Gladstone Commercial (GOOD) 10-Q 2010 Q3 Quarterly report

Exhibit 12

Statements re: computation of ratios

	For the nine
	months ended
	September 30,			For the year ended			For the year ended			For the year ended			For the year ended			For the year ended
	2010			December 31, 2009			December 31, 2008			December 31, 2007			December 31, 2006			December 31, 2005
Net income from continuing operations	$	4,121,038		$	4,399,948		$	4,873,021		$	5,958,214		$	3,284,957		$	3,436,149
Add: fixed charges		16,113,753			22,000,728			20,963,484			15,670,067			11,490,476			2,494,245
Less: preferred and senior common distributions		(3,074,970	)		(4,093,750	)		(4,093,750	)		(4,093,750	)		(2,186,890	)		—
Earnings	$	17,159,821		$	22,306,926		$	21,742,755		$	17,534,531		$	12,588,543		$	5,930,394
Fixed Charges:
Interest expense		12,190,988			16,398,938			15,574,735			10,847,346			8,041,412			2,187,586
Amortization of deferred financing fees		836,884			1,495,598			1,283,952			717,195			1,207,198			260,098
Estimated interest component of rent		10,911			12,442			11,047			11,776			54,976			46,561
Preferred and senior common distributions		3,074,970			4,093,750			4,093,750			4,093,750			2,186,890			—
Total fixed charges and preferred distributions		16,113,753			22,000,728			20,963,484			15,670,067			11,490,476			2,494,245
Ratio of earnings to combined fixed charges and preferred distributions		1.1			1.0			1.0			1.1			1.1			2.4

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