By Ian Wyatt, High Yield Wealth

Income investors are plagued by low interest rates and a dearth of reliable income sources. For this, we can thank the Federal Reserve, which has wrung interest payments out of the fixed-income market.

Fortunately, there is an investment that provides high-yield safe income: Gladstone Commercial Corporation (GOOD), a diversified commercial real estate investment trust.

Gladstone Commercial owns 77 properties covering 21 states from Rhode Island to Texas. Gladstone's portfolio is composed of commercial, industrial and retail properties.

Moreover, 98.8% of its portfolio's total square footage is occupied, and all tenants are current on their payments. As a REIT, Gladstone doesn't pay income tax at the corporate level.

This means more cash is distributed to investors. In fact, Gladstone's $1.50-per-share annual distribution yields 8.5% -- roughly four times the yield of the S&P 500.

Gladstone's average price-to-FFO (funds from operations) multiple of 11.5 is less than the industry average, but this is likely due to Gladstone's small size and lack of institutional following.

If the market yield were applied to Gladstone's 2011 FFO of $1.53, you'd be looking at a $23.50 share price -- a 30% increase to the current market price. In short, Gladstone is a valued-priced, risk-averse REIT that is a model of high-yield dependable income. 

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