Getty Realty (US:GTY)2021-02-25 18:24Company Overview - Getty Realty specializes in convenience & gas and other automotive properties, with an enterprise value of $1.7 billion [5] - The company has a diversified national net lease portfolio with 959 properties across 35 states, with 65% of ABR in the Top 50 MSAs [8] - The portfolio boasts a 9.5 years weighted average lease term and 71% on corner locations [8] Financial Performance - The company received 98% of contractual base rent and mortgage payments for the full year 2020 [7] - The company's unitary lease portfolio has weighted average rent escalations of 1.6% and rental coverage of 2.6x [6, 17] - The company has a Net Debt to EBITDA ratio of 4.9x and a Fixed Charge Coverage of 3.7x [6] - The company has shown consistent dividend growth with an 8.1% compounded annual growth rate [39] Growth Strategy - The company focuses on organic growth with 1% to 2% contractual annual rent increases [23] - The company has acquired 462 properties for $1.1 billion over the past ten years [25] - The company invested $14.4 million in 19 completed redevelopments with an aggregate yield of 16% [28]