Getty Realty (US:GTY) Globenewswireยท2025-02-12 21:05Core Insights - Getty Realty Corp. reported strong investment and operating results for Q4 and the full year 2024, achieving a 4.0% increase in AFFO per share [3][31] - The company deployed nearly $210 million in investments across various property types and raised approximately $290 million in capital markets during 2024 [3][22] - Looking ahead, Getty Realty is positioned with nearly $240 million of committed equity and debt capital available for acquisitions [3][22] Financial Performance - For Q4 2024, net earnings were $22.3 million, or $0.39 per share, compared to $16.5 million, or $0.30 per share in Q4 2023 [5][49] - Full year 2024 net earnings reached $71.1 million, or $1.25 per share, up from $60.2 million, or $1.15 per share in 2023 [5][49] - Funds From Operations (FFO) for Q4 2024 were $32.5 million, or $0.57 per share, compared to $27.4 million, or $0.51 per share in Q4 2023 [5][50] - Adjusted Funds From Operations (AFFO) for Q4 2024 were $34.0 million, or $0.60 per share, compared to $30.7 million, or $0.57 per share in Q4 2023 [5][50] Revenue Growth - Rental income for Q4 2024 increased by 14.6% to $50.1 million, compared to $41.1 million in Q4 2023 [7][8] - For the full year 2024, rental income grew by 14.3% to $187.8 million, up from $161.0 million in 2023 [7][8] - The growth in rental income was driven by new acquisitions, contractual rent increases, and completed redevelopments [8] Investment Activities - In Q4 2024, the company invested $76.4 million across 21 properties at an initial cash yield of 8.9% [15] - For the full year 2024, Getty Realty invested $209.0 million across 78 properties at an initial cash yield of 8.3% [15] - The company has a committed investment pipeline of over $35.0 million for the development and acquisition of additional properties [16] Capital Structure - As of December 31, 2024, Getty Realty had total outstanding indebtedness of $907.5 million, including $675.0 million in senior unsecured notes [22] - The company had $9.5 million in available cash and $7.4 million in 1031 disposition proceeds in escrow [23] - In November 2024, Getty Realty closed a private placement of $125 million in unsecured notes to fund general corporate purposes [26][27] 2025 Guidance - The company adjusted its 2025 AFFO guidance to a range of $2.38 to $2.41 per diluted share, down from the initial guidance of $2.40 to $2.42 per share [31]