Getty Realty (US:GTY)2025-07-23 20:30Financial Performance - Net earnings for Q2 2025 were $14.0 million, or $0.24 per share, compared to $16.7 million, or $0.30 per share in Q2 2024 [5][6]. - Funds From Operations (FFO) for Q2 2025 were $27.8 million, or $0.49 per share, down from $30.5 million, or $0.55 per share in Q2 2024 [5][6]. - Adjusted Funds From Operations (AFFO) increased to $33.9 million, or $0.59 per share, compared to $32.2 million, or $0.58 per share in Q2 2024 [5][6]. - Total revenues for Q2 2025 were $53,257,000, an increase of 4.6% compared to $49,937,000 in Q2 2024 [41]. - Funds from operations (FFO) for Q2 2025 were $27,828,000, down 8.5% from $30,454,000 in Q2 2024 [43]. - Adjusted funds from operations (AFFO) for Q2 2025 were $33,967,000, an increase of 5.5% compared to $32,198,000 in Q2 2024 [43]. - Net earnings for Q2 2025 were $14,014,000, a decrease of 16.2% from $16,711,000 in Q2 2024 [41]. - Basic net earnings per share for Q2 2025 were $0.24, down from $0.30 in Q2 2024 [41]. Investment Activity - Year-to-date investment activity totaled $95 million, with $66.1 million invested across 28 properties at an 8.1% initial cash yield [6][15]. - The company has a committed investment pipeline of over $90 million for the development and/or acquisition of 36 properties as of July 23, 2025 [16]. - The company sold three properties for gross proceeds of $3.2 million during Q2 2025, recording a gain of $1.6 million [18]. - The company has signed leases for four redevelopment projects, with two sites under construction and two pending recapture [17]. Financial Position - As of June 30, 2025, total outstanding indebtedness was $925 million, including $750 million of senior unsecured notes [20]. - Total assets as of June 30, 2025, were $2,015,148,000, an increase from $1,973,680,000 as of December 31, 2024 [39]. - Total liabilities as of June 30, 2025, were $1,032,726,000, compared to $1,011,597,000 as of December 31, 2024 [39]. Guidance and Future Outlook - The company increased its 2025 AFFO guidance to a range of $2.40 to $2.41 per diluted share from the previous range of $2.38 to $2.41 [23]. - Forward-looking statements include guidance for 2024 AFFO per share, reflecting management's current beliefs and assumptions [35]. - The company emphasizes the importance of AFFO as a measure of core operating performance, aiding in comparisons with other real estate companies [34]. Dispositions - The company reported a gain on dispositions of real estate of $1,558,000 in Q2 2025, compared to $141,000 in Q2 2024 [41].