# EDGAR Filing Document

**Accession Number:** 0001234006
**File Stem:** 0001193125-23-005580
**Filing Date:** 2023-1
**Character Count:** 14054
**Document Hash:** bb1b82379cea20d29427183b8493e497
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-005580.hdr.sgml**: 20230110

**ACCESSION NUMBER**: 0001193125-23-005580

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230110

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230110

**DATE AS OF CHANGE**: 20230110

**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
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33097
- **FILM NUMBER:** 23521253

**BUSINESS ADDRESS:**
- **STREET 1:** 1521 WESTBRANCH DRIVE
- **STREET 2:** SUITE 100
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22102
- **BUSINESS PHONE:** 703-287-5853

**MAIL ADDRESS:**
- **STREET 1:** 1521 WESTBRANCH DRIVE
- **STREET 2:** SUITE 100
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22102

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### Form 8-K

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#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event Reported): January 10, 2023

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## Gladstone Commercial Corporation

#### (Exact Name of Registrant as Specified in Charter)

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---

| | | |
|:---|:---|:---|
| **Maryland** | **001-33097** | **02-0681276** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification Number)** |

---

#### 1521 Westbranch Drive, Suite 100, McLean, Virginia 22102

#### (Address of Principal Executive Offices) (Zip Code)
(703) 287-5800

#### (Registrant's telephone number, including area code)

#### Not Applicable

#### (Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock, $0.001 par value per share | GOOD | The Nasdaq Stock Market LLC |
| 6.625% Series E Cumulative Redeemable Preferred Stock, par value $0.001 per share | GOODN | The Nasdaq Stock Market LLC |
| 6.00% Series G Cumulative Redeemable Preferred Stock, par value $0.001 per share | GOODO | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.**  |

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On January 10, 2023, Gladstone Commercial Corporation (the "Company") amended and restated its existing advisory agreement, as amended from time to time (the "Agreement"), with Gladstone Management Corporation, a registered investment adviser (the "Adviser"), by entering into the Seventh Amended and Restated Investment Advisory Agreement between the Company and the Adviser (the "Amended Agreement"). The Company's entrance into the Amended Agreement was approved unanimously by its board of directors, including, specifically, its independent directors. The Amended Agreement eliminates the payment of the incentive fee, as applicable, for the quarters ending March 31, 2023 and June 30, 2023. The calculation of the other fees in the Amended Agreement remain unchanged. All other terms of the Agreement remained the same. All capitalized terms not defined in this Current Report on Form 8-K are defined in the Amended Agreement.

The description above is only a summary of the material provisions of the Amended Agreement and is qualified in its entirety by reference to a copy of the Amended Agreement, which will be filed with the Company's next periodic report.

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| | |
|:---|:---|
| **Item 8.01.** | **Other Events.**  |

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On January 10, 2023, the Company issued a press release, filed herewith as Exhibit 99.1, announcing that its board of directors declared monthly cash distributions for its common stock, senior common stock, 6.625% Series E Cumulative Redeemable Preferred Stock, 6.0% Series F Cumulative Redeemable Preferred Stock and 6.00% Series G Cumulative Redeemable Preferred Stock for each of January, February and March 2023.

A copy of the press release announcing the monthly cash distributions is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

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(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 99.1 | [Press Release issued by Gladstone Commercial Corporation on January 10, 2023.](d444699dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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

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| | | |
|:---|:---|:---|
|  | **Gladstone Commercial Corporation** | **Gladstone Commercial Corporation** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(Registrant) |
| January 10, 2023 | By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Gary Gerson |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gary Gerson |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer |

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## Exhibit 99.1

**Exhibit 99.1**![LOGO](g444699page1a.jpg)

**Gladstone Commercial Corporation Announces Monthly Cash Distributions for January, February and March 2023 and Fourth Quarter Ended December 31, 2022 Earnings Release and Conference Call Dates** 

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MCLEAN, VA, January 10, 2023: <u>Gladstone Commercial Corporation</u> (Nasdaq: GOOD) (the "Company") announced today that its board of directors declared cash distributions for the months of January, February and March 2023 and also announced its plan to report earnings for the fourth quarter ended December 31, 2022.

In an effort to increase retained capital in anticipation of further economic headwinds, the board of directors has taken what it believes is the prudent path and reduced the run rate on its monthly dividend (from $0.1254 to $0.10). In addition, and in support of the capital preservation effort, the Company's investment adviser has agreed to amend the current Advisory Agreement to waive the applicable incentive fee for the quarters ending March 31, 2023 and June 30, 2023. Buzz Cooper, the Company's President, stated, "We believe that the dividend cut, along with the temporary incentive fee waiver, will help the Company to maintain a strong balance sheet in 2023."

**<u>Cash Distributions:</u>**

***<u>Common Stock:</u>* **$0.10 cash distribution per common share for each of January, February and March 2023, payable per Table 1 below. The Company has paid 216 consecutive monthly cash distributions on its common stock. Prior to paying distributions on a monthly basis, the Company paid five consecutive quarterly cash distributions.

Table 1: Summary of common stock cash distributions:

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| | | |
|:---|:---|:---|
| **Record Date** | **Payment Date** | **Cash Distribution** |
|  January 20 | January 31 | $0.10 |
|  February 17 | February 28 | $0.10 |
|  March 17 | March 31 | $0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total for the Quarter:** |  | $0.30 |

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***<u>Senior Common Stock:</u>* **$0.0875 cash distribution per share of the Company's senior common stock ("Senior Common") for each of January, February and March 2023, payable per Table 2 below. The Company has paid 153 consecutive monthly cash distributions on its Senior Common. The Company has never skipped, reduced or deferred a monthly Senior Common distribution.

Table 2: Summary of Senior Common cash distributions:

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| | | |
|:---|:---|:---|
| **Payable to Holders of Record**<br> **During the Month of:** | **Payment Date** | **Amount** |
|  January | February 6 | $0.0875 |
|  February | March 6 | $0.0875 |
|  March | April 6 | $0.0875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total for the Quarter**: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total for the Quarter**: | $0.2625 |

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![LOGO](g444699page1a.jpg)

***<u>Series E Preferred Stock:</u>* **$0.138021 cash distribution per share of the Company's 6.625% Series E Preferred Stock ("Series E Preferred Stock") for each of January, February and March 2023, payable per Table 3 below. The Series E Preferred Stock trades on Nasdaq under the symbol "GOODN." The Company has paid 30 consecutive monthly cash distributions on its Series E Preferred Stock. The Company has never skipped, reduced or deferred a monthly Series E Preferred Stock distribution.

Table 3: Summary of Series E Preferred Stock cash distributions:

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| | | |
|:---|:---|:---|
| **Record Date** | **Payment Date** | **Cash Distribution** |
|  January 20 | January 31 | $0.138021 |
|  February 17 | February 28 | $0.138021 |
|  March 17 | March 31 | $0.138021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total for the Quarter:** |  | $0.414063 |

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***<u>Series F Preferred Stock:</u>* **$0.125 cash distribution per share of the Company's 6.0% Series F Preferred Stock ("Series F Preferred Stock") for each of January, February and March 2023, payable per Table 4 below. The Series F Preferred Stock is not listed on a national securities exchange. The Company has never skipped, reduced or deferred a monthly Series F Preferred Stock distribution.

Table 4: Summary of Series F Preferred Stock cash distributions:

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| | | |
|:---|:---|:---|
| **Record Date** | **Payment Date** | **Cash Distribution** |
|  January 26 | February 6 | $0.125 |
|  February 23 | March 6 | $0.125 |
|  March 29 | April 6 | $0.125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total for the Quarter:** |  | $0.375 |

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The Company offers a dividend reinvestment plan (the "DRIP") to its common stockholders and Series F Preferred stockholders. For more information regarding the DRIP, please visit <u>www.gladstonecommercial.com</u>.

***<u>Series G Preferred Stock:</u>* **$0.125 cash distribution per share of the Company's 6.00% Series G Preferred Stock ("Series G Preferred Stock") for each of January, February and March 2023, payable per Table 5 below. The Series G Preferred Stock trades on Nasdaq under the symbol "GOODO." The Company has never skipped, reduced or deferred a monthly Series G Preferred Stock distribution.

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![LOGO](g444699page1a.jpg)

Table 5: Summary of Series G Preferred Stock cash distributions:

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| | | |
|:---|:---|:---|
| **Record Date** | **Payment Date** | **Cash Distribution** |
|  January 20 | January 31 | $0.125 |
|  February 17 | February 28 | $0.125 |
|  March 17 | March 31 | $0.125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total for the Quarter:** |  | $0.375 |

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![LOGO](g444699page1a.jpg)

**<u>Earnings Announcement:</u>**

The Company also announced today that it plans to report earnings for the fourth quarter ended December 31, 2022, after the stock market closes on Wednesday, February 22, 2023. The Company will hold a conference call Thursday, February 23, 2023 at 8:30 a.m. ET to discuss its earnings results. Please call (877) 407-9045 to enter the conference call. An operator will monitor the call and set a queue for questions.

A conference call replay will be available after the call and will be accessible through March 2, 2023. To hear the replay, please dial (877) 660-6853 and use playback conference number 13734662.

The live audio broadcast of the Company's conference call will be available online at <u>www.gladstonecommercial.com</u>.

If you have questions prior to or following the earnings release you may e-mail them to <u>info@gladstonecompanies.com</u>.

<u>Gladstone Commercial Corporation</u> is a real estate investment trust ("REIT") focused on acquiring, owning and operating net leased industrial and office properties across the United States. As of September 30, 2022, Gladstone Commercial's real estate portfolio consisted of 137 properties located in 27 states, totaling approximately 17.2 million square feet. Additional information can be found at <u>www.gladstonecommercial.com</u>.

Source: Gladstone Commercial Corporation

**Investor Relations Inquiries**: Please visit <u>www.gladstonecommercial.com</u> or (703) 287-5893.