Getty Realty Corp. Announces Fourth Quarter and Full Year 2024 Results
Getty Realty Corp. (NYSE: GTY) reported strong Q4 and full-year 2024 results. For Q4, the company achieved net earnings of $0.39 per share, FFO of $0.57 per share, and AFFO of $0.60 per share, investing $76.4 million across 21 properties at an 8.9% initial cash yield.
Full-year 2024 highlights include net earnings of $1.25 per share, FFO of $2.21 per share, and AFFO of $2.34 per share, representing a 4.0% increase in AFFO per share. The company invested $209.0 million across 78 properties at an 8.3% initial cash yield. Base rental income grew 14.3% to $185.0 million for the full year.
The company raised approximately $290 million in 2024 and has nearly $240 million of committed equity and debt capital available for acquisitions. Getty updated its 2025 AFFO guidance to $2.38-$2.41 per diluted share, adjusted from the initial $2.40-$2.42 range due to a recent tenant bankruptcy filing.
Getty Realty Corp. (NYSE: GTY) ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024. Per il Q4, l'azienda ha raggiunto un utile netto di $0,39 per azione, un FFO di $0,57 per azione e un AFFO di $0,60 per azione, investendo $76,4 milioni su 21 proprietà con un rendimento iniziale in contante dell'8,9%.
I punti salienti dell'intero anno 2024 includono un utile netto di $1,25 per azione, un FFO di $2,21 per azione e un AFFO di $2,34 per azione, con un incremento del 4,0% nell'AFFO per azione. L'azienda ha investito $209,0 milioni su 78 proprietà con un rendimento iniziale in contante dell'8,3%. Il reddito da affitto base è cresciuto del 14,3% arrivando a $185,0 milioni per l'intero anno.
L'azienda ha raccolto circa $290 milioni nel 2024 e dispone di quasi $240 milioni di capitale azionario e debitorio impegnato disponibile per acquisizioni. Getty ha aggiornato le sue previsioni per l'AFFO del 2025 a $2,38-$2,41 per azione diluita, adeguato rispetto all'intervallo iniziale di $2,40-$2,42 a causa di una recente dichiarazione di fallimento di un inquilino.
Getty Realty Corp. (NYSE: GTY) reportó resultados sólidos para el cuarto trimestre y para todo el año 2024. Para el Q4, la compañía logró ganancias netas de $0.39 por acción, FFO de $0.57 por acción y AFFO de $0.60 por acción, invirtiendo $76.4 millones en 21 propiedades con un rendimiento inicial en efectivo del 8.9%.
Los aspectos destacados del año completo 2024 incluyen ganancias netas de $1.25 por acción, FFO de $2.21 por acción y AFFO de $2.34 por acción, lo que representa un aumento del 4.0% en el AFFO por acción. La compañía invirtió $209.0 millones en 78 propiedades con un rendimiento inicial en efectivo del 8.3%. Los ingresos por alquiler base crecieron un 14.3% alcanzando $185.0 millones para el año completo.
La compañía recaudó aproximadamente $290 millones en 2024 y tiene cerca de $240 millones de capital comprometido en equidad y deuda disponible para adquisiciones. Getty actualizó su guía de AFFO para 2025 a $2.38-$2.41 por acción diluida, ajustado desde el rango inicial de $2.40-$2.42 debido a una reciente declaración de quiebra de un inquilino.
Getty Realty Corp. (NYSE: GTY)는 2024년 4분기 및 연간 실적을 발표했습니다. 4분기 동안 회사는 주당 순이익 $0.39, 주당 FFO $0.57, 주당 AFFO $0.60을 기록했으며, 21개 부동산에 $76.4 백만을 투자하여 8.9%의 초기 현금 수익률을 달성했습니다.
2024년 전체 하이라이트에는 주당 순이익 $1.25, 주당 FFO $2.21, 주당 AFFO $2.34가 포함되며, 이는 주당 AFFO가 4.0% 증가한 것입니다. 회사는 78개 부동산에 $209.0 백만을 투자하여 8.3%의 초기 현금 수익률을 기록했습니다. 기본 임대 수익은 연간 $185.0 백만으로 14.3% 증가했습니다.
회사는 2024년에 약 $290 백만을 모금했으며, 인수에 사용할 수 있는 거의 $240 백만의 약정된 자본과 부채 자본이 있습니다. Getty는 최근 세입자 파산 신청으로 인해 초기 $2.40-$2.42 범위에서 조정된 2025년 AFFO 가이드를 $2.38-$2.41로 업데이트했습니다.
Getty Realty Corp. (NYSE: GTY) a annoncé de solides résultats pour le quatrième trimestre et pour l'année entière 2024. Pour le Q4, l'entreprise a réalisé un bénéfice net de 0,39 $ par action, un FFO de 0,57 $ par action et un AFFO de 0,60 $ par action, en investissant 76,4 millions $ dans 21 propriétés avec un rendement initial en espèces de 8,9 %.
Les points forts de l'année complète 2024 incluent un bénéfice net de 1,25 $ par action, un FFO de 2,21 $ par action et un AFFO de 2,34 $ par action, représentant une augmentation de 4,0 % de l'AFFO par action. L'entreprise a investi 209,0 millions $ dans 78 propriétés avec un rendement initial en espèces de 8,3 %. Les revenus locatifs de base ont augmenté de 14,3 % pour atteindre 185,0 millions $ pour l'année entière.
L'entreprise a levé environ 290 millions $ en 2024 et dispose de près de 240 millions $ de capitaux propres et de dettes engagés disponibles pour les acquisitions. Getty a mis à jour ses prévisions d'AFFO pour 2025 à 2,38 $ - 2,41 $ par action diluée, ajustées par rapport à la fourchette initiale de 2,40 $ - 2,42 $ en raison d'une récente déclaration de faillite d'un locataire.
Getty Realty Corp. (NYSE: GTY) hat starke Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Im vierten Quartal erzielte das Unternehmen einen Nettogewinn von 0,39 $ pro Aktie, FFO von 0,57 $ pro Aktie und AFFO von 0,60 $ pro Aktie und investierte 76,4 Millionen $ in 21 Immobilien mit einer anfänglichen Barrendite von 8,9 %.
Die Höhepunkte des gesamten Jahres 2024 umfassen einen Nettogewinn von 1,25 $ pro Aktie, FFO von 2,21 $ pro Aktie und AFFO von 2,34 $ pro Aktie, was einem Anstieg von 4,0 % beim AFFO pro Aktie entspricht. Das Unternehmen investierte 209,0 Millionen $ in 78 Immobilien mit einer anfänglichen Barrendite von 8,3 %. Die Basismieteinnahmen stiegen um 14,3 % auf 185,0 Millionen $ für das gesamte Jahr.
Das Unternehmen hat etwa 290 Millionen $ im Jahr 2024 gesammelt und verfügt über fast 240 Millionen $ an zugesagtem Eigen- und Fremdkapital, das für Akquisitionen verfügbar ist. Getty hat seine AFFO-Prognose für 2025 auf 2,38 $ - 2,41 $ pro verwässerter Aktie aktualisiert, angepasst von der ursprünglichen Spanne von 2,40 $ - 2,42 $ aufgrund einer kürzlichen Insolvenzmeldung eines Mieters.
- AFFO per share increased 4.0% in 2024
- Base rental income grew 14.3% to $185.0 million
- Invested $209.0 million across 78 properties at 8.3% initial cash yield
- Secured $290 million in capital raising during 2024
- Has $240 million available for future acquisitions
- Adjusted 2025 AFFO guidance downward due to tenant bankruptcy
- Environmental expenses and impairment charges of $4.55 million for 2024
Insights
Getty Realty's Q4 and full-year 2024 results reveal a well-executed growth strategy in the convenience and automotive retail real estate sector. The 8.3% initial cash yield on
The company's portfolio expansion strategy shows disciplined diversification across four retail property types. The 14.3% growth in base rental income reflects both successful acquisition integration and organic growth through contractual rent escalators. The
The capital structure has been optimized through recent initiatives, including the expanded
The revised 2025 AFFO guidance of
The redevelopment program, though modest with 32 completed projects since 2015, represents a value-add opportunity within the existing portfolio. The
- Delivers Strong Investment and Operating Results -
NEW YORK, Feb. 12, 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 and year ended December 31, 2024.
Fourth Quarter 2024 Highlights
- Net earnings:
$0.39 per share - Funds From Operations (“FFO”):
$0.57 per share - Adjusted Funds From Operations (“AFFO”):
$0.60 per share - Invested
$76.4 million across 21 properties at an8.9% initial cash yield
Full Year 2024 Highlights
- Net earnings:
$1.25 per share - FFO:
$2.21 per share - AFFO:
$2.34 per share - Invested
$209.0 million across 78 properties at an8.3% initial cash yield
“We are pleased to report strong fourth quarter investment and operating results, which helped the Company achieve a
Net Earnings, FFO and AFFO
All per share amounts are presented on a fully diluted per common share basis, unless stated otherwise. FFO and AFFO are “Non-GAAP Financial Measures” which are defined and reconciled to net earnings at the end of this release.
| ($ in thousands) | Three months ended December 31, | Twelve months ended December 31, | |||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Net earnings | $ | 22,295 | $ | 16,512 | $ | 71,064 | $ | 60,151 | |||
| Net earnings per share | $ | 0.39 | $ | 0.30 | $ | 1.25 | $ | 1.15 | |||
| FFO | $ | 32,470 | $ | 27,362 | $ | 123,976 | $ | 106,065 | |||
| FFO per share | $ | 0.57 | $ | 0.51 | $ | 2.21 | $ | 2.06 | |||
| AFFO | $ | 34,031 | $ | 30,720 | $ | 130,793 | $ | 115,808 | |||
| AFFO per share | $ | 0.60 | $ | 0.57 | $ | 2.34 | $ | 2.25 | |||
Select Financial Results
Revenues from Rental Properties
| ($ in thousands) | Three months ended December 31, | Twelve months ended December 31, | |||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Rental income (a) | $ | 50,125 | $ | 41,140 | $ | 187,816 | $ | 160,966 | |||
| Tenant reimbursement income | 2,114 | 4,475 | 10,853 | 19,522 | |||||||
| Revenues from rental properties | $ | 52,239 | $ | 45,615 | $ | 198,669 | $ | 180,488 | |||
| (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, 2024, base rental income grew
The growth in base rental income in both periods 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, | |||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Interest on notes and mortgages receivable | $ | 777 | $ | 2,027 | $ | 4,722 | $ | 5,358 | |||
The changes in interest earned on notes and mortgages receivable for the quarter and year ended December 31, 2024 were due to a net decrease in average notes and mortgages receivable outstanding as compared to the prior year periods.
Property Costs
| ($ in thousands) | Three months ended December 31, | Twelve months ended December 31, | |||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Property operating expenses | $ | 3,043 | $ | 5,458 | $ | 14,217 | $ | 23,112 | |||
| Leasing and redevelopment expenses | 202 | 110 | 642 | 677 | |||||||
| Property costs | $ | 3,245 | $ | 5,568 | $ | 14,859 | $ | 23,789 | |||
The change in property operating expenses in both periods was primarily due to a decrease in reimbursable real estate taxes and lower rent expense.
Other Expenses
| ($ in thousands) | Three months ended December 31, | Twelve months ended December 31, | |||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Environmental expenses | $ | 447 | $ | 284 | $ | 585 | $ | 1,261 | |||
| General and administrative expenses | 6,493 | 5,794 | 25,265 | 23,735 | |||||||
| Impairments | 1,499 | 1,273 | 3,966 | 5,243 | |||||||
The change in environmental expenses for the year ended December 31, 2024, was primarily due to a decrease in net environmental remediation costs and 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 in both periods was primarily due to higher employee-related expenses, including non-recurring retirement and severance costs and non-cash stock-based compensation, and certain professional fees.
Impairment charges in all periods 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. Additionally, certain impairment charges were attributable to reductions in estimated undiscounted cash flows expected to be received during the assumed holding period for certain of our properties and reductions in estimated sales prices from third-party offers based on signed contracts, letters of intent or indicative bids for certain of our properties.
Portfolio Activities
Acquisitions and Development Funding
During the quarter ended December 31, 2024, the Company invested
- The acquisition of 19 properties for
$74.6 million (net of previously funded amounts), including 14 convenience stores, two express tunnel car washes, two auto service centers, and one drive-thru quick service restaurant. - Incremental development funding of
$1.8 million for the construction of two new-to-industry express tunnel car washes. As of December 31, 2024, the Company had advanced aggregate development funding of$23.5 million for the development of nine express tunnel car washes 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, 2024, the Company invested
Investment Pipeline
As of February 12, 2025, the Company had a committed investment pipeline of more than
Redevelopments
During the year ended December 31, 2024, rent commenced on a redevelopment property located in the Providence (RI) metro area and leased to Chipotle Mexican Grill under a long term, triple net lease.
As of December 31, 2024, the Company had signed leases for four redevelopment projects, including one site under construction and three sites pending recapture from our net lease portfolio. Other potential projects are in various stages of feasibility planning.
Since 2015, the Company has completed 32 redevelopment and revenue-enhancing capex projects representing
Dispositions
During the year ended December 31, 2024, the Company sold 31 properties for gross proceeds of
Balance Sheet and Capital Markets
As of December 31, 2024, the Company had
Available cash was
Equity Capital Markets
During the quarter ended December 31, 2024, the Company entered into forward sale agreements to sell approximately 993 thousand common shares for anticipated gross proceeds of
As of December 31, 2024, the Company had a total of 5.4 million shares of common stock subject to outstanding forward equity agreements under its ATM equity offering program and in connection with its July 2024 follow-on public offering, which upon settlement are anticipated to raise gross proceeds of approximately
Debt Capital Markets
As previously announced, in November 2024, the Company closed the private placement of
The
Also as previously announced, subsequent to year end, 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
2025 Guidance
The Company is adjusting its 2025 AFFO guidance to
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 13, 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, February 13, 2025 beginning at 11:30 a.m. EDT through 11:59 p.m. EDT, Thursday, February 20, 2025. To access the replay, please dial 1-844-512-2921, or 1-412-317-6671 for international participants, and reference pass code 13750753.
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, 2024, the Company’s portfolio included 1,118 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.
| GETTY REALTY CORP. CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except per share amounts) | |||||||
| December 31, | |||||||
| 2024 | 2023 | ||||||
| ASSETS: | |||||||
| Real Estate: | |||||||
| Land | $ | 943,800 | $ | 867,884 | |||
| Buildings and improvements | 1,028,799 | 847,339 | |||||
| Lease intangible assets | 171,129 | 142,345 | |||||
| Investment in direct financing leases, net | 43,416 | 59,964 | |||||
| Construction in progress | 96 | 426 | |||||
| Real estate held for use | 2,187,240 | 1,917,958 | |||||
| Less accumulated depreciation and amortization | (350,626 | ) | (307,623 | ) | |||
| Real estate held for use, net | 1,836,614 | 1,610,335 | |||||
| Real estate held for sale, net | 243 | 2,429 | |||||
| Real estate, net | 1,836,857 | 1,612,764 | |||||
| Notes and mortgages receivable | 29,454 | 112,008 | |||||
| Cash and cash equivalents | 9,484 | 3,307 | |||||
| Restricted cash | 4,133 | 1,979 | |||||
| Deferred rent receivable | 61,553 | 54,424 | |||||
| Accounts receivable | 2,509 | 5,012 | |||||
| Right-of-use assets - operating | 12,368 | 14,571 | |||||
| Right-of-use assets - finance | 107 | 174 | |||||
| Prepaid expenses and other assets | 17,215 | 18,066 | |||||
| Total assets | $ | 1,973,680 | $ | 1,822,305 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||
| Credit Facility | $ | 82,500 | $ | 10,000 | |||
| Term Loan, net | 148,951 | 72,692 | |||||
| Senior Unsecured Notes, net | 673,511 | 673,406 | |||||
| Environmental remediation obligations | 20,942 | 22,369 | |||||
| Dividends payable | 26,541 | 24,850 | |||||
| Lease liability - operating | 13,612 | 16,051 | |||||
| Lease liability - finance | 330 | 595 | |||||
| Accounts payable and accrued liabilities | 45,210 | 46,790 | |||||
| Total liabilities | 1,011,597 | 866,753 | |||||
| Commitments and contingencies | — | — | |||||
| Stockholders’ equity: | |||||||
| Preferred stock, | — | — | |||||
| Common stock, 55,027,144 and 53,952,539 shares issued and outstanding, respectively | 550 | 540 | |||||
| Accumulated other comprehensive income (loss) | (1,864 | ) | (4,021 | ) | |||
| Additional paid-in capital | 1,088,390 | 1,053,129 | |||||
| Dividends paid in excess of earnings | (124,993 | ) | (94,096 | ) | |||
| Total stockholders’ equity | 962,083 | 955,552 | |||||
| Total liabilities and stockholders’ equity | $ | 1,973,680 | $ | 1,822,305 | |||
| GETTY REALTY CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share amounts) | |||||||||||
| Year ended December 31, | |||||||||||
| 2024 | 2023 | 2022 | |||||||||
| Revenues: | |||||||||||
| Revenues from rental properties | $ | 198,669 | $ | 180,488 | $ | 163,889 | |||||
| Interest on notes and mortgages receivable | 4,722 | 5,358 | 1,699 | ||||||||
| Total revenues | 203,391 | 185,846 | 165,588 | ||||||||
| Operating expenses: | |||||||||||
| Property costs | 14,859 | 23,789 | 21,553 | ||||||||
| Impairments | 3,966 | 5,243 | 3,545 | ||||||||
| Environmental | 585 | 1,261 | (20,902 | ) | |||||||
| General and administrative | 25,265 | 23,735 | 20,621 | ||||||||
| Depreciation and amortization | 54,984 | 45,296 | 39,902 | ||||||||
| Total operating expenses | 99,659 | 99,324 | 64,719 | ||||||||
| Gains on dispositions of real estate | 6,038 | 4,625 | 16,423 | ||||||||
| Operating income | 109,770 | 91,147 | 117,292 | ||||||||
| Other income, net | 566 | 574 | 413 | ||||||||
| Interest expense | (39,272 | ) | (31,527 | ) | (27,662 | ) | |||||
| Loss on extinguishment of debt | — | (43 | ) | — | |||||||
| Net earnings | $ | 71,064 | $ | 60,151 | $ | 90,043 | |||||
| Basic earnings per common share: | |||||||||||
| Net Earnings | $ | 1.26 | $ | 1.16 | $ | 1.88 | |||||
| Diluted earnings per common share: | |||||||||||
| Net Earnings | $ | 1.25 | $ | 1.15 | $ | 1.88 | |||||
| Weighted average common shares outstanding: | |||||||||||
| Basic | 54,305 | 50,020 | 46,730 | ||||||||
| Diluted | 54,552 | 50,216 | 46,838 | ||||||||
| Net earnings | 71,064 | 60,151 | 90,043 | ||||||||
| Other comprehensive loss: | |||||||||||
| Unrealized gain (loss) on cash flow hedges | 2,688 | (3,938 | ) | — | |||||||
| Cash flow hedge income reclassified to interest expense | (531 | ) | (83 | ) | — | ||||||
| Total other comprehensive income (loss) | 2,157 | (4,021 | ) | — | |||||||
| Comprehensive income | $ | 73,221 | $ | 56,130 | $ | 90,043 | |||||
| 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, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net earnings | $ | 22,295 | $ | 16,512 | $ | 71,064 | $ | 60,151 | |||||||
| Depreciation and amortization of real estate assets | 15,000 | 12,716 | 54,984 | 45,296 | |||||||||||
| Gains on dispositions of real estate | (6,324 | ) | (3,139 | ) | (6,038 | ) | (4,625 | ) | |||||||
| Impairments | 1,499 | 1,273 | 3,966 | 5,243 | |||||||||||
| Funds from operations (FFO) | 32,470 | 27,362 | 123,976 | 106,065 | |||||||||||
| Revenue recognition adjustments | |||||||||||||||
| Deferred rental revenue (straight-line rent) | (2,328 | ) | 24 | (7,129 | ) | (4,033 | ) | ||||||||
| Amortization of above and below market leases, net | (71 | ) | (235 | ) | (427 | ) | (1,057 | ) | |||||||
| Amortization of investments in direct financing leases | 1,061 | 1,560 | 5,580 | 6,004 | |||||||||||
| Amortization of lease incentives | 191 | 283 | 284 | 1,098 | |||||||||||
| Total revenue recognition adjustments | (1,147 | ) | 1,632 | (1,692 | ) | 2,012 | |||||||||
| Environmental Adjustments | |||||||||||||||
| Accretion expense | 108 | 163 | 407 | 585 | |||||||||||
| Changes in environmental estimates | (110 | ) | (127 | ) | (933 | ) | (302 | ) | |||||||
| Environmental litigation accruals | 125 | — | 125 | — | |||||||||||
| Insurance reimbursements | (30 | ) | — | (95 | ) | (138 | ) | ||||||||
| Legal settlements and judgments | — | — | (41 | ) | — | ||||||||||
| Total environmental adjustments | 93 | 36 | (537 | ) | 145 | ||||||||||
| Other Adjustments | |||||||||||||||
| Stock-based compensation expense | 1,443 | 1,420 | 5,934 | 5,582 | |||||||||||
| Amortization of debt issuance costs | 563 | 459 | 2,253 | 1,211 | |||||||||||
| Allowance for credit loss on notes and mortgages receivable and direct financing leases | 29 | (189 | ) | (177 | ) | (189 | ) | ||||||||
| Loss on extinguishment of debt | — | — | — | 43 | |||||||||||
| Retirement and severance costs | 580 | — | 1,036 | 939 | |||||||||||
| Total other adjustments | 2,615 | 1,690 | 9,046 | 7,586 | |||||||||||
| Adjusted Funds from operations (AFFO) | $ | 34,031 | $ | 30,720 | $ | 130,793 | $ | 115,808 | |||||||
| Basic per share amounts: | |||||||||||||||
| Net earnings | $ | 0.39 | $ | 0.30 | $ | 1.26 | $ | 1.16 | |||||||
| FFO (a) | 0.58 | 0.51 | 2.22 | 2.07 | |||||||||||
| AFFO (a) | 0.60 | 0.57 | 2.35 | 2.26 | |||||||||||
| Diluted per share amounts: | |||||||||||||||
| Net earnings | $ | 0.39 | $ | 0.30 | $ | 1.25 | $ | 1.15 | |||||||
| FFO (a) | 0.57 | 0.51 | 2.21 | 2.06 | |||||||||||
| AFFO (a) | 0.60 | 0.57 | 2.34 | 2.25 | |||||||||||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic | 55,023 | 52,783 | 54,305 | 50,020 | |||||||||||
| Diluted | 55,670 | 52,880 | 54,552 | 50,216 | |||||||||||
| (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 December 31, | Twelve months ended December 31, | ||||||
| 2024 | 2023 | 2024 | 2023 | ||||
| FFO | 642 | 471 | 3,208 | 2,624 | |||
| AFFO | 721 | 473 | 3,384 | 2,865 | |||
| Contacts: | Brian Dickman | Investor Relations |
| Chief Financial Officer | (646) 349-0598 | |
| (646) 349-6000 | ir@gettyrealty.com |
FAQ
What was Getty Realty's (GTY) AFFO per share for full-year 2024?
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