The Buy Thesis Gladstone Commercial (GOOD) is trading at a multiple that is far too low for its quality of earnings. Specifically, a 9X multiple implies low quality earnings or high risk while GOOD’s cashflows are quite durable. I believe the market is missing 2 key aspects of GOOD: Property quality (post transition) Tenant quality In this article we will exhaustively examine GOOD’s transition from a mostly office portfolio to 70% industrial. REIT transitions of this kind can have a wide range of outcomes ...