Getty Realty Corp. Announces Third Quarter 2025 Results

Core Insights - Getty Realty Corp. reported a strong third quarter performance, reflecting effective execution of its investment strategy and stable rental income from convenience and automotive retail tenants [4][2] - The company has increased its earnings guidance for the full year 2025, indicating confidence in continued growth and value creation for shareholders [4][24] Financial Performance - For the three months ended September 30, 2025, net earnings were $23.3 million, or $0.40 per share, compared to $15.3 million, or $0.27 per share for the same period in 2024, representing a 52.5% increase in net earnings [6][41] - Funds From Operations (FFO) for the third quarter were $38.7 million, or $0.66 per share, up from $31.4 million, or $0.56 per share in the prior year [6][41] - Adjusted Funds From Operations (AFFO) increased to $36.1 million, or $0.62 per share, compared to $33.2 million, or $0.59 per share in the same quarter of 2024 [6][41] Revenue and Income - Rental income for the third quarter was $53.5 million, an increase of 12.3% from $47.6 million in the same quarter of 2024 [7][9] - Total revenues for the quarter reached $55.6 million, compared to $51.5 million in the prior year, marking a 7.9% increase [41] Investment Activity - Year-to-date, the company has completed $237 million in investment activity, with an initial cash yield of 7.9% [4][16] - The company has a committed investment pipeline exceeding $75 million for the development and acquisition of 22 properties, expected to be funded over the next 9-12 months [17][4] Portfolio and Property Management - As of September 30, 2025, Getty Realty's portfolio included 1,160 properties across 44 states and Washington, D.C. [29] - The company sold one property for $1.8 million during the quarter, with a gain of $0.3 million, and six properties for $5.5 million year-to-date, recording a total gain of $2.2 million [19][20] Balance Sheet and Capital Markets - As of September 30, 2025, total outstanding indebtedness was $940 million, with $750 million in senior unsecured notes at a weighted average interest rate of 4.1% [20][21] - The company raised approximately $32.5 million from the settlement of 1.2 million shares of common stock during the quarter [22][23] Guidance - The company has raised 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 [24]