Gladstone Commercial Corporation Announces Property Acquisition in Ottumwa, IA
MCLEAN, Va., June 4, 2012 /PRNewswire/ -- Gladstone Commercial Corporation (NASDAQ: GOOD) (the "Company") reported today that it purchased a 352,860 square foot bottling plant in Ottumwa, IA for $7.1 million. The building is leased on a long-term basis to The American Bottling Company ("ABC"), the largest operating subsidiary of Dr Pepper Snapple Group, Inc. (NYSE: DPS) which has also guaranteed the lease.
ABC is responsible for bottling and distribution of carbonated and non-carbonated brands throughout the United States for Dr Pepper Snapple Group. Dr Pepper Snapple Group is a leading producer of flavored beverages in North America and the Caribbean with brands including Dr Pepper, 7UP, A&W, Snapple and Hawaiian Punch.
"We are excited to add another mission critical facility leased to a strong tenant like ABC to our portfolio," said Buzz Cooper, the Managing Director responsible for the transaction.
"This acquisition continues our growth in 2012 and adds another high quality tenant and valuable real estate property to our portfolio," said Chip Stelljes, the Company's Co-Vice Chairman and Chief Investment Officer.
Gladstone Commercial Corporation is a real estate investment trust ("REIT") that invests in and owns net leased industrial, commercial and retail real property and selectively makes long-term industrial and commercial mortgage loans. The Company currently owns 74 properties. Including payments through May 2012, the Company has paid 89 consecutive monthly cash distributions on its common stock. Prior to paying distributions on a monthly basis, the Company paid five consecutive quarterly cash distributions. The Company has paid 77 consecutive monthly cash distributions on its Series A preferred stock, 68 consecutive monthly cash distributions on its Series B preferred stock and 25 consecutive monthly cash distributions on its Senior Common Stock. The Company has never skipped, reduced or deferred a monthly distribution since inception, over eight years ago. 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.
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, 2011, as filed with the SEC on February 28, 2012. 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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