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Gladstone Trading Company GOOD recently announced that it has acquired an additional property to support the expansion of its tenant – T-Mobile Central, LLC – a subsidiary of T-Mobile USA, Inc. (TMUS). The property is adjacent to the company’s 7,200 square foot office and call center in Springfield, MO.

In fact, this single-story building is located at 2645 N. Airport Plaza Ave., Springfield, MO 65803. In addition, the prime office building serves as T-Mobile’s national customer service center.

The land acquisition will allow the company to increase its parking quota to 10.2/1,000. This, in turn, will help T-Mobile consolidate its workforce at the Springfield site.

Gladstone purchased the office building in 2011 for $15.9 million. It was custom-built for T-Mobile Central in 2006. Additionally, the building is leased to the tenant through 2021 and has three renewal options to extend the lease for an additional five years.

According to management, this purchase reflects the company’s efforts to meet the changing needs of its tenants and stabilize rental income from existing stores. In addition, the expansion at the Springfield location underscores T-Mobile’s confidence in the region.

The move complements the company’s investment activity aimed at improving operating and financial metrics. According to the company’s second quarter 2018 earnings call, it spent $130 million on seven property purchases in high-growth markets over the past 12 months. In addition, the company sold three non-core properties as part of its capital recycling program.

At the end of July, Gladstone reported earnings per share (FFO) of 40 cents for the second quarter of 2018, which was in line with the Zacks consensus estimate and above the year-ago figure of 37 cents.

Shares of this Zacks Rank #3 (Hold) company have outperformed the industry it belongs to over the past six months. Its shares have gained 9.1% while the industry has experienced growth of 7% during this period.

In addition, the Zacks Consensus Estimate for FFO per share for 2018 was revised slightly upward last month, reflecting the optimistic sentiment among analysts.

Important tips

Some of the better-rated stocks in the REIT space include VICI Properties VICI, Park Hotels and Resorts, Inc. PK and WP Carey Inc. WPC. All three stocks have a Zacks Rank of 2 (Buy). You can see You can find the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

VICI Properties’ Zacks Consensus Estimate for 2018 FFO per share has been revised upward by one cent to $1.50 over the past 60 days. The company’s shares have gained 6.8% over the past six months.

Park Hotels and Resorts’ FFO per share estimates for 2018 were revised upward by 2% to $2.93 within a month. The company’s shares have gained 22.8% over the past six months.

WPCarry’s current year FFO projections increased slightly to $6.39 over the past 30 days. The stock has gained 5.6% in six months.

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