Exhibit 99.(a)(1)(I)
Press Release
Gladstone Commercial Corporation Announces Offer to Amend Stock Options
Wednesday, July 12, 2006
MCLEAN, Va. — July 12, 2006 — Gladstone Commercial Corporation (Nasdaq: GOOD) (the “Company”)
announced today that its Board of Directors has approved an offer to the executive officers and
directors of the Company and the employees of the Company’s external investment adviser, Gladstone
Management Corporation, who hold stock options (the “Optionees”), to amend the terms of all stock
options currently outstanding (the “Options”) under the Company’s 2003 Equity Incentive Plan, as
amended, to accelerate the expiration date of the Options to December 31, 2006. The offer is
conditioned upon its acceptance by all of the Optionees, so that 100% of the outstanding Options
are amended to expire on December 31, 2006.
The offer to amend the Options currently is scheduled to expire at 5:00 p.m., Eastern Time, on
August 31, 2006. If the offer is successful and all Options are amended, the Company intends to
implement, effective January 1, 2007, the proposed Investment Advisory Agreement between the
Company and Gladstone Management Corporation and the Administration Agreement between the Company
and Gladstone Administration, LLC, a wholly owned subsidiary of Gladstone Management Corporation,
that were approved by the Company’s stockholders on May 24, 2006. Effective July 11, 2006, the
Company’s Board of Directors accelerated in full the vesting of all outstanding options.
The Company filed a Schedule TO and related documentation regarding the offer with the Securities
and Exchange Commission on July 12, 2006.
Gladstone Commercial Corporation is a publicly traded real estate investment trust that focuses on
investing in and owning triple-net leased industrial and commercial real estate properties and
selectively making long-term mortgage loans. Additional information can be found at
www.GladstoneCommercial.com.
For further information contact our Investor Relations Manager, Kelly Sargent, at 703.287.5835.
This press release may include statements that may constitute “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities and Exchange Act of 1934, including statements with regard to the offer to amend
options, the outcome of the offer, and the implementation of the proposed Investment Advisory and
Management Agreement with Gladstone Management Corporation and the Administration Agreement with
Gladstone Administration, LLC. However, the safe harbors of Section 27A of the Securities Act of
1933, as amended and 21E of the Securities Exchange Act of 1934 do not apply to statements made in
connection with the offer. Words such as “believes, “expects,” “intends,” “projects” and “future”
or similar expressions are intended to identify forward-looking statements. These forward-looking
statements inherently involve certain risks and uncertainties, although they are based on the
Company’s current plans that are believed to be reasonable as of the date of this press release.
Factors that may cause the Company’s actual results, levels of activity, performance or
achievements to be materially different from any future results, levels of activity, performance or
achievements expressed or implied by such forward-looking statements include, among others, those
factors listed under the caption “Risk Factors” in the Company’s Form 10-K dated December 31, 2005,
as filed with the Securities and Exchange Commission on February 28, 2006, and those factors listed
under the caption “Risk Factors” in the Offer to Amend Options, dated July 12, 2006, filed as
Exhibit 99.(a)(1)(A) to the Company’s Schedule TO, as filed with the Securities and Exchange
Commission on July 12, 2006. The Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise.