Gladstone Commercial Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Subsequent Events

Subsequent Events

12 Months Ended

Dec. 31, 2018

Distributions

On January 8, 2019, our Board of Directors declared the following monthly distributions for the months of January, February, and March of 2019:



Record Date	Payment Date	Common Stock and Non-controlling OP Unit Distributions per Share		Series A Preferred Distributions per Share		Series B Preferred Distributions per Share		Series D Preferred Distributions per Share
January 18, 2019	January 31, 2019	$	0.125	$	0.1614583	$	0.15625	$	0.1458333
February 20, 2019	February 28, 2019	0.125		0.1614583		0.15625		0.1458333
March 20, 2019	March 29, 2019	0.125		0.1614583		0.15625		0.1458333
		$	0.375	$	0.4843749	$	0.46875	$	0.4374999



Senior Common Stock Distributions
Payable to the Holders of Record During the Month of:	Payment Date	Distribution per Share
January	February 7, 2019	$	0.0875
February	March 7, 2019	0.0875
March	April 8, 2019	0.0875
		$	0.2625

Sale Activity

On January 31, 2019, we sold a property in Maitland, Florida, for gross proceeds of $6.9 million, recognizing a gain on sale of real estate of $3.0 million. This property was classified as held for sale as of December 31, 2018.

Equity Activity

On January 11, 2019, we filed a universal registration statement on Form S-3, and an amendment on Form-S-3/A on January 24, 2019, to replace our Universal Shelf and allow us to issue up to $500.0 million of additional equity (the “2019 Universal Shelf”).

Subsequent to December 31, 2018 and through February 13, 2019, we raised $3.4 million in net proceeds from the sale of 179,785 shares of Common Stock under our Common Stock ATM Program. We made no sales under our Series D Preferred ATM Program or Series A and B Preferred Stock ATM Program subsequent to December 31, 2018 and through February 13, 2019.

Acquisition Activity

On February 8, 2019, we purchased an industrial property in a suburb of Philadelphia, Pennsylvania for $2.7 million. This property is fully leased to one tenant on a 15.0 year absolute triple net lease.

Financing Activity

On February 8, 2019, we issued mortgage debt of $10.6 million collateralized by our Lake Mary, Florida property acquired in December 2018 with a maturity date of February 8, 2029 and a fixed interest rate of 4.70% for the first seven years of the mortgage. After the fixed interest rate period expires, we have the option to adjust the interest rate to a fixed interest rate equal to 1.8% plus the three year treasury rate per annum, or a variable interest rate equal to 1.8% plus the 30 day LIBOR rate per annum.