Getty Realty (GTY) - 2025 Q3 - Quarterly Results

Financial Performance - Getty Realty Corp. reported net earnings of $23.3 million for Q3 2025, an increase from $15.3 million in Q3 2024, resulting in net earnings per share of $0.40, up from $0.27[5]. - Funds From Operations (FFO) for Q3 2025 were $38.7 million, or $0.66 per share, compared to $31.4 million, or $0.56 per share in Q3 2024[6]. - Adjusted Funds From Operations (AFFO) increased to $36.1 million, or $0.62 per share, from $33.2 million, or $0.59 per share year-over-year[6]. - Revenues from rental properties increased to $55,159,000 for the three months ended September 30, 2025, compared to $50,494,000 for the same period in 2024, representing a growth of 3.3%[42]. - Total revenues for the nine months ended September 30, 2025, reached $161,178,000, up from $150,375,000 in 2024, indicating an increase of 7.9%[42]. - Net earnings for the three months ended September 30, 2025, were $23,348,000, compared to $15,335,000 in 2024, reflecting a significant increase of 52.3%[42]. - Basic net earnings per common share rose to $0.40 for the three months ended September 30, 2025, compared to $0.27 in 2024, marking an increase of 48.1%[42]. - Net earnings for Q3 2025 were $23.35 million, up from $15.34 million in Q3 2024, representing a 52.5% increase[44]. - Funds from operations (FFO) increased to $38.70 million in Q3 2025 from $31.44 million in Q3 2024, a growth of 23.1%[44]. - Adjusted Funds from operations (AFFO) rose to $36.10 million in Q3 2025 compared to $33.16 million in Q3 2024, marking an increase of 8.8%[44]. - Basic net earnings per share for Q3 2025 were $0.40, up from $0.27 in Q3 2024, reflecting a 48.1% increase[44]. Investment Activity - The company completed $237 million in investment activity year-to-date, with a committed investment pipeline exceeding $75 million for the acquisition and development of 22 properties[3][16]. - The company invested $56.3 million in Q3 2025 at an 8.0% initial cash yield, with an additional $103.4 million invested post-quarter at a 7.8% yield[15]. Portfolio and Assets - Getty Realty's portfolio included 1,160 properties across 44 states and Washington, D.C., as of September 30, 2025[28]. - The company's total assets as of September 30, 2025, amounted to $2,055,875,000, an increase from $1,973,680,000 as of December 31, 2024, representing a growth of 4.2%[40]. - Total liabilities increased to $1,043,518,000 as of September 30, 2025, compared to $1,011,597,000 at the end of 2024, reflecting a rise of 3.1%[40]. - The company reported a total stockholders' equity of $1,012,357,000 as of September 30, 2025, up from $962,083,000 at the end of 2024, indicating an increase of 5.2%[40]. Guidance and Future Outlook - The company increased its 2025 AFFO guidance to a range of $2.42 to $2.43 per diluted share, up from the previous range of $2.40 to $2.41[23]. - Forward-looking statements include guidance for 2024 AFFO per share, reflecting management's expectations and assumptions[36]. Dispositions and Adjustments - The company sold one property for $1.8 million in Q3 2025, recording a gain of $0.3 million, and six properties for $5.5 million year-to-date with a total gain of $2.2 million[19]. - The company reported a gain on dispositions of real estate of $338,000 for the three months ended September 30, 2025, compared to a loss of $1,471,000 in 2024[42]. - The company reported a total revenue recognition adjustment of $(1.22 million) for Q3 2025, compared to $(0.22 million) in Q3 2024[44]. - Environmental adjustments resulted in a total of $(3.53 million) for Q3 2025, compared to $0.02 million in Q3 2024[44]. - The company recorded impairments of $0.65 million in Q3 2025, slightly down from $0.68 million in Q3 2024[44]. Operational Performance - The company emphasizes the importance of AFFO as a measure of core operating performance, which excludes various non-recurring items[35]. - The weighted average common shares outstanding increased to 56,693 in Q3 2025 from 54,249 in Q3 2024[44]. - Total revenue for the nine months ended September 30, 2025, was $52.15 million, compared to $48.77 million for the same period in 2024, an increase of 6.1%[44].