MCLEAN, Va., Oct. 15, 2012 /PRNewswire/ -- Gladstone Commercial Corporation (NASDAQ: GOOD) (the "Company") announced today that on October 10, 2012, the Company's board of directors increased the number of directors from nine to ten in accordance with the Company's Articles of Restatement and Bylaws, as amended, and elected Terry Earhart as a director to fill the resulting vacancy. Mr. Earhart was also appointed a member of each of the Company's Compensation Committee and the Company's Ethics, Nominating and Corporate Governance Committee, effective immediately. Mr. Earhart is an "independent director" within the meaning of NASDAQ Stock Market Marketplace Rule 5605(a)(2) and Section 10A of the Securities and Exchange Act of 1934, as amended.
Mr. Earhart founded and, since 2005, has served as Executive Vice President and a member of the board of directors of Strategic Global Services Network, a non-governmental organization, or NGO, that has opened six schools, a medical clinic and facilitated the start-up of several micro enterprise businesses in Africa. From 1989 to 2011, Mr. Earhart was a professor of business information systems and management at Messiah College in Grantham, Pennsylvania, teaching courses in strategic management, finance and computers. He also served as Chair of the Faculty and Chair of the Management and Business Department at Messiah College. Mr. Earhart previously served on boards of directors of Jacksonville Navy Federal Credit Union, Navy Mutual Aid Society, Athens-Clarke Country Humane Society, and Navy Supply Corps Foundation. Mr. Earhart was also the founder of both Athens-Clarke Country Humane Society and Navy Supply Corps Foundation, which has distributed over three million dollars in scholarships. From 1964 to 1989, Mr. Earhart held several positions in the United States Navy, including Engineering Officer, Supply Officer, Comptroller, Director Inventory Control, Director of Navy Payroll, Director of Naval Weapons and Ammunition, and Director of Naval Software Development for Inventory Control Systems. During his career in the Navy he served on ships and naval stations throughout the world. He received numerous awards and medals during his distinguished career and he retired as Navy Captain to pursue his interest in teaching college. Mr. Earhart holds a MBA from Harvard Business School and a Bachelor of Science in Engineering from the U.S. Naval Academy.
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 78 properties. The Company has paid 93 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 81 consecutive monthly cash distributions on its Series A preferred stock, 72 consecutive monthly cash distributions on its Series B preferred stock, 8 consecutive monthly cash distributions on its Series C preferred stock and 30 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.gladstonecompanies.com.For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com. SOURCE Gladstone Commercial Corporation