Getty Realty Fuels Its Comeback by Filling Its Tank With More Properties

Gas station real estate investment trust Getty Realty Corp. (GTY) quietly is building an empire, continuing to put its 2011 crisis further in the rearview mirror. For a very brief recap, it was six years ago when the REIT's largest tenant, Getty Petroleum Marketing, which occupied 69% of Getty Realty's properties, missed a lease payment. That forced Getty Realty to slash its quarterly dividend from 48 cents in June 2011 to 12.5 cents the following year. Between February and December of 2011, its shares fell nearly 60%.

Ultimately, Getty Realty took back possession of the affected properties and has been in recovery mode ever since. Shares are back to pre-crisis levels following a 20% surge since July, and the dividend has been increased to 28 cents quarterly. While that's a far cry from pre-crisis levels, it has been growing at an 8.8% compound annual rate over the past four years. Pre-crisis stockholders may not be jumping for joy given the odyssey of the past six years, but this has turned out to be an excellent play for the bottom fishers among us who believed the market was overly punishing the stock during the crisis....257 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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