Gladstone Commercial Corporation (NASDAQ: GOOD) specializes in triple-net leased office and industrial properties. Chairman and CEO David Gladstone says the company's diverse portfolio helped it through the economic downturn.

"Diversification helps you because if one tenant goes out of business it is not a big impact," Gladstone says. "We may go down to 97 percent occupancy but that will not impact our dividend or the business overall."

Gladstone says the composition of the real estate capital markets has been one of the biggest changes to come out of the difficult times of the past two years.

"First of all, the CMBS marketplace has been dead for at least two years," Gladstone says, adding that some activity has started to trickle out. "It probably won't come back fully for another couple of years."

Gladstone says in many ways it is like the old days before the advent of CMBS, where executives have to go "knock on doors" as there is no longer one central place to go.

The second half of the year will still be marked by REITs deleveraging.

"The big question will be 'How much have you delevered?'" Gladstone says. "If you have, then shareholders will like you. If not then you will probably still have a depressed stock price."

In addition to running Gladstone Commercial, Gladstone is the author of two books on financing for small to medium-sized businesses. He says the books are in about 60 business schools.

"The problem with small business is there is not enough capital today," he says.