Yahoo Finance Getty Realty Corp. (GTY) Q1 2024 Earnings: Exceeds EPS Expectations and Reaffirms Full-Year Outlook
Net Earnings Per Share: Reported at $0.30, surpassing the estimated $0.28.
Total Revenue: Reached $47.21 million, exceeding estimates of $46.23 million.
Net Income: Achieved $16.72 million, exceeding the forecast of $14.88 million.
Funds From Operations (FFO) Per Share: Increased to $0.53, up from the previous year's $0.50.
Adjusted Funds From Operations (AFFO) Per Share: Grew to $0.57, compared to $0.56 in the prior year.
Investment Activities: Invested $41.0 million across 35 properties during the quarter, with a committed investment pipeline of over $44.0 million for future developments.
2024 Full Year Guidance: AFFO per share guidance reaffirmed at $2.29 to $2.31.
On April 25, 2024, Getty Realty Corp. (NYSE:GTY) announced its financial results for the first quarter ended March 31, 2024. The company reported net earnings of $0.30 per share, surpassing the estimated earnings of $0.28 per share. This performance is detailed in the company's recent 8-K filing. Total revenues from rental properties reached $47.21 million, also exceeding the forecast of $46.23 million.
About Getty Realty Corp.
Getty Realty Corp. is a leading real estate investment trust in the U.S., focusing on the acquisition, financing, and development of convenience, automotive, and other single-tenant retail real estate. The company's extensive portfolio includes convenience stores, car washes, automotive service centers, and quick service restaurants, primarily generating revenue through rental income.
Financial Highlights and Performance
The first quarter saw Getty Realty achieving a net income of $16.72 million, with significant contributions from funds from operations (FFO) and adjusted funds from operations (AFFO) which stood at $0.53 and $0.57 per share respectively. These figures represent an increase from the previous year, driven by strategic acquisitions and effective portfolio management.
Rental income showed a notable rise of 13.1% to $43.9 million, attributed to revenue from newly acquired properties and rent commencements from completed redevelopments. The company also reported a growth in interest on notes and mortgages receivable, which was primarily due to an increase in development funding advances and rates.
Strategic Investments and Market Positioning
During the quarter, Getty Realty invested $41.0 million across 35 properties, enhancing its market presence in key sectors such as express tunnel car washes and auto service centers. The company's CEO, Christopher J. Constant, emphasized the strategic execution of growth initiatives despite a challenging market environment for retail net lease properties.
Looking ahead, Getty Realty has a committed investment pipeline exceeding $44.0 million for the development and acquisition of diverse properties, underscoring its proactive approach to portfolio expansion and diversification.
Balance Sheet and Future Outlook
As of March 31, 2024, Getty Realty maintained a strong balance sheet with $800 million in total outstanding indebtedness and $10.7 million in available cash and equivalents. The company reaffirmed its 2024 AFFO guidance range of $2.29 to $2.31 per diluted share, reflecting confidence in its operational strategy and financial stability.
In conclusion, Getty Realty Corp.'s first-quarter performance highlights its robust operational execution and strategic market positioning. With a solid financial foundation and a clear vision for growth, the company is well-poised to capitalize on market opportunities and deliver value to its stakeholders.
For more detailed information, please refer to the full earnings report and join the upcoming webcast scheduled for April 26, 2024, to discuss these results and future projections in detail.
Explore the complete 8-K earnings release (here) from Getty Realty Corp for further details.
This article first appeared on GuruFocus.
