September hasn’t been too kind to Getty Realty (NYSE:GTY), as the shares have declined by 11% since the start of the month. Undoubtedly, fears of another surge in COVID-19 have weighed on the share price. However, I believe the decline is largely unwarranted. In this article, I show why the shares are an attractive investment at the current valuation; so let’s get started.
(Source: Company website)
A Look Into Getty Realty
Getty Realty is a leading net lease REIT that specializes in the ownership of Gas Stations/Convenience Stores, and other automotive properties. It currently owns 946 properties that are spread across 35 states. As seen below, the properties well diversified, with exposure to much of the United States.
(Source: Company Earnings Presentation)
What I like about Getty Realty is the need-based products and services that its properties provide. Its properties are generally located in densely-populated, high-traffic areas. Currently, 55%