MCCLEAN, Va., Aug. 13, 2015 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ:GOOD) (the "Company") reported that it refinanced $30.4 million of mortgage debt that was set to expire in 2015, with $21.5 million of new mortgage debt. The new debt was issued by Synovus Bank at an interest rate of one-month LIBOR + 2.25%, a current rate of approximately 2.5%. The Company purchased a 3-year, 3% LIBOR cap in connection with the new loan. The maturing loans had an average interest rate of 5.3%. The new loan matures on July 1 2018, with a two-year extension option.
"We plan to take advantage of the historically low interest rate environment to realize similar interest cost savings as we refinance our maturing mortgages over the next several months," said Bob Cutlip, President of the Company.
Gladstone Commercial's real estate portfolio now consists of 101 properties located in 24 states, totaling approximately 11.1 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.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.
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