Good morning, and welcome to the Gladstone Commercial Corporation Third Quarter Ended September 30, 2012 Conference Call. All participants will be in a listen-only mode. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to David Gladstone. Please go ahead.

Thank you, Emily for that good introduction, and thanks to all of you for calling in. This is David Gladstone, and this is the Gladstone Commercial Call for the quarter ending September 30. And I say this each time but it’s true, we enjoy these times that we have with all of you on the phone and I wish there were other times to talk to you, maybe we’ll startup something in mid quarter to talk to you, we’ll come back to that at some point in time. If you’ve been in this area, in the Washington, D.C. area, we’re located in the suburb called McLean, Virginia and you have an open invitation to stop by say hello. You’ll see a great team at work here. There are 57 members of the team now so we’re no longer a small group and we have a couple of puppy dogs that come in every day and we enjoy that as well. Now about the forward-looking statements. This report that I’m about to give, that we’re all about to give includes statements that may constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, including statements with regard to the future performance of the company. These forward-looking statements involve certain risks and uncertainties and they are based on our current plan, and we believe that plan to be reasonable. There are many factors that may cause our actual results to be materially different from the future results expressed or implied by these forward-looking statements, including those factors listed under the caption "Risk Factors" of our company’s 10-K and 10-Q filings and also filed with the Securities and Exchange Commission. Those 10-Ks and 10-Qs can be found on our website at www.gladstonecommercial.com and on the SEC website. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future results or otherwise. In our talk today, we plan to talk about funds from operation or FFO. And since FFO is a non-GAAP accounting term, I need to define FFO is net income, excluding the gains or losses from the sales of real estate, plus depreciation and amortization of real estate assets. The National Association of Real Estate Investment Trusts or NAREIT has endorsed FFO as one of those non-accounting standards that we can use in discussing our REIT and all REITs for that matter. Please see our 10-Q filed yesterday with the SEC and our financial statements for a detailed description of FFO. All right, now we’ll begin the call today by hearing from our President, Bob Cutlip. Bob, go ahead.

Thank you, David. Good morning, everyone. During the quarter, we acquired one additional property, issued a long-term debt on three of our properties and extended the term on four of our upcoming expiring leases. Our pipeline remains robust and we hope to announce additional acquisitions in the near future. Now for some details. As of today, all but two of our buildings continue to be occupied and all of the occupied buildings continue to pay as agreed. The two empty buildings constitute about 1.9% of our stabilized gross portfolio of income and about 1.2% of the total square feet of space we own. We continue to take the appropriate action to re-tenant these properties. The new office property we acquired this quarter has 60,000 square feet and was purchased for $15.5 million. This property is located in a master plant mixed Jews community in Jupiter, Florida. Jupiter is on the Southeastern Coast of the state. We funded this acquisition through a combination of cash on hand and the assumption of $10.8 million of mortgage debt on the property. This facility serves as the headquarters for the North American subsidiary of G4S Worldwide, one of the largest providers of security solutions with operations in 125 countries. G4S Secure Solutions USA has leased the property for 10.5 years and has two options to renew the lease for additional periods of five years each. Switching to mortgages, the market for long-term mortgages has improved. Mid to long-term, that is five to 10-year mortgages are becoming much more obtainable. The collateralized mortgage-backed securities or CMBS market has made a comeback in recent months, but it is more conservative than it was prior to the credit crisis and the market remains somewhat volatile. Consequently, we also look to regional banks, insurance companies and other non-bank…

All right, thank you Bob. Good presentation. Now, let’s turn to our Chief Financial Officer and Treasurer, Danielle Jones, for a report on the financial results during the quarter.

Good morning. Our quarterly results are positive and reflect our growth in our recent acquisitions. At quarter end, our total assets increased to $526 million, up 23% from one year ago. The amounts outstanding under long-term mortgages in our line of credit increased to $343.4 million, which is a 24.8% increase from last year. In addition, our stockholders’ equity, including our term preferred stock, increased by 16.7% to $162.5 million from our preferred equity offering earlier this year. As we discussed previously, we completed a public offering of about 1.5 million shares of Series C term preferred stock at a price of $25 per share, resulting in gross proceeds of $38.5 million in January of this year. We used the proceeds from the offering to repay the outstanding balance on our line of credit. Due to its mandatory redemption feature, the preferred stock is classified as a liability on our balance sheet and the costs incurred related to this offering are recorded in deferred offering costs and will amortize over the redemption period which ends in January of 2017. We have mortgage debt in the aggregate principal amount of $1.4 million payable during the remainder of 2012. The mortgage payments due in 2012 are only principal amortization payments and we have sufficient cash or borrowing capacity under our line to pay these amounts. We were able to refinance our largest mortgage with $45.2 million GE Mortgage that originally matured in 2012 with KeyBank which closed on October 1. The KeyBank Mortgage was a $34 million 10-year mortgage on seven of the nine properties that has been originally financed under the GE Mortgage. We placed the remaining two properties in our borrowing base on our line of credit. We funded the difference between the KeyBank Mortgage and the GE payoff with…

All right, that was a good report, Danielle. We encourage all of the listeners to read our press release and the quarterly report that was filed yesterday with the SEC called Form 10-Q. There is a lot of good material in those documents and you can find them on our website at www.gladstonecommercial.com and also on the SEC website. To stay up-to-date in the latest news involving Gladstone Commercial and our other public companies, please follow us on Twitter, under the name, "GladstoneComps," C-O-M-P-S, and on Facebook, keyword, "The Gladstone Companies," and you can go to our general website to see more information about all of our funds at www.gladstone.com. The main news to report for this quarter seems to me is we are able to acquire an additional property. We issued some long-term debt to fund this acquisition, and on acquisitions from the second quarter and extend four leases that were coming due in 2012 and 2013. I think all of this is great positive news for our shareholders. We’ve built up a nice pipeline of potential properties that we’re interested in acquiring and we are in due diligence phase on most of those. And because of the pipeline, we are able to grow the asset base again during the last quarter of 2012 and increase the portfolio of properties coming means greater diversification and also better earnings. We’re still selling some of our senior common stock. We sold over $1.3 million to-date. I think the company is a great position to increase its assets and to increase the income from those assets. And we keep issuing some common stock which seems to be accreted to our current shareholders. So we’re excited about the remainder of this year and 2013. I think it’s going to be a stellar year…

We will now begin the question and answer session. (Operator Instructions) At this time, we will pause momentarily to assemble our roster. And our first question will come from Dan Donlan of Janney Capital. Please go ahead. Elizabeth Bland – Janney Montgomery Scott: Good morning. It’s Elizabeth Bland here with Dan. Can you just talk about your Roseville, Minnesota property and your plans for the remaining space, are there any updates there?

Sure. Bob, why don’t you update us on Roseville?

Certainly. We have hired a very good local real estate company broker who is helping us reposition the property. Our plans are to release the property, the balance of the property about two-thirds of the space to primarily office users although because of the power availability that we have there, we have interest from data centers. At this time we do have two office prospects that are between 80,000 and 100,000 square feet and one data center prospect, but our expectation is that probably the majority of that space will be for Class A minus to Class B plus office. So it works well for call centers. It works well for state users and two of those users are in that category right now. It’s a challenging market, we know that, but the facility is set up to accommodate these large users. And yes, we’re hopeful and we’re confident that we’re going to be able to go for positively with the project. Elizabeth Bland – Janney Montgomery Scott: Okay, thanks. That’s helpful. Do you expect to leave that vacant for any period of time or do you think it will be a smooth transition from when the current tenant stops paying rent at the remaining space?

Well right now we think we have not forecasted – we’re going to lease the entire balance of the space next year because it is a challenging market but because we’re receiving some fairly strong prospects with the large floor plate requirements, we’re confident that we’re going to be successful next year, but I certainly can’t go (inaudible) we’re going to release the entire building within the next 12 months.

You remember of course that we do – the existing tenant has been reduced down to one-third of the building and they are paying about one half of the rent that they used to pay. So we’re in good shape there in terms of current income that won’t change that much but at the same time, just as Bob mentioned, we love to get the rest it rented out because it would bring in more rent than we have gotten in the past. Elizabeth Bland – Janney Montgomery Scott: Right. And then on the Saint Louis property, I know you are still in negotiations, but are you able to give any idea of when a new lease would come online there?

No, I certainly can’t say that, I mean we’re encouraged about it because it’s an excellent industrial building distribution facility with rail service. The prospect is extremely interested in it and we’re encouraged about getting something across the go line here shortly. Elizabeth Bland – Janney Montgomery Scott: Okay, thanks.

We’ll go to the next question please.

(Operator Instructions) And at this time, I am not showing any questions, so this does conclude our question and answer session. I’d like to turn the conference back over to Mr. Gladstone for any closing remarks.

I know sometimes some of you get your fingers a little bit tangled up and don’t hit the phone in time. So if you have well one quick question, let’s jump on the phone please. No questions? All right, well thank you all, this makes the question and answer session kind of short but we appreciate all the things that you do for us out there in selling the stock and this will end our conversation now.

The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.