-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Cer92zYc9wV3cCKEMZUFbOewM2l54BKQvkml3oijI+P0xwA+CH5nHioXN+aO/WzZ
 7B+GT/qIbvv2qF4XeX9tFw==

<SEC-DOCUMENT>0000891092-04-001225.txt : 20040311
<SEC-HEADER>0000891092-04-001225.hdr.sgml : 20040311
<ACCEPTANCE-DATETIME>20040311103407
ACCESSION NUMBER:		0000891092-04-001225
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040310
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20040311

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLADSTONE COMMERCIAL CORP
		CENTRAL INDEX KEY:			0001234006
		STANDARD INDUSTRIAL CLASSIFICATION:	LESSORS OF REAL PROPERTY, NEC [6519]
		IRS NUMBER:				020681276
		STATE OF INCORPORATION:			MD

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50363
		FILM NUMBER:		04661972

	BUSINESS ADDRESS:	
		STREET 1:		1750 TYSON'S BLVD.
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>e17196_8k.txt
<DESCRIPTION>FORM 8-K
<TEXT>

                                  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) March 10, 2004

                        Gladstone Commercial Corporation
             (Exact name of registrant as specified in its chapter)

          Maryland                      0-50363                   020681276
(State or other jurisdiction          (Commission               (IRS Employer
      of incorporation)               File Number)           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


<PAGE>

Item 7. Financial Statements and Exhibits.

      (a)   Not applicable.

      (b)   Not applicable.

      (c)   Exhibits.

                  Exhibit No.    Description
                  -----------    -----------

                  99.1           Press release dated March 10, 2004

Item 12. Results of Operations and Financial Condition.

On March 10, 2004, Gladstone Commercial Corporation issued a press release
announcing its financial results for the period ended February 14, 2003
(inception) through December 31, 2003. The text of the press release is included
as an exhibit to this Form 8-K. Pursuant to the rules and regulations of the
Securities and Exchange Commission, such exhibit and the information set forth
therein and herein is deemed to be furnished and shall not be deemed to be
filed.


<PAGE>

                                   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)

March 10, 2004                        By: /s/ Harry Brill
                                          -------------------------------------
                                          (Harry Brill, Chief Financial Officer)


<PAGE>

                                 EXHIBIT INDEX                              99.1

Exhibit No.       Description
- -----------       -----------

99.1              Press release dated March 10, 2004

Press Release for March 10, 2004
- --------------------------------------------------------------------------------


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>e17196ex99-1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
                                                                    Exhibit 99.1

             Gladstone Commercial Announces the Financial Results
              for the Period Ended February 14, 2003 (inception)
                          Through December 31, 2003

    MCLEAN, Va., March 10 /PRNewswire-FirstCall/ -- Gladstone Commercial Corp.
(Nasdaq: GOOD) (the "Company") announces financial results for the period from
February 14, 2003 (inception) through December 31, 2003.  Net loss for the
period was $240,871 or $0.07 per basic and diluted weighted average common
share.  Total assets were $105,061,370 and consisted mainly of cash and cash
equivalents but also included the Company's land and building assets for its
first sale-leaseback transaction which closed in December of 2003.
    "Net loss was expected due to our limited amount of operating history for
the year and the expenses of our start up period before the public offering in
August of 2003," said a spokesperson.  "Our deal flow is strong and we are
aggressively reviewing new investments.  The market place has welcomed our
sale-leaseback transactions and mortgage loans.  The first quarter ending
March 31, 2004 will show more positive growth."
    The financial statements are without footnotes so readers should obtain
and carefully review our Form 10-K for the period ended December 31, 2003,
including the footnotes to the financial statements contained therein.  We
have filed this Form 10-K today with the Securities and Exchange Commission
('SEC') which can be retrieved at the SEC website at www.SEC.gov or the web
site for Gladstone Commercial at www.GladstoneCommercial.com.  A paper copy
can be obtained by writing to us at 1616 Anderson Road, McLean, VA 22102.
    Gladstone Commercial will have a conference call at 9:30am EST, March 11,
2004.  Please call 1-800-784-9083 and use the ID code 410858 and you will be
placed on hold until the conference starts.  An operator will monitor the call
and set a queue for the questions.  The replay number will be available two
hours after the end of the call for approximately 30 days.  The replay number
is 1- 888-266-2081 and use ID code 410858.
    For further information contact Harry Brill or Skye Breeden at
703-286-7000.



                       Gladstone Commercial Corporation
                          Consolidated Balance Sheet

                                                              December 31,
                                                                  2003

    ASSETS
    Real estate, net                                           $5,436,153
    Cash and cash equivalents                                  99,075,765
    Prepaid assets                                                191,432
    Lease intangibles, net of accumulated
     amortization of $1,208                                       358,020
       Total Assets                                          $105,061,370

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Liabilities
    Due to Adviser                                               $234,295
    Accounts payable                                                    -
    Dividends payable                                              76,420
       Total liabilities                                          310,715

    Commitments and contingencies

    Stockholders' Equity
    Common stock, $0.001 par value, 20,000,000
     shares authorized, 7,642,000 and 52,000 shares
     issued and outstanding, respectively                           7,642

    Additional paid-in capital                                105,060,304
    Distributions in excess of accumulated earnings               (76,420)
    Retained deficit                                             (240,871)
       Total Stockholders' Equity                             104,750,655
       Total Liabilities and Stockholders'                   $105,061,370



                       Gladstone Commercial Corporation
                    Consolidated Statements of Operations
                                 (Unaudited)

                                                              For the Period
                                                               February 14,
                                                                   2003
                                                              (Inception) to
                                                               December 31,
                                                                   2003

    OPERATING REVENUES:
       Rental income                                              $12,180

    OPERATING EXPENSES:
       Management advisory fee                                    317,188
       Insurance                                                  111,240
       Directors fees                                              35,667
       Professional fees                                           39,511
       Organizational costs                                         5,549
       Depreciation and amortization                                5,827
       General and administrative                                  42,166
          Total expenses from operations                          557,148

    Net loss from operations                                     (544,968)
    INTEREST INCOME                                               304,097
    NET LOSS                                                    $(240,871)

    Basic loss per share                                           $(0.07)
    Diluted loss per share                                         $(0.07)

    Weighted average shares
     outstanding - basic                                        3,229,119

    Weighted average shares
     outstanding - diluted                                      3,257,420



                       Gladstone Commercial Corporation
                     Consolidated Statement of Cash Flows

                                                            For the Period
                                                           February 14, 2003
                                                             (Inception) to
                                                            December 31, 2003

    (Unaudited)

    Cash flows from operating activities:
       Net loss                                                 $(240,871)
    Adjustments to reconcile net income to
     net cash used in operating activities:
       Depreciation and amortization                                5,827
       Increase in prepaid expenses                              (191,432)
       Increase in due to Adviser                                 234,295

    Net cash used in operating activities                        (192,181)

    Cash used in investing activities:

       Real estate investment                                  (5,800,000)

    Cash flow from financing activities:

       Proceeds from share issuance, net                      105,067,946

    Net increase in cash and cash equivalents                  99,075,765
    Cash and cash equivalents, beginning of period                      -
    Cash and cash equivalents, end of period                  $99,075,765


    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 Exchange Act of 1934, as
amended, including statements with regard to the future performance of the
Company and the closing of any transaction.  Words such as "believes,"
"expects," "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" of the Company's
prospectus, dated August 12, 2003, as filed with the Securities and Exchange
Commission on August 13, 2003.  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.

SOURCE  Gladstone Commercial Corp.
    -0-                             03/10/2004
    /CONTACT:  Harry Brill or Skye Breeden of Gladstone Commercial Corp.,
+1-703-286-7000/
    /Web site:  http://www.gladstonecommercial.com/
    (GOOD)

CO:  Gladstone Commercial Corp.
ST:  Virginia
IN:  FIN RLT
SU:  CCA ERN MAV

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
