Business Context and Reporting Period
This Form 8-K was filed by Gladstone Commercial Corporation on September 16, 2004, reporting a material event under Item 8.01 (Other Events). The Company, a real estate investment trust, operates through its operating partnership, Gladstone Commercial Limited Partnership.
Key Financial Metrics
The filing details a specific capital expenditure rather than periodic financial performance metrics such as revenue or net income.
- Acquisition Cost: Approximately $7.8 million in cash (including transaction costs).
- Property Size: 51,933 square feet.
- Occupancy: 100% (single tenant, fully occupied at purchase).
- Funding Source: Proceeds from the Company's 2003 initial public offering.
Material Changes
The Company expanded its portfolio by acquiring a flexible office building located at 9100 Highway 290 East in Austin, Texas. The transaction involved the assignment of an existing lease to the Company. No comparative financial data or changes in debt levels are provided in this specific filing.
Outlook and Management Commentary
The filing contains no forward-looking guidance, management commentary on future strategy, or discussion of risks and contingencies beyond the description of the acquisition. The transaction was executed using existing cash reserves from the prior IPO.
Investor Verification Checklist
- Verify the lease terms and expiration date for the single tenant at the Austin property.
- Confirm the remaining cash balance from the 2003 IPO after this $7.8 million expenditure.
- Review subsequent filings for the impact of this acquisition on the Company's overall portfolio yield and debt-to-equity ratio.