While most other real estate investment trusts (REITs) are heading lower as the year ends, Getty Realty Corp. (NYSE: GTY) is blasting off to even higher highs.
It’s an extraordinary achievement considering that the two benchmark exchange-traded funds (ETFs) for the sector are only slightly above their October lows and negative for 2022.
The iShares U.S. Real Estate ETF (NYSE: IYR) is down for the year by 24%. The Real Estate Select Sector SPDR Fund (NYSE: XLRE) is down by 26%. Meantime, Getty Realty Corp. is up by 17% from the beginning of January to now.
Getty is a net lease REIT with a focus on convenience and automotive retail real estate. The New York-based company has 1,021 properties in 38 states and in Washington, D.C. The name sounds familiar because the REIT was a 1997 spinoff of the petroleum giant Getty Petroleum.
Getty Realty trades with a price-earnings ratio of 20 and at just over two times its book value. Funds from operations (FFO) this year are off by 15.3%. The past five-year FFO growth rate is 3.3%. For a New York Stock Exchange security, it’s relatively lightly traded with an average daily volume of 322,000.
Market capitalization is $1.62 billion, on the small side compared to the major REITS in the sector. American Tower Corp. (NYSE: AMT), for example, has a market cap of $98 billion.
Getty is paying a 4.96% dividend.
The daily price chart looks like this:
Those who bought shares in mid-May or mid-June and held on must be delighted with the move upward since then. From $24 to $34 is a 41% gain. What’s semi-astonishing, though, is the way Getty Realty is outperforming all other REITs that trade.
Here’s the weekly price chart:
The March 2020 pandemic-scare low at $14 is clear on this chart. Note the heavy buying volume coming in during 2022’s third quarter. Getty Realty is one of the few REITs now trading above the 50-week moving average and the 200-week moving average.
The company’s investments in convenience store sites are paying off as consumers look to cut shopping costs and as the price of a tank of gas comes down.
Not investment advice. For educational purposes only.
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