Annualized Base Rent Growth
Getty Realty grew its annualized base rent by 9.9% to approximately $204 million during the second quarter.
AFFO Per Share Increase
Adjusted Funds From Operations (AFFO) per share increased by 1.7% compared to the prior year, reaching $0.59.
Successful Investment Activity
Year-to-date, Getty Realty closed $95.5 million of investments at an initial cash yield of 8.1%, with a diverse investment pipeline of over $90 million.
High Occupancy Rate
The lease portfolio had an occupancy rate of 99.7% with a weighted average lease term of 10 years.
Improved Rent Coverage
Reported strong trailing 12 months rent coverage of 2.6x, with improvements noted in the convenience store and car wash portfolios.
Strong Financial Position
Net debt to EBITDA was 5.2x, and the company maintained more than $400 million of total liquidity at quarter end.