Gladstone Commercial Corporation (NasdaqGS:GOOD) is looking for acquisitions. Arthur Cooper President said during the Second Quarter Earnings Call, "As it relates to our acquisition opportunities, we continue to see a reduction in sales listing activity, primarily from third-party leases. And investment sales brokers are indicating that the number of acquisition candidates on a per-property basis has been reduced.
We have seen cap rate expansion in the market due to the continued rise in interest rates and cost of debt and new sponsors exploring sale-leaseback transactions. Our current pipeline of acquisition candidates is approximately $408 million in volume, representing 25 properties. Of the 25 properties, 2 have LOIs out for consideration and the balance are under review.
Our team is staying actively engaged in our markets, and we believe acquisition opportunities will continue to rise as we can -- that we can and will pursue. So in summary, our second quarter activities reflected continued strong leasing and rental collection success, continued active engagements to identify industrial acquisition opportunities and have collectively positioned us well to pursue growth opportunities".
Gladstone Commercial Corporation is a real estate investment trust (REIT). The Company is focused on acquiring, owning, and managing primarily industrial and office properties. The Company conducts its operations through a subsidiary, Gladstone Commercial Limited Partnership (Operating Partnership). It owns 134 properties totaling 16.9 million square feet of rentable space, located in 27 states. The Companyâs properties are geographically diversified, and its tenants cover a broad cross section of business sectors and range in size from small to large private and public companies. The Company's properties are located in various states of the United States, such as Texas, Florida, Pennsylvania, Ohio, Georgia, North Carolina, Alabama, New Jersey, Michigan and South Carolina. The Company's properties have tenants from various industries, such as telecommunications, diversified/conglomerate services, healthcare, automotive, banking, diversified/conglomerate manufacturing, and others.
GLADSTONE COMMERCIAL CORPORATION 
