MCLEAN, Va., March 31, 2014 /PRNewswire/ -- Gladstone
Commercial Corporation (NASDAQ: GOOD) (the "Company") reported
today that it amended its line of credit to extend the maturity
date 12 months to August 7, 2017.
Other modifications include changes to the calculation of the
consolidated total asset value and unencumbered asset value to
reduce the capitalization rate used in the calculation from 8.75%
to 8.50% and also to include acquisitions at cost for 12 months
versus 6 months. Additionally, the applicable margins for the LIBOR
and base rate loans were reduced by 25 basis points at each pricing
level.
As a result of the modifications, the availability under the
line of credit increased by $1.6
million.
"The amendment to our line of credit both increases our overall
availability and reduces our borrowing costs. It also extends the
maturity date another year, so it positions us well for growth in
2014 and beyond," said Bob Cutlip,
President of the Company.
Gladstone Commercial's real estate portfolio consists of 89
properties located in 22 states, totaling approximately 9.3 million
square feet.
Gladstone Commercial Corporation is a real estate investment
trust (REIT) that invests in and owns net leased industrial,
commercial and retail real property. Additional information can be
found at www.gladstonecompanies.com.
For Investor Relations inquiries related to any of the monthly
dividend paying Gladstone funds,
please visit www.gladstone.com.
Forward Looking Statement:
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, 2013, as
filed with the SEC on February 18,
2014. 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.
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SOURCE Gladstone Commercial Corporation