It is also noteworthy that in 2015 there was only a waiver for the first 6 months of the year. Unless something unusual (as in non recurring gain) occurred in the second half maybe they are at the point where the divy is self-sustaining without a waiver. If true then there would be some margin for error so to speak going forward.
Bottom line ffo, cad and income is a manipulated number. Gladstone waives whatever fees are necessary to leave ffo sufficient to cover the 1.50 dividend and satisfy bank loan requirements on dividend coverage.
Thus, the real measure of GOOD's recovery from recession vacancies, imo, is the per share fee waiver.
This is calculated by dividing the amount of waived fees by weighted average shares outstanding.
On an annual basis, fees waived per share were:
2013 26.3 cents
So, dividend coverage is getting better. If all continues to go well, maybe operations for 2016 will cover the dividend without a fee waiver. Only after that can one dream of a dividend increase.
IMO, the dividend is more than safe at 1.50 due to Gladstone's ego. He loves to brag about never reducing or skipping a dividend. IMO, he will continue to waive whatever fees are necessary to maintain 1.50 and satisfy the banks.
I love the mostly tax deferred cash flow.