Gladstone Commercial Corporation Announces Property Acquisition in Columbus, GA
MCLEAN, Va., June 25, 2012 /PRNewswire/ -- Gladstone Commercial Corporation (NASDAQ: GOOD) (the "Company") reported today that it purchased a recently constructed 32,000 square foot state-of-the-art office and classroom facility located in Columbus, GA for $7.3 million. The building is fully leased to the University of Phoenix and fully guaranteed by Apollo Group, Inc., its publicly traded parent company.
Apollo Group, Inc. is one of the world's largest private education providers and has been in the education business for more than 35 years. Apollo offers innovative and distinctive educational programs and services both online and on-campus at the undergraduate, master's and doctoral levels. The Property was selected by University of Phoenix to accommodate additional capacity not available at its previous location in the same market. University of Phoenix student enrollment includes a mix of both on-campus and online classroom environments.
"This acquisition adds another first rate tenant and high value property to our existing portfolio," said Buzz Cooper, the Managing Director responsible for the transaction.
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 76 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 and 4 consecutive monthly cash distributions on its Series C preferred 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.
SOURCE Gladstone Commercial Corporation