Gladstone Commercial Corporation Announces George "Chip" Stelljes
III Intention to Resign as Officer and Director
MCLEAN, Va., Nov. 28, 2012 /PRNewswire/ -- Gladstone
Commercial Corporation and Gladstone Management Corporation, the
investment adviser to the Gladstone Funds (Gladstone Investment
Corporation (NASDAQ: GAIN), Gladstone Commercial Corporation
(NASDAQ: GOOD), and Gladstone Capital Corporation (NASDAQ: GLAD)),
announced today that Mr. George "Chip" Stelljes III notified the
management of the Gladstone Funds of his intention to resign as an
officer and director of each of the funds to devote his efforts to
creating and managing new investment vehicles for the Gladstone family of companies. No
effective date for the resignations have been set but the
transition should commence in the very near future.
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Mr. Stelljes currently serves as a director and an officer of
each of the Gladstone Funds. Mr. Stelljes serves as co-vice
chairman, chief investment officer and assistant secretary of
Gladstone Investment, co-vice chairman, chief investment officer
and assistant secretary of Gladstone Commercial, and president,
chief investment officer and assistant secretary of Gladstone
Capital. In April 2008, Mr.
Stelljes turned over the presidency of Gladstone Investment to the
fund's current president, David
Dullum. In June 2012, Mr.
Stelljes was succeeded as the president of Gladstone Commercial by
the current president, Robert
Cutlip. In anticipation of Mr. Stelljes resigning as
president of Gladstone Capital, management has begun a search for
his replacement.
After Mr. Stelljes steps down from the Gladstone Funds, he will
continue to perform his duties as an officer and director of
Gladstone Management. In maintaining his position at
Gladstone Management, Mr. Stelljes will primarily devote most of
his time to new initiatives but will be available to assist in the
management of the funds' portfolio companies, as needed.
Gladstone Commercial Corporation is a real estate investment
trust ("REIT") that invests in and owns net leased industrial,
commercial and retail real property and selectively makes long-term
industrial and commercial mortgage loans. The Company
currently owns 74 properties. Including payments through
May 2012, the Company has paid 89
consecutive monthly cash distributions on its common stock. Prior
to paying distributions on a monthly basis, the Company paid five
consecutive quarterly cash distributions. The Company has
paid 77 consecutive monthly cash distributions on its Series A
preferred stock, 68 consecutive monthly cash distributions on its
Series B preferred stock and 25 consecutive monthly cash
distributions on its Senior Common Stock. The Company has never
skipped, reduced or deferred a monthly distribution since
inception, over eight years ago. Additional information can be
found at www.gladstonecommercial.com.
For Investor Relations inquiries related to any of the monthly
dividend paying Gladstone funds,
please visit www.gladstone.com.
SOURCE Gladstone Commercial Corporation