Getty Realty (GTY) Misses Q3 EPS by 1c

Getty Realty (NYSE: GTY) reported Q3 EPS of $0.28, $0.01 worse than the analyst estimate of $0.29. Revenue for the quarter came in at $35.69 million versus the consensus estimate of $34.62 million.

Highlights For The Third Quarter

• Net earnings of $0.28 per share
• Funds From Operations (FFO) of $0.46 per share
• Adjusted Funds From Operations (AFFO) of $0.43 per share
• Acquired five properties for an aggregate of $13.6 million
• Completed two redevelopment projects
• Issued $125.0 million of 10-year senior unsecured notes
• Reaffirms full-year AFFO guidance

Christopher J. Constant, Getty’s President & Chief Executive Officer commented, “Our results in the third quarter demonstrate the consistency of our organic growth, along with the incremental contributions from our acquisition and redevelopment programs. We are pleased that we completed additional acquisitions as well as two redevelopment projects this quarter. Furthermore, we solidified our balance sheet with the issuance of $125 million of unsecured notes, which improved our cost of capital and extended the weighted average maturity of our outstanding debt. With a number of redevelopment projects in process, and a pipeline of acquisition opportunities, we remain confident in our ability to continue to drive attractive growth.”

2019 Guidance

The Company reaffirms its 2019 AFFO guidance at a range of $1.71 to $1.75 per diluted share. The Company’s guidance does not assume any potential future acquisitions or capital markets activities. The guidance is based on current plans and assumptions and is subject to risks and uncertainties more fully described in this press release and the Company’s periodic reports filed with the Securities and Exchange Commission.

For earnings history and earnings-related data on Getty Realty (GTY) click here.

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