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Getty Realty Corp. reports recurring developments as a net lease REIT focused on convenience and automotive retail real estate. Its updates center on rental income, property acquisitions, development funding and sale-leaseback activity across convenience stores, auto service centers, express tunnel car washes, drive-thru quick service restaurants and other freestanding retail properties.
Company news also covers quarterly financial results, FFO and AFFO measures, earnings guidance, regular common-stock dividends, tenant lease extensions, annual base rent exposure, weighted average lease term changes and capital actions such as common-stock offerings, senior unsecured notes and revolving credit facility repayments.
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Getty Realty Corp. (NYSE: GTY) has announced its financial results for Q1 2023, showing a net earnings of $0.28 per share and an increase in Adjusted Funds From Operations (AFFO) to $0.56 per share, reflecting nearly 8% growth year-over-year. The Company invested $60.7 million across 26 properties and an additional $12.7 million post-quarter end. As of April 26, 2023, Getty has a committed investment pipeline exceeding $105 million for 34 properties. The Company raised its 2023 AFFO guidance to a range of $2.22 to $2.24 per diluted share, up from the earlier $2.19 to $2.21. Despite an increase in general and administrative expenses, Getty maintains a strong balance sheet with no scheduled debt maturities until 2025.
Getty Realty Corp. (NYSE: GTY) has declared a cash dividend of $0.43 per common share, slated for payment on July 6, 2023. The dividend will benefit shareholders on record as of June 22, 2023. As of December 31, 2022, Getty Realty's portfolio encompassed 1,039 properties across 38 states in the United States and Washington, D.C., focusing on net lease real estate in the convenience and automotive sectors. The announcement reflects the company's commitment to returning value to its shareholders while maintaining a robust property portfolio.