Business Context and Reporting Period
Company: Gladstone Commercial Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: October 15, 2004
Event: Completion of Acquisition of Assets (Item 2.01)
Key Financial Metrics
Transaction Value: Approximately $12.8 million in cash (including transaction costs).
Funding Source: Proceeds from the Company's initial public offering in 2003.
Asset Details: Acquisition of four single-tenant industrial buildings fully occupied at the time of purchase.
- 13 Industrial Park Dr., Mt. Pocono, PA (223,275 sq. ft.)
- 3701 E. Virginia Beach Blvd., Norfolk, VA (25,797 sq. ft.)
- 290 Guthrie Ave., Montreal, QC (42,490 sq. ft.)
- 855 Industriel Blvd., Granby, QC (99,981 sq. ft.)
Other Metrics: The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity ratios for the reporting period.
Material Changes
The Company expanded its real estate portfolio by acquiring four industrial properties from a single seller. All properties were fully occupied with existing leases assigned to the Company upon purchase. This represents a deployment of capital from prior IPO proceeds rather than new debt issuance or equity offering.
Guidance, Outlook, and Risks
Financial Statements: Required financial statements of the acquired business and pro forma financial information are not included in this filing. They will be filed by amendment within 71 days of this Form 8-K.
Management Commentary: No specific outlook or guidance was provided in this document beyond the execution of the acquisition.
Risks: No specific risks or contingencies were detailed in this filing text.
Investor Verification Checklist
- Verify the specific lease terms and expiration dates for the four acquired properties.
- Review the upcoming amendment (within 71 days) for the financial statements of the acquired business and pro forma financial information.
- Confirm the remaining cash balance from the 2003 IPO proceeds following this $12.8 million expenditure.
- Assess the impact of the new assets on the Company's overall portfolio diversification and geographic exposure (US vs. Canada).