Dividends on the Series C Term Preferred Stock will be cumulative from, but excluding, the date of original issue and payable monthly in arrears, beginning on February 29, 2012, at an annual rate of 7.125% of the liquidation preference, or $1.7813 per share, of Series C Term Preferred Stock.
Generally, we may not redeem shares of the Series C Term Preferred Stock prior to January 31, 2016, except in limited circumstances to preserve our status as a real estate investment trust, or REIT. On or after January 31, 2016, we may redeem the shares at a redemption price of $25 per share of Series C Term Preferred Stock, plus any accumulated and unpaid dividends to and including the date of redemption. The shares of Series C Term Preferred Stock have a maturity and mandatory redemption date of January 31, 2017. If a Change of Control Triggering Event, as described herein, occurs, unless we have exercised our option to redeem the Series C Term Preferred Stock, holders of the Series C Term Preferred Stock may require us to redeem the Series C Term Preferred Stock at the price described in this prospectus supplement under ÙDescription of the Series C Term Preferred Stock?Redemption?Change of Control.ˆ
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Gladstone Commercial is a holding company. Through its subsidiaries, Co. is engaged as a real estate investment trust. Co. focuses on acquiring, owning, and managing primarily industrial and office properties. Co. conducts its business activities through an Umbrella Partnership Real Estate Investment Trust structure, by which all of Co.'s properties are held by Gladstone Commercial Limited Partnership (the Operating Partnership). Co. controls the sole general partner of the Operating Partnership and owns, directly or indirectly the common units of limited partnership interest in the Operating Partnership. Co.'s business is managed by its external adviser, Gladstone Management Corporation. Preferreds: GOODP, GOODN, GOODO Open the GOOD Information Page » |
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