Gladstone Commercial Corp (NASDAQ:GOOD), a real estate investment trust with a market capitalization of $766 million, has disclosed the resignation of board member Paul W. Adelgren, effective December 15, 2024. The announcement was made in a recent 8-K filing with the Securities and Exchange Commission, providing formal notice of the change in the company's directorship.
Adelgren's departure from the board was communicated to the company on December 3, 2024, and is set to take place later in the month. The reasons for the resignation were not detailed in the filing. Gladstone Commercial, a real estate investment trust (REIT) that focuses on leasing industrial and office properties, has not yet announced a successor or provided information on how the vacancy on the board will be filled.
Gladstone Commercial, headquartered in McLean, Virginia, is incorporated in Maryland and has been listed on the Nasdaq Stock Market under the ticker symbol GOOD. The company has maintained dividend payments for 22 consecutive years, currently offering a substantial 6.92% dividend yield.
The company also has preferred stocks listed, including Series E and G Cumulative Redeemable Preferred Stock, trading under the symbols GOODN and GOODO, respectively. InvestingPro subscribers can access 10+ additional key insights about Gladstone Commercial's financial performance and valuation metrics.
Investors and market watchers will be looking to see how the company addresses the gap left by Adelgren's departure and whether this will signal any strategic shifts within the firm's governance structure. The stock has shown strong momentum, posting a 41.31% return year-to-date and trading near its 52-week high of $17.88.
In other recent news, Gladstone Commercial Corporation's Q3 2024 performance showed resilience amidst economic shifts. The real estate investment trust reported a rise in its funds from operations (FFO) per share, which climbed to $0.38 from $0.33 in Q3 2023. Core FFO per share also increased to $0.38 from $0.34 year-over-year. Operating revenues saw an uptick, reaching $39.2 million, up from $36.5 million in the previous year.
Gladstone's strategic focus on industrial real estate resulted in a 63% concentration in its portfolio, a figure the company aims to increase to over 70% in the next 12 months. This shift was marked by the acquisition of an industrial asset in Midland, Texas for $10 million and the sale of two medical office assets in Georgia. The firm's liquidity position remained robust at $80.7 million, with $70.2 million available under its credit facility.
According to President Buzz Cooper, Gladstone's proactive tenant engagement and industrial acquisition strategy are key elements of the firm's ongoing success. The company is actively seeking deal opportunities, with a focus on disposing of non-core office assets and expanding its industrial holdings.
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