Getty Realty (US:GTY)2026-02-11 21:30Financial Performance - Net earnings for Q4 2025 were $27.0 million, or $0.45 per share, compared to $22.3 million, or $0.39 per share in Q4 2024, representing a 15.5% increase[5] - Funds From Operations (FFO) for Q4 2025 were $38.0 million, or $0.64 per share, up from $32.5 million, or $0.57 per share in Q4 2024, reflecting a 38.5% increase[5] - Adjusted Funds From Operations (AFFO) for Q4 2025 were $37.6 million, or $0.63 per share, compared to $34.0 million, or $0.60 per share in Q4 2024, marking a 10.6% increase[5] - Net earnings for the year ended December 31, 2025, were $79.2 million, representing a 11.5% increase from $71.1 million in 2024[42] - Basic earnings per common share for the year ended December 31, 2025, were $1.35, compared to $1.26 for the previous year, reflecting a 7.1% increase[42] - Net earnings for Q4 2025 were $27,044 million, up from $22,295 million in Q4 2024, representing a 21.4% increase[44] - Funds from operations (FFO) for Q4 2025 reached $37,978 million, compared to $32,470 million in Q4 2024, marking a 16.5% growth[44] - Adjusted Funds from operations (AFFO) for Q4 2025 were $37,573 million, an increase from $34,031 million in Q4 2024, reflecting a 7.1% rise[44] - Basic net earnings per share for Q4 2025 were $0.45, compared to $0.39 in Q4 2024, indicating a 15.4% increase[44] Revenue and Income - Total revenues for the year ended December 31, 2025, were $221.7 million, an increase of 9% compared to $203.4 million for the year ended December 31, 2024[42] - Revenues from rental properties for the three months ended December 31, 2025, were $60.0 million, up 14.5% from $52.2 million for the same period in 2024[42] - Base rental income for Q4 2025 grew 12.5% to $54.8 million, compared to $48.7 million in Q4 2024, driven by new acquisitions and rent increases[7] Investments and Acquisitions - For the full year 2025, the company invested $268.8 million at a 7.9% initial cash yield, acquiring 73 properties across various retail types[14] - The company had a committed investment pipeline of approximately $100.0 million for the development and/or acquisition of 36 properties as of February 11, 2026[15] - The company sold seven properties for gross proceeds of $12.8 million in Q4 2025, recording a gain of $4.0 million on these dispositions[18] Debt and Liabilities - As of December 31, 2025, total outstanding indebtedness was $1.0 billion, with $750.0 million in senior unsecured notes at a weighted average interest rate of 4.1%[19] - The company reported a total liabilities figure of $1.10 billion as of December 31, 2025, compared to $1.01 billion in 2024, indicating a 8.8% increase[40] Assets and Cash Position - The company's total assets as of December 31, 2025, were $2.17 billion, an increase from $1.97 billion as of December 31, 2024[40] - The company’s cash and cash equivalents decreased to $8.4 million as of December 31, 2025, from $9.5 million in 2024[40] Future Guidance and Performance Metrics - The company reaffirmed its 2026 AFFO guidance of $2.48 to $2.50 per diluted share, based on current assumptions[24] - The company anticipates providing guidance for AFFO per share for 2026, indicating a focus on future performance metrics[36] - The company emphasizes the importance of AFFO as a measure of core operating performance, which excludes various non-cash and unusual items[35] Adjustments and Impairments - Total revenue recognition adjustments for Q4 2025 amounted to $(4,150) million, compared to $(1,147) million in Q4 2024, showing a significant increase in adjustments[44] - The company reported a total of $1,067 million in FFO for Q4 2025, compared to $642 million in Q4 2024, a 66.4% increase[44] - The company’s total revenue recognition adjustments for the twelve months ended December 31, 2025, were $(7,229) million, compared to $(1,692) million in 2024, indicating a significant increase in adjustments[44] - Depreciation and amortization of real estate assets for the twelve months ended December 31, 2025, was $61,934 million, compared to $54,984 million in 2024, a 12.6% increase[44] - Impairments for the twelve months ended December 31, 2025, were $2,817 million, down from $3,966 million in 2024, indicating a 29.0% decrease[44]