GOODN - Gladstone Commercial: A Long-Term Hold For Monthly Income
2024-04-10 18:01:30 ET
Summary
- Gladstone Commercial is paying out a monthly dividend with an 8.7% yield.
- The industrial-heavy REIT saw occupancy rise 20 basis points sequentially to 96.8% at the end of its fiscal 2023 fourth quarter.
- Lease expirations, occupancy, and debt maturities are positive for the REIT, but cash from operations has dipped since the Fed started raising rates.
Gladstone Commercial ( GOOD ) is a diversified equity REIT that owned a portfolio of 135 properties spread across 17.1 million square feet and 27 states, mainly in the Southeastern U.S. as of the end of the fourth quarter of 2023. GOOD focuses on secondary growth markets with higher cap rates, with industrial properties constituting 60% of its property portfolio. Office properties are the second largest constituent at 36%. The REIT pays a monthly dividend, last declaring a $0.10 per share payout that was unchanged sequentially and $1.20 per share annualized for an 8.7% dividend yield. The yield has been pulled down over the last few months on the back of a sustained rally of the commons, but still sits far above their pre-pandemic average of around 6%....
Gladstone Commercial: A Long-Term Hold For Monthly Income