PreferredStockChannel
Gladstone Commercial Corp | 7.125% Series C Cumulative Term Preferred Stock (GOODN)

Prospectus excerpt:  We are offering 1,400,000 shares of our 7.125% Series C Cumulative Term Preferred Stock, par value $0.001 per share, or the Series C Term Preferred Stock. No public market currently exists for the Series C Term Preferred Stock. We have applied to list the Series C Term Preferred Stock on The NASDAQ Global Select Market under the symbol “GOODN.”

Dividends on the Series C Term Preferred Stock will be cumulative from, but excluding, the date of original issue and payable monthly in arrears, beginning on February 29, 2012, at an annual rate of 7.125% of the liquidation preference, or $1.7813 per share, of Series C Term Preferred Stock.

Generally, we may not redeem shares of the Series C Term Preferred Stock prior to January 31, 2016, except in limited circumstances to preserve our status as a real estate investment trust, or REIT. On or after January 31, 2016, we may redeem the shares at a redemption price of $25 per share of Series C Term Preferred Stock, plus any accumulated and unpaid dividends to and including the date of redemption. The shares of Series C Term Preferred Stock have a maturity and mandatory redemption date of January 31, 2017. If a Change of Control Triggering Event, as described herein, occurs, unless we have exercised our option to redeem the Series C Term Preferred Stock, holders of the Series C Term Preferred Stock may require us to redeem the Series C Term Preferred Stock at the price described in this prospectus supplement under “Description of the Series C Term Preferred Stock—Redemption—Change of Control.”

Full Prospectus PDF », GOOD Page »

Series:C
Redeemable?:Yes
Call Date:1/31/2016 (Now Trading Post Call Date)
Maturity Date:1/31/2017
Cumulative?:Yes
Shares Offered:1,400,000
Overallotment:210,000
Liquidation Preference:$25
Recent Market Price:$26.10
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$1.10 (4.40%)
Annualized Dividend:1.656252
Recent Ex-Date:11/18/2019
Current Yield:6.35%
Original Coupon:7.13%
Pay Period:Monthly
Gladstone Commercial is a holding company, engaged in a real estate investment trust. Co. focuses on acquiring, owning, and managing primarily office and industrial properties. On a selective basis, Co. may make long term industrial and office mortgage loans. Co.'s properties are geographically diversified and its tenants cover a range of business sectors and size from small to large private and public companies. Co. conducts substantially all of its business activities through an Umbrella Partnership Real Estate Investment Trust structure, by which all of Co.'s properties are held, directly or indirectly, by Gladstone Commercial Limited Partnership.

Preferreds: GOODP, GOODN, GOODO


Open the GOOD Information Page »
Name: 
Gladstone Commercial Corp
Website: 
www.GladstoneCommercial.com
Sector: 
REITs
Number of ETFs Holding GOOD: 
22 (see which ones)
Total Market Value Held by ETFs: 
$92,755,204
Total Market Capitalization: 
$714,000,000
% of Market Cap. Held by ETFs: 
12.99%

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