Lots of companies pay dividends. Because of that, it can be easy to overlook some great ones. 

With that in mind, three dividend-focused investors found attractive dividend stocks they believe most investors are overlooking. Here's why they don't want you to miss the big-time payouts offered by Gladstone Commercial (GOOD 0.89%), Simon Property Group (SPG 0.93%), and Getty Realty (GTY -0.62%)

Gladstone Commercial is doubling down on industrial real estate to its shareholders' benefit

Marc Rapport (Gladstone Commercial): Gladstone Commercial is an office-industrial real estate investment trust (REIT) with a performance record that neatly tracks the S&P 500 in total return since the REIT went public in 2003. A $10,000 investment then would be worth $60,000 now.

That record includes 211 consecutive monthly dividend payments. David Gladstone, the founding CEO, views his offering as an income stock, suitable for people who like a steady, predictable stream of income every month. Retirees, for instance, are a sweet spot, Gladstone says, and his company's holdings are all managed with that reliable income in mind.

That income comes from a current portfolio of 136 properties in 27 states with a client list of 112 tenants in 19 industries. The properties are single-anchored multi-tenant net leased assets "with an industrial product emphasis."

That emphasis was highlighted in the REIT's second-quarter 2022 earnings report, where it noted its portfolio has reduced its office allocation to 44% while growing its industrial commitment to 52% with plans to get that to 60% in the next 18 months.

The CEO also says he has serious reservations about the future of office real estate, pointing specifically to the large number of people who are working at home with no plans to return. In fact, the 15 potential acquisitions Gladstone Commercial is now looking at are all industrial, because, as CEO Gladstone said, "There aren't many manufacturing jobs that you can do from home."

Industrial, of course, means both logistics and manufacturing properties, and Gladstone expressed renewed optimism about the latter, because of onshoring moves by many manufacturers interested in creating or returning operations to the United States. 

The company's dividend currently yields about 7.3% and has generally been right around that level or a bit higher for more than a decade.

Yield, of course, is a function of both share price and dividend payouts, and there's only so much that a company can do about the former. That's up to the market.

But the company determines its payout, and Gladstone Commercial's managers have a long record of strong performance in that regard, plus an investment strategy that looks to continue that for years to come. That strategy has also supported a reasonably steady share price over the years.

I own Gladstone Commercial and plan to continue adding to my stake.

Simon Property Group will benefit from rising wages and falling gas prices

Brent Nyitray (Simon Property Group): Simon Property Group is an operator of high-quality shopping malls, premium outlets, lifestyle properties, and other assets, including The Mills shopping mall REIT. It also owns an 80% interest in Taubman Centers, another shopping REIT

The stock has been hammered this year by rising rates and recession fears as well as concern that e-commerce will grow its share, which will be bad news for brick-and-mortar retailers. The stock is down 33% year to date, well below the S&P 500

The knock on Simon Property has always been the view that e-commerce will keep taking share and mall traffic will decline. This is a valid fear, however the company's numbers from the second quarter of 2022 certainly did not show things deteriorating. Occupancy was up 2.1 percentage points year over year to 93.9%. Retailer sales for the malls and outlets rose 26% year over year to a record of $746 per square foot. 

During the second-quarter earnings call, CEO David Simon referred to the company's stock as "ridiculously cheap," as the company raised guidance for full-year funds from operations and hiked its dividend. At current levels, the stock has a dividend yield of 7.4%, which is on the higher side, except for the early COVID-pandemic period when mall REITs were sold off because of pandemic-related shutdowns. 

SPG Dividend Yield Chart

SPG Dividend Yield data by YCharts

The U.S. may (or may not) be in a recession, but consumers should benefit from falling gasoline prices. In addition, workers are getting raises -- average hourly earnings rose 5.2% in July. While there is some gloom about the economy overall, so far the labor market is extremely tight and workers will benefit from falling commodity prices.  

The fuel to continue rising

Matt DiLallo (Getty Realty): Getty Realty has quietly put together a solid dividend track record. The REIT has grown its payout at a 5.4% compound annual rate since 2015. It currently yields 5.5%, well above the sector's roughly 3.5% average.

Getty should be able to continue growing its high-yielding dividend in the coming years. The REIT operates a durable real estate portfolio focused on properties where consumers spend money in and on their cars, like convenience stores with gas stations, car washes, auto parts stores, and auto service centers. It leases these properties back to operating companies under long-term net leases where the tenant is responsible for maintenance, building insurance, and property taxes. That lease structure enables it to collect steady rental income to support its high-yielding payout.

The REIT also has a solid investment-grade balance sheet and a conservative dividend payout ratio (76% in 2021). That gives it the financial flexibility to continue expanding its portfolio, which it does primarily by making sale-leaseback transactions. The REIT invested $50.5 million across 17 properties in the second quarter, including acquiring 11 car washes and one convenience store and funding the construction of two new convenience stores and three car washes. Meanwhile, it committed to investing another $125 million in developing and acquiring 30 convenience stores and car wash properties over the next year. It's also redeveloping five properties and has several more in various planning stages. These investments will help grow its rental income, which should allow Getty Realty to continue growing its high-yielding dividend. 

Getty Realty isn't flashy, which makes it easy to miss. However, it has steadily grown its high-yielding dividend over the years, which should continue in the future. That makes it a stock that passive-income seekers won't want to overlook.