Getty Realty (GTY) - 2024 Q4 - Annual Results

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]