Gladstone Commercial Sells Medical Offices in Georgia

MCLEAN, VA – On August 7, 2024, Gladstone Commercial Corporation (Nasdaq: GOOD) announced the successful sale of two medical office properties in the Atlanta metropolitan area, leased to Northside Hospital. The properties, totaling 26,331 square feet, were sold at a capitalization rate of 5.97%. This transaction is part of Gladstone's strategy to optimize its portfolio, having originally acquired these assets in a larger 2007 deal. The sale yielded a leveraged internal rate of return of approximately 13.2%, highlighting the company's ability to generate significant returns from its investments. Todd Alan McDonald, Senior Vice President of Gladstone Commercial, emphasized the strategic nature of the sale, stating that the capital will be reinvested into the industrial sector, aligning with the company's goal of increasing its industrial asset concentration while enhancing yield. Perry Finney, another Senior Vice President at Gladstone, praised the long-standing partnership with Northside Hospital, indicating that the sale represents a positive outcome for the company's legacy portfolio. Buzz Cooper, President of Gladstone Commercial, reiterated the importance of this transaction in reinforcing the company's shift towards industrial investments. The announcement also included a cautionary note regarding forward-looking statements, advising stakeholders to consider the inherent risks and uncertainties associated with such projections. Gladstone Commercial encourages interested parties to review their Annual Report and other SEC filings for detailed risk factors. For further inquiries, the company directs individuals to their official website.