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Getty Realty Corp. (NYSE: GTY) is a leading publicly-traded real estate investment trust (REIT) in the United States. The company focuses on the ownership, leasing, and financing of convenience stores and gasoline station properties. With a vast portfolio of 932 properties across 30 states and Washington, D.C., Getty Realty operates under various well-known brands such as 76, Aloha, BP, Citgo, Conoco, Exxon, Getty, Mobil, Shell, Sunoco, and Valero.
The company's portfolio includes 817 properties leased under 25 separate unitary or master triple-net leases, and 101 properties leased under single unit triple-net leases. Getty Realty's properties are strategically situated to cater to high-traffic areas, ensuring relevance and demand in the market.
Apart from leasing, Getty Realty is actively redeveloping nine former convenience store and gasoline station properties into new convenience stores or alternative single-tenant net lease retail uses. This redevelopment strategy underscores the company's commitment to growth and value addition for shareholders.
Additionally, Getty Realty diversifies its portfolio by including car washes, automotive service centers, automotive parts retailers, and drive-thru quick service restaurants. The majority of the revenue is generated in the form of rental income, which provides a stable financial base for the company.
Recent achievements include record investment activity and robust financial results, positioning Getty Realty for continued success. The company has also reaffirmed its 2024 full-year earnings outlook, reflecting confidence in its financial health and strategic direction.
Getty Realty reported its Q2 2024 results, with net earnings of $0.30 per share, FFO of $0.55 per share, and AFFO of $0.58 per share. The company invested $61.7 million across 23 properties, achieving an 8.1% initial cash yield and has a $53 million committed investment pipeline for 25 properties. Year-to-date investments total $104 million.
Rental income grew by 14.9% YoY to $45.5 million for the quarter, and interest on notes and mortgages receivable increased due to higher balances and rates. Property operating expenses decreased, primarily due to lower taxes, while general and administrative expenses increased owing to employee-related costs.
Getty reported total outstanding debt of $842.5 million and cash equivalents of $4.7 million. The company issued 0.2 million shares for net proceeds of $7.3 million and has forward sale agreements for an additional 1.2 million shares. 2024 AFFO guidance has been raised to $2.30-$2.32 per diluted share, reflecting completed transactions and investment activities.
Getty Realty Corp. (NYSE: GTY) has announced a regular quarterly cash dividend of $0.45 per common share. The dividend is payable on October 10, 2024 to shareholders of record as of September 26, 2024. Getty Realty Corp. is a publicly traded, net lease REIT that specializes in acquiring, financing, and developing convenience, automotive, and other single-tenant retail real estate properties. As of June 30, 2024, the company's portfolio comprised 1,124 freestanding properties located across 42 states in the United States and Washington, D.C.
Getty Realty Corp. (NYSE: GTY) announced it will release its Q2 2024 financial results on July 24, 2024, post-market close. A conference call and webcast are scheduled for July 25, 2024, at 8:30 a.m. EDT. Interested parties can dial in or access the live webcast via the investor section of Getty Realty's website. A replay will be available from July 25, 2024, at 11:30 a.m. EDT until August 1, 2024, at 11:59 p.m. EDT. Getty Realty specializes in net lease real estate for convenience, automotive, and other single-tenant retail properties. As of March 31, 2024, its portfolio includes 1,108 properties across 42 states and Washington, D.C.
Getty Realty Corp. (NYSE: GTY) has released its 2024 Corporate Responsibility Report, emphasizing its Environmental, Social, and Governance (ESG) policies.
The report, prepared with the help of Antea Group, aligns with SASB and TCFD frameworks.
CEO Christopher J. Constant highlighted the company's dedication to stakeholder engagement and understanding climate risks and environmental impacts.
Getty Realty specializes in net lease REIT for convenience, automotive, and retail properties, boasting a portfolio of 1,108 properties across 42 states.
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