UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 23, 2003

Gladstone Commercial Corporation

(Exact name of registrant as specified in its chapter)
         
Maryland   0-50363   020681276
(State or other jurisdiction
of incorporation)		   (Commission
File Number) 		  (IRS Employer
Identification No.)
     
1616 Anderson Road, Suite 208    
McLean, Virginia   22102
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (703) 286-7000

 

 

Item 2. Acquisition or Disposition of Assets

208 South Rogers Lane

On December 23, 2003, Gladstone Commercial Corporation (the “Company”), through its “operating partnership,” Gladstone Commercial Limited Partnership, acquired a 58,926 square foot commercial office building located in Raleigh, North Carolina (“208 South Rogers Lane”).

208 South Rogers Lane was acquired for an aggregate cost to the Company of $5.8 million in cash, including transaction costs. The Company paid the purchase price and transaction costs using $5.8 million of proceeds from the Company’s initial public offering in 2003.

The following table sets forth certain information relating to 208 South Rogers Lane as of December 31, 2003:

                                                         
                                    Total                
                                Rental                
                            Total   Revenue per           Year
            Rentable           Rental   Occupied           Of
    Year   Square           Revenue   Square   Major   Lease
Property   Built   Feet   Occupancy   (1)   Foot(2)   Tenants   Expiration
208 South Rogers Lane
     1997       58,926       100.0 %   $ 513,519     $ 8.71     Elster Electricity     2010  

(1)     Total rental revenue is the monthly contractual base rent as of January 1, 2004 multiplied by four, plus the monthly contractual base rent as of May 1, 2004 multiplied by eight.
 
(2)     This represents the property’s Total Rental Revenue (calculated as described in note (1) above) divided by its occupied square feet as of January 1, 2004.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits

  (a)   Financial Statements of Business Acquired:
 
      The required financial statements will be filed by amendment within 60 days of filing this Form 8-K.
 
  (b)   Pro Forma Financial Information
 
      The required pro forma financial information will be filed by amendment within 60 days of filing this Form 8-K.

 

 

  (c)   Exhibits.
 
      The following exhibits are filed with this report:

       
Exhibit  
Number Description
  2.1   Purchase Agreement Dated December 3, 2003 Between Gladstone Commercial Limited Partnership and Eastpark Group II, LLC
       
  99.1   Lease Agreement Dated May 6, 1997 Between Eastpark Group II, LLC and ABB Power T&D Company, Inc., as amended on May 1, 2003.
       
  99.2   Assignment and Assumption of Purchase Agreement Dated December 23,2003 in Favor of Elster Electricity, 208 South Rogers Lane, Raleigh NC,LLC by Gladstone Commercial Limited Partnership
       
  99.3   Assignment and Assumption of Lease Agreement in Favor of Elster Electricity, 208 South Rogers Lane, Raleigh, NC LLC by Eastpark Group II, LLC

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

     
    Gladstone Commercial Corporation
    (Registrant)
 
January 16, 2004   By:/s/ Harry Brill
   
    (Harry Brill, Chief Financial Officer)

INDEX TO EXHIBITS

       
Exhibit  
Number Description
  2.1   Purchase Agreement Dated December 3, 2003 Between Gladstone Commercial Limited Partnership and Eastpark Group II, LLC
       
  99.1   Lease Agreement Dated May 6, 1997 Between Eastpark Group II, LLC and ABB Power T&D Company, Inc., as amended on May 1, 2003.
       
  99.2   Assignment and Assumption of Purchase Agreement Dated December 23,2003 in Favor of Elster Electricity, 208 South Rogers Lane, Raleigh NC,LLC by Gladstone Commercial Limited Partnership
       
  99.3   Assignment and Assumption of Lease Agreement in Favor of Elster Electricity, 208 South Rogers Lane, Raleigh, NC LLC by Eastpark Group II, LLC