Summary:
- Getty Realty’s shares have underperformed in the past year, but the company’s business remains stable with strong debt coverage and long lease terms.
- The company reported solid Q1 results, with adjusted funds from operations beating expectations and revenue rising by 14%.
- Its lower share price does make accretive deal-making more difficult, but shares seem now positioned to deliver a 10+% return even absent new property acquisitions.
Jacobs Stock Photography Ltd
Shares of Getty Realty (NYSE:GTY) have been a meaningful underperformer over the past year. I last covered shares in January, rating them a “buy.” However, since that recommendation, shares have lost 1% while the market has rallied a further 11%. I continue to view
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