Gladstone Commercial launches direct placement of additional 7% cumulative redeemable preferreds

By Stephanie N. Rotondo

Seattle, Aug. 1 – Gladstone Commercial Corp. is selling additional 7% series D cumulative redeemable preferred stock (Nasdaq: GOODM) via a registered direct placement, the company said in a press release on Monday.

CSCA Capital Advisors LLC is the placement agent.

Dividends will be declared quarterly and payable monthly. The preferreds become redeemable May 25, 2021 at par plus accrued dividends.

There is also a change-of-control feature.

As previously reported, Gladstone entered a $50 million at-the-market offering in June with Cantor Fitzgerald & Co. as sale agent for 7% series D cumulative redeemable preferreds.

The McLean, Va.-based real estate investment trust plans to pay down debt, to invest in additional net leased real properties in accordance with investment objectives and to pay real estate acquisition expenses, to make or invest in mortgage loans in accordance with investment objectives and for other general corporate purposes.

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