Gladstone Commercial price target raised to $15 from $13.50 at B. Riley

B. Riley analyst John Massocca raised the firm’s price target on Gladstone Commercial to $15 from $13.50 and keeps a Neutral rating on the shares. Gladstone seems to have continued to actively manage its portfolio in Q3, primarily through sustained leasing activity, building on Q2’s robust 2.4M square feet of leasing with an additional 222.5K square feet of lease renewals and extensions announced so far, the analyst tells investors in a research note. Year-to-date, the still-elevated interest rate environment seems to have limited the scale of Gladstone’s capital recycling, and the firm believes the REIT’s office exposure remains close to the 34% of annualized base rent it was at the end of Q2.