Boenning & Scattergood analyst Merrill Ross maintained a Buy rating on Gladstone Commercial Corp (GOOD) today and set a price target of $21. The company’s shares opened today at $20.50, close to its 52-week high of $20.90.
Ross noted:
“We think the fact that a property owner was willing to accept OP units is a positive signal about value creation, and it could allow for CAD dividend coverage sooner. Moreover, NAV accretion could be enhanced if the seller takes OP units at a premium to market valuation. At December 31, GOOD owned 101 single-tenant and anchored multi-tenant net leased office and industrial properties totaling 11.7 million square feet that were 99.1% occupied. As a result of GOOD’s active portfolio management and acquisition activity, we think GOOD will cover its dividend with funds available after tenant improvements and leasing cost within the next six to nine months. We believe the monthly dividend to be stable, with fractional percentage to the upside over the next 12 months.”
According to TipRanks.com, Ross is a 2-star analyst with an average return of 0.0% and a 52.7% success rate. Ross covers the Financial sector, focusing on stocks such as Essential Properties Realty Trust Inc, Pennsylvania Real Estate Investment, and Monmouth Real Estate Investment.
Currently, the analyst consensus on Gladstone Commercial Corp is a Moderate Buy with an average price target of $21.
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Based on Gladstone Commercial Corp’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $2.68 million. In comparison, last year the company had a GAAP net loss of $1.47 million.
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Gladstone Commercial Corp. is a real estate investment trust, which engages in the acquisition, investmen,t and ownership of net leased industrial, commercial, and retail real properties. Its portfolio consists of single-tenant commercial and industrial real properties.
