MCLEAN, Va., June 30, 2015 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ:GOOD) (the "Company") announces that it executed a lease amendment at its property located at 208 South Rogers Lane in Raleigh, North Carolina with its existing tenant, Elster Solutions, LLC ("Elster") to extend its lease for 100% of the property through July 31, 2020. Elster is a global provider of gas, electricity and water meters and related communications, networking and software solutions. The Company acquired the 58,916 square foot office building, which serves as Elster's U.S. headquarters, in December 2003.
The Company also announces that it executed a new lease at its property located at 12000 Portland Avenue in Burnsville, Minnesota with its existing tenant, Bosch Security Systems, Inc. ("Bosch") for 73,960 square feet through January 31, 2023. Bosch is a supplier of equipment for the global electronic protection and communications systems industries. The Company acquired the 115,500 square foot office building in March 2006. Bosch or one of its predecessor companies has had a presence in the building since it was constructed in 1984.
"The lease renewals with Elster and Bosch validate our investment thesis to acquire properties that are mission critical facilities located in strong secondary markets, such as Raleigh and the Twin Cities," said Bob Cutlip, President of the Company. "These leases highlight our team's focus of maintaining relationships with our high quality tenants."
Gladstone Commercial's real estate portfolio consists of 100 properties located in 24 states, totaling approximately 11.0 million square feet.
For more information regarding Gladstone Commercial's activity in the South and Southeast, please contact Buzz Cooper at buzz.cooper@gladstonecompanies.com. For more information regarding Gladstone Commercial's activity in the Northeast and Midwest, please contact Matt Tucker at matt.tucker@gladstonecompanies.com.
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.gladstonecommercial.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, 2014, as filed with the SEC on February 18, 2015. 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.
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.