GLADSTONE COMMERCIAL CORP — Director's Dealing 2003

Aug 12, 2003

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: GLADSTONE COMMERCIAL CORP (GOOD)
CIK: 0001234006
Period of Report: 2003-08-12

Reporting Person: STELLJES GEORGE III (Director, EVP, Chief Investment Officer)

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$15.00	2013-08-11	Common Stock (100000)		Direct

Footnotes

F1: Fifty percent of the shares underlying this option are immediately exercisable and 50% vest on 8/12/04