Gladstone Commercial Corporation Announces the Extension of the Term of Its Line of Credit for One Year

MCLEAN, Va., Nov. 30, 2009 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq:GOOD) (the "Company") announced today that it has exercised its option under its existing credit agreement with KeyBank National Association and certain other parties to extend the term of its $50 million line of credit by one year, resulting in a new maturity date of December 29, 2010. The loan was originally set to expire on December 29, 2009. The Company paid an extension fee of 0.20% of the total commitment, or $100,000, in connection with extending the term. As of November 24, 2009, there was $31.2 million outstanding under the line of credit at an interest rate of approximately 2.2%, and approximately $3.6 million outstanding pursuant to letters of credit at a weighted average interest rate of approximately 2.0%. At November 24, 2009, the remaining borrowing capacity available under the line of credit was approximately $10.3 million.

CONTACT:  Gladstone Commercial Corporation
          Investor Relations
          703-287-5839

Released November 30, 2009