Getty Realty Corp. Announces Fourth Quarter and Full Year 2023 Results
- Record investment activity and strong financial results reported for Q4 and full year 2023.
- Net earnings of $0.30 per share, FFO of $0.51 per share, and AFFO of $0.57 per share for Q4.
- Full year net earnings at $1.15 per share, FFO at $2.06 per share, and AFFO at $2.25 per share.
- Invested $61.8 million across 38 properties in Q4 and a record $326.3 million across 81 properties for the full year.
- Plans to add to investment pipeline in 2024 and deliver sustained earnings and dividend growth to shareholders.
- None.
Insights
The financial results of Getty Realty Corp. for the quarter and year ending December 31, 2023, highlight a robust performance in a challenging market environment. The reported growth in base rental income of nearly 10% and the over 5% increase in Adjusted Funds From Operations (AFFO) per share reflect the company's effective growth strategy. The significant capital deployment of $326.3 million, which more than doubled the previous year's investment activity, suggests a confident expansion approach, particularly in the convenience and automotive retail sectors.
The company's commitment to disciplined underwriting standards while sourcing nearly $300 million in new equity and debt capital to fund investments is noteworthy. This strategic financial maneuvering could signal a strong balance sheet and credit profile, which may reassure investors about the company's ability to sustain earnings and dividend growth. However, the increase in property operating expenses, largely due to reimbursable real estate taxes and the rise in general and administrative expenses, primarily from personnel costs, are areas that warrant investor attention for their impact on net income.
Getty Realty's focus on acquisitions and development funding, particularly in the express tunnel car washes and auto service centers, aligns with trends in the REIT industry towards diversifying portfolios and enhancing property value through strategic capital expenditures. The company's record investment in 81 properties and the completion of five redevelopment and revenue-enhancing capex projects demonstrate an aggressive growth trajectory and a potential for increased revenue streams.
The company's investment pipeline, with a committed investment of over $67 million, suggests a forward-looking strategy to maintain growth momentum. However, the reliance on counterparties to complete development projects and business acquisitions could introduce project execution risk. The successful disposal of nine properties with a net gain indicates an effective portfolio optimization strategy, which is critical for REITs to maintain focus on high-performing assets and enhance shareholder value.
Getty Realty's reaffirmation of its 2024 AFFO guidance of $2.29 to $2.31 per diluted share provides a positive outlook for the company's performance in the upcoming year. This guidance, which excludes prospective acquisitions, dispositions, or capital market activities, suggests management's confidence in the company's current operational strategy and its ability to generate steady cash flows.
The real estate market, particularly the niche segments of convenience stores and automotive services, appears to be a focal point for Getty Realty's investment strategy. Understanding consumer behavior trends and the competitive landscape of these sectors will be essential for evaluating the potential long-term success of the company's investments. The increase in interest on notes and mortgages receivable, driven by development funding advances and rates, also highlights an active management of financial instruments that could have implications for the company's interest income and overall financial health.
Delivers Record Investment Activity and Strong Financial Results
NEW YORK, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today its financial and operating results for the quarter and year ended December 31, 2023.
Fourth Quarter 2023 Highlights
- Net earnings:
$0.30 per share - Funds From Operations (“FFO”):
$0.51 per share - Adjusted Funds From Operations (“AFFO”):
$0.57 per share - Invested
$61.8 million across 38 properties - Completed two redevelopment and revenue-enhancing capex projects
Full Year 2023 Highlights
- Net earnings:
$1.15 per share - FFO:
$2.06 per share - AFFO:
$2.25 per share - Invested a record
$326.3 million across 81 properties - Completed five redevelopment and revenue-enhancing capex projects
“We are extremely proud of our financial results in 2023, which saw us grow base rental income by nearly
Mr. Constant continued, “As we look to 2024 and beyond, we expect to selectively add to our investment pipeline and utilize our strong credit profile, including increased cash flow from our growing portfolio, to deliver sustained earnings and dividend growth to our shareholders.”
Net Earnings, FFO and AFFO
All per share amounts are presented on a fully diluted per common share basis, unless stated otherwise. FFO and AFFO are “Non-GAAP Financial Measures” which are defined and reconciled to net earnings at the end of this release.
| ($ in thousands) | Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Net earnings (a) | $ | 16,512 | $ | 27,312 | $ | 60,151 | $ | 90,043 | ||||||||
| Net earnings per share (a) | $ | 0.30 | $ | 0.57 | $ | 1.15 | $ | 1.88 | ||||||||
| FFO (a) | $ | 27,362 | $ | 30,241 | $ | 106,065 | $ | 117,067 | ||||||||
| FFO per share (a) | $ | 0.51 | $ | 0.63 | $ | 2.06 | $ | 2.44 | ||||||||
| AFFO | $ | 30,720 | $ | 26,459 | $ | 115,808 | $ | 102,487 | ||||||||
| AFFO per share | $ | 0.57 | $ | 0.55 | $ | 2.25 | $ | 2.14 | ||||||||
(a) Net earnings and FFO for the quarter and year ended December 31, 2022 included credits of
Select Financial Results
Revenues from Rental Properties
| ($ in thousands) | Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Rental income (a) | $ | 41,140 | $ | 37,683 | $ | 160,966 | $ | 147,150 | ||||||||
| Tenant reimbursement income | 4,475 | 4,873 | 19,522 | 16,739 | ||||||||||||
| Revenues from rental properties | $ | 45,615 | $ | 42,556 | $ | 180,488 | $ | 163,889 | ||||||||
(a) Rental income includes base rental income, additional rental income, if any, and certain non-cash revenue recognition adjustments.
For the quarter ended December 31, 2023, base rental income increased
For the year ended December 31, 2023, base rental income increased
The growth in base rental income was driven by incremental revenue from recently acquired properties, contractual rent increases for in-place leases, and rent commencements from completed redevelopments, partially offset by property dispositions.
Interest (Income) on Notes and Mortgages Receivable
| ($ in thousands) | Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Interest on notes and mortgages receivable | $ | 2,027 | $ | 565 | $ | 5,358 | $ | 1,699 | ||||||||
The growth in interest earned on notes and mortgages receivable was driven by an increase in development funding advances and development funding rates.
Property Costs
| ($ in thousands) | Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Property operating expenses | $ | 5,458 | $ | 5,844 | $ | 23,112 | $ | 20,843 | ||||||||
| Leasing and redevelopment expenses | 110 | 40 | 677 | 710 | ||||||||||||
| Property costs | $ | 5,568 | $ | 5,884 | $ | 23,789 | $ | 21,553 | ||||||||
The increase in property operating expenses for the year ended December 31, 2023 was primarily due to an increase in reimbursable real estate taxes, partially offset by lower rent expense and non-reimbursable real estate taxes.
Other Expenses
| ($ in thousands) | Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Environmental expenses | $ | 284 | $ | (5,484 | ) | $ | 1,261 | $ | (20,902 | ) | ||||||
| General and administrative expenses | 5,794 | 5,208 | 23,735 | 20,621 | ||||||||||||
| Impairments | 1,273 | 1,318 | 5,243 | 3,545 | ||||||||||||
The change in environmental expenses was primarily due to reductions in estimates related to unknown environmental liabilities. Specifically, during the quarter and year ended December 31, 2022, the Company concluded that there was no material continued risk of having to satisfy contractual obligations relating to preexisting unknown environmental contamination at certain properties. Accordingly, the Company removed
The increase in general and administrative expenses for the year ended December 31, 2023 was due to increased personnel costs, including
Impairment charges were driven by 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.
Portfolio Activities
Acquisitions and Development Funding
During the quarter ended December 31, 2023, the Company invested
- The acquisition of 16 properties for
$31.1 million (net of prior period development funding advances$20.2 million ). Acquired properties included 12 auto service centers, three express tunnel car washes, and one convenience store. - The acquisition of two under construction car wash properties for
$6.2 million and a commitment to provide additional funding during the construction period to complete these projects. - Incremental development funding of
$24.5 million for the construction of 20 new-to-industry express tunnel car washes and auto service centers. As of December 31, 2023, the Company had advanced aggregate development funding of$105.5 million for the development of properties that are either owned by the Company and under construction by our tenants, or which the Company expects to acquire via sale-leaseback transactions at the end of the respective construction periods.
During the year ended December 31, 2023, the Company invested a record
Subsequent to year end, the Company invested approximately
Investment Pipeline
As of February 14, 2024, the Company had a committed investment pipeline of more than
Redevelopments and Revenue Enhancing Capex
During the year ended December 31, 2023, rent commenced at three redevelopment properties, including two new auto parts store leased to AutoZone and a new-to-industry QuikTrip convenience store, all subject to long term, triple net leases. During the year ended December 31, 2023, the Company also provided funding for the expansion of two convenience stores located in the Hartford (CT) and Norwich (CT) metropolitan areas resulting in increased rents and extended lease terms.
Since 2015, the Company has completed 31 redevelopment and revenue-enhancing capex projects representing
As of December 31, 2023, the Company had signed leases for three redevelopment projects, including two sites under construction and one site pending recapture from our net lease portfolio, and other potential projects in various stages of feasibility planning.
Dispositions
During the year ended December 31, 2023, the Company sold nine properties for gross proceeds of
Balance Sheet and Capital Markets
As of December 31, 2023, the Company had
Available cash and equivalents were
Equity Capital Markets
During the quarter ended December 31, 2023, the Company settled 1.25 million shares of common stock subject to outstanding forward sale agreements in connection with the Company's follow-on public offering in February 2023 for net proceeds of approximately
During the quarter ended December 31, 2023, the Company entered into forward sale agreements to sell approximately 831 thousand common shares for anticipated gross proceeds of
As of December 31, 2023, the Company had approximately 1.1 million shares subject to outstanding forward equity agreements under its ATM equity offering program, which upon settlement are anticipated to raise gross proceeds of approximately
Debt Capital Markets
As previously announced, during the quarter ended December 31, 2023, the Company entered into a senior unsecured term loan (the "Term Loan") in an aggregate principal amount of
The Term Loan is comprised of (i) an initial principal amount of
In connection with the Term Loan, the Company entered into
2024 Guidance
The Company reaffirms its most recent 2024 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.
Webcast Information
Getty Realty Corp. will host a conference call and webcast on Thursday, February 15, 2024 at 8:30 a.m. EST. 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, February 15, 2024 beginning at 11:30 a.m. EST through 11:59 p.m. EST, Thursday, February 22, 2024. To access the replay, please dial 1-844-512-2921, or 1-412-317-6671 for international participants, and reference pass code 13743178.
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 December 31, 2023, the Company’s portfolio included 1,093 freestanding properties located in 40 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) | ||||||||
| December 31, | ||||||||
| 2023 | 2022 | |||||||
| ASSETS: | ||||||||
| Real Estate: | ||||||||
| Land | $ | 867,884 | $ | 802,010 | ||||
| Buildings and improvements | 847,339 | 707,352 | ||||||
| Investment in direct financing leases, net | 59,964 | 66,185 | ||||||
| Construction in progress | 426 | 578 | ||||||
| Real estate held for use | 1,775,613 | 1,576,125 | ||||||
| Less accumulated depreciation and amortization | (265,593 | ) | (232,812 | ) | ||||
| Real estate held for use, net | 1,510,020 | 1,343,313 | ||||||
| Lease intangible assets, net | 100,315 | 74,014 | ||||||
| Real estate held for sale, net | 2,429 | 3,757 | ||||||
| Real estate, net | 1,612,764 | 1,421,084 | ||||||
| Notes and mortgages receivable | 112,008 | 34,313 | ||||||
| Cash and cash equivalents | 3,307 | 8,713 | ||||||
| Restricted cash | 1,979 | 2,536 | ||||||
| Deferred rent receivable | 54,424 | 50,391 | ||||||
| Accounts receivable | 5,012 | 4,247 | ||||||
| Right-of-use assets - operating | 14,571 | 18,193 | ||||||
| Right-of-use assets - finance | 174 | 277 | ||||||
| Prepaid expenses and other assets | 18,066 | 22,541 | ||||||
| Total assets | $ | 1,822,305 | $ | 1,562,295 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||||||||
| Borrowings under Revolving Credit Facility | $ | 10,000 | $ | 70,000 | ||||
| Senior Unsecured Notes, net | 673,406 | 623,492 | ||||||
| Term Loan, net | 72,692 | — | ||||||
| Environmental remediation obligations | 22,369 | 23,155 | ||||||
| Dividends payable | 24,850 | 20,576 | ||||||
| Lease liability - operating | 16,051 | 19,959 | ||||||
| Lease liability - finance | 595 | 1,518 | ||||||
| Accounts payable and accrued liabilities | 46,790 | 43,745 | ||||||
| Total liabilities | 866,753 | 802,445 | ||||||
| Commitments and contingencies | — | — | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 540 | 467 | ||||||
| Accumulated other comprehensive income (loss) | (4,021 | ) | — | |||||
| Additional paid-in capital | 1,053,129 | 822,340 | ||||||
| Dividends paid in excess of earnings | (94,096 | ) | (62,957 | ) | ||||
| Total stockholders’ equity | 955,552 | 759,850 | ||||||
| Total liabilities and stockholders’ equity | $ | 1,822,305 | $ | 1,562,295 | ||||
| GETTY REALTY CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share amounts) | ||||||||||||||||
| Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenues: | ||||||||||||||||
| Revenues from rental properties | $ | 45,615 | $ | 42,556 | $ | 180,488 | $ | 163,889 | ||||||||
| Interest on notes and mortgages receivable | 2,027 | 565 | 5,358 | 1,699 | ||||||||||||
| Total revenues | 47,642 | 43,121 | 185,846 | 165,588 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Property costs | 5,568 | 5,884 | 23,789 | 21,553 | ||||||||||||
| Impairments | 1,273 | 1,318 | 5,243 | 3,545 | ||||||||||||
| Environmental | 284 | (5,484 | ) | 1,261 | (20,902 | ) | ||||||||||
| General and administrative | 5,794 | 5,208 | 23,735 | 20,621 | ||||||||||||
| Depreciation and amortization | 12,716 | 10,388 | 45,296 | 39,902 | ||||||||||||
| Total operating expenses | 25,635 | 17,314 | 99,324 | 64,719 | ||||||||||||
| Gain on dispositions of real estate | 3,139 | 8,777 | 4,625 | 16,423 | ||||||||||||
| Operating income | 25,146 | 34,584 | 91,147 | 117,292 | ||||||||||||
| Other income, net | 192 | 40 | 574 | 413 | ||||||||||||
| Interest expense | (8,826 | ) | (7,312 | ) | (31,527 | ) | (27,662 | ) | ||||||||
| Loss on extinguishment of debt | — | — | (43 | ) | — | |||||||||||
| Net earnings | $ | 16,512 | $ | 27,312 | $ | 60,151 | $ | 90,043 | ||||||||
| Basic earnings per common share: | ||||||||||||||||
| Net earnings | $ | 0.30 | $ | 0.57 | $ | 1.16 | $ | 1.88 | ||||||||
| Diluted earnings per common share: | ||||||||||||||||
| Net earnings | $ | 0.30 | $ | 0.57 | $ | 1.15 | $ | 1.88 | ||||||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 52,783 | 46,734 | 50,020 | 46,730 | ||||||||||||
| Diluted | 52,880 | 46,891 | 50,216 | 46,838 | ||||||||||||
| 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 December 31, | Twelve months ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Net earnings (a) | $ | 16,512 | $ | 27,312 | $ | 60,151 | $ | 90,043 | ||||||||
| Depreciation and amortization of real estate assets | 12,716 | 10,388 | 45,296 | 39,902 | ||||||||||||
| Gains on dispositions of real estate | (3,139 | ) | (8,777 | ) | (4,625 | ) | (16,423 | ) | ||||||||
| Impairments | 1,273 | 1,318 | 5,243 | 3,545 | ||||||||||||
| Funds from operations (FFO) (a) | 27,362 | 30,241 | 106,065 | 117,067 | ||||||||||||
| Revenue recognition adjustments | ||||||||||||||||
| Deferred rental revenue (straight-line rent) | 24 | (1,013 | ) | (4,033 | ) | (3,458 | ) | |||||||||
| Amortization of above and below market leases, net | (235 | ) | (293 | ) | (1,057 | ) | (1,184 | ) | ||||||||
| Amortization of investments in direct financing leases | 1,560 | 1,429 | 6,004 | 5,392 | ||||||||||||
| Amortization of lease incentives | 283 | 295 | 1,098 | 1,198 | ||||||||||||
| Total revenue recognition adjustments | 1,632 | 418 | 2,012 | 1,948 | ||||||||||||
| Environmental Adjustments | ||||||||||||||||
| Accretion expense | 163 | 222 | 585 | 1,259 | ||||||||||||
| Changes in environmental estimates | (127 | ) | (5,910 | ) | (302 | ) | (23,837 | ) | ||||||||
| Environmental litigation accruals | — | — | — | 279 | ||||||||||||
| Insurance reimbursements | — | (41 | ) | (138 | ) | (85 | ) | |||||||||
| Total environmental adjustments | 36 | (5,729 | ) | 145 | (22,384 | ) | ||||||||||
| Other Adjustments | ||||||||||||||||
| Stock-based compensation expense | 1,420 | 1,232 | 5,582 | 4,775 | ||||||||||||
| Amortization of debt issuance costs | 459 | 239 | 1,211 | 946 | ||||||||||||
| Allowance for credit loss on notes and mortgages receivable and direct financing leases | (189 | ) | 50 | (189 | ) | 50 | ||||||||||
| Loss on extinguishment of debt | — | — | 43 | — | ||||||||||||
| Retirement and severance costs | — | 8 | 939 | 85 | ||||||||||||
| Total other adjustments | 1,690 | 1,529 | 7,586 | 5,856 | ||||||||||||
| Adjusted Funds from operations (AFFO) | $ | 30,720 | $ | 26,459 | $ | 115,808 | $ | 102,487 | ||||||||
| Basic per share amounts: | ||||||||||||||||
| Net earnings | $ | 0.30 | $ | 0.57 | $ | 1.16 | $ | 1.88 | ||||||||
| FFO (b) | 0.51 | 0.63 | 2.07 | 2.45 | ||||||||||||
| AFFO (b) | 0.57 | 0.55 | 2.26 | 2.14 | ||||||||||||
| Diluted per share amounts: | ||||||||||||||||
| Net earnings | $ | 0.30 | $ | 0.57 | $ | 1.15 | $ | 1.88 | ||||||||
| FFO (b) | 0.51 | 0.63 | 2.06 | 2.44 | ||||||||||||
| AFFO (b) | 0.57 | 0.55 | 2.25 | 2.14 | ||||||||||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 52,783 | 46,734 | 50,020 | 46,730 | ||||||||||||
| Diluted | 52,880 | 46,891 | 50,216 | 46,838 | ||||||||||||
(a) Net earnings and FFO for the three and twelve months ended December 31, 2022 included credits of
(b) 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 December 31, | Twelve months ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| FFO | $ | 642 | $ | 471 | $ | 2,624 | $ | 2,734 | ||||||||
| AFFO | 721 | 473 | 2,865 | 2,394 | ||||||||||||
| Contacts: | Brian Dickman | Investor Relations |
| Chief Financial Officer | (646) 349-0598 | |
| (646) 349-6000 | ir@gettyrealty.com |
FAQ
What were Getty Realty Corp.'s net earnings per share for the fourth quarter of 2023?
How much did Getty Realty Corp. invest across 38 properties in the fourth quarter of 2023?
What is Getty Realty Corp.'s AFFO per share for the full year 2023?
What is Getty Realty Corp.'s plan for 2024 regarding its investment pipeline?
What is the 2024 AFFO guidance provided by Getty Realty Corp.?
