0001193125-13-129422.txt : 201303270001193125-13-129422.hdr.sgml : 2013032720130327161758ACCESSION NUMBER:0001193125-13-129422CONFORMED SUBMISSION TYPE:FWPPUBLIC DOCUMENT COUNT:7FILED AS OF DATE:20130327DATE AS OF CHANGE:20130327

SUBJECT COMPANY:

COMPANY DATA:COMPANY CONFORMED NAME:GLADSTONE COMMERCIAL CORPCENTRAL INDEX KEY:0001234006STANDARD INDUSTRIAL CLASSIFICATION:LESSORS OF REAL PROPERTY, NEC [6519]IRS NUMBER:020681276STATE OF INCORPORATION:MDFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:FWPSEC ACT:1934 ActSEC FILE NUMBER:333-169290FILM NUMBER:13720224

BUSINESS ADDRESS:STREET 1:1521 WESTBRANCH DRIVESTREET 2:SUITE 200CITY:MCLEANSTATE:VAZIP:22102BUSINESS PHONE:703-287-5853

MAIL ADDRESS:STREET 1:1521 WESTBRANCH DRIVESTREET 2:SUITE 200CITY:MCLEANSTATE:VAZIP:22102

FILED BY:

COMPANY DATA:COMPANY CONFORMED NAME:GLADSTONE COMMERCIAL CORPCENTRAL INDEX KEY:0001234006STANDARD INDUSTRIAL CLASSIFICATION:LESSORS OF REAL PROPERTY, NEC [6519]IRS NUMBER:020681276STATE OF INCORPORATION:MDFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:FWP

BUSINESS ADDRESS:STREET 1:1521 WESTBRANCH DRIVESTREET 2:SUITE 200CITY:MCLEANSTATE:VAZIP:22102BUSINESS PHONE:703-287-5853

MAIL ADDRESS:STREET 1:1521 WESTBRANCH DRIVESTREET 2:SUITE 200CITY:MCLEANSTATE:VAZIP:22102

FWP1d508798dfwp.htmFWP

FWP

OurMission: Provide steady monthly

distributions to stoc kholders

3,000,000 shares of Senior Common

Stock at $15.00 per share 7% Annual

DistributionRate*

We are a REIT that owns commercial, industrial, office and medical properties

that are leased to single tenants on a net basis.

www.gladstonecommercial.info

RISK FACTORS: Aninvestment in shares of Senior Common Stock involves substantial risks. You should carefully consider, among

other matters, the risk factors summarized on page 5 of this brochure and delineated in the section RiskFactors of the prospectus,

prospectus supplement, amendments thereto dated May25, 2011 andMarch27, 2013 and in our most recent Annual Report on Form

10-K before deciding whether an investment inshares of Senior Common Stock is suitable for you.

Gladstone Commercial Corporation has filed a registrationstatement on Form S-3 (including a prospectus and prospectus supplement)

with the SEC for the offering towhich this material relates. Before you invest, you should read the prospectus and the prospectus supplement

in that registration statement, a copy of which should have accompanied or preceded this material, and other documentsGladstone

Commercial

has filed with the SEC for more complete information about Gladstone Commercial and this offering. You may also obtain

these documents by visiting EDGAR on the SEC website at www.sec.gov or by visiting the website for this offering at

www.gladstonecommercial.info. Alternatively, Gladstone Commercial, any underwriter or any dealer participatingin this offering will

arrange to send you the prospectus and prospectus supplement if you request it bycontacting Gladstone Securities, LLC, 1521 Westbranch

Drive, Suite 200, McLean, VA 22102; Attention: InvestorRelations or by calling 1 (703)287-5900.

This communication is neither an offer to sell nor asolicitation of an offer to buy the securities described herein. The offering to

which this communicationrelates is made only by the prospectus and prospectus supplement. This sales and advertising literature

mustbe read in conjunction with the prospectus and prospectus supplement in order to fully understand all of the implications

and risks of the offering of securities to which they relate. This material must be preceded or accompanied by a Gladstone

Commercial Corporation Prospectus and Gladstone Commercial Corporation Senior Common Stock Prospectus Supplement.

*Please note: distributions are not guaranteed.

Above: Our property in Orange City, Iowa

Aninvestment in shares of Senior Common Stock involves substantial risks. You should purchase our securities

only if you can afford a complete loss of your investment. Please read and consider the risk factors in

the prospectus supplement and prospectus before purchasing any securities. The most significant risk factors

include the following:

Risks Relating to Our Senior Common Stock and this Offering:

There is no established public trading market for shares of Senior Common Stock, and we have no plans

to list these shares on a national securities exchange.

We established the offering price of shares of Senior Common Stock on an arbitrary basis, and, as a

result, the actual value of your investment may be substantially less than what you pay.

The calculation of the Exchange Ratio could result in a deterrent to your exchanging shares of Senior

Common Stock for shares of Listed Common Stock if shares of Listed Common Stock are trading at lower

levels at the time that you desire to exchange your shares.

Your ability to redeem shares of Senior Common Stock pursuant to our share redemption program is limited

to the proceeds generated by our distribution reinvestment plan, and the share redemption program

may be amended, suspended or terminated by our Board at any time without stockholder approval.

If you do not agree with the decisions of our Board, then you will not be able to influence changes in our policies

and operations because holders of shares of Senior Common Stock will generally have no voting rights.

Our charter contains restrictions on the ownership and transfer of shares of our capital stock, and these

restrictions may inhibit your ability to sell your shares of Senior Common Stock promptly, or at all.

Our Dealer Manager is one of our affiliates, and, therefore, an investor in shares of Senior CommonStock

would not have the benefit of an independent underwriter who has performed an independent due diligence

review.

Highly leveraged tenants and borrowers may be unable to pay rent or make mortgage payments, which

could adversely affect our cash available to make distributions to holders of our Senior Common Stock.

Risks Relating to Our Company and Our Operations:

Our business strategy relies heavily on external financing, which may expose us to risks associated with

leverage such as restrictions on additional borrowing and payment of distributions to stockholders, risks

associated with balloon payments, and risk of loss of our equity upon foreclosure.

We are subject to certain risks associated with real estate ownership and lending which could reduce the

value of our investments, including but not limited to, changes in the general economic climate; changes

in local conditions such as an oversupply of space or reduction in demand for real estate; changes in

interest rates and the availability of financing; competition from other available space; and changes in

laws and governmental regulations, including those governing real estate usage, zoning and taxes.

Our properties may be subject to impairment charges, which could adversely affect our results of operations

and FFO.

Illiquidity of real estate investments may make it difficult for us to sell properties in response to market

conditions and our properties may include special use and single or multi-tenant properties that may be

difficult to sell or re-lease upon tenant defaults or early lease terminations which could harm our financial

condition and ability to make distributions.

Our real estate investments have a limited number of tenants, many of which are small- and medium-sized

businesses, and are concentrated in a limited number of industries, which subjects us to an increased risk

of significant loss if any one of these tenants is unable to pay or if particular industries experience

downturns.

We may be unable to renew leases, lease vacant space or re-lease space as leases expire, which could

adversely affect our business and our ability to make distributions to our stockholders.

We may enter into sale-leaseback transactions, whereby we would purchase a property and then lease the

same property back to the person from whom we purchased it. If a sale-leaseback transaction is

re-characterized in a tenants bankruptcy proceeding, our financial condition could be adversely affected.

We are dependent upon our key management personnel, who are employed by our Adviser, for our future

success. The departure of any of our executive officers or key employees could have a material adverse

effect on our ability to implement our business strategy and to achieve our investment objectives.

Our success depends on the performance of our Adviser and if our Adviser makes inadvisable investment

or management decisions, our operations could be materially adversely impacted.

We may have conflicts of interest with our Adviser and other affiliates, including but not limited to the following

conflicts: (i)our Adviser may realize substantial compensation on account of its activities on our

behalf, and may, therefore, be motivated to approve acquisitions solely on the basis of increasing compensation

to itself; (ii)we may experience competition with our affiliates for financing transactions;(iii)our

Adviser may earn fee income from our borrowers or tenants; and (iv)our Adviser and otheraffiliates could

compete for the time and services of our officers and directors.

If we fail to qualify as a REIT, our operations and dividends to stockholders would be adversely impacted.

To the extent that our distributions represent a return of capital for tax purposes, you couldrecognize an

increased capital gain upon a subsequent sale of your stock.

Risk Factors

ISS UERGladstone Commercial Corporation

OFFERIN G SI ZE& PRICE 3,000,000 shares, plus 500,000 fordistribution reinvestment, at $15.00 per share

OFFERIN G ST RUCT URE Registered, non-listed Senior CommonStock issued by a publicly traded REIT

RANKIN G Distribution payment preference over Listed Common Stock(NASDAQ: GOOD), but subordinate to

Preferred Stock (NASDAQ: GOODN, GOODO& GOODP)

OBJECTI VE Provide monthly dividends over a five year holding period; however dividends are not guaranteed

MINIM UM INVESTMENT 200 shares ($3,000); Available to all investors

CLOSIN GS Two randomly selected closings per month to occur once between the 1st and 15th of each month

and once between the 16th and last day of each month

DI VIDENDS 7.00%per share per annum, declared daily and paid monthly (dividend obligations are cumulative

from the date of original investment). Please note: dividends are not guaranteed.

INITIAL LI QUIDIT Y FROM

SHA RE REDEMPTION

PROGRAM (1)

After one year holding period, quarterly repurchase of shares of Senior Common Stock, at $13.80

per share, from cash proceeds generated by the distribution reinvestment plan

CON VERSION LI QUIDIT Y

OPTION

Exchangeable for Listed Common Stock(NASDAQ: GOOD) anytime after five years from the date of

original purchase

DI VIDEND REIN VESTMENT (1)Investors may elect to reinvest their dividends and purchase additional shares at $15.00per share

CALL PROTECTION Callable at $15.30 per share starting from September1, 2017

FEES& EXPENSES If Gladstone Commercial sells 3,000,000 shares of Senior Common Stock in the primaryoffering,

11% of the proceeds will be used to pay sales commissions, dealer manager fees, and other

offering expenses

Gladstone Commercial pays its affiliated investment adviser (i)an advisory fee of 2% of total

stockholders equity less the value of any outstanding preferred shares, and (ii)a performancebased

incentive fee

IN FORMATION& TA X

REPO RTIN G

Quarterly stockholder conference calls by Gladstone Commercials management

Quarterly, annual, and periodic stockholder statements (Forms 10-Q, 10-K, and 8-K)

Quarterly share valuation published on the offering website, www.gladstonecommercial.info,

beginning the quarter ending September30, 2014

Tax reporting: Form 1099

(1)TheDistribution Reinvestment Plan and Share Redemption Program may be amended, suspended or terminated at any time without stockholder approval.

Consult the Prospectus and Prospectus Supplement accompanying this brochure for more information regarding the offering.

Terms of Senior Common

Stock Offering

dividendpriority: Senior Common Stock dividends are paid before Listed

Common Stock (NASDAQ: GOOD) dividends

cumulative dividends: If not paid, Senior Common Stock dividends

are cumulative and must be paid before Listed Common Stock dividends

5 Year conversion option: After five years, Senior Common

Stock is convertible to Listed Common Stock

transparency: Senior Common Stock is a non-traded equity

security that is part of a REIT whose Listed Common Stock

trades on NASDAQ under the symbol GOOD. Gladstone

Commercial files annual, quarterly, and periodic reports,

proxy statements and other information with the SEC,

issues press releases, conducts quarterly earnings calls

with stockholders and has a full-scale investor relations

department that utilizes a publicly-available investor

relations website

existing portfolio ofproperties: Gladstone Commercial already owns a well diversified portfolio

of 80 properties that compriseapproximately 8.0million square feet with total gross and net

investments in these properties ofapproximately $619 million and $525 million, respectively

diversification: Existing property portfolio isgeographically diversified in 24 states and diversified

by property type and across 19 distinct tenantindustries

stewardship: The experienced management team at The Gladstone Companies utilizes a disciplined

approach to investing and believes that each investment should have a tangible cash payment to

its holder

The information on this page is accurate as of March1, 2013. Past performance is not indicative of future results.

HIGHLIGHTS

senior

common stock

preferred

stock

common stock

KeyPerformance Data

80 properties in the portfolio with a total gross investment of approximately

$619 million

Distributions paid on shares of our Listed Common Stock (NASDAQ: GOOD) was

$16.43 million for the year ended December31, 2012

Never missed or reduced dividend payment on Listed Common Stock since

inception

in 2003

Very experienced senior management team in fund management

Additional information about Gladstone Commercial in our annual report. To request,

please call (866)366-5745 or visit our website, www.gladstonecommercial.info

Gladstone Commercial

Performance

Gladstone Commercial Corporation

Investor Relations

1521 Westbranch Drive

McLean, VA 22102

(703) 287-5893

Listed Common Stock (Nas Daq:

GOOD) PreferredStock (Nas Daq:

GOODN, GOODO and GOODP)

The information on this page is accurate as of March1, 2013. Past performance is not indicative of future results.

OURCOMPANY

Gladstone Commercial Corporation (our Company) was incorporated under

the Maryland General Corporation Law on February14, 2003 primarily for

the purpose of investing in and owning net leased industrial and commercial

real estate property and selectively making long-term industrial and

commercial loans to creditworthy entities. We are a publicly-traded real

estate investment trust, or REIT. Our Listed Common Stock is traded on

the NASDAQ Global Select Market under the trading symbol GOOD.

We lease our real estate to a wide cross section of tenants ranging from

small businesses to large public companies, many of which do not have

publicly-rated debt. We have in the past entered into, and intend in the

future to enter into, purchase agreements for real estate that have triple

net leases with terms of 10 to 15 years and built in rental increases. Under

a triple net lease, the tenant is required to pay all operating, maintenance,

insurance costs and real estate taxes with respect to the leased property.

We actively communicate with buyout funds, real estate brokers and other

third parties to locate properties for potential acquisition or mortgage

financing in an effort to build our portfolio. As of February19, 2013, we

owned 80 properties located in 24 states that contain approximately 8.0

million rentable square feet.

Our executive offices are located at 1521 Westbranch Drive, Suite 200,

McLean, Virginia 22102, and our telephone number is (703)287-5800.

OUR ADVISER

We are externally advised by ouraffiliated

investment adviser, Gladstone Management

Corporation (our Adviser), and have entered

into an investment advisory agreement with

ourAdviser pursuant to which our Adviser

is responsible for managing our assets and

liabilities, operating our business on a daily

basis and identifying, evaluating, negotiating

and consummating investment transactions

consistent with our investment policies as

determined by our Board of Directors. The

directors, officers and employees of our

Adviserhave significant experience in making

investments in and lending to businesses of

all sizes, including investing in real estate

and making mortgage loans.

The GladstoneCompanies

1521 Westbranch Drive, Suite 200

McLean, VA 22102

Tel: (703)287-5800

Please read ourprospectus supplement for a more complete description of our Company and our Adviser.

RISK FACTORS: Aninvestment in shares of Senior Common Stock involves substantial risks. You should carefully

consider, amongother matters, the risk factors summarized on page 5 of this brochure and delineated in the section

RiskFactors of the prospectus supplement and in our most recent Annual Report on Form 10-K before deciding

whether an investment in shares of Senior Common Stock is suitable for you.

For war d-Looki ng Stat ements: This free writing prospectus has been prepared for informational purposes only

from information supplied by Gladstone Commercial Corporation. All statements contained in this free writing

prospectus, other than historical facts, may constitute forward-looking statements within the meaning ofSection

27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of1934, as amended.

Words such as anticipates, expects, intends,plans, believes, seeks, estimates and variations of these

words and other similar expressions are intended to identify forward-looking statements. Readers should not rely

upon forward-looking statements because the matters that they describe are subject to known and unknown risks

and uncertainties that could cause Gladstone Commercial Corporations business, f inancial condition,liquidity,

results of operations, funds from operations or prospects to differ materially from those expressedin or implied by

such statements. Such risks and uncertainties are disclosed under the caption RiskFactors in the prospectus

supplement and the accompanying prospectus for the offering to which this freewriting prospectus relates, in

Gladstone Commercial Corporations most recent Annual Report on Form 10-K,in Gladstone Commercial

Corporations Quarterly Reports on Form 10-Q and in the other information thatGladstone Commercial

Corporation files with the SEC. Other than as required by applicable law, GladstoneCommercial Corporation

shall have no obligation or undertaking to update or revise any forward-lookingstatements to ref lect any change

in expectations, results or events.

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