MCLEAN, VA - Gladstone Commercial (NASDAQ:GOOD) Corporation (NASDAQ:GOOD), a real estate investment trust (REIT) specializing in net leased industrial and office properties, announced the upcoming retirement of Terry Lee Brubaker, the company’s Chief Operating Officer. Brubaker will step down from his roles at the company and its affiliates on December 2, 2024.
Brubaker's retirement also includes his departure as director and executive officer of Gladstone Management Corporation, the investment adviser to the company, and as a member of the board of managers and an executive officer of Gladstone Administration, LLC, the company's administrator.
Michael LiCalsi, who currently serves as the Company’s General Counsel and Secretary, as well as Gladstone Administration's President, General Counsel, and Secretary, will undertake additional operational duties following Brubaker's retirement. Meanwhile, Gladstone Management will begin a nationwide search for a Chief Investment Officer to assume Brubaker's investment committee responsibilities.
David Gladstone, the Chairman and Chief Executive Officer of Gladstone Commercial Corporation, acknowledged Brubaker's significant contributions to the company since its inception, highlighting his role in the company's growth and his dedication to the funds and shareholders.
Gladstone Commercial's portfolio includes 135 properties across 27 states, comprising approximately 16.8 million square feet as of September 30, 2024. The company focuses on acquiring and managing properties leased to tenants in industries such as manufacturing, technology, and professional services.
The news of Brubaker's retirement is based on a press release statement from the company. For further investor relations inquiries, Gladstone Commercial Corporation has directed to its website and provided a contact number.
In other recent news, Gladstone Commercial Corporation has reported a growth trajectory in its third quarter earnings call of 2024, despite market challenges. Amidst a backdrop of a Federal Reserve rate cut and a robust job market, the company noted an increase in funds from operations (FFO) and core FFO per share, as well as a rise in total operating revenues compared to the previous year. Furthermore, Gladstone Commercial increased its industrial asset concentration to 63% and decreased office assets to 33%, with plans to reach over 70% industrial asset concentration within the next year.
The company's liquidity position stands strong at $80.7 million, with intentions for continued acquisitions. In recent developments, Gladstone acquired an industrial asset in Texas and sold two medical office properties in Georgia. Despite inflation concerns potentially delaying further rate cuts and a challenging competitive landscape for acquisitions, the company remains optimistic about the acquisition market and strong credit tenants.
Management addressed a $2 million settlement revenue and the timing of property sales during the Q&A session of the earnings call, and also discussed the potential for cap rate decreases with potential interest rate declines. These recent developments underscore Gladstone Commercial's strategic focus on industrial assets and a solid financial standing.
InvestingPro Insights
As Gladstone Commercial Corporation (NASDAQ:GOOD) prepares for a leadership transition with Terry Lee Brubaker's retirement, investors may find additional context from recent financial data and expert insights.
According to InvestingPro data, Gladstone Commercial currently boasts a market capitalization of $741.36 million USD. The company's dividend yield stands at an impressive 7.15%, which aligns with its reputation as a REIT focused on delivering shareholder value. This high yield is particularly noteworthy given the current market conditions and may be attractive to income-seeking investors.
InvestingPro Tips highlight that Gladstone Commercial has maintained dividend payments for 22 consecutive years, underscoring the company's commitment to shareholder returns even as it navigates leadership changes. This consistent dividend history could provide reassurance to investors concerned about the impact of Brubaker's departure.
Additionally, the company's stock has shown strong performance recently, with a 16.04% price total return over the last three months. This positive momentum, coupled with the fact that the stock is trading near its 52-week high (96.18% of the high), suggests that the market has confidence in Gladstone Commercial's future prospects despite the upcoming executive transition.
For investors seeking a deeper understanding of Gladstone Commercial's valuation and potential, InvestingPro offers 13 additional tips that could provide valuable insights into the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.