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Lamar Advertising Company (LAMR) - free report >>
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Lamar Advertising Company (LAMR) - free report >>
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Gladstone Commercial Grows Industrial Property Base With Acquisition
To expand its property base in targeted thriving markets, Gladstone Commercial Corporation (GOOD - Free Report) recently announced the acquisition of a Class A industrial manufacturing, distribution and service facility spanning 50,102 square feet in Midland, TX, at a weighted GAAP capitalization rate of 9.94%.
The latest buyout is in sync with GOOD’s growth strategy of the acquisition of functional assets in strong industrial markets, which are leased to tenants with solid credit profiles.
Gladstone Commercial purchased the property in a long-term sale/leaseback transaction with a 15-year absolute NNN lease. It is 100% leased to a provider of electrical feedthrough connectors, wellhead solutions, and related services.
Gladstone Commercial has been witnessing healthy leasing activity, aiding solid occupancy and healthy rental collections. Since the beginning of 2024 through Aug. 6, 2024, the company renewed or newly leased 2,475,036 square feet with seven tenants.
The company collected 100% of all outstanding cash rents for the six months ended June 30, 2024, underscoring the robustness of its tenant base. The strong occupancy rate of 98.5% as of Aug. 6, 2024, is a testament to the trust tenants place in the company’s properties and management.
Shares of this Zacks Rank #3 (Hold) company have gained 19.3% in the past six months compared with the industry’s growth of 10.9%.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the broader REIT sector are Lamar Advertising (LAMR - Free Report) and Healthpeak Properties (DOC - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Lamar Advertising’s 2024 FFO per share of $8.03 indicates an 8.3% increase year over year.
The Zacks Consensus Estimate for Healthpeak’s 2024 FFO per share is pegged at $1.80, which suggests 1.1% year-over-year growth.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.