Getty Realty's Tenant Base 'Healthy' Despite Higher Energy Prices, RBC Says
Getty Realty's (GTY) tenant base remains "healthy" amid higher energy prices, and the company looks funded on the equity side into 2027, RBC Capital Markets analysts said in a Friday note.The company noted that fuel-exposed tenants have largely managed to hold fuel margins despite rising gas prices, with any lost margins likely to be recovered once oil prices drop, the analysts said.RBC said the company reported "solid" Q1 financial results, with its adjusted funds from operations per share beating expectations.The analysts said that Getty has about $125 million in investments under contract and that the pipeline continues to lean more towards development funding, but noted that more traditional sale-leaseback acquisitions are included as well.RBC retained a sector perform rating on the stock and increased its price target to $35 from $33.Price: $34.15, Change: $+0.39, Percent Change: +1.16%
