Getty Realty ( (GTY) ) has released its Q4 earnings. Here is a breakdown of the information Getty Realty presented to its investors.
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Getty Realty Corp., a net lease Real Estate Investment Trust (REIT), specializes in acquiring, financing, and developing convenience and automotive retail real estate across the United States.
The company reported robust financial results for the fourth quarter and full year of 2024, highlighted by strong investment activity and increased earnings. Getty Realty’s strategic investments and operational achievements have positioned it well for future growth.
For the fourth quarter, Getty Realty achieved net earnings of $0.39 per share and Adjusted Funds From Operations (AFFO) of $0.60 per share. For the full year, net earnings were $1.25 per share, with AFFO reaching $2.34 per share. The company invested $209 million in 78 properties during the year, yielding an 8.3% initial cash return. Rental income saw a significant increase, driven by property acquisitions and rent commencements from redevelopments.
The company’s strategic moves included raising approximately $290 million in the capital markets and refinancing its credit facility, setting a solid foundation for future investments. Getty Realty also reported a decrease in operating expenses and a noteworthy gain from property dispositions, further strengthening its financial position.
Looking ahead to 2025, Getty Realty remains optimistic about its ability to expand its portfolio and enhance shareholder value, supported by available equity and debt capital for acquisitions and a committed investment pipeline focused on convenience and automotive retail properties.
