A Virginia real-estate investment trust has continuously paid a monthly dividend since 2008 without missing a beat during the recession.
Gladstone Commercial Corporation Corp. (GOOD),
which currently yields 10.48 percent, has steadily increased its asset base during the past 5 years, and has long term leases in place with clients from a broad range of industries, according to Seeking Alpha.
McLean, Virginia-based Gladstone
has paid a monthly dividend since 2008. Unlike several other REITs, it never cut its payouts during the recession, Seeking Alpha reported.
Gladstone invests in and owns leased industrial, commercial and retail real property and makes long-term industrial and commercial mortgage loans. Its typical investment ranges from $5 million to $20.
Gladstone’s portfolio of real estate is leased to a wide cross section of tenants ranging from small businesses to large public companies, many of which are corporations that do not have publicly-rated debt.
Gladstone currently owns 101 properties totaling 11.1 million square feet, which have a total gross and net carrying value, including intangible assets and properties held for sale, of $945.9 million and $796.7 million, respectively.
Gladstone said vacancy rates have decreased for both office and industrial properties in most markets as increased user demand, with restrained new construction activity, has led to improved conditions.
“In fact, vacancy rates in many markets have been reduced to levels seen at the latest peak before the recession and rental rates have increased in many primary and secondary markets,” Gladstone said in a statement.
“However, vacancy rates in certain secondary markets are still higher than pre-recession levels, as job growth has yet to return to all areas of the country even though the national unemployment rate has dropped over the past 12 months.”
"We have successfully increased our total assets for 15 consecutive quarters and are extremely pleased with our activity, high occupancy and consistency over the last several years,” Gladstone President Bob Cutlip said.
“We have a very strong pipeline today and expect to close a substantial amount of deals during the remainder of 2015. We are looking forward to a successful 2015."
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