In a notable performance, Getty Realty Corp (NYSE:GTY)'s stock reached a 52-week high, touching $33.29. This peak reflects a robust phase for the real estate investment trust, specializing in the ownership, leasing, and financing of convenience store and gasoline station properties. Investors have witnessed a significant uptick in the company's stock value, with a 1-year change showing an impressive 13.89% increase. This surge underscores the market's positive reception to Getty Realty's strategic initiatives and its resilience in a dynamic economic landscape.
In other recent news, Getty Realty reported a successful third quarter in 2024, showcasing significant growth in its financial metrics. The company experienced a 13.1% year-over-year growth in annualized base rent, reaching $190 million, and a 3.5% rise in adjusted funds from operations per share to $0.59. The year-to-date AFFO also saw a 3.6% increase, settling at $1.74 per share. Notably, Getty Realty announced a 4.4% increase in its quarterly dividend to $0.47 per share, marking an 11-year streak of dividend growth. The company's capital raising initiatives have also proven effective, with $245 million garnered through common equity and unsecured debt, enhancing liquidity for future investments.
During the earnings call, Getty Realty also raised its full-year 2024 AFFO guidance to $2.32-$2.33 per share. Despite macroeconomic challenges and potential changes in its tenant roster, the company remains committed to growth in the convenience and automotive retail sectors. The company's strategic actions, such as the redevelopment project for a Chipotle (NYSE:CMG) in Providence, RI, and the signing of leases for three new auto service center projects, underscore Getty Realty's proactive approach to growth. These recent developments highlight the company's robust performance and forward-looking stance in executing its growth strategy.
InvestingPro Insights
Getty Realty Corp's recent stock performance aligns with several key financial indicators and market trends. According to InvestingPro data, the company's stock is trading near its 52-week high, with a current price at 99.67% of that peak. This strong performance is supported by a solid financial foundation, as evidenced by Getty Realty's impressive gross profit margin of 91.32% for the last twelve months as of Q3 2024.
InvestingPro Tips highlight Getty Realty's commitment to shareholder value, noting that the company has maintained dividend payments for 30 consecutive years and has raised its dividend for 8 consecutive years. This consistent dividend policy is particularly attractive in the current market environment, with the stock offering a dividend yield of 5.78%.
For investors seeking more comprehensive analysis, InvestingPro offers 8 additional tips that could provide deeper insights into Getty Realty's investment potential. These additional tips, available through the InvestingPro product, could offer valuable context to the company's recent stock performance and future prospects.
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