Getty Realty (NYSE:GTY) Stock, Quote.Headers.trade-ideas

Getty Realty

Getty Realty Corp is the real estate investment trust in the U.S. specializing in the acquisition, financing, and development of convenience, automotive, and other single tenant retail real estate. The company's portfolio includes convenience stores, car washes, automotive service centers (gasoline and repair, oil and maintenance, tire and battery, collision), automotive parts retailers, and certain other freestanding retail properties, including drive-thru quick service restaurants. It generates majority of the revenue in the form of rental income.

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Getty Realty Corp. (NYSE: GTY) provides 4Q23 and FY23 business activities and 

REIT Firm Getty Realty&#39;s Business Update: Diversified Portfolio Activities, Initial FY24 Earnings Guidance &amp; More

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3 REITs That Recently Announced Dividend Increases After Beating Estimates

Getty Realty Corp

JP Morgan analyst Anthony Paolone maintains Getty Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTY#NYSE">GTY</a>) with a Neutral and raises the price target from $31 to $33.

Price Target

Analyst Ratings

JP Morgan Maintains Neutral on Getty Realty, Raises Price Target to $33

Offerings

Getty Realty Prices 3.5M Shares At A Public Offering Price Of $30.10 Per Share

Getty Realty Announces Public Offering Of 3.5M Shares Of Common Stock

JMP Securities analyst Mitch Germain maintains Getty Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTY#NYSE">GTY</a>) with a Market Outperform and raises the price target from $31.5 to $33.

JMP Securities Maintains Market Outperform on Getty Realty, Raises Price Target to $33

Getty Realty Raises FY24 AFFO From $2.29-$2.31 To $2.30-$2.32 Vs $2.31 Est.

Getty Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTY#NYSE">GTY</a>) reported quarterly earnings of $0.58 per share which beat the analyst consensus estimate of $0.57 by 1.75 percent. The company reported quarterly sales of $49.937 million which beat the analyst consensus estimate of $48.781 million by 2.37 percent. This is a 11.72 percent increase over sales of $44.698 million the same period last year.

Earnings

Earnings Beats

Getty Realty Q2 2024 FFO $0.58 Beats $0.57 Estimate, Sales $49.937M Beat $48.781M Estimate

Getty Realty Reaffirms 2024 AFFO Guidance Range Of $2.29-$2.31

Getty Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTY#NYSE">GTY</a>) reported quarterly earnings of $0.57 per share which beat the analyst consensus estimate of $0.56 by 1.79 percent. This is a 1.79 percent increase over earnings of $0.56 per share from the same period last year. The company reported quarterly sales of $48.970 million which beat the analyst consensus estimate of $46.234 million by 5.92 percent. This is a 13.83 percent increase over sales of $43.020 million the same period last year.

Getty Realty Q1 2024 FFO $0.57 Beats $0.56 Estimate, Sales $48.970M Beat $46.234M Estimate

JMP Securities analyst Mitch Germain reiterates Getty Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTY#NYSE">GTY</a>) with a Market Outperform and maintains $33 price target.

Reiteration

JMP Securities Reiterates Market Outperform on Getty Realty, Maintains $33 Price Target

Getty Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTY#NYSE">GTY</a>) reported quarterly earnings of $0.57 per share which beat the analyst consensus estimate of $0.56 by 1.79 percent. The company reported quarterly sales of $47.64 million which missed the analyst consensus estimate of $47.88 million by 0.50 percent. This is a 10.48 percent increase over sales of $43.12 million the same period last year.

Earnings Misses

Getty Realty Q4 2023 FFO $0.57 Beats $0.56 Estimate, Sales $47.64M Miss $47.88M Estimate

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Earnings Scheduled For February 14, 2024

Real estate investment trusts (REITs) offer a smart way to invest in <a href="https://www.benzinga.com/alternative-investments/real-estate?investorType=All&amp;minimumInvestment%5B%5D=0,250000&amp;sortBy=Recommended">real estate</a> because they remove the usual hurdles of buying and managing physical properties. 
Let's now focus on three different types of REITs that are not just stable but also profitable, with dividend yields of more than 6%. This positions them as an attractive choice for investors seeking to balance their portfolios with real estate while enjoying regular income streams. It&#8217;s a blend of practicality and potential that makes these REITs worth considering.
Alexander&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALX#NYSE">ALX</a>) stands out in the urban retail real estate sector, with a dividend yield of 8.3%. Their portfolio is predominantly centered around high-end, urban retail properties, with their crown jewel being the 731 Lexington Avenue property in New York City. This focus on premium locations in dense urban settings, such as NYC, aligns with high-value retail and commercial tenants seeking prestigious addresses. Their real estate strategy revolves around owning and managing properties that command higher rent due to their location and tenant profile, contributing to their significant dividend yield. The urban retail focus, especially in upscale markets, presents both opportunities and risks related to urban economic cycles. Their association with Vornado Realty Trust, providing financial and operational synergies, further strengthens their position in the upscale urban real estate market. Alexander&#8217;s Inc. has a strong portfolio of tenants, particularly in its high-end, urban retail properties. Some of their major tenants include well-known companies like Bloomberg, The Home Depot (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) and Costco (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HD#NASDAQ">HD</a>).
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<li>Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class. A platform backed by industry giant Marcus &amp; Millichap is changing that, <a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate">allowing individuals to invest in commercial real estate with as little as $5,000.</a></li>
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Getty Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTY#NYSE">GTY</a>), with a dividend yield of 6%, is a specialized real estate investment trust focusing on gasoline stations and convenience stores. Their properties are strategically situated in high-traffic areas and prominent metropolitan markets, vital for businesses that rely on high customer footfall. The company&#8217;s leasing strategy, predominantly based on long-term, triple-net leases, translates into stable and predictable income streams while minimizing management and maintenance responsibilities. Their niche specialization in gas stations and convenience stores means they cater to a sector with unique real estate needs, including smaller footprints, accessibility, and visibility. This specialization allows Getty Realty to build and maintain a diverse and resilient tenant base, contributing to its steady dividend yield.
CBL Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CBL#NYSE">CBL</a>) offers a dividend yield of 6% and specializes in retail real estate, primarily focusing on shopping malls and centers. Their properties are predominantly located in the Southeast and Midwest regions of the U.S. CBL&#8217;s strategic approach involves managing large-scale, market-dominant shopping centers that often serve as primary retail hubs in their areas. These properties typically feature a mix of national anchor stores and local retailers, creating a diversified tenant base. Recognizing the evolving landscape of retail, CBL is transitioning some of their properties into multi-use complexes, integrating retail with entertainment, dining, and residential spaces. This adaptive strategy is aimed at enhancing the consumer experience and sustaining foot traffic, crucial in the face of the challenges confronting traditional retail spaces. Their focus on reinventing and diversifying shopping centers underlines their commitment to staying relevant and profitable in the dynamic retail sector.
<h2 class="wp-block-heading">Read Next:</h2>
<ul>
<li>Commercial real estate has historically outperformed the stock market, but few investors have the capital or resources needed to invest in this asset class. A platform backed by industry giant Marcus &amp; Millichap is changing that, <a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate">allowing individuals to invest in commercial real estate with as little as $5,000.&nbsp;</a></li>
<li>Collecting passive income from real estate just got a whole lot simpler. A new <a href="https://www.benzinga.com/money/dara-khosrowshahi-backed-startup-lets-you-become-a-landlord-with-100">real estate fund backed by Dara Khosrowshahi</a> gives you instant access to a diversified portfolio of rental properties, and you only need $100 to get started.</li>
</ul>
Image Credit: Shutterstock

Getty Realty Corp.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gty#NYSE">GTY</a>) provides 4Q23 and FY23 business activities and&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/24/01/b36574504/getty-realty-corp-provides-2023-business-update" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">initial FY24 earnings guidance</a>.
Getty Realty invested about $326 million in convenience and automotive retail properties. As of December 31, 2023, GTY has a planned investment pipeline of roughly $75 million for developing and acquiring 43 convenience stores, car washes, and service centers.
The company raised $295 million in new equity and debt funds, featuring $25 million from an at-the-market equity program and a $150 million unsecured term loan.&nbsp;
&quot;We had very productive year in 2023, achieving record investment volumes and successfully accessing the capital markets to accretively fund our investments,&quot; stated Christopher J. Constant, Getty&#39;s President and Chief Executive Officer.&nbsp;
In 2023, acquisitions included 38 express tunnel car washes, 13 auto service centers, 12 convenience stores, and 3 drive-thru quick service restaurants.
GTY sold nine properties for gross proceeds of ~$12 million, including four for gross proceeds of ~$7 million in Q4.
In 2023, the company raised about $145 million by selling 4.51 million shares under forward sales agreements. By the end of 2023, 1.06 mllion shares were pending under the ATM equity program&#39;s forward agreements, expected to yield $32.5 million upon completion.
FY24 Guidance:&nbsp;Getty Realty expects FY24 AFFO of&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/calendars/guidance" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">$2.29 to $2.31 per diluted share.</a>
Price Action:&nbsp;GTY shares traded higher by 1.01% at $29.57 on Wednesday.

REIT Firm Getty Realty's Business Update: Diversified Portfolio Activities, Initial FY24 Earnings Guidance & More

- Reports Record Annual Investment Activity -
- Introduces 2024 Annual Earnings Guidance -
Getty Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTY#NYSE">GTY</a>) ("Getty" or the "Company") today provided an update on the Company's fourth quarter and full year 2023 business activities. The Company also provided its initial full year 2024 earnings guidance.
2023 Highlights
<ul>
<li>Invested approximately $326 million in convenience and automotive retail assets, a record year of investment activity for the Company, including approximately $61 million in the fourth quarter.</li>
<li>Committed investment pipeline of approximately $75 million, as of December 31, 2023, for the development and acquisition of 43 convenience stores, express tunnel car washes, and auto service centers.</li>
<li>Raised $295 million of new equity and debt capital, including $25 million of forward equity through the Company's at-the-market ("ATM") equity program in the fourth quarter, along with a previously announced $150 million unsecured term loan.</li>
<li>Committed capital totaling more than $107 million, as of December 31, 2023, including $32.5 million of outstanding forward equity and $75 million of proceeds from the delayed draw component of the previously announced unsecured term loan.</li>
</ul>
"We had very productive year in 2023, achieving record investment volumes and successfully accessing the capital markets to accretively fund our investments," stated Christopher J. Constant, Getty's President and Chief Executive Officer. "We continued to scale and diversify our portfolio through a variety of sale leaseback and development funding transactions, which also provide the foundation for steady earnings and dividend growth. As we move into 2024, we will remain thoughtful and disciplined as we execute on our investment strategy and navigate the evolving transaction and capital markets."
Portfolio Activities
Acquisitions
In 2023, the Company acquired fee simple interests in 66 convenience and automotive retail properties for approximately $247 million (net of previously advanced development funding amounts), including 16 properties for approximately $31 million in the fourth quarter (net of previously advanced development funding amounts).
Acquisitions included 38 express tunnel car washes, 13 auto service centers, 12 convenience stores, and 3 drive-thru quick service restaurants.
Development Funding
In 2023, the Company advanced total funding of approximately $79 million for the development of new-to-industry express tunnel car washes, convenience stores, and auto service centers, including approximately $30 million in the fourth quarter.
Investment Pipeline
As of December 31, 2023, the Company had a committed investment pipeline of approximately $75 million for the acquisition and development of 43 convenience stores, express tunnel car washes, and auto service centers. The Company expects to fund this investment activity over approximately the next 6-9 months. While the Company has fully executed agreements for each transaction, the timing and amount of each investment is ultimately dependent on its counterparties and the schedules under which they are able to complete development projects and certain business acquisitions for which the Company is providing sale leaseback financing.
Redevelopments
In 2023, rent commenced on three redevelopment properties, including one property in the fourth quarter which is located in Brooklyn, NY and leased to AutoZone under a long term, triple net lease.
As of December 31, 2023, the Company had three properties under active redevelopment and others in various stages of feasibility planning for potential recapture from our net lease portfolio.
Dispositions
In 2023, the Company sold nine properties for gross proceeds of approximately $12 million, including four properties for gross proceeds of approximately $7 million in the fourth quarter.
Capital Markets Activities
Common Equity
In 2023, the Company raised approximately $145 million of gross equity proceeds through the sale of 4,513,348 common shares subject to forward sales agreements, including 3,450,000 shares ($112.5 million of gross proceeds) in a follow-on public offering and 1,063,348 shares through its ATM equity program ($32.5 million of gross proceeds), of which 845,787 shares were sold in the fourth quarter ($25 million of gross proceeds).
As of December 31, 2023, the Company had a total of 1,063,348 shares subject to outstanding forward equity agreements under its ATM equity program, which upon settlement are anticipated to raise gross proceeds of $32.5 million.
Delayed Draw Term Loan
As previously announced, in October 2023, the Company entered into a new senior unsecured term loan with a group of existing lenders for an aggregate principal amount of $150 million. An initial principal amount of $75 million was funded at closing, and an additional principal amount of $75 million can be funded at the Company's option any time on or prior to April 14, 2024.
The Term Loan matures October 17, 2025, with one twelve-month extension at the Company's option, and the effective interest rate on the Term Loan was 6.1% as of December 31, 2023.
2024 Guidance
The Company has established its 2024 AFFO guidance at a range of $2.29 to $2.31 per diluted share. The Company's outlook includes completed transaction activity as of December 31, 2023, but does not include assumptions for any prospective acquisitions, dispositions, or capital markets activities (including the settlement of outstanding forward sale agreements or the funding of delayed draw term loan amounts).
The guidance is based on current assumptions and is subject to risks and uncertainties more fully described in this press release and the Company's periodic reports filed with the Securities and Exchange Commission.

Getty Realty Corp. Provides 2023 Business Update; Announces Its 2024 AFFO Guidance At A Range Of $2.29-$2.31 Per Diluted Share

Getty Realty Corp Filed For Mixed Shelf Offering, Size Not Disclosed -

RBC Capital analyst Brad Heffern maintains Getty Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTY#NYSE">GTY</a>) with a Sector Perform and lowers the price target from $33 to $30.

RBC Capital Maintains Sector Perform on Getty Realty, Lowers Price Target to $30

Investors love dividend increases for two reasons. The first is obvious: Dividend increases put more money in their pockets in future quarters. The second is that dividend increases are the company's way of expressing confidence in its ability to continue maintaining or growing earnings going forward.
But the icing on the cake for investors is when a company simultaneously announces earnings that beat analyst estimates and a dividend increase. Take a look at three real estate investment trusts (REITs) that recently proclaimed this dual achievement.
Getty Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTY#NYSE">GTY</a>) is a Jericho, New York-based retail REIT that specializes in owning, leasing and financing 1,080 free-standing auto-related properties across 40 states and Washington, D.C.
Gas stations and convenience stores account for 68% of Getty Realty's properties. Another 17% are car washes, and the remainder are automotive repair shops, auto service and auto parts stores. At the end of the third quarter, its property occupancy rate was 99.7%.
On Oct. 25, Getty Realty announced its third-quarter operating results. Funds from operations (FFO) of $0.57 per share beat the estimates of $0.53 per share and was ahead of FFO of $0.54 in the third quarter of 2022. Revenue of $50.49 million beat the estimate of $44.96 million and was a 20.3% increase over revenue of $41.97 million in the third quarter of 2022.
The same day, Getty Realty announced an increase in its quarterly dividend of 4.7% from $0.43 per share to $0.45 per share payable on Jan. 11 to shareholders of record on Dec. 28. The ex-dividend date is Dec. 27 and the annual dividend of $1.80 per share now yields 6.77%.
On Oct. 19, JMP Securities analyst Mitch Germain maintained a Market Outperform rating on Getty Realty but lowered his price target from $39 to $33.
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Equinix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EQIX#NASDAQ">EQIX</a>) is a specialized data center REIT that owns and operates a network of over 250 data centers across 71 major metropolitan areas, providing critical infrastructure to over 10,000 customers and 260 Fortune 500 companies in 32 countries. Equinix has 456,000 total interconnections.&nbsp;&nbsp;
On Oct. 25, Equinix reported its third-quarter operating results. FFO of $5.97 beat the estimates of $5.39 and was a 12.6% increase over FFO of $5.30 in the third quarter of 2022. Revenue of $2.06 billion was in line with estimates but 12% better than revenue of $1.84 billion in the third quarter of 2022.
The same day, Equinix announced a 25% increase to its quarterly dividend from $3.41 to $4.26 per share, payable Dec. 13 to shareholders of record on Nov. 15. The ex-dividend date is Nov. 14, and the $17.04 annual dividend now yields 2.4%.
Kimco Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KIM#NYSE">KIM</a>) is a Jericho, New York-based retail REIT that owns and operates 527 open-air, grocery store-anchored and unanchored properties with 90 million square feet of leasable space as well as ground leases. Kimco Realty was founded in 1958, is a member of the S&amp;P 500 and has been publicly traded on the New York Stock Exchange (NYSE) since 1991.&nbsp;
Kimco Realty's lease terms range from less than five years to 30 years or longer. It has over 5,000 different tenants, and only 10 of those tenants have annual base rent (ABR) exposure of over 1%, ensuring tenant diversity for Kimco Realty.
On Oct. 26, Kimco Realty reported third-quarter operating results. FFO of $0.40 per share beat the estimates of $0.39 per share, but FFO fell from $0.41 in the third quarter of 2022. Revenue of $446.07 million beat the estimates of $436.2 and was an increase from revenue of $429.04 in the third quarter of 2022.
At the same time, Kimco Realty announced a 4.3% increase in its quarterly dividend, from $0.23 to $0.24 per share. The dividend is payable on Dec. 21 to shareholders of record on Dec. 7. The ex-dividend date is Dec. 6, and the annual dividend of $0.96 now yields 5.58%.
On Oct. 3, Kimco Realty OP LLC, a subsidiary of Kimco Realty, priced a public offering of $500 million aggregate principal notes at 6.4%, with an effective yield of 6.456%, maturing March 1, 2034.
On Oct. 8, Stifel analyst Simon Yarmak maintained a Buy rating on Kimco Realty and lowered the price target from $23.25 to $22. From a recent closing price of $16.72, that represents a potential 31.5% upside from present value.  
Weekly REIT Report: REITs are one of the most misunderstood investment options, making it difficult for investors to spot incredible opportunities until it's too late. Benzinga's in-house real estate research team has been working hard to identify the greatest opportunities in today's market, which you can gain access to for free by signing up for the <a href="https://www.benzinga.com/money/reit-newsletter">Weekly REIT Report.</a>

Getty Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTY#NYSE">GTY</a>) reported quarterly earnings of $0.57 per share. This is a 5.56 percent increase over earnings of $0.54 per share from the same period last year. The company reported quarterly sales of $50.49 million which beat the analyst consensus estimate of $44.96 million by 12.29 percent. This is a 20.30 percent increase over sales of $41.97 million the same period last year.

Getty Realty Q3 EPS $0.57 Up From $0.54 YoY, Sales $50.49M Beat $44.96M Estimate

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Earnings Scheduled For October 25, 2023

Getty Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTY#NYSE">GTY</a>) announced today that its Board of Directors declared a cash dividend of&nbsp;$0.45&nbsp;per common share, an increase of&nbsp;4.7%&nbsp;over the previous quarterly dividend. The dividend is payable on January 11, 2024 to holders of record on December 28, 2023.

Dividends

Getty Realty Corp. Announces Increased Quarterly Cash Dividend From $0.43 To $0.45 Per Share

Getty Realty stock falls after it prices if public offering

JMP Securities analyst Mitchell Germain maintained a Buy rating on Getty Realty (GTY – Research Report) today and set a price target of $33.00. The...

Getty Realty (GTY) Gets a Buy from JMP Securities

Getty Realty Corp.: A Single Tenant Retail REIT Offering Investors An Attractive Yield Of 5.97%

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
The IPO (initial public offering) market has gotten stronger in 2024, according to the Q2 2024 quarterly review from IPO specialist Renaissance Capital. That has resulted in a more buoyant market for secondary offerings.&nbsp;



According to Renaissance, <a href="https://www.renaissancecapital.com/review/2Q24USReview_Public.pdf">39 IPOs</a> raised nearly $9 billion in the second quarter, 35% higher than Q2 2023 and 324% higher than Q2 2022. Approximately 20 companies raised more than $100 million in their IPOs.&nbsp;



Late in the second quarter, Dutch Bros (NYSE:<a href="https://investorplace.com/stock-quotes/bros-stock-quote/">BROS</a>) conducted a $344 million secondary offering, enabling private equity investor TSG Consumer Partners to sell <a href="https://www.cooley.com/news/coverage/2024/2024-06-10-dutch-bros-announces-344-million-secondary-public-offering">8.76 million</a> shares of the drive-thru coffee chain. Since Dutch Bros went public in September 2021, it has conducted four secondary offerings totaling $1.16 billion.&nbsp;&nbsp;



That got me wondering about who else was doing big secondary offerings.&nbsp;



I&rsquo;ve got three stocks to buy that have had at least one secondary offering in 2024 for gross proceeds of at least $100 million.&nbsp;&nbsp;&nbsp;



<h2>Nasdaq (NDAQ)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/Nasdaq1600-300x169.jpg" alt=""><div>Source: Shutterstock</div></div>Nasdaq (NASDAQ:<a href="https://investorplace.com/stock-quotes/ndaq-stock-quote/">NDAQ</a>) is the largest of the three companies doing recent secondary offerings with a market capitalization of $39.6 billion.



On July 26th, the company <a href="https://ir.nasdaq.com/news-releases/news-release-details/nasdaq-announces-launch-secondary-offering-nasdaq-common-stock">announced</a> it would make a secondary offering for 41.6 million of its shares currently held by Argus Seller LP, an affiliate of tech private equity firm Thoma Bravo.&nbsp;



The shares were sold at $65.30 each for net proceeds of <a href="https://ir.nasdaq.com/node/107861/html">$2.69 billion</a> for the selling stockholder. Nasdaq didn&rsquo;t receive any of these proceeds. Before the stock sale, it owned 14.86% of Nasdaq. After the secondary, it still owns 7.45%.



Thoma Bravo received these shares in 2023 after it <a href="https://www.bnnbloomberg.ca/business/company-news/2024/07/26/thoma-bravo-to-seek-274-billion-in-nasdaq-stake-sale/">sold Adenza</a>, a software provider it sold to Nasdaq for $10.5 billion in cash and stock. As part of the secondary offering, Nasdaq agreed to buy 1.2 million shares of its stock from Argus Seller LP for up to $120 million.&nbsp;&nbsp;&nbsp;&nbsp;



Nasdaq reported <a href="https://ir.nasdaq.com/node/107821/pdf">Q2 2024 results</a> on July 25. The highlight was its annualized recurring revenue, which was $2.67 billion, 6% higher year-over-year on an organic basis. Meanwhile, its non-GAAP operating income was 7% higher to $620 million.&nbsp;



Its shares are up 34% over the past year and 106% over the past five years.



<h2>Permian Resources (PR)</h2>



<div><img width="300" height="227" src="https://investorplace.com/wp-content/uploads/2014/06/natural-gas-pipeline-630-ISP-300x227.jpg" alt="gas"><div>Source: &copy;iStock.com/3dmentat</div></div>Permian Resources (NYSE:<a href="https://investorplace.com/stock-quotes/pr-stock-quote/">PR</a>)&nbsp;is the second-largest of the three companies doing recent secondary offerings with a market cap of $11.37 billion.



As its name suggests, it is a Texas-based independent oil and natural gas company and the <a href="https://permianres.com/about-us/">second-largest</a> that focuses solely on the Permian Basin.&nbsp;



On July 29th, the company announced a strategic bolt-on acquisition of 29,500 net acres, 9,900 net royalty acres, and 15,000 Boe/d (barrels of oil equivalent per day) next to its existing position in Reeves County, Texas. It is buying the acreage from Occidental (NYSE:<a href="https://investorplace.com/stock-quotes/oxy-stock-quote/">OXY</a>) for <a href="https://permianres.com/permian-resources-announces-strategic-bolt-on-acquisition-of-core-delaware-basin-assets/">$817.5 million</a>. The transaction is expected to close by the end of September.&nbsp;



To help pay for the acquisition, the company announced on July 29 that it would do a secondary public offering of 26.5 million Class A shares. The equity sale would raise approximately $400 million based on the current share price. At the same time, it is selling $1.0 billion in senior unsecured 6.25% notes due 2033, up from the original <a href="https://permianres.com/permian-resources-corporation-announces-public-offering-of-class-a-common-stock/">$750 million</a>.



Compared to Occidental, its shares are up 33% on a relative basis over the past year.&nbsp;&nbsp;



<h2>Getty Realty (GTY)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/03/reit-1600-300x169.png" alt="REITs to buy Real estate investment trust REIT on an office desk."><div>Source: Vitalii Vodolazskyi / Shutterstock</div></div>Getty Realty (NYSE:<a href="https://investorplace.com/stock-quotes/gty-stock-quote/">GTY</a>)&nbsp; is the smallest of the three companies doing recent secondary offerings with a market cap of $1.65 billion.&nbsp;



Of the three stocks, it is the worst-performing, with its share price down nearly 7% in the past year. However, due to its quarterly dividend of <a href="https://www.morningstar.com/stocks/xnys/gty/dividends">45 cents</a>, its total return is more palatable -2.85% over the past year.



Getty is a <a href="https://gettyrealty.com/">triple net lease REIT</a> (real estate investment trust) that acquires, finances, and develops convenience stores, automotive and other single-tenant retail real estate.&nbsp;



It generates $185 million in annual base rent thanks partly to its 99.7% occupancy rate. Its top three markets are New York (15%), Washington D.C. (7%) and Boston (5%). Overall, it owns <a href="https://gettyrealty.com/portfolio/">1,124 properties</a> in 42 states and Washington, D.C.&nbsp;



On July 30th, the company priced its secondary public offering of shares. It will sell <a href="https://ir.gettyrealty.com/news-and-events/news-details/2024/Getty-Realty-Corp.-Announces-Pricing-of-Public-Offering-of-3500000-Shares-of-Common-Stock/default.aspx">3.5 million</a> shares at $30.10 a share for gross proceeds before expenses of <a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001052752/8f500e89-a0d6-46b5-aa7e-544d28f70c9e.pdf">$101.1 million</a>. The company plans to use the proceeds for general corporate purposes, including funding acquisitions and repaying outstanding debt.



In the second quarter, its AFFO (adjusted funds from operations) was $32.2 million, 13.0% higher than Q2 2023. YTD, they&rsquo;re up 14.2% to $63.6 million.&nbsp;







On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com <a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.



On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
<div>Will Ashworth has written about investments full-time since 2008. Publications where he&rsquo;s appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. He particularly enjoys creating model portfolios that stand the test of time. He lives in Halifax, Nova Scotia.</div><h3>More From InvestorPlace</h3>
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Press Releases

Getty Realty Corp. Announces Fourth Quarter and Full Year 2023 Results

Getty Realty Corp. To Report First Quarter 2024 Financial Results

Getty Realty Corp. Announces Regular Quarterly Cash Dividend

Getty Realty Corp. Announces First Quarter 2024 Results

Getty Realty Corp. Publishes 2024 Corporate Responsibility Report

Getty Realty Corp. to Report Second Quarter 2024 Financial Results

Getty Realty Corp. Announces Second Quarter 2024 Results

Financing

Getty Realty Corp. Announces Common Stock Offering

Getty Realty Corp. Announces Pricing of Public Offering of 3,500,000 Shares of Common Stock

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