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1、Gladstone Commercial Corporation1521 Westbranch DriveMcLean,VA 22102Telephone:703-287-5800Fax:703-287-5801Email:infoGladstoneCWeb:www.GladstoneC2006 ANNUAL REPORT2006 ANNUAL REPORT GLADSTONE COMMERCIAL CORPORATION is a real estate investment trust,or REIT,that seeks to invest in and own net leased i
2、ndustrial and commercial real property and selectively make long-term industrial and commercial mortgage loans.As of December 31,2006,we owned 38 properties totaling 4,629,552 square feet located in 17 states.These properties consist primarily of office,warehouse,industrial,commercial and manufactur
3、ing facilities.Our principal investment objectives are to generate cash flow for monthly distributions to our stockholders and to increase the value of our common stock.Our primary strategy to achieve our investment objectives is to invest in and own a diversified portfolio of leased industrial and
4、commercial real estate that we believe will produce stable cash flow and increase in value over time.We expect to sell some of our real estate assets from time to time when our Adviser determines that doing so would be advantageous to us and our stock-holders.We also expect to occasionally make mort
5、gage loans secured by income-producing commercial or industrial real estate,which loans may have some form of equity participation.WE CURRENTLY OWN THREE TYPES OF COMMERCIAL AND INDUSTRIAL REAL ESTATE PROPERTIES:1.Real estate leased to tenants with small and medium-sized unrated businesses as well a
6、s larger rated businesses in some instances.Our target market companies are normally too small to have ratings similar to larger public companies.2.Real estate occupied by companies controlled by buyout funds.We are very familiar with the leveraged buyout business and are comfortable owning these bu