Getty Realty stock hits 52-week high at $32.34 amid market optimism By Investing.com

In a buoyant real estate market, Getty Realty Corp (NYSE:) stock has soared to a 52-week high, reaching a price level of $32.34. This peak reflects a robust performance over the past year, with the company’s stock witnessing a commendable 1-year change of 5.83%. Investors have shown increased confidence in Getty Realty’s portfolio and strategic initiatives, propelling the stock to this new high. The company’s ability to navigate the complex real estate market and deliver consistent returns has been a key factor in attracting investment and driving the stock’s upward trajectory.

In other recent news, Getty Realty has fully exercised its option to issue an additional 525,000 shares of common stock as part of a forward sale agreement strategy. The company has recently entered into an underwriting agreement with financial institutions, including BofA Securities, J.P. Morgan, and Goldman Sachs, involving the sale of 3.5 million shares. The initial offering was at a public offering price of $30.10 per share.

These developments follow the company’s strong financial performance in the second quarter of 2024, which saw a 15% increase in annualized base rent and adjusted funds from operations (AFFO) per share. Getty Realty also raised its full-year AFFO guidance, demonstrating confidence in its investment strategy and portfolio management. The firm invested over $100 million in properties, adding three new national tenants, and maintaining a high occupancy rate of 99.7%.

Analysts from Brian Dickman and Mark Olear provided insights into Getty Realty’s investment strategy, highlighting the company’s focus on building relationships with car wash and quick service restaurant operators. These recent developments indicate that Getty Realty continues to grow and adapt, maintaining a strong and stable portfolio despite market uncertainties.

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