Getty Realty Corp. Announces First Quarter 2025 Results
Getty Realty Corp. (NYSE: GTY) reported its Q1 2025 financial results with AFFO of $0.59 per share, representing a 3.5% growth. The company invested $10.9 million across six properties at a 7.8% initial cash yield and maintains a committed investment pipeline exceeding $110 million for 29 convenience and automotive retail properties.
Key financial metrics include net earnings of $0.25 per share, FFO of $0.56 per share, and base rental income growth of 13.0% to $49.6 million. The company successfully refinanced all 2025 debt maturities, with no further maturities until June 2028. Total outstanding indebtedness stands at $907.5 million.
Getty reaffirmed its 2025 AFFO guidance of $2.38 to $2.41 per diluted share. The company's portfolio comprises 1,119 freestanding properties across 42 states and Washington, D.C., focusing on convenience and automotive retail real estate.
Getty Realty Corp. (NYSE: GTY) ha comunicato i risultati finanziari del primo trimestre 2025 con un AFFO di 0,59 dollari per azione, segnando una crescita del 3,5%. L'azienda ha investito 10,9 milioni di dollari in sei proprietà con un rendimento iniziale in contanti del 7,8% e mantiene un portafoglio di investimenti impegnati superiore a 110 milioni di dollari per 29 immobili nel settore della vendita al dettaglio di prodotti per la convenienza e automotive.
I principali indicatori finanziari includono un utile netto di 0,25 dollari per azione, un FFO di 0,56 dollari per azione e una crescita del reddito da locazione base del 13,0%, raggiungendo 49,6 milioni di dollari. L’azienda ha rifinanziato con successo tutte le scadenze del debito previste per il 2025, senza ulteriori scadenze fino a giugno 2028. L’indebitamento totale ammonta a 907,5 milioni di dollari.
Getty ha confermato la previsione di AFFO per il 2025 tra 2,38 e 2,41 dollari per azione diluita. Il portafoglio dell’azienda comprende 1.119 proprietà indipendenti distribuite in 42 stati e Washington D.C., con un focus sul settore immobiliare per la vendita al dettaglio di prodotti per la convenienza e automotive.
Getty Realty Corp. (NYSE: GTY) informó sus resultados financieros del primer trimestre de 2025 con un AFFO de 0,59 dólares por acción, representando un crecimiento del 3,5%. La compañía invirtió 10,9 millones de dólares en seis propiedades con un rendimiento inicial en efectivo del 7,8% y mantiene una cartera de inversiones comprometidas que supera los 110 millones de dólares para 29 propiedades de venta minorista de conveniencia y automotriz.
Las métricas financieras clave incluyen ganancias netas de 0,25 dólares por acción, FFO de 0,56 dólares por acción y un crecimiento del ingreso base por alquiler del 13,0%, alcanzando 49,6 millones de dólares. La empresa refinanció con éxito todos los vencimientos de deuda de 2025, sin vencimientos adicionales hasta junio de 2028. La deuda total pendiente es de 907,5 millones de dólares.
Getty reafirmó su guía de AFFO para 2025 entre 2,38 y 2,41 dólares por acción diluida. La cartera de la empresa comprende 1.119 propiedades independientes distribuidas en 42 estados y Washington D.C., enfocándose en el sector inmobiliario minorista de conveniencia y automotriz.
Getty Realty Corp. (NYSE: GTY)는 2025년 1분기 재무 실적을 발표하며 주당 AFFO 0.59달러를 기록해 3.5% 성장했다고 밝혔습니다. 회사는 6개 부동산에 1,090만 달러를 투자했으며 초기 현금 수익률은 7.8%였습니다. 또한 29개의 편의점 및 자동차 소매 부동산에 대해 1억 1,000만 달러가 넘는 투자 파이프라인을 유지하고 있습니다.
주요 재무 지표로는 주당 순이익 0.25달러, 주당 FFO 0.56달러, 그리고 13.0% 성장한 기본 임대 수익 4,960만 달러가 포함됩니다. 회사는 2025년 만기 부채를 모두 성공적으로 재융자했으며, 2028년 6월까지 추가 만기가 없습니다. 총 부채 잔액은 9억 750만 달러입니다.
Getty는 2025년 주당 희석 AFFO 가이던스를 2.38달러에서 2.41달러 사이로 재확인했습니다. 회사 포트폴리오는 42개 주와 워싱턴 D.C.에 걸쳐 1,119개의 독립 부동산으로 구성되어 있으며, 편의점 및 자동차 소매 부동산에 중점을 두고 있습니다.
Getty Realty Corp. (NYSE: GTY) a publié ses résultats financiers du premier trimestre 2025 avec un AFFO de 0,59 $ par action, représentant une croissance de 3,5 %. La société a investi 10,9 millions de dollars dans six propriétés avec un rendement initial en espèces de 7,8 % et maintient un pipeline d'investissement engagé dépassant 110 millions de dollars pour 29 propriétés de vente au détail dans les secteurs de la commodité et de l'automobile.
Les principaux indicateurs financiers comprennent un bénéfice net de 0,25 $ par action, un FFO de 0,56 $ par action, et une croissance des revenus locatifs de base de 13,0 % atteignant 49,6 millions de dollars. La société a refinancé avec succès toutes les échéances de dette de 2025, sans autres échéances jusqu'en juin 2028. L'endettement total s'élève à 907,5 millions de dollars.
Getty a réaffirmé ses prévisions d'AFFO pour 2025 entre 2,38 et 2,41 $ par action diluée. Le portefeuille de la société comprend 1 119 propriétés indépendantes réparties dans 42 États et à Washington D.C., avec un focus sur l'immobilier de détail dans les secteurs de la commodité et de l'automobile.
Getty Realty Corp. (NYSE: GTY) meldete seine Finanzergebnisse für das erste Quartal 2025 mit einem AFFO von 0,59 USD pro Aktie, was einem Wachstum von 3,5 % entspricht. Das Unternehmen investierte 10,9 Millionen USD in sechs Immobilien mit einer anfänglichen Bar-Rendite von 7,8 % und hält eine zugesagte Investitionspipeline von über 110 Millionen USD für 29 Einzelhandelsimmobilien im Bereich Convenience und Automobil.
Zu den wichtigsten finanziellen Kennzahlen gehören ein Nettogewinn von 0,25 USD pro Aktie, ein FFO von 0,56 USD pro Aktie sowie ein Wachstum der Basis-Mieteinnahmen um 13,0 % auf 49,6 Millionen USD. Das Unternehmen refinanzierte erfolgreich alle im Jahr 2025 fälligen Schulden, mit keinen weiteren Fälligkeiten bis Juni 2028. Die Gesamtverschuldung beträgt 907,5 Millionen USD.
Getty bestätigte seine AFFO-Prognose für 2025 in Höhe von 2,38 bis 2,41 USD pro verwässerter Aktie. Das Portfolio des Unternehmens umfasst 1.119 freistehende Immobilien in 42 Bundesstaaten und Washington D.C., mit Fokus auf Einzelhandelsimmobilien im Convenience- und Automobilbereich.
- 13.0% growth in base rental income to $49.6 million
- 3.5% AFFO per share growth to $0.59
- Successful refinancing of all 2025 debt maturities
- $110 million committed investment pipeline for 29 properties
- Strong portfolio metrics with high occupancy and rent collections
- Net earnings decreased to $0.25 per share from $0.30 year-over-year
- Interest income on notes and mortgages receivable declined from $1,755K to $624K
- $1,169K in property impairment charges
Insights
Getty Realty delivered solid Q1 growth with strengthened balance sheet and robust investment pipeline despite market uncertainty.
Getty Realty Corp's Q1 2025 results demonstrate resilient performance in a challenging environment, with
The
Getty's capital management deserves attention. The company refinanced all 2025 debt maturities and expanded its credit facility from
The
Getty's specialized focus on convenience, automotive, and QSR properties positions them well, as these sectors provide essential services and have demonstrated resilience across economic cycles.
- Committed Investment Pipeline Exceeds
- No Debt Maturities Until June 2028 -
- Reaffirms 2025 Earnings Guidance -
NEW YORK, April 23, 2025 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”), a net lease REIT focused on convenience and automotive retail real estate, announced today its financial and operating results for the quarter ended March 31, 2025.
First Quarter 2025 Highlights
- Net earnings:
$0.25 per share - Funds From Operations (“FFO”):
$0.56 per share - Adjusted Funds From Operations (“AFFO”):
$0.59 per share - Invested
$10.9 million across six properties at a7.8% initial cash yield - Refinanced all 2025 debt maturities and have no debt maturities until June 2028
- Committed investment pipeline of more than
$110.0 million for the development and/or acquisition of 29 convenience and automotive retail properties, as of April 23, 2025
“We started the year with another quarter of steady performance as we delivered
Net Earnings, FFO and AFFO
All per share amounts are presented on a fully diluted per common share basis, unless stated otherwise. FFO and AFFO are “Non-GAAP Financial Measures” which are defined and reconciled to net earnings at the end of this release.
| ($ in thousands) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Net earnings | $ | 14,786 | $ | 16,723 | ||||
| Net earnings per share | $ | 0.25 | $ | 0.30 | ||||
| FFO | $ | 31,668 | $ | 29,611 | ||||
| FFO per share | $ | 0.56 | $ | 0.53 | ||||
| AFFO | $ | 33,797 | $ | 31,403 | ||||
| AFFO per share | $ | 0.59 | $ | 0.57 | ||||
Select Financial Results
Revenues from Rental Properties
| ($ in thousands) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Rental income (a) | $ | 50,598 | $ | 44,375 | ||||
| Tenant reimbursement income | 1,108 | 2,840 | ||||||
| Revenues from rental properties | $ | 51,706 | $ | 47,215 | ||||
| (a) | Rental income includes base rental income, additional rental income, if any, and certain non-cash revenue recognition adjustments. | |
For the quarter ended March 31, 2025, base rental income grew
The growth in base rental income was driven by incremental revenue from recently acquired properties, and contractual rent increases for in-place leases.
Interest (Income) on Notes and Mortgages Receivable
| ($ in thousands) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Interest on notes and mortgages receivable | $ | 624 | $ | 1,755 | ||||
The change in interest earned on notes and mortgages receivable was due to a net decrease in average notes and mortgages receivable outstanding as compared to the prior year period.
Property Costs
| ($ in thousands) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Property operating expenses | $ | 1,824 | $ | 3,639 | ||||
| Leasing and redevelopment expenses | 158 | 64 | ||||||
| Property costs | $ | 1,982 | $ | 3,703 | ||||
The improvement in property operating expenses was primarily due to reductions in reimbursable real estate taxes and rent expense. The change in leasing and redevelopment expenses was primarily due to a an increase in professional fees related to leasing activities for potential redevelopment projects.
Other Expenses
| ($ in thousands) | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Environmental expenses | $ | 116 | $ | (17 | ) | |||
| General and administrative expenses | 6,926 | 6,656 | ||||||
| Impairments | 1,169 | 1,280 | ||||||
The difference in environmental expenses was primarily due to higher legal fees and changes in environmental estimates. Environmental expenses vary from period to period and, accordingly, undue reliance should not be placed on the magnitude or the direction of changes in reported environmental expenses for any one period, or a comparison to prior periods.
The change in general and administrative expenses was primarily due to higher employee related expenses, professional fees, and certain transaction related costs, partially offset by decreases in non-recurring retirement and severance costs and information technology expenses.
Impairment charges were due to (i) the accumulation of asset retirement costs at certain properties as a result of changes in estimated environmental liabilities, which increased the carrying values of these properties in excess of their fair values, and (ii) reductions in the carrying value of certain properties based on third-party indications of potential selling prices.
Portfolio Activities
Acquisitions and Development Funding
During the quarter ended March 31, 2025, the Company invested
- The acquisition of five properties for
$9.8 million , including three drive thru quick service restaurants (QSRs), one auto service center, and one express tunnel car wash. - Incremental development funding of
$1.1 million for the construction of two new-to-industry auto service centers. As of March 31, 2025, the Company had advanced aggregate development funding of$24.8 million for the development of 12 express tunnel car washes and auto service centers that are either owned by the Company and under construction by its tenants, or which the Company expects to acquire via sale-leaseback transactions at the end of the respective construction periods.
Subsequent to quarter end, the Company invested
Investment Pipeline
As of April 23, 2025, the Company had a committed investment pipeline of more than
Redevelopments and Revenue Enhancing Capex
During the quarter ended March 31, 2025, the Company provided funding for the improvement of a convenience store located in the New York City metropolitan area resulting in increased rent and an extended lease term.
As of March 31, 2025, the Company had signed leases for four redevelopment projects, including one site under construction and three sites pending recapture from its net lease portfolio. Other potential projects are in various stages of feasibility planning.
Dispositions
During the quarter ended March 31, 2025, the Company sold two properties for gross proceeds of
Balance Sheet and Capital Markets
As of March 31, 2025, the Company had
Available cash was
Equity Capital Markets
During the quarter ended March 31, 2025, the Company settled 0.4 million shares of common stock subject to outstanding forward sale agreements under its at-the-market ("ATM") equity program for net proceeds of approximately
As of March 31, 2025, the Company had a total of 5.0 million shares of common stock subject to outstanding forward equity agreements which, upon settlement, are anticipated to raise gross proceeds of approximately
Debt Capital Markets
As previously communicated, in January 2025, the Company entered into a third amended and restated credit agreement with a group of existing and new lenders that increased its unsecured revolving credit facility (the “Credit Facility”) from
The Credit Facility will mature in January 2029, with Company options to extend the maturity date to January 2030, and includes an accordion option that allows the Company to request additional lender commitments not to exceed
As part of the transaction, the Company used the increased capacity provided by the Credit Facility to repay its
In February 2025, the Company received the proceeds from its previously announced
2025 Guidance
The Company reaffirms its 2025 AFFO guidance of
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 SEC.
AFFO per share is a non-GAAP financial measure. The Company does not provide a reconciliation of such forward-looking non-GAAP measure to the most directly comparable GAAP financial measure because doing so would require unreasonable efforts due to the nature of the adjustments, which rely on assumptions and estimates that are subject to significant change throughout the year, necessary to calculate the non-GAAP measure.
Webcast Information
Getty Realty Corp. will host a conference call and webcast on Thursday, April 24, 2025 at 8:30 a.m. EDT. To participate in the call, please dial 1-877-423-9813, or 1-201-689-8573 for international participants, ten minutes before the scheduled start. Participants may also access the call via live webcast by visiting the investors section of the Company's website at ir.gettyrealty.com.
If you cannot participate in the live event, a replay will be available on Thursday, April 24, 2025 beginning at 11:30 a.m. EDT through 11:59 p.m. EDT, Thursday, May 1, 2025. To access the replay, please dial 1-844-512-2921, or 1-412-317-6671 for international participants, and reference pass code 13752591.
About Getty Realty Corp.
Getty Realty Corp. is a publicly traded, net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. As of March 31, 2025, the Company’s portfolio included 1,119 freestanding properties located in 42 states across the United States and Washington, D.C.
Non-GAAP Financial Measures
In addition to measurements defined by accounting principles generally accepted in the United States of America (“GAAP”), the Company also focuses on Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”) to measure its performance.
FFO and AFFO are generally considered by analysts and investors to be appropriate supplemental non-GAAP measures of the performance of REITs. FFO and AFFO are not in accordance with, or a substitute for, measures prepared in accordance with GAAP. In addition, FFO and AFFO are not based on any comprehensive set of accounting rules or principles. Neither FFO nor AFFO represent cash generated from operating activities calculated in accordance with GAAP and therefore these measures should not be considered an alternative for GAAP net earnings or as a measure of liquidity. These measures should only be used to evaluate the Company’s performance in conjunction with corresponding GAAP measures.
FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) as GAAP net earnings before (i) depreciation and amortization of real estate assets, (ii) gains or losses on dispositions of real estate assets, (iii) impairment charges, and (iv) the cumulative effect of accounting changes.
The Company defines AFFO as FFO excluding (i) certain revenue recognition adjustments (defined below), (ii) certain environmental adjustments (defined below), (iii) stock-based compensation, (iv) amortization of debt issuance costs and (v) other non-cash and/or unusual items that are not reflective of the Company’s core operating performance.
Other REITs may use definitions of FFO and/or AFFO that are different than the Company’s and, accordingly, may not be comparable.
The Company believes that FFO and AFFO are helpful to analysts and investors in measuring the Company’s performance because both FFO and AFFO exclude various items included in GAAP net earnings that do not relate to, or are not indicative of, the core operating performance of the Company’s portfolio. Specifically, FFO excludes items such as depreciation and amortization of real estate assets, gains or losses on dispositions of real estate assets, and impairment charges. With respect to AFFO, the Company further excludes the impact of (i) deferred rental revenue (straight-line rent), the net amortization of above-market and below-market leases, adjustments recorded for the recognition of rental income from direct financing leases, and the amortization of deferred lease incentives (collectively, “Revenue Recognition Adjustments”), (ii) environmental accretion expenses, environmental litigation accruals, insurance reimbursements, legal settlements and judgments, and changes in environmental remediation estimates (collectively, “Environmental Adjustments”), (iii) stock-based compensation expense, (iv) amortization of debt issuance costs and (v) other items, which may include allowances for credit losses on notes and mortgages receivable and direct financing leases, losses on extinguishment of debt, retirement and severance costs, and other items that do not impact the Company’s recurring cash flow and which are not indicative of its core operating performance.
The Company pays particular attention to AFFO which it believes provides the most useful depiction of the core operating performance of its portfolio. By providing AFFO, the Company believes it is presenting information that assists analysts and investors in their assessment of the Company’s core operating performance, as well as the sustainability of its core operating performance with the sustainability of the core operating performance of other real estate companies. For a tabular reconciliation of FFO and AFFO to GAAP net earnings, see the table captioned “Reconciliation of Net Earnings to Funds From Operations and Adjusted Funds From Operations” included herein.
Forward-Looking Statements
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the private securities litigation reform act of 1995. When the words “believes,” “expects,” “plans,” “projects,” “estimates,” “anticipates,” “predicts,” “outlook” and similar expressions are used, they identify forward-looking statements. These forward-looking statements are based on management’s current beliefs and assumptions and information currently available to management and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Examples of forward-looking statements include, but are not limited to, those regarding the company’s 2024 AFFO per share guidance, those made by Mr. Constant, statements regarding the recapture and transfer of certain net lease retail properties, statements regarding the ability to obtain appropriate permits and approvals, and statements regarding AFFO as a measure best representing core operating performance and its utility in comparing the sustainability of the company’s core operating performance with the sustainability of the core operating performance of other REITs.
Information concerning factors that could cause the company’s actual results to differ materially from these forward-looking statements can be found elsewhere from this press release, including, without limitation, those statements in the company’s periodic reports filed with the securities and exchange commission. The company undertakes no obligation to publicly release revisions to these forward-looking statements to reflect future events or circumstances or reflect the occurrence of unanticipated events.
-more-
| GETTY REALTY CORP. CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except per share amounts) | ||||||||
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| ASSETS: | ||||||||
| Real Estate: | ||||||||
| Land | $ | 947,414 | $ | 943,800 | ||||
| Buildings and improvements | 1,032,694 | 1,028,799 | ||||||
| Lease intangible assets | 170,247 | 171,129 | ||||||
| Investment in direct financing leases, net | 42,322 | 43,416 | ||||||
| Construction in progress | 83 | 96 | ||||||
| Real estate held for use | 2,192,760 | 2,187,240 | ||||||
| Less accumulated depreciation and amortization | (364,206 | ) | (350,626 | ) | ||||
| Real estate held for use, net | 1,828,554 | 1,836,614 | ||||||
| Real estate held for sale, net | 200 | 243 | ||||||
| Real estate, net | 1,828,754 | 1,836,857 | ||||||
| Notes and mortgages receivable | 30,706 | 29,454 | ||||||
| Cash and cash equivalents | 6,292 | 9,484 | ||||||
| Restricted cash | 4,097 | 4,133 | ||||||
| Deferred rent receivable | 63,502 | 61,553 | ||||||
| Accounts receivable | 1,990 | 2,509 | ||||||
| Right-of-use assets - operating | 11,840 | 12,368 | ||||||
| Right-of-use assets - finance | 96 | 107 | ||||||
| Prepaid expenses and other assets | 22,358 | 17,215 | ||||||
| Total assets | $ | 1,969,635 | $ | 1,973,680 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||||||||
| Credit Facility | $ | 157,500 | $ | 82,500 | ||||
| Term Loan, net | — | 148,951 | ||||||
| Senior Unsecured Notes, net | 748,287 | 673,511 | ||||||
| Environmental remediation obligations | 20,593 | 20,942 | ||||||
| Dividends payable | 26,853 | 26,541 | ||||||
| Lease liability - operating | 13,057 | 13,612 | ||||||
| Lease liability - finance | 268 | 330 | ||||||
| Accounts payable and accrued liabilities | 41,957 | 45,210 | ||||||
| Total liabilities | 1,008,515 | 1,011,597 | ||||||
| Commitments and contingencies | — | — | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, 55,441,379 and 55,027,144 shares issued and outstanding, respectively | 554 | 550 | ||||||
| Accumulated other comprehensive income (loss) | (2,237 | ) | (1,864 | ) | ||||
| Additional paid-in capital | 1,099,862 | 1,088,390 | ||||||
| Dividends paid in excess of earnings | (137,059 | ) | (124,993 | ) | ||||
| Total stockholders’ equity | 961,120 | 962,083 | ||||||
| Total liabilities and stockholders’ equity | $ | 1,969,635 | $ | 1,973,680 | ||||
| GETTY REALTY CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share amounts) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenues: | ||||||||
| Revenues from rental properties | $ | 51,706 | $ | 47,215 | ||||
| Interest on notes and mortgages receivable | 624 | 1,755 | ||||||
| Total revenues | 52,330 | 48,970 | ||||||
| Operating expenses: | ||||||||
| Property costs | 1,982 | 3,703 | ||||||
| Impairments | 1,169 | 1,280 | ||||||
| Environmental | 116 | (17 | ) | |||||
| General and administrative | 6,926 | 6,656 | ||||||
| Depreciation and amortization | 16,041 | 12,652 | ||||||
| Total operating expenses | 26,234 | 24,274 | ||||||
| Gain on dispositions of real estate | 328 | 1,044 | ||||||
| Operating income | 26,424 | 25,740 | ||||||
| Other income, net | 94 | 118 | ||||||
| Interest expense | (11,732 | ) | (9,135 | ) | ||||
| Net earnings | $ | 14,786 | $ | 16,723 | ||||
| Basic net earnings per common share: | $ | 0.25 | $ | 0.30 | ||||
| Diluted net earnings per common share: | $ | 0.25 | $ | 0.30 | ||||
| Weighted average common shares outstanding: | ||||||||
| Basic | 55,062 | 53,961 | ||||||
| Diluted | 55,191 | 53,969 | ||||||
| GETTY REALTY CORP. RECONCILIATION OF NET EARNINGS TO FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS (Unaudited) (in thousands, except per share amounts) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Net earnings | $ | 14,786 | $ | 16,723 | ||||
| Depreciation and amortization of real estate assets | 16,041 | 12,652 | ||||||
| Gains on dispositions of real estate | (328 | ) | (1,044 | ) | ||||
| Impairments | 1,169 | 1,280 | ||||||
| Funds from operations (FFO) | 31,668 | 29,611 | ||||||
| Revenue recognition adjustments | ||||||||
| Deferred rental revenue (straight-line rent) | (1,949 | ) | (1,546 | ) | ||||
| Amortization of above and below market leases, net | (81 | ) | (126 | ) | ||||
| Amortization of investments in direct financing leases | 1,093 | 1,606 | ||||||
| Amortization of lease incentives | 202 | (253 | ) | |||||
| Total revenue recognition adjustments | (735 | ) | (319 | ) | ||||
| Environmental Adjustments | ||||||||
| Accretion expense | 97 | 124 | ||||||
| Changes in environmental estimates | (208 | ) | (295 | ) | ||||
| Insurance reimbursements | (43 | ) | (65 | ) | ||||
| Legal settlements and judgments | — | (41 | ) | |||||
| Total environmental adjustments | (154 | ) | (277 | ) | ||||
| Other Adjustments | ||||||||
| Stock-based compensation expense | 1,613 | 1,369 | ||||||
| Amortization of debt issuance costs | 1,405 | 563 | ||||||
| Retirement and severance costs | — | 456 | ||||||
| Total other adjustments | 3,018 | 2,388 | ||||||
| Adjusted Funds from operations (AFFO) | $ | 33,797 | $ | 31,403 | ||||
| Basic per share amounts: | ||||||||
| Net earnings | $ | 0.25 | $ | 0.30 | ||||
| FFO (a) | 0.56 | 0.53 | ||||||
| AFFO (a) | 0.60 | 0.57 | ||||||
| Diluted per share amounts: | ||||||||
| Net earnings | $ | 0.25 | $ | 0.30 | ||||
| FFO (a) | 0.56 | 0.53 | ||||||
| AFFO (a) | 0.59 | 0.57 | ||||||
| Weighted average common shares outstanding: | ||||||||
| Basic | 55,062 | 53,961 | ||||||
| Diluted | 55,191 | 53,969 | ||||||
| (a) | Dividends paid and undistributed earnings allocated, if any, to unvested restricted stockholders are deducted from FFO and AFFO for the computation of the per share amounts. The following amounts were deducted: |
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| FFO | 944 | 792 | ||||||
| AFFO | 1,008 | 839 | ||||||
| Contacts: | Brian Dickman | Investor Relations | ||
| Chief Financial Officer | (646) 349-0598 | |||
| (646) 349-6000 | ir@gettyrealty.com |
FAQ
What is Getty Realty's (GTY) Q1 2025 AFFO per share and how did it grow?
How large is Getty Realty's (GTY) investment pipeline as of April 2025?
What is Getty Realty's (GTY) debt maturity timeline after Q1 2025 refinancing?
What is Getty Realty's (GTY) AFFO guidance for 2025?
