Gladstone Commercial is a holding company. Through its subsidiaries, Co. is engaged as a real estate investment trust. Co. focuses on acquiring, owning, and managing primarily office and industrial properties. Co. conducts substantially all of its business activities through an Umbrella Partnership Real Estate Investment Trust structure, by which all of Co.'s properties are held, directly or indirectly, by Gladstone Commercial Limited Partnership (the Operating Partnership). Co. controls the sole general partner of the Operating Partnership and owns, directly or indirectly, approx. 98.6% of the common units of limited partnership interest in the Operating Partnership.