NEW YORK, Jan. 16, 2025 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) announced today the allocations of the Company’s 2024 dividend distributions on its common stock (CUSIP #374297109). The allocations as they will be reported on Form 1099-DIV are as follows: Ordinary Income Capital Gains <td colspan= ...

Group 1 - The real estate sector showed disparity in 2024, with homebuilder stocks experiencing growth while REITs lagged behind [1] - There is an expectation that the surge in homebuilder stocks in 2024 may lead to an increase in REIT values [1] - The article indicates a decision to cover another REIT in light of the current market conditions [1]

Core Insights - Getty Realty Corp. has invested over $200 million in convenience and automotive retail assets in 2024, achieving an initial cash yield of 8.3% [5][10] - The company has provided its initial earnings guidance for 2025, projecting an Adjusted Funds From Operations (AFFO) range of $2.40 to $2.42 per diluted share [15] Investment Activities - In 2024, the company invested approximately $209 million in various retail assets, including 31 express tunnel car washes, 19 auto service centers, 17 convenience stores, and four drive-thru quick service restaurants [5][10] - For Q4 2024, the company invested around $76 million in similar assets, achieving an 8.9% initial cash yield [6][10] - As of December 31, 2024, the company has a committed investment pipeline exceeding $29 million for the development and acquisition of 15 retail assets [7] Capital Markets Activities - The company raised approximately $289 million in new equity and debt capital in 2024, including $125 million from senior unsecured notes [10][13] - In 2024, the company raised about $164 million through the sale of common shares, including $121 million from a follow-on public offering [11] - The senior unsecured notes will be used to repay existing debt and for general corporate purposes, including funding investment activities [14] Portfolio Overview - As of December 31, 2024, Getty Realty's portfolio consisted of 1,118 freestanding properties across 42 states and Washington, D.C. [17] - The company had four properties under active redevelopment and others in various stages of feasibility planning [8] Dispositions - In 2024, the company sold 31 properties for gross proceeds of approximately $13 million, with $8 million generated in Q4 alone [9]

Steven Cress is VP of Quantitative Strategy and Market Data at Seeking Alpha. Steve is also the creator of the platform’s quantitative stock rating system and many of the analytical tools on Seeking Alpha. His contributions form the cornerstone of the Seeking Alpha Quant Rating system, designed to interpret data for investors and offer insights on investment directions, thereby saving valuable time for users. He is also the Founder and Co-Manager of Alpha Picks, a systematic stock recommendation tool design ...

NEW YORK, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today the closing of its previously disclosed private placement of $125 million of senior unsecured notes, including (i) $50 million of notes priced at a fixed rate of 5.52% and maturing September 12, 2029 and (ii) $75 million of notes priced at a fixed rate of 5.70% and maturing February 22, 2032. The senior unsecured notes will fund on February 25, 2025 and proceeds will be used to repay in full ...

Core Insights - Getty Realty (NYSE: GTY) has shown strong performance over the past year, with a 23% increase in share price alongside a dividend yield exceeding 5% [1] - The majority of this price rally has occurred in the last three months, driven by investor expectations of a larger Federal intervention [1] Company Performance - The stock has gained 23% over the past year, indicating robust investor confidence and market performance [1] - The dividend yield of over 5% adds to the attractiveness of the stock for income-focused investors [1] Market Sentiment - Recent investor sentiment has shifted positively, particularly in the last three months, as expectations for Federal actions have increased [1]

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]

分组1 - Getty Realty reported quarterly funds from operations (FFO) of $0.59 per share, exceeding the Zacks Consensus Estimate of $0.58 per share, and up from $0.57 per share a year ago, representing an FFO surprise of 1.72% [1] - The company posted revenues of $50.49 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.41%, compared to year-ago revenues of $48.85 million [1] - Over the last four quarters, Getty Realty has surpassed consensus FFO estimates two times and topped consensus revenue estimates three times [1] 分组2 - The stock has added about 10.2% since the beginning of the year, while the S&P 500 has gained 22.7% [2] - The current consensus FFO estimate for the coming quarter is $0.59 on $50.55 million in revenues, and for the current fiscal year, it is $2.33 on $196.27 million in revenues [4] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the top 31% of over 250 Zacks industries, indicating a favorable outlook for the industry [5]

- 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 ...