Gladstone Commercial is a net-lease REIT that owns and leases single-tenant industrial and office properties across the U.S. As of early 2026, Gladstone Commercial owned 151 properties totaling 17.7M square feet across 27 states, with 99.1% occupancy and a weighted average remaining lease term of 7.3 years. The company is actively shifting its portfolio toward industrial — light manufacturing, distribution, and similar facilities — which represented approximately 69% of annualized straight-line rents as of Q3 2025, up from 60% at the start of 2024. Gladstone Commercial collects rent under long-term net leases, where tenants cover most operating costs including maintenance, insurance, and real estate taxes. Tenants are primarily mid-sized private and public companies, often without publicly rated debt, for whom the leased facility is mission-critical. Gladstone Commercial sources deals through private equity relationships, brokers, and other intermediaries, acquiring properties via open-market purchases and sale-leaseback transactions. The company is externally managed by Gladstone Management, which handles operations, deal sourcing, and underwriting, and also manages several affiliated entities. Gladstone Commercial funds acquisitions through a revolving credit facility, term loans, mortgage debt, senior unsecured notes, and equity issuance. The company's growth strategy centers on acquiring net-leased industrial assets, recycling out of office properties, and extending leases to capture rent increases.