Gladstone Commercial Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events

9 Months Ended

Sep. 30, 2019

Debt Activity

On October 2, 2019, we fully repaid one mortgage with an outstanding balance of $6.3 million collateralized by one property. This mortgage had a fixed rate of 6.0%.

Equity Activity

On October 4, 2019, we completed an underwritten public offering of 2,760,000 shares of our Series E Preferred Stock at a public offering price of $25.00 per share, raising $69.0 million in gross proceeds and approximately $66.6 million in net proceeds, after payment of underwriting discounts and commissions. We used the net proceeds from this offering to redeem all outstanding shares of our Series A Preferred and Series B Preferred, and pay down our Credit Facility.

On October 28, 2019, we voluntarily redeemed all 1,000,000 outstanding shares of our Series A Preferred Stock and all 1,264,000 outstanding shares of our Series B Preferred Stock at a redemption price of $25.1506944 per share and $25.1458333 per share, respectively, which represents the liquidation preference per share, plus accrued and unpaid dividends through October 28, 2019 for an aggregate redemption price of approximately $56.9 million.

Distributions

On October 8, 2019, our Board of Directors declared the following monthly distributions for the months of October, November and December of 2019:



Record Date	Payment Date	Common Stock and Non-controlling OP Unit Distributions per Share		Series D Preferred Distributions per Share		Series E Preferred Distributions per Share
October 22, 2019	October 31, 2019	$	0.125	$	0.1458333	$	0.128819	(1)
November 19, 2019	November 29, 2019	0.125		0.1458333		0.138021
December 19, 2019	December 31, 2019	0.125		0.1458333		0.138021
		$	0.375	$	0.4374999	$	0.404861


(1)	Represents a prorated monthly distribution, based upon the issuance date of October 4, 2019.



Senior Common Stock Distributions
Payable to the Holders of Record During the Month of:	Payment Date	Distribution per Share
October	November 7, 2019	$	0.0875
November	December 6, 2019	0.0875
December	January 7, 2020	0.0875
		$	0.2625

ATM Equity Activity

On October 28, 2019, we terminated the Series A and B Preferred ATM Program with Cantor Fitzgerald, as the Series A Preferred and Series B Preferred were fully redeemed on this date.