Gladstone Commercial Corp. Announces Dividends for January, February and March for its Series A Preferred Stock

Gladstone Commercial Corp. (Nasdaq:GOOD) (the "Company")announced today that the Board of Directors declared its prorated cashdividend for January of $0.0215278; and the monthly cash dividends of$0.1614583 for each of the months of February and March of 2006, forthe Company's 7.75% Series A Cumulative Redeemable Preferred Stock. Aprorated dividend for January 2006 will be paid on the Series APreferred Stock to reflect the accrual of dividends from the issuanceof such shares on January 26, 2006. Monthly dividends will be payableon February 28, 2006 and March 31, 2006, to those shareholders ofrecord for those dates on February 17, 2006 and March 20, 2006,respectively. The dividend equates to an annual dividend of $1.9375per share. The Series A Preferred Stock trades on the Nasdaq under thesymbol "GOODP."

The tax characteristics of the dividends will be reported to eachshareholder on Form 1099 for the year ending December 31, 2006.
Summary Table for the quarter ending March 31, 2006:
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Declared X-Dividend Record Date Payment Date Amount
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February 6 February 15 February 17 February 28 $0.0215278
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February 6 February 15 February 17 February 28 $0.1614583
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February 6 March 16 March 20 March 31 $0.1614583
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Total for the Quarter Ending March 31, 2006: $0.3444444
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Gladstone Commercial Corporation is a publicly traded real estateinvestment trust that focuses on investing in and owning triple-netleased industrial and commercial real estate properties throughsale/leaseback transactions and selectively making long-term mortgageloans. Additional information can be found atwww.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 theSecurities Act of 1933, as amended, and Section 21E of the SecuritiesExchange Act of 1934, as amended, including statements with regard tothe future performance of the Company. Words such as "believes,""expects," "estimates," "projects" and "future" or similar expressionsare intended to identify forward-looking statements. Theseforward-looking statements inherently involve certain risks anduncertainties, although they are based on the Company's current plansthat are believed to be reasonable as of the date of this pressrelease. Factors that may cause the Company's actual results, levelsof activity, performance or achievements to be materially differentfrom any future results, levels of activity, performance orachievements expressed or implied by such forward-looking statementsinclude, among others, those factors listed under the caption "Riskfactors" of the Company's Form 10-K/A for the Fiscal Year EndedDecember 31, 2004, as filed with the Securities and ExchangeCommission on October 21, 2005. The Company undertakes no obligationto publicly update or revise any forward-looking statements, whetheras a result of new information, future events or otherwise.