Financial Data and Key Metrics Changes - For Q4 2024, the company reported AFFO per share of $0.60, a 5.3% increase from $0.57 in Q4 2023 [32] - For the full year 2024, AFFO per share was $2.34, representing a 4% increase over $2.25 in 2023 [33] - Annualized base rent (ABR) as of December 31, 2024, was $197.8 million, a 14.5% increase from $172.8 million in 2023 [34] - Total G&A as a percentage of total revenue improved by 40 basis points to 12.4% in 2024 [34] - Net debt-to-EBITDA was 5.2 times, or 4.2 times considering unsettled forward equity [35] Business Line Data and Key Metrics Changes - The company invested $209 million in 78 properties in 2024, with an initial cash yield of 8.3% [22] - In Q4 2024, the company invested $76.4 million across 21 properties with an initial cash yield of 8.9% [21] - The investment activities were diversified, with convenience stores representing 41%, express tunnel car washes 33%, auto service centers 21%, and drive-thru QSRs 5% [23] Market Data and Key Metrics Changes - The company’s portfolio included 1,114 net lease properties with an occupancy rate of 99.7% [19] - 60% of annualized base rent came from the top 50 MSAs, and 76% from the top 100 MSAs [19] - The trailing twelve-month tenant rent coverage ratio was 2.6 times [19] Company Strategy and Development Direction - The company is focused on growth and diversification in the convenience and automotive retail sectors, having expanded its investment focus over the past five years [15] - The diversification strategy has increased total ABR by approximately 70% since 2019, with non-convenience and gas properties now accounting for 28% of total ABR [15] - The company aims to continue executing its growth and diversification plans while creating value for shareholders [17] Management's Comments on Operating Environment and Future Outlook - Management characterized 2024 as a challenging year for the transaction market but expressed confidence in the company’s strategic positioning and capital availability for acquisitions [10][14] - The company anticipates modest cap rate compression from the 8.3% yields achieved in 2024, despite ongoing market headwinds [26] - Management remains optimistic about the convenience and automotive retail sectors, citing strong consumer trends and the essential nature of the services provided by tenants [17] Other Important Information - The company raised $289 million of attractively priced capital in 2024 and has significant liquidity to fund future investments [10][13] - The company signed a contract for a $50 million portfolio transaction in the automotive service sector shortly after releasing earnings [14] - The company is revising its AFFO guidance for 2025 to a range of $2.38 to $2.41 per share due to potential impacts from the Zips Car Wash bankruptcy [44] Q&A Session Summary Question: Can you elaborate on the Zips situation? - Management indicated that 10 of the 12 sites leased to Zips were newly developed and expressed confidence in re-leasing them [51] Question: Are there concerns about other operators? - Management stated they maintain regular communication with tenants and are comfortable with their current car wash roster [56] Question: How will the capital plan work out in 2025? - The company plans to use debt proceeds to pay down the revolver and then utilize equity for acquisitions throughout the year [62] Question: What are the assumptions regarding the seven properties rejected by Zips? - Management expects to recapture a significant majority of the rent from the seven sites, assuming they will be released this year [70] Question: Can you provide details on the recent portfolio transaction? - The recent transaction was a direct sale-leaseback with a relationship developed through standard business processes, and management expects to continue pursuing similar transactions [72] Question: What is the expected mix of sale-leasebacks and development funding in the pipeline? - The pipeline includes both sale-leasebacks and development funding, with a heavier focus on development funding expected in 2025 [80]

Financial Data and Key Metrics Changes - For the year 2024, the company reported an annualized base rent (ABR) of approximately $197.8 million, reflecting a 14.5% increase from $172.8 million in 2023 [20][21] - The adjusted funds from operations (AFFO) per share for Q4 2024 was $0.60, a 5.3% increase from $0.57 in Q4 2023, while the full year AFFO per share was $2.34, up 4% from $2.25 in 2023 [20][21] - The company achieved a fixed charge coverage ratio of 3.8 times as of December 31, 2024, indicating strong financial health [22] Business Line Data and Key Metrics Changes - In 2024, the company invested $289 million in high-quality convenience and automotive retail assets, acquiring 71 properties and providing development funding for new industry assets [7][8] - The investment activities were diversified, with 57% focused on non-convenience and gas property types, including express tunnel car washes and auto service centers [14][16] - The company reported a trailing twelve-month tenant rent coverage ratio of 2.6 times, indicating strong rent coverage across its portfolio [13][14] Market Data and Key Metrics Changes - The company expanded its presence in top metropolitan statistical areas (MSAs), with 60% of annualized base rent coming from the top 50 MSAs and 76% from the top 100 MSAs [13] - The investment activity in 2024 was characterized by a balanced approach, with convenience stores representing 41% of transaction volume, express tunnel car washes 33%, auto service centers 21%, and drive-thru quick service restaurants 5% [16] Company Strategy and Development Direction - The company is focused on a diversification strategy that has increased total ABR by approximately 70% since the end of 2019, with rental income from non-convenience and gas properties now accounting for 28% of total ABR [11] - The management emphasized the importance of a relationship-based sale leaseback strategy to generate continued acquisition opportunities in the convenience and automotive retail sectors [10][12] - The company remains committed to executing its growth and diversification plans while creating value for shareholders [12] Management's Comments on Operating Environment and Future Outlook - Management characterized 2024 as a challenging year for transaction markets but expressed confidence in the company's ability to source attractive investment opportunities [6][17] - The company anticipates modest cap rate compression from the 8.3% yields achieved in 2024, driven by larger portfolio transactions [17] - Management revised the AFFO guidance for 2025 to a range of $2.38 to $2.41 per share, factoring in potential rent adjustments and uncollectible rents [27][28] Other Important Information - The company disposed of 31 properties for gross proceeds of approximately $13 million in 2024, including seven properties for $7.5 million in Q4 [19] - The company has a strong capital position with $17 million in cash and over $280 million of capacity on its unsecured revolving credit facility, providing ample resources for future investments [24] Q&A Session Summary Question: Can you elaborate on the Zipps situation? - Management indicated that the seven sites in question were primarily new to industry locations and expressed confidence in re-leasing them without significant capital requirements [30][31] Question: Are there concerns regarding the financial health of other operators? - Management reassured that they maintain regular communication with tenants and are comfortable with their current car wash roster, emphasizing the focus on large, experienced operators [33][34] Question: How will the capital plan be structured moving forward? - The CFO explained that the company plans to use debt proceeds to pay down the revolver first, followed by utilizing equity for acquisitions throughout the year [38] Question: What are the assumptions regarding the potential downtime for the Zipps properties? - Management acknowledged a range of outcomes regarding downtime and rent recovery, emphasizing that they are capturing this variability in their AFFO guidance [42][44] Question: Can you provide more details on the recent portfolio transaction? - Management confirmed that the recent transaction is a direct sale leaseback and expressed intentions to pursue more such transactions in the future [46][47]

分组1 - Getty Realty reported quarterly funds from operations (FFO) of $0.60 per share, exceeding the Zacks Consensus Estimate of $0.59 per share, and up from $0.57 per share a year ago, representing an FFO surprise of 1.69% [1] - The company posted revenues of $52.24 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.59%, compared to year-ago revenues of $45.62 million [2] - Over the last four quarters, Getty Realty has surpassed consensus FFO estimates three times and topped consensus revenue estimates four times [2] 分组2 - The stock has added about 2.1% since the beginning of the year, while the S&P 500 has gained 3.2%, indicating underperformance relative to the market [3] - The current consensus FFO estimate for the coming quarter is $0.59 on revenues of $52.34 million, and for the current fiscal year, it is $2.40 on revenues of $215.11 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 33% of over 250 Zacks industries, suggesting potential challenges for the sector [8]

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]