Getty Realty Corp. Announces Second Quarter 2025 Results
Getty Realty Corp. (NYSE: GTY), a net lease REIT focused on convenience and automotive retail real estate, reported strong Q2 2025 results with $0.24 per share in net earnings and $0.59 per share in AFFO. The company invested $66.1 million across 28 properties at an 8.1% initial cash yield during Q2, plus an additional $18.5 million post-quarter.
Key highlights include base rental income growth of 9.9% to $50.0 million, a committed investment pipeline of over $90 million for 36 properties, and increased 2025 AFFO guidance to $2.40-$2.41 per share. The company's portfolio comprised 1,137 properties across 44 states as of June 30, 2025, with $925 million in total outstanding indebtedness.
Getty Realty Corp. (NYSE: GTY), un REIT a locazione netta specializzato in immobili per il commercio al dettaglio di convenienza e automotive, ha riportato risultati solidi nel secondo trimestre 2025 con $0,24 per azione di utili netti e $0,59 per azione in AFFO. Durante il trimestre, la società ha investito $66,1 milioni in 28 proprietà con un rendimento iniziale in contanti dell'8,1%, più un ulteriore investimento di $18,5 milioni dopo la chiusura del trimestre.
I punti salienti includono una crescita del reddito base da locazione del 9,9% a $50,0 milioni, un portafoglio di investimenti impegnati superiore a $90 milioni per 36 proprietà, e una revisione al rialzo della guidance AFFO 2025 a $2,40-$2,41 per azione. Al 30 giugno 2025, il portafoglio della società comprendeva 1.137 proprietà distribuite in 44 stati, con un indebitamento complessivo di $925 milioni.
Getty Realty Corp. (NYSE: GTY), un REIT de arrendamiento neto enfocado en bienes raíces comerciales de conveniencia y automoción, reportó sólidos resultados en el segundo trimestre de 2025 con $0.24 por acción en ganancias netas y $0.59 por acción en AFFO. La compañía invirtió $66.1 millones en 28 propiedades con un rendimiento inicial en efectivo del 8.1% durante el segundo trimestre, además de $18.5 millones adicionales después del trimestre.
Los aspectos destacados incluyen un crecimiento del ingreso base por rentas del 9.9% hasta $50.0 millones, una cartera comprometida de inversiones de más de $90 millones para 36 propiedades, y una guía incrementada de AFFO para 2025 de $2.40-$2.41 por acción. Al 30 de junio de 2025, el portafolio de la compañía estaba compuesto por 1,137 propiedades en 44 estados, con una deuda total pendiente de $925 millones.
Getty Realty Corp. (NYSE: GTY)는 편의점 및 자동차 소매 부동산에 집중하는 순임대 REIT로, 2025년 2분기에 주당 $0.24 순이익과 주당 $0.59 AFFO를 기록하며 강력한 실적을 발표했습니다. 회사는 2분기 동안 28개 부동산에 걸쳐 $6,610만을 투자했으며 초기 현금 수익률은 8.1%였고, 분기 이후 추가로 $1,850만을 투자했습니다.
주요 내용은 기본 임대 수입이 9.9% 증가하여 $5,000만에 달했고, 36개 부동산에 대한 $9,000만 이상의 투자 파이프라인을 보유했으며, 2025년 AFFO 가이던스를 주당 $2.40-$2.41로 상향 조정한 점입니다. 2025년 6월 30일 기준 회사 포트폴리오는 44개 주에 걸쳐 1,137개 부동산으로 구성되어 있으며, 총 미상환 부채는 $9억 2,500만입니다.
Getty Realty Corp. (NYSE : GTY), un REIT à location nette spécialisé dans l'immobilier commercial de proximité et automobile, a annoncé de solides résultats pour le deuxième trimestre 2025 avec un bénéfice net de 0,24 $ par action et un AFFO de 0,59 $ par action. La société a investi 66,1 millions de dollars répartis sur 28 propriétés avec un rendement initial en espèces de 8,1 % au cours du trimestre, ainsi qu'un investissement supplémentaire de 18,5 millions de dollars après la clôture du trimestre.
Les points clés incluent une croissance des revenus locatifs de base de 9,9 % à 50,0 millions de dollars, un pipeline d'investissement engagé de plus de 90 millions de dollars pour 36 propriétés, et une révision à la hausse des prévisions d'AFFO 2025 à 2,40-2,41 $ par action. Au 30 juin 2025, le portefeuille de la société comprenait 1 137 propriétés réparties dans 44 États, avec une dette totale en cours de 925 millions de dollars.
Getty Realty Corp. (NYSE: GTY), ein auf Netto-Mietverträge spezialisiertes REIT mit Fokus auf Convenience- und Automobil-Einzelhandelsimmobilien, meldete starke Ergebnisse für das zweite Quartal 2025 mit $0,24 Gewinn je Aktie und $0,59 AFFO je Aktie. Das Unternehmen investierte im zweiten Quartal $66,1 Millionen in 28 Immobilien bei einer anfänglichen Bar-Rendite von 8,1 % sowie weitere $18,5 Millionen nach Quartalsende.
Wichtige Highlights sind ein Basis-Mieteinnahmenwachstum von 9,9 % auf $50,0 Millionen, eine zugesagte Investitionspipeline von über $90 Millionen für 36 Immobilien und eine angehobene AFFO-Prognose für 2025 von $2,40-$2,41 je Aktie. Das Portfolio des Unternehmens umfasste zum 30. Juni 2025 1.137 Immobilien in 44 Bundesstaaten mit einer Gesamtverschuldung von $925 Millionen.
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Insights
Getty Realty delivered solid Q2 2025 results with accelerating investment activity, raised 2025 guidance, and strong tenant performance despite lower net earnings.
Getty Realty's Q2 2025 results demonstrate resilient performance in the net lease REIT sector, particularly in the convenience and automotive retail space. The company reported quarterly net earnings of $0.24 per share, down from $0.30 in Q2 2024, while AFFO (Adjusted Funds From Operations) – the more relevant metric for REITs – increased to $0.59 per share from $0.58 year-over-year.
The investment momentum is particularly noteworthy, with $66.1 million deployed across 28 properties at an attractive 8.1% initial cash yield during Q2, plus an additional $18.5 million subsequent to quarter-end. Year-to-date, Getty has invested $95.5 million at consistent 8.1% yields. Their acquisition strategy remains focused on defensive retail categories including drive-thru restaurants, auto service centers, convenience stores, and car washes.
The company's $90+ million investment pipeline spanning 36 properties indicates continued growth trajectory. This expansion is driving revenue growth, with base rental income up 9.9% to $50 million for the quarter.
Despite environmental expenses increasing by $5.49 million year-over-year (due to litigation accruals), Getty maintained sufficient financial flexibility to raise full-year 2025 AFFO guidance to $2.40-$2.41 per share, up from the previous $2.38-$2.41 range.
Balance sheet management remains prudent with $925 million in total debt and a weighted average interest rate of 4.1% on senior unsecured notes. Getty strengthened its capital position by settling 1.2 million shares of forward equity agreements for $32.8 million in net proceeds, with approximately 3.9 million additional shares remaining that could raise about $118.8 million.
The improved guidance signals management confidence in portfolio stability and growth prospects, suggesting the company's convenience-focused investment strategy remains effective despite broader economic pressures in the retail real estate sector.
- Reports
- Increases 2025 Full Year Earnings Guidance -
NEW YORK, July 23, 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 ended June 30, 2025.
Second Quarter 2025 Highlights
- Net earnings:
$0.24 per share - Funds From Operations (“FFO”):
$0.49 per share - Adjusted Funds From Operations (“AFFO”):
$0.59 per share - Invested
$66.1 million across 28 properties at an8.1% initial cash yield, plus an additional$18.5 million at an8.1% initial cash yield subsequent to quarter end - Committed investment pipeline of more than
$90.0 million for the development and/or acquisition of 36 convenience and automotive retail properties, as of July 23, 2025
“Getty delivered another quarter of consistent results, highlighted by accelerating investment activity, continued earnings growth, and stable portfolio performance,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “We are experiencing positive momentum across our business, including identifying new investment opportunities, raising our full-year 2025 earnings guidance, and reporting increased tenant rent coverage. Combined with our strong balance sheet and liquidity position, we are well-positioned for the second half of 2025.”
Net Earnings, FFO and AFFO
All per share amounts are presented on a fully diluted per common share basis, unless stated otherwise. FFO and AFFO are “Non-GAAP Financial Measures” which are defined and reconciled to net earnings at the end of this release.
| ($ in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net earnings | $ | 14,014 | $ | 16,711 | $ | 28,800 | $ | 33,434 | ||||||||
| Net earnings per share | $ | 0.24 | $ | 0.30 | $ | 0.49 | $ | 0.59 | ||||||||
| FFO | $ | 27,828 | $ | 30,454 | $ | 59,496 | $ | 60,065 | ||||||||
| FFO per share | $ | 0.49 | $ | 0.55 | $ | 1.04 | $ | 1.08 | ||||||||
| AFFO | $ | 33,967 | $ | 32,198 | $ | 67,763 | $ | 63,601 | ||||||||
| AFFO per share | $ | 0.59 | $ | 0.58 | $ | 1.19 | $ | 1.15 | ||||||||
Select Financial Results
Revenues from Rental Properties
| ($ in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Rental income (a) | $ | 51,309 | $ | 45,734 | $ | 101,907 | $ | 90,109 | ||||||||
| Tenant reimbursement income | 1,415 | 2,986 | 2,523 | 5,826 | ||||||||||||
| Revenues from rental properties | $ | 52,724 | $ | 48,720 | $ | 104,430 | $ | 95,935 | ||||||||
| (a) Rental income includes base rental income, additional rental income, if any, and certain non-cash revenue recognition adjustments. | ||||||||||||||||
For the quarter ended June 30, 2025, base rental income grew
The growth in base rental income was driven by incremental revenue from recently acquired properties, and contractual rent increases for in-place leases.
Interest (Income) on Notes and Mortgages Receivable
| ($ in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Interest on notes and mortgages receivable | $ | 533 | $ | 1,217 | $ | 1,157 | $ | 2,972 | ||||||||
The change in interest earned on notes and mortgages receivable in both periods was due to a net decrease in average notes and mortgages receivable outstanding as compared to the prior year period.
Property Costs
| ($ in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Property operating expenses | $ | 2,286 | $ | 3,782 | $ | 4,110 | $ | 7,421 | ||||||||
| Leasing and redevelopment expenses | 157 | 201 | 315 | 265 | ||||||||||||
| Property costs | $ | 2,443 | $ | 3,983 | $ | 4,425 | $ | 7,686 | ||||||||
The improvement in property operating expenses in both periods was primarily due to reductions in reimbursable real estate taxes and rent expense.
Other Expenses
| ($ in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Environmental expenses | $ | 5,341 | $ | (150 | ) | $ | 5,457 | $ | (167 | ) | ||||||
| General and administrative expenses | 6,794 | 6,168 | 13,720 | 12,824 | ||||||||||||
| Impairments | 455 | 512 | 1,624 | 1,792 | ||||||||||||
The difference in environmental expenses in both periods was primarily due to an increase in environmental litigation accruals. 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 for the quarter ended June 30, 2025 was primarily due to higher employee related expenses and professional fees. The change in general and administrative expenses for the six months ended June 30, 2024 was primarily due to higher employee related expenses, professional fees, and certain transaction related costs, partially offset by decreases in non-recurring retirement and severance costs.
Impairment charges result from (i) the accumulation of asset retirement costs at certain properties due to changes in estimated environmental liabilities, which increases the carrying values of these properties in excess of their fair values, and (ii) decreases in the carrying value of certain properties based on third-party indications of potential selling prices or reductions in estimated undiscounted cash flows expected to be received during the assumed holding period.
Portfolio Activities
Acquisitions and Development Funding
During the quarter ended June 30, 2025, the Company invested
- The acquisition of 24 properties for
$62.1 million (net of amounts previously funded), including nine drive thru quick service restaurants (QSRs), six auto service centers, five convenience stores, and four express tunnel car washes. - Incremental development funding of
$4.0 million for the construction of three auto service centers and one express tunnel car wash. As of June 30, 2025, the Company had advanced aggregate development funding of$14.7 million for the development of 13 new-to-industry express tunnel car washes and auto service centers that are either owned by the Company and under construction by its tenants, or which the Company expects to acquire via sale-leaseback transactions at the end of the respective construction periods.
Subsequent to quarter end, the Company invested
Investment Pipeline
As of July 23, 2025, the Company had a committed investment pipeline of more than
Redevelopments
As of June 30, 2025, the Company had signed leases for four redevelopment projects, including two sites under construction and two sites pending recapture from its net lease portfolio. Other potential projects are in various stages of feasibility planning.
Dispositions
During the quarter ended June 30, 2025, the Company sold three properties for gross proceeds of
Balance Sheet and Capital Markets
As of June 30, 2025, the Company had
Equity Capital Markets
During the quarter ended June 30, 2025, the Company settled approximately 1.2 million shares of common stock subject to outstanding forward sale agreements under its at-the-market ("ATM") equity program for net proceeds of approximately
As of June 30, 2025, the Company had a total of approximately 3.9 million shares of common stock subject to outstanding forward equity agreements which, upon settlement, are anticipated to raise gross proceeds of approximately
2025 Guidance
As a result of year-to-date investment activity and the resolution of a previously disclosed tenant bankruptcy, the Company is increasing its 2025 AFFO guidance to a range of
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.
AFFO per share is a non-GAAP financial measure. The Company does not provide a reconciliation of such forward-looking non-GAAP measure to the most directly comparable GAAP financial measure because doing so would require unreasonable efforts due to the nature of the adjustments, which rely on assumptions and estimates that are subject to significant change throughout the year, necessary to calculate the non-GAAP measure.
Webcast Information
Getty Realty Corp. will host a conference call and webcast on Thursday, July 24, 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, July 24, 2025 beginning at 11:30 a.m. EDT through 11:59 p.m. EDT, Thursday, August 7, 2025. To access the replay, please dial 1-844-512-2921, or 1-412-317-6671 for international participants, and reference pass code 13754511.
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 June 30, 2025, the Company’s portfolio included 1,137 freestanding properties located in 44 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) | ||||||||
| June 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| ASSETS: | ||||||||
| Real Estate: | ||||||||
| Land | $ | 978,170 | $ | 943,800 | ||||
| Buildings and improvements | 1,069,165 | 1,028,799 | ||||||
| Lease intangible assets | 179,308 | 171,129 | ||||||
| Investment in direct financing leases, net | 41,170 | 43,416 | ||||||
| Construction in progress | 98 | 96 | ||||||
| Real estate held for use | 2,267,911 | 2,187,240 | ||||||
| Less accumulated depreciation and amortization | (379,279 | ) | (350,626 | ) | ||||
| Real estate held for use, net | 1,888,632 | 1,836,614 | ||||||
| Real estate held for sale, net | — | 243 | ||||||
| Real estate, net | 1,888,632 | 1,836,857 | ||||||
| Notes and mortgages receivable | 20,417 | 29,454 | ||||||
| Cash and cash equivalents | 7,489 | 9,484 | ||||||
| Restricted cash | 4,097 | 4,133 | ||||||
| Deferred rent receivable | 65,903 | 61,553 | ||||||
| Accounts receivable | 2,555 | 2,509 | ||||||
| Right-of-use assets - operating | 11,327 | 12,368 | ||||||
| Right-of-use assets - finance | 84 | 107 | ||||||
| Prepaid expenses and other assets | 14,644 | 17,215 | ||||||
| Total assets | $ | 2,015,148 | $ | 1,973,680 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||||||||
| Credit Facility | $ | 175,000 | $ | 82,500 | ||||
| Term Loan, net | — | 148,951 | ||||||
| Senior Unsecured Notes, net | 748,328 | 673,511 | ||||||
| Environmental remediation obligations | 20,616 | 20,942 | ||||||
| Dividends payable | 27,393 | 26,541 | ||||||
| Lease liability - operating | 12,515 | 13,612 | ||||||
| Lease liability - finance | 237 | 330 | ||||||
| Accounts payable and accrued liabilities | 48,637 | 45,210 | ||||||
| Total liabilities | 1,032,726 | 1,011,597 | ||||||
| Commitments and contingencies | — | — | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 566 | 550 | ||||||
| Accumulated other comprehensive income (loss) | (2,054 | ) | (1,864 | ) | ||||
| Additional paid-in capital | 1,134,349 | 1,088,390 | ||||||
| Dividends paid in excess of earnings | (150,439 | ) | (124,993 | ) | ||||
| Total stockholders’ equity | 982,422 | 962,083 | ||||||
| Total liabilities and stockholders’ equity | $ | 2,015,148 | $ | 1,973,680 | ||||
| GETTY REALTY CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share amounts) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues: | ||||||||||||||||
| Revenues from rental properties | $ | 52,724 | $ | 48,720 | $ | 104,430 | $ | 95,935 | ||||||||
| Interest on notes and mortgages receivable | 533 | 1,217 | 1,157 | 2,972 | ||||||||||||
| Total revenues | 53,257 | 49,937 | 105,587 | 98,907 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Property costs | 2,443 | 3,983 | 4,425 | 7,686 | ||||||||||||
| Impairments | 455 | 512 | 1,624 | 1,792 | ||||||||||||
| Environmental | 5,341 | (150 | ) | 5,457 | (167 | ) | ||||||||||
| General and administrative | 6,794 | 6,168 | 13,720 | 12,824 | ||||||||||||
| Depreciation and amortization | 14,917 | 13,372 | 30,958 | 26,024 | ||||||||||||
| Total operating expenses | 29,950 | 23,885 | 56,184 | 48,159 | ||||||||||||
| Gain on dispositions of real estate | 1,558 | 141 | 1,886 | 1,185 | ||||||||||||
| Operating income | 24,865 | 26,193 | 51,289 | 51,933 | ||||||||||||
| Other income, net | 53 | 180 | 147 | 298 | ||||||||||||
| Interest expense | (10,904 | ) | (9,662 | ) | (22,636 | ) | (18,797 | ) | ||||||||
| Net earnings | $ | 14,014 | $ | 16,711 | $ | 28,800 | $ | 33,434 | ||||||||
| Basic net earnings per common share: | $ | 0.24 | $ | 0.30 | $ | 0.49 | $ | 0.59 | ||||||||
| Diluted net earnings per common share: | $ | 0.24 | $ | 0.30 | $ | 0.49 | $ | 0.59 | ||||||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 55,530 | 53,979 | 55,297 | 53,970 | ||||||||||||
| Diluted | 55,606 | 54,011 | 55,443 | 53,987 | ||||||||||||
| 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 June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net earnings | $ | 14,014 | $ | 16,711 | $ | 28,800 | $ | 33,434 | ||||||||
| Depreciation and amortization of real estate assets | 14,917 | 13,372 | 30,958 | 26,024 | ||||||||||||
| Gains on dispositions of real estate | (1,558 | ) | (141 | ) | (1,886 | ) | (1,185 | ) | ||||||||
| Impairments | 455 | 512 | 1,624 | 1,792 | ||||||||||||
| Funds from operations (FFO) | 27,828 | 30,454 | 59,496 | 60,065 | ||||||||||||
| Revenue recognition adjustments | ||||||||||||||||
| Deferred rental revenue (straight-line rent) | (2,401 | ) | (1,771 | ) | (4,350 | ) | (3,317 | ) | ||||||||
| Amortization of above and below market leases, net | (87 | ) | (96 | ) | (168 | ) | (222 | ) | ||||||||
| Amortization of investments in direct financing leases | 1,153 | 1,674 | 2,246 | 3,280 | ||||||||||||
| Amortization of lease incentives | 206 | 188 | 408 | (65 | ) | |||||||||||
| Total revenue recognition adjustments | (1,129 | ) | (5 | ) | (1,864 | ) | (324 | ) | ||||||||
| Environmental Adjustments | ||||||||||||||||
| Accretion expense | 67 | 84 | 164 | 208 | ||||||||||||
| Changes in environmental estimates | (19 | ) | (460 | ) | (227 | ) | (755 | ) | ||||||||
| Environmental litigation accruals | 5,066 | — | 5,066 | — | ||||||||||||
| Insurance reimbursements | — | — | (43 | ) | (65 | ) | ||||||||||
| Legal settlements and judgments | — | — | — | (41 | ) | |||||||||||
| Total environmental adjustments | 5,114 | (376 | ) | 4,960 | (653 | ) | ||||||||||
| Other Adjustments | ||||||||||||||||
| Stock-based compensation expense | 1,790 | 1,561 | 3,403 | 2,930 | ||||||||||||
| Amortization of debt issuance costs | 364 | 564 | 1,768 | 1,127 | ||||||||||||
| Retirement and severance costs | — | — | — | 456 | ||||||||||||
| Total other adjustments | 2,154 | 2,125 | 5,171 | 4,513 | ||||||||||||
| Adjusted Funds from operations (AFFO) | $ | 33,967 | $ | 32,198 | $ | 67,763 | $ | 63,601 | ||||||||
| Basic per share amounts: | ||||||||||||||||
| Net earnings | $ | 0.24 | $ | 0.30 | $ | 0.49 | $ | 0.59 | ||||||||
| FFO (a) | 0.49 | 0.55 | 1.04 | 1.08 | ||||||||||||
| AFFO (a) | 0.59 | 0.58 | 1.19 | 1.15 | ||||||||||||
| Diluted per share amounts: | ||||||||||||||||
| Net earnings | $ | 0.24 | $ | 0.30 | $ | 0.49 | $ | 0.59 | ||||||||
| FFO (a) | 0.49 | 0.55 | 1.04 | 1.08 | ||||||||||||
| AFFO (a) | 0.59 | 0.58 | 1.19 | 1.15 | ||||||||||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 55,530 | 53,979 | 55,297 | 53,970 | ||||||||||||
| Diluted | 55,606 | 54,011 | 55,443 | 53,987 | ||||||||||||
| (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 June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| FFO | $ | 823 | $ | 810 | $ | 1,766 | $ | 1,598 | ||||||||
| AFFO | 1,004 | 857 | 2,012 | 1,692 | ||||||||||||
| Contacts: | Brian Dickman | Investor Relations | ||
| Chief Financial Officer | (646) 349-0598 | |||
| (646) 349-6000 | ir@gettyrealty.com |
