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Gladstone Commercial (GOOD) Executes New Lease With Hub Group
Gladstone Commercial Corporation (GOOD - Free Report) is witnessing solid demand for its properties from existing as well as new tenants. Recently, the company clinched a 7-year, 2-month lease with Hub Group, Inc.
The 966,753-square-foot industrial building is located in Taylor, PA. The lease for the property, which was purchased by Gladstone Commercial in 2014, will commence on Jul 1, 2024.
Based in Oak Brook, IL, Hub Group is a leading third-party logistics provider. The company provides transportation and logistics services, including intermodal, truckload, less-than-truckload, flatbed, temperature-controlled, dedicated and regional trucking.
Per Buzz Cooper, president of Gladstone Commercial, "This new lease demonstrates the quality of our industrial portfolio and continued tenant demand for this type of space. We are pleased to maintain full occupancy at the property with no downtime."
Gladstone Commercial has been witnessing healthy leasing activity, aiding solid occupancy and healthy rental collections. The company collected 100% of cash rent during January, February and March 2024. Subsequent to the quarter end, it also collected 100% of cash rent due in April. Gladstone Commercial also renewed or newly leased 740,948 square feet with remaining lease terms ranging from 1.0 to 11.0 years at three of its properties.
Shares of this Zacks Rank #3 (Hold) company have gained 3.5% in the past three months against the industry’s decline of 3.4%.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the broader REIT sector are Paramount Group (PGRE - Free Report) and Lamar Advertising (LAMR), each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for PGRE’s 2024 FFO per share has increased 5.5% upward over the past month to 77 cents.
The Zacks Consensus Estimate for LAMR’s current-year FFO per share has moved 3.7% northward in the past two months to $8.03.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.