U.S. net lease REIT's Q2 rental income rose 11% yr/yr, driven by acquisitions and rent hikes
Adjusted FFO per share grew 5% yr/yr to $0.62 in Q2
Growth in base rental income was driven by revenue from recently acquired properties and contractual rent increases, partially offset by property dispositions
Property operating expenses fell due to reduced rent expense and lower reimbursable and non-reimbursable costs
Environmental expenses decreased, mainly due to lower litigation accruals and removal of certain reserve liabilities
Analyst coverage and valuation
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "buy"
Wall Street's median 12-month price target for Getty Realty Corp is $35.00, about 4.4% below its July 21 closing price of $36.61
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