Gladstone Commercial Corp. / GOOD
About Gladstone Commercial Corp.
1521 Westbranch Dr., Suite 200, McLean, Va. 22102
www.gladstonecommercial.com
| 703-287-5800
| Founded: 2003
Industry: Real Estate | Category: Top 100 Companies
In 2006, Gladstone bought nine properties for a total of $78.5 million. It sold two, earning about $1.1 million after taxes on the transactions. In August, Gladstone foreclosed on an industrial property it owned in Sterling Heights, Mich., and took possession of the property for $11.3 million. It found a new tenant for the property and executed a 10-year lease, providing for $1.1 million in annual rents.
Overall, Gladstone Commercial also expanded its portfolio of properties in 2006. At the end of the year, it owned 38 properties, totaling 4.6 million square feet of space, where companies made such varied products as steel wool, luggage and paper products. At the end of 2005, it owned 30, totaling 3.3 million square feet of space.
2007 Financial Data
Total employees: None | Local employees: NoneDid You Know
Gladstone Commercial Corp. operates as a real estate investment trust, investing in and owning industrial and commercial properties occupied by other businesses. The companies obtain tax and financial advantages by selling their properties to Gladstone, and they operate under so-called triple-net leases in which they are responsible for paying for their own insurance, maintenance and property taxes. The trust's operations, in turn, are managed by a sister firm, Gladstone Management.
