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Gladstone Commercial Corp.: 7.1% Yield And Upside In A Rising Economy

Published Sun, 14 Apr 2019 14:14:03 -0400 on Seeking Alpha

Gladstone Commercial Corp. (GOOD) is an interesting net lease commercial property REIT in the United States that produces high, recurring dividend income for its shareholders. The real estate investment trust has a large, diversified property portfolio and has grown its portfolio and associated revenues at a fast clip during the current economic upswing. Gladstone Commercial Corp. covers its dividend with (core) funds from operations and pays its dividend on a monthly basis. Shares are moderately valued and throw off a 7.1 percent dividend.
Gladstone Commercial Corp. - Portfolio Overview
Gladstone Commercial Corp. is a commercial property real estate investment trust with an equity value of ~$632 million. The net lease REIT invests largely in industrial and office properties that produce recurring lease income for the company and its shareholders. At the end of the December quarter, Gladstone's real estate portfolio was comprised of 101 properties reflecting 11.7 million square feet.
Here are its key portfolio stats:

Source: Gladstone Commercial Corp. Investor Presentation
Office properties account for the lion's share of Gladstone's property portfolio (62 percent) while industrial properties represent 33 percent of rental income.
Here's a portfolio split by property type.
Source: Gladstone Commercial Corp.
Gladstone has significant expansion potential as the REIT's properties are currently only represented in 24 U.S. states.
Here's a... Read more