Getty Realty (US:GTY) Globenewswireยท2025-01-07 21:05Core Insights - Getty Realty Corp. has invested over $200 million in convenience and automotive retail assets in 2024, achieving an initial cash yield of 8.3% [5][10] - The company has provided its initial earnings guidance for 2025, projecting an Adjusted Funds From Operations (AFFO) range of $2.40 to $2.42 per diluted share [15] Investment Activities - In 2024, the company invested approximately $209 million in various retail assets, including 31 express tunnel car washes, 19 auto service centers, 17 convenience stores, and four drive-thru quick service restaurants [5][10] - For Q4 2024, the company invested around $76 million in similar assets, achieving an 8.9% initial cash yield [6][10] - As of December 31, 2024, the company has a committed investment pipeline exceeding $29 million for the development and acquisition of 15 retail assets [7] Capital Markets Activities - The company raised approximately $289 million in new equity and debt capital in 2024, including $125 million from senior unsecured notes [10][13] - In 2024, the company raised about $164 million through the sale of common shares, including $121 million from a follow-on public offering [11] - The senior unsecured notes will be used to repay existing debt and for general corporate purposes, including funding investment activities [14] Portfolio Overview - As of December 31, 2024, Getty Realty's portfolio consisted of 1,118 freestanding properties across 42 states and Washington, D.C. [17] - The company had four properties under active redevelopment and others in various stages of feasibility planning [8] Dispositions - In 2024, the company sold 31 properties for gross proceeds of approximately $13 million, with $8 million generated in Q4 alone [9]