On October 25, 2023, Getty Realty Corp (GTY, Financial) announced its financial and operating results for the quarter ended September 30, 2023. The company reported net earnings of $0.31 per share, Funds From Operations (FFO) of $0.53 per share, and Adjusted Funds From Operations (AFFO) of $0.57 per share. The company also reported a record year-to-date investment activity of $269 million.
Financial Performance
For the three months ended September 30, 2023, Getty Realty Corp (GTY, Financial) reported net earnings of $16,033 thousand, an increase from $13,302 thousand in the same period in 2022. FFO for the quarter was $27,724 thousand, up from $23,718 thousand in Q3 2022. AFFO also saw an increase, rising to $29,400 thousand from $25,789 thousand in the same period last year.
Investment Activity and Pipeline
The company invested $155.0 million across 50 properties in Q3 2023 and has a committed investment pipeline of more than $95.0 million for the development and acquisition of 42 convenience and automotive retail properties as of October 25, 2023. The company also closed on a new $150.0 million senior unsecured term loan subsequent to quarter end.
Revenue from Rental Properties
Revenues from rental properties for the three months ended September 30, 2023, were $48,848 thousand, up from $41,533 thousand in the same period in 2022. 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.
Balance Sheet and Capital Markets
As of September 30, 2023, the company had $750 million of total outstanding indebtedness, including $675 million of senior unsecured notes with a weighted average interest rate of 3.9% and a weighted average maturity of 6.7 years, and $75 million outstanding under the company’s $300 million unsecured revolving credit facility. Cash and equivalents were $8.9 million.
2023 Guidance
As a result of year-to-date investment and capital markets activity, the company is increasing its 2023 AFFO guidance to a range of $2.24 to $2.25 per diluted share from the prior range of $2.23 to $2.24 per diluted share.
Getty Realty Corp (GTY, Financial) 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 September 30, 2023, the company’s portfolio included 1,080 freestanding properties located in 40 states across the United States and Washington, D.C.
Explore the complete 8-K earnings release (here) from Getty Realty Corp for further details.
