GTY - Getty Realty Corp: Convenience Store Success

2024-01-29 09:00:00 ET

Summary

• Getty Realty Corp. is a REIT that owns 1,100 freestanding retail properties leased under triple net terms, with a 85% of revenue from convenience stores and car washes.
• Higher Total Return over 5 and 10 years than Realty Income Corp. or NNN REIT Inc.
• Price ~ 10% below estimated fair value, with an attractive 6.4% yield.

Investment Thesis

Getty Realty Corp. (NYSE: GTY ) is a $1.5 billion market cap REIT, owning ~ 1100 freestanding retail properties leased under triple net terms. Their focus is automotive related necessity and convenience, with 85% of revenue from convenience stores and car washes.

These lines of business have proven to be both e-commerce and recession resistant, and GTY has provided higher total returns and dividend growth than larger and more diversified triple net benchmark REITs....

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