Getty Realty (US:GTY)2025-04-23 20:45Financial Performance - Net earnings for Q1 2025 were $0.25 per share, down from $0.30 per share in Q1 2024[7] - Funds From Operations (FFO) increased to $0.56 per share, compared to $0.53 per share in the same period last year[7] - Adjusted Funds From Operations (AFFO) rose to $0.59 per share, up from $0.57 per share in Q1 2024[7] - The Company reported total revenues of $52,330,000 for the three months ended March 31, 2025, an increase of 6.9% compared to $48,970,000 for the same period in 2024[44] - Funds from operations (FFO) for the first quarter of 2025 were $31,668,000, up from $29,611,000 in the first quarter of 2024, representing a 6.9% increase[45] - Adjusted Funds from Operations (AFFO) increased to $33,797,000 in Q1 2025 from $31,403,000 in Q1 2024, reflecting an increase of 7.6%[45] - The Company’s net earnings for Q1 2025 were $14,786,000, a decrease of 11.6% from $16,723,000 in Q1 2024[44] - Basic net earnings per common share decreased to $0.25 in Q1 2025 from $0.30 in Q1 2024[44] Revenue and Income Growth - Base rental income grew by 13.0% to $49.6 million, driven by revenue from recently acquired properties and contractual rent increases[9] Investment and Capital Management - The company has a committed investment pipeline exceeding $110 million for the development and/or acquisition of 29 properties[5][17] - The company invested $10.9 million in Q1 2025 at a 7.8% initial cash yield across six properties[5] - The company sold two properties for gross proceeds of $0.5 million, recording a gain of $0.3 million[20] Debt and Cash Position - Total outstanding indebtedness as of March 31, 2025, was $907.5 million, with no debt maturities until June 2028[21] - As of March 31, 2025, the company had $6.3 million in available cash and $7.4 million in 1031 disposition proceeds in escrow[22] - Total assets as of March 31, 2025, were $1,969,635,000, slightly down from $1,973,680,000 as of December 31, 2024[42] - Total liabilities decreased to $1,008,515,000 as of March 31, 2025, compared to $1,011,597,000 at the end of 2024[42] - The Company’s cash and cash equivalents decreased to $6,292,000 as of March 31, 2025, from $9,484,000 as of December 31, 2024[42] Guidance and Future Outlook - The company reaffirmed its 2025 AFFO guidance of $2.38 to $2.41 per diluted share[27] - Forward-looking statements include guidance for 2024 AFFO per share, reflecting management's current beliefs and assumptions[39] - The Company emphasized the importance of AFFO as a measure of core operating performance and its utility in comparing sustainability with other real estate companies[38]