Financial Data and Key Metrics Changes - The company reported an AFFO per share of $0.59 for Q3 2024, representing a 3.5% increase over Q3 2023 [24] - Year-to-date, AFFO per share was $1.74, up 3.6% compared to the prior year period [24] - Annualized base rent (ABR) as of September 30, 2024, was $190 million, an increase of 13.1% over the $168 million reported as of September 30, 2023 [25] - The company raised its full year 2024 AFFO per share guidance to a range of $2.32 to $2.33 from a previous range of $2.30 to $2.32 [30] Business Line Data and Key Metrics Changes - The company invested approximately $148 million year-to-date at an 8% initial cash yield, with more than 90% of investments being direct with tenants [9] - During Q3, Getty invested $30.2 million across 16 properties at an initial cash yield of 8% [18] - The weighted average lease term on acquired assets was 18.4 years [18] - The company extended two significant unitary leases, representing 11% of ABR, contributing to an increase in the weighted average lease term to more than 10 years [12][23] Market Data and Key Metrics Changes - The portfolio included 1,104 net lease properties with an occupancy rate of 99.7% [17] - 59% of annualized base rent came from the top 50 MSAs, and 75% from the top 100 MSAs [17] - The trailing 12-month rent coverage ratio was 2.6x, consistent over the last four to five years [17] Company Strategy and Development Direction - The company is focused on growing, diversifying, and actively managing its portfolio of convenience and automotive retail assets [8] - The investment strategy includes direct transactions and sale-leaseback models, which allow for cultivating tenant relationships and underwriting site-level performance [10] - The company anticipates additional demand for automotive service uses, aligning with its geographic footprint and legacy locations [12] Management's Comments on Operating Environment and Future Outlook - Management noted lingering uncertainty regarding the economy and upcoming elections but expressed confidence in the company's ability to create value for shareholders [13] - The company highlighted a strong balance sheet with moderate leverage and significant liquidity, positioning it well for future growth [14] - Management acknowledged increased interest in the convenience and automotive retail sectors but emphasized their expertise and established relationships as competitive advantages [34] Other Important Information - The company raised more than $245 million in common equity and unsecured debt during the quarter [12] - The Board approved a 4.4% increase in the recurring quarterly dividend to $0.47 per share, marking the 11th consecutive year of dividend growth [14][15] - The company has more than $495 million of available capital, ensuring sufficient funds for ongoing and future investments [29] Q&A Session Summary Question: Current transaction market conditions - Management indicated that while sellers believe cap rates should decline, they have not seen significant movement in their pipeline [32][33] Question: Competition in convenience and auto services sectors - Management acknowledged increased interest from investors but emphasized their long-standing expertise and ability to transact effectively [34][35] Question: Details on the sale of properties to Global - Management explained that the transaction involved legacy sites that were deemed better suited for Global to own, resulting in a beneficial outcome for both parties [37][38] Question: Performance of auto tenants amid consumer pullback - Management reported stable coverage ratios and noted that certain sectors, like newer car wash assets, are performing positively [40] Question: Confidence in sourcing transactions despite market volatility - Management expressed confidence in their ability to execute transactions based on a steady investment volume and favorable capital raising conditions [41] Question: Bid-ask spread and cap rate expectations - Management acknowledged the persistence of bid-ask spreads but remained confident in identifying opportunities that meet their underwriting criteria [44] Question: Focus on portfolios versus sale-leaseback transactions - Management clarified that they prefer to acquire portfolios of properties through sale-leaseback transactions, which offer structural advantages [48]

Getty Realty (GTY) came out with quarterly funds from operations (FFO) of $0.59 per share, beating the Zacks Consensus Estimate of $0.58 per share. This compares to FFO of $0.57 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 1.72%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.57 per share when it actually produced FFO of $0.58, delivering a surprise of 1.75%.Over the last four quarters ...

- Reports $147.6 Million of Year-to-Date Investment Activity - - Raises 2024 Full Year Earnings Guidance - NEW YORK, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”), a net lease REIT focused on convenience and automotive retail real estate, announced today its financial and operating results for the quarter ended September 30, 2024. Third Quarter 2024 Highlights Net earnings: $0.27 per shareFunds From Operations (“FFO”): $0.56 per shareAdjusted Funds From Operatio ...

NEW YORK, Oct. 22, 2024 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) announced today that its Board of Directors declared a cash dividend of $0.47 per common share, an increase of 4.4% over the previous quarterly dividend. The dividend is payable on January 9, 2025 to holders of record on December 26, 2024. About Getty Realty Corp.Getty Realty Corp. is a publicly traded, net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail ...

Since REITs have cooled off a bit since rallying this past July, some may present attractive buying opportunities, especially if you're an investor with a long-term outlook. Although many have seen solid price appreciation the past three months, many yields are Contributing analyst to the iREIT+Hoya Capital investment group. The Dividend Collectuh is not a registered investment professional nor financial advisor and these articles should not be taken as financial advice. This is for educational purposes onl ...

Core Viewpoint - Getty Realty Corp. (NYSE:GTY) is a net-lease REIT with a diversified portfolio and strong operational focus, presenting potential investment opportunities due to undervaluation and high dividend yield [1][12]. Portfolio Overview - The REIT's portfolio includes 1,124 properties across 42 states, with the largest concentration in New York at approximately 16% [2]. - The tenant base is well-diversified, with a significant reduction in reliance on convenience stores and gas/repair stations, which now account for 63% and 9% of annual base rent (ABR) respectively [4]. Financial Performance - In 2023, Getty Realty achieved $172.8 million in annualized base rent, reflecting a 12.1% year-over-year increase, with occupancy rates at 99.8% [6]. - The net operating income (NOI) increased by 21.55%, and adjusted funds from operations (AFFO) per share rose to $2.25, a 5.14% increase year-over-year [6]. - The company anticipates a slower growth rate in 2024, with a projected AFFO of $2.31 per share, indicating a 2.67% year-over-year growth [6]. Leverage and Liquidity - Getty Realty maintains a BBB- rating from Fitch Ratings, with 44.37% of its assets funded by long-term debt, all of which is unsecured [7]. - The weighted average interest rate on its debt is 4.35%, with a Debt/EBITDA ratio of 5.32x and interest coverage at 4.08x, indicating strong liquidity [7]. Dividend and Valuation - The current quarterly dividend is $0.45 per share, yielding 5.68%, with a payout ratio of 77.92% based on forward AFFO [8]. - The implied cap rate of 7.15% is higher than the forecasted average cap rate for retail asset transactions in 2024, suggesting potential undervaluation [9].

The IPO (initial public offering) market has gotten stronger in 2024, according to the Q2 2024 quarterly review from IPO specialist Renaissance Capital. That has resulted in a more buoyant market for secondary offerings. According to Renaissance, 39 IPOs raised nearly $9 billion in the second quarter, 35% higher than Q2 2023 and 324% higher than Q2 2022. Approximately 20 companies raised more than $100 million in their IPOs. Late in the second quarter, Dutch Bros (NYSE:BROS) conducted a $344 million seconda ...

1000 i th F l in i i ill #1 th 1 t l Kwarkot As an income-focused investor with a preference for companies that are positioned throughout the retail sector, I wanted to explore several reasons as to why I'm considering taking a position in shares of Getty Realty Corp. (NYSE:GTY), which are currently trading at $30.36 per share and offering investors an annualized yield of 5.97% ($1.81 per share). Company Overview Getty Realty Corp. is a publicly traded, net lease REIT specializing in the acquisition, financ ...

In connection with the offering of shares of its common stock, the Company expects to enter into forward sale agreements with each of BofA Securities, J.P. Morgan and KeyBanc Capital Markets (or their respective affiliates), each referred to in this capacity as the forward purchaser. In connection with such forward sale agreements, the forward purchasers (or their affiliates) are expected to borrow from third parties and sell to the underwriters an aggregate of 3,500,000 shares of the Company's common stock ...

NEW YORK, July 29, 2024 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE:GTY) (the "Company") today announced the launch of an underwritten public offering of an aggregate of 3,500,000 shares of its common stock in connection with the forward sale agreements described below. The forward purchasers (or their affiliates) and the Company intend to grant the underwriters of the offering a 30-day option to purchase up to an additional 525,000 shares of common stock. BofA Securities, J.P. Morgan and KeyBanc Capital M ...