparable terminology. These forward-looking statements include comments with respect to our objectives and strategies, and the future results of our operations and our business. By their nature, these forward-looking statements involve numerous assumptions, uncertainties and descriptions of opportunities, both general and specific. The risk exists that these statements may not be fulfilled. We caution readers of this presentation not to place undue reliance on these forward-looking statements as a number of factors could cause our future results to differ materially from these statements. Any results or performance implied by forward-looking statements may be influenced by certain factors including, but not limited to, fluctuations in interest rates and stock indices, the effects of competition in the areas in which we operate, the overall impact of the COVID-19 pandemic and other health emergencies, and changes in economic, political, regulatory and technological conditions as well as those factors delineated under the caption "Risk Factors" in our Forms 10-Q and Form 10-K, and other documents we file with the SEC from time to time. Therefore, we caution that the foregoing list is not exhaustive. Investors should not rely on forward-looking statements to make decisions and should carefully consider the aforementioned factors as well as other uncertainties and events. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the SEC, including subsequent annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Past or Present Performance Disclaimer:This presentation includes information regarding past or present performance of the Company. Please note, past or present performance is not a guarantee of future performance or future results.
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Table of contents
About Gladstone Commercial | |
Corporate overview | 4 |
Portfolio and financial overview | 5 |
Q3 2021 highlights (unaudited) | 6 |
Financial overview | |
Condensed consolidated statements of operations | 8 |
Funds from Operations (FFO) and core FFO | 9 |
Condensed consolidated balance sheets | 10 |
Capital structure | 11 |
Liquidity and debt overview | 12 |
Debt summary | 13 |
Select corporate covenants | 14 |
Portfolio Overview | |
Portfolio overview | 16-19 |
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Corporate overview
Part of a two office building portfolio located in an Orlando, Florida
submarket
Corporate Headquarters | Investor Relations |
1521 Westbranch Drive | 703-287-5893 |
Suite 100 | commercial@gladstonecompanies.com |
McLean, VA 22102 | |
703-287-5800 | |
www.gladstonecommercial.com |
About Gladstone Commercial
Gladstone Commercial (Nasdaq: GOOD) is an established real estate investment trust (REIT) that invests in single tenant and anchored multi-tenant net leased assets. As of September 30, 2021, we owned approximately 15.7 million square feet of primarily office and industrial real estate nationwide. We partner with a variety of tenants-from middle market private businesses to investment grade rated companies. We acquire properties through third party purchases, sale leaseback transactions, and by partnering with developers in build-to-suit transactions.
As of September 30, 2021, total assets were approximately $1.1 billion, representing investments in 127 properties. Our properties are leased to 109 tenants who represent 19 diversified industries across 27 states.
At September 30, 2021, our leases had an average remaining term of 7.3 years. In addition, approximately 56% of our tenants have an investment grade or investment grade equivalent credit rating.
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Portfolio and financial overview
Portfolio data1
Total assets ($mm) | $ 1,105 |
Properties | 127 |
Tenants | 109 |
Industries | 19 |
States | 27 |
Average remaining lease term (years) | 7.3 |
Occupancy | 97.7 % |
Square footage owned (mm) | 15.7 |
Capitalization ($mm)1
Common equity market capitalization2 | $ | 787 |
Preferred equity | 185 | |
Net total debt | 674 | |
Total capitalization | $ | 1,646 |
Less: Cash and cash equivalents | (10) | |
Total enterprise value | $ | 1,636 |
Net total debt / enterprise value | 40.6% | |
Net total debt + preferred / enterprise value | 51.9% | |
Net total debt / gross assets | 44.8% |
Top 5 tenants1 | % of annualized | % of SF |
straight line rent | ||
4% | 1% | |
3% | 1% | |
3% | 6% | |
3% | 1% | |
2% | 1% | |
Top 5 Tenants total | 15% | 10% |
Top 5 Tenants average remaining lease term | 4.3 years | |
Portfolio average remaining lease term | 7.3 years |
Corporate liquidity ($mm)1
Cash and Cash Equivalents | $ | 10.2 |
Availability Under Revolving Credit Facility3 | 26.1 | |
Total | $ | 36.3 |
- As of 9/30/2021.
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Based on the closing common stock price per share on September 30, 2021 of $21.03. Includes OP units and senior common shares convertible into shares of common stock.
3 As of November 1, 2021, approximately $28.2 million is available under the Company's revolving credit facility.
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Gladstone Commercial Corporation published this content on 01 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2021 20:16:26 UTC.