Financial Performance - Net earnings for Q4 2024 were $0.39 per share, up from $0.30 per share in Q4 2023, while full year net earnings increased to $1.25 per share from $1.15 per share[4] - Funds From Operations (FFO) for Q4 2024 were $0.57 per share, compared to $0.51 per share in Q4 2023, and full year FFO rose to $2.21 per share from $2.06 per share[4] - Adjusted Funds From Operations (AFFO) for Q4 2024 were $0.60 per share, up from $0.57 per share in Q4 2023, with full year AFFO increasing to $2.34 per share from $2.25 per share[4] - Total revenues for the fourth quarter of 2024 were $53,016,000, an increase of 11.4% compared to $47,642,000 in the fourth quarter of 2023[47] - Revenues from rental properties reached $52,239,000 in Q4 2024, up from $45,615,000 in Q4 2023, reflecting a growth of 14.1%[47] - Net earnings for the twelve months ended December 31, 2024, were $71,064,000, compared to $60,151,000 for the same period in 2023, representing an increase of 17.9%[47] - Basic earnings per common share for the twelve months ended December 31, 2024, were $1.26, compared to $1.16 for the same period in 2023, reflecting a growth of 8.6%[47] - Operating income for the twelve months ended December 31, 2024, was $109,770,000, up from $91,147,000 in 2023, indicating a growth of 20.5%[47] - Net earnings for Q4 2024 increased to $22.295 million, up from $16.512 million in Q4 2023, representing a growth of 35.5%[50] - Funds from operations (FFO) for Q4 2024 reached $32.470 million, compared to $27.362 million in Q4 2023, marking a 18.5% increase[50] - Adjusted Funds from operations (AFFO) for Q4 2024 were $34.031 million, up from $30.720 million in Q4 2023, reflecting an increase of 10.5%[50] Investment and Capital Management - The company invested $76.4 million across 21 properties in Q4 2024 at an initial cash yield of 8.9%, and $209.0 million across 78 properties for the full year at an initial cash yield of 8.3%[4][16] - The company raised approximately $290 million in 2024 and has nearly $240 million of committed equity and debt capital available for acquisitions in 2025[3] - The company has a committed investment pipeline of over $35.0 million for the development and/or acquisition of 17 properties expected to be funded over the next 9-12 months[17] Debt and Liabilities - As of December 31, 2024, total outstanding indebtedness was $907.5 million, with a weighted average interest rate of 3.9% on senior unsecured notes[21] - The Company’s total liabilities rose to $1,011,597,000 in 2024, up from $866,753,000 in 2023, an increase of 16.7%[44] Cash and Assets - Total assets increased to $1,973,680,000 as of December 31, 2024, compared to $1,822,305,000 at the end of 2023, marking a growth of 8.3%[44] - The Company’s cash and cash equivalents increased to $9,484,000 in 2024, compared to $3,307,000 in 2023, a significant rise of 187.5%[44] Guidance and Adjustments - The company adjusted its 2025 AFFO guidance to a range of $2.38 to $2.41 per diluted share, down from the initial guidance of $2.40 to $2.42 per diluted share[30] - The Company reported an AFFO guidance for 2024, indicating a focus on sustainable core operating performance[41] Depreciation and Other Adjustments - The company reported a total depreciation and amortization of real estate assets of $15.000 million for Q4 2024, up from $12.716 million in Q4 2023, an increase of 18.0%[50] - The total other adjustments for Q4 2024 amounted to $2.615 million, compared to $1.690 million in Q4 2023, reflecting a 54.8% increase[50] - The company experienced impairments of $1.499 million in Q4 2024, slightly up from $1.273 million in Q4 2023[50] - Total revenue recognition adjustments for Q4 2024 resulted in a negative impact of $1.147 million, contrasting with a positive adjustment of $1.632 million in Q4 2023[50] - The company’s total revenue recognition adjustments for the twelve months ended December 31, 2024, were negative $1.692 million, compared to positive $2.012 million for the same period in 2023[50]

Core Insights - Getty Realty Corp. reported strong investment and operating results for Q4 and the full year 2024, achieving a 4.0% increase in AFFO per share [3][31] - The company deployed nearly $210 million in investments across various property types and raised approximately $290 million in capital markets during 2024 [3][22] - Looking ahead, Getty Realty is positioned with nearly $240 million of committed equity and debt capital available for acquisitions [3][22] Financial Performance - For Q4 2024, net earnings were $22.3 million, or $0.39 per share, compared to $16.5 million, or $0.30 per share in Q4 2023 [5][49] - Full year 2024 net earnings reached $71.1 million, or $1.25 per share, up from $60.2 million, or $1.15 per share in 2023 [5][49] - Funds From Operations (FFO) for Q4 2024 were $32.5 million, or $0.57 per share, compared to $27.4 million, or $0.51 per share in Q4 2023 [5][50] - Adjusted Funds From Operations (AFFO) for Q4 2024 were $34.0 million, or $0.60 per share, compared to $30.7 million, or $0.57 per share in Q4 2023 [5][50] Revenue Growth - Rental income for Q4 2024 increased by 14.6% to $50.1 million, compared to $41.1 million in Q4 2023 [7][8] - For the full year 2024, rental income grew by 14.3% to $187.8 million, up from $161.0 million in 2023 [7][8] - The growth in rental income was driven by new acquisitions, contractual rent increases, and completed redevelopments [8] Investment Activities - In Q4 2024, the company invested $76.4 million across 21 properties at an initial cash yield of 8.9% [15] - For the full year 2024, Getty Realty invested $209.0 million across 78 properties at an initial cash yield of 8.3% [15] - The company has a committed investment pipeline of over $35.0 million for the development and acquisition of additional properties [16] Capital Structure - As of December 31, 2024, Getty Realty had total outstanding indebtedness of $907.5 million, including $675.0 million in senior unsecured notes [22] - The company had $9.5 million in available cash and $7.4 million in 1031 disposition proceeds in escrow [23] - In November 2024, Getty Realty closed a private placement of $125 million in unsecured notes to fund general corporate purposes [26][27] 2025 Guidance - The company adjusted its 2025 AFFO guidance to a range of $2.38 to $2.41 per diluted share, down from the initial guidance of $2.40 to $2.42 per share [31]

Core Points - Getty Realty Corp. declared a cash dividend of $0.47 per common share, payable on April 10, 2025, to shareholders of record on March 27, 2025 [1] Company Overview - Getty Realty Corp. is a publicly traded net lease REIT that specializes in the acquisition, financing, and development of convenience, automotive, and other single-tenant retail real estate [2] - As of December 31, 2024, the company's portfolio consisted of 1,118 freestanding properties located in 42 states across the United States and Washington, D.C. [2]

Core Viewpoint - The article emphasizes the importance of understanding the context and implications of investment decisions, highlighting that past performance does not guarantee future results [3]. Group 1 - The article clarifies that the opinions expressed are for general discussion and do not constitute investment advice [2]. - It notes that the author has no financial interest in the companies mentioned, ensuring objectivity in the analysis [1]. - The article indicates that Seeking Alpha's analysts may include both professional and individual investors, which could affect the perspectives presented [3].

– Repays Outstanding Term Loan and Extends Maturity to 2029 –– Company Has No Debt Maturities Until June 2028 – NEW YORK, Jan. 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 that it has entered into a Third Amended and Restated Credit Agreement with a group of existing and new lenders that increases its senior unsecured revolving credit facility (the “Credit Facility”) to $450 ...

NEW YORK, Jan. 16, 2025 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) announced today the allocations of the Company’s 2024 dividend distributions on its common stock (CUSIP #374297109). The allocations as they will be reported on Form 1099-DIV are as follows: Ordinary Income Capital Gains <td colspan= ...

Group 1 - The real estate sector showed disparity in 2024, with homebuilder stocks experiencing growth while REITs lagged behind [1] - There is an expectation that the surge in homebuilder stocks in 2024 may lead to an increase in REIT values [1] - The article indicates a decision to cover another REIT in light of the current market conditions [1]

Core Insights - Getty Realty Corp. has invested over $200 million in convenience and automotive retail assets in 2024, achieving an initial cash yield of 8.3% [5][10] - The company has provided its initial earnings guidance for 2025, projecting an Adjusted Funds From Operations (AFFO) range of $2.40 to $2.42 per diluted share [15] Investment Activities - In 2024, the company invested approximately $209 million in various retail assets, including 31 express tunnel car washes, 19 auto service centers, 17 convenience stores, and four drive-thru quick service restaurants [5][10] - For Q4 2024, the company invested around $76 million in similar assets, achieving an 8.9% initial cash yield [6][10] - As of December 31, 2024, the company has a committed investment pipeline exceeding $29 million for the development and acquisition of 15 retail assets [7] Capital Markets Activities - The company raised approximately $289 million in new equity and debt capital in 2024, including $125 million from senior unsecured notes [10][13] - In 2024, the company raised about $164 million through the sale of common shares, including $121 million from a follow-on public offering [11] - The senior unsecured notes will be used to repay existing debt and for general corporate purposes, including funding investment activities [14] Portfolio Overview - As of December 31, 2024, Getty Realty's portfolio consisted of 1,118 freestanding properties across 42 states and Washington, D.C. [17] - The company had four properties under active redevelopment and others in various stages of feasibility planning [8] Dispositions - In 2024, the company sold 31 properties for gross proceeds of approximately $13 million, with $8 million generated in Q4 alone [9]

Steven Cress is VP of Quantitative Strategy and Market Data at Seeking Alpha. Steve is also the creator of the platform’s quantitative stock rating system and many of the analytical tools on Seeking Alpha. His contributions form the cornerstone of the Seeking Alpha Quant Rating system, designed to interpret data for investors and offer insights on investment directions, thereby saving valuable time for users. He is also the Founder and Co-Manager of Alpha Picks, a systematic stock recommendation tool design ...

NEW YORK, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today the closing of its previously disclosed private placement of $125 million of senior unsecured notes, including (i) $50 million of notes priced at a fixed rate of 5.52% and maturing September 12, 2029 and (ii) $75 million of notes priced at a fixed rate of 5.70% and maturing February 22, 2032. The senior unsecured notes will fund on February 25, 2025 and proceeds will be used to repay in full ...