Business Context and Reporting Period
This Form 8-K was filed by Gladstone Commercial Corporation on May 18, 2005. The report details the completion of an asset acquisition by the Company's operating partnership, Gladstone Commercial Limited Partnership.
Key Financial Metrics
- Acquisition Cost: Approximately $13.4 million in cash, including transaction costs.
- Asset Details: A 69,287 square foot office building located at 2525 North Woodlawn Avenue, Wichita, Kansas.
- Occupancy: 100% occupied at the time of purchase under a single-tenant lease.
- Financing: The purchase was funded entirely through borrowings from the Company's line of credit.
- Revenue/Profit/Cash Flow: The filing text does not provide specific revenue, profit, or cash flow figures for the period.
Material Changes
The primary material change is the addition of a new commercial real estate asset to the Company's portfolio. The Company acquired the Wichita office building and assumed the existing lease agreement. No other material changes to financial position or operations are disclosed in this specific report.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future outlook, or specific risk factors related to this transaction. The report notes that required financial statements of the business acquired and pro forma financial information will be filed by amendment within 71 days of this report.
Investor Verification Checklist
- Verify the terms of the assigned lease, including duration and rental rate, to assess the property's yield.
- Review the upcoming amendment (due within 71 days) for the acquired property's historical financial statements.
- Confirm the impact of the new debt on the Company's overall leverage ratios and liquidity position.
- Check the pro forma financial information once filed to understand the accretive or dilutive effect of the acquisition.