MCLEAN, Va., Dec. 16, 2010 /PRNewswire/ -- In respect of the
impending dates after which shares of 7.75% Series A Cumulative
Redeemable Preferred Stock (Nasdaq: GOODP) (the "Class A
Preferred") and 7.50% Series B Cumulative Redeemable Preferred
Stock (Nasdaq: GOODO) (the "Class B Preferred") of Gladstone
Commercial Corporation (Nasdaq: GOOD) (the "Company") may be
redeemed, the Company hereby announces that its investment adviser,
Gladstone Management Corporation (the "Adviser"), has recommended
to the board of directors of the Company (the "Board") that the
Board not redeem shares of either the Class A Preferred or the
Class B Preferred at this time. The Adviser's recommendation
is not binding upon the Board. Should the Board decide to
redeem any shares of Class A Preferred or Class B Preferred, the
Company will publicly announce any such intention to redeem and
will provide notice as called for in the Company's charter.
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Summary of Redemption Terms of the Class A Preferred and Class B
Preferred
According to the terms of the Class A Preferred, the stock is
not redeemable prior to January 30,
2011. On and after January 30,
2011, the Company, at its sole option upon providing not
less than 30 nor more than 60 days' written notice, may redeem
shares of the Series A Preferred, in whole or in part, for cash at
a redemption price of $25.00 per
share, plus all accumulated and unpaid dividends, without
interest.
According to the terms of the Class B Preferred, the stock is
not redeemable prior to October 31,
2011. On and after October 31,
2011, the Company, at its sole option upon providing not
less than 30 nor more than 60 days' written notice, may redeem
shares of the Series A Preferred, in whole or in part, for cash at
a redemption price of $25.00 per
share, plus all accumulated and unpaid dividends, without
interest.
Gladstone Commercial Corporation is a publicly-traded real
estate investment trust that focuses on investing in and owning
triple-net leased industrial and commercial real estate properties
and selectively making long-term mortgage loans. To sign up
to receive notifications about Gladstone Commercial or its
affiliated companies, please visit http://www.gladstone.com.
For further information contact Investor Relations at
703-287-5893.
All statements contained in this press release, other than
historical facts, may constitute "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Words such as "anticipates," "expects," "intends,"
"plans," "believes," "seeks," "estimates" and variations of these
words and similar expressions are intended to identify
forward-looking statements. Readers should not rely upon
forward-looking statements because the matters they describe are
subject to known and unknown risks and uncertainties that could
cause the Company's business, financial condition, liquidity,
results of operations, funds from operations or prospects to differ
materially from those expressed in or implied by such statements.
Such risks and uncertainties are disclosed under the caption "Risk
Factors" of the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2009, as
filed with the SEC on February 24,
2010, and our Quarterly Report on Form 10-Q, as filed with
the SEC on May 3, 2010 and
November 1, 2010. The
Company cautions readers not to place undue reliance on any such
forward-looking statements which speak only as of the date
made. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
SOURCE Gladstone Commercial Corporation
