Getty Realty (GTY) Tops Q4 EPS by 4c

Getty Realty (NYSE: GTY) reported Q4 EPS of $0.33, $0.04 better than the analyst estimate of $0.29. Revenue for the quarter came in at $35.2 million versus the consensus estimate of $35.24 million.

Highlights For The Fourth Quarter

• Net earnings of $0.33 per share
• Funds From Operations (FFO) of $0.51 per share
• Adjusted Funds From Operations (AFFO) of $0.43 per share
• Acquired 13 properties for an aggregate of $43.8 million
• Completed two redevelopment projects

“Getty demonstrated reliable growth from our core portfolio, while also executing on our external growth initiatives in 2019,” commented Christopher J. Constant, Getty’s President & Chief Executive Officer. “For the year, we delivered a 5% increase in rental income and maintained our efficient overhead structure. In terms of growth, we acquired 27 high-quality properties and completed four redevelopment projects, which were collectively funded by our September debt private placement and equity raised through our ATM program. External growth is a key priority for Getty, and to support this strategy we have enhanced our team to focus not only on investing in the convenience & gas sector, but also on expanding our target investment universe to highly complementary categories such as car washes and automotive parts & services. With a well-positioned and flexible balance sheet, an attractive pipeline of growth opportunities, and already having closed $53.4 million acquisitions year-to-date, we are confident about the year ahead.”

2020 Guidance

The Company has established its 2020 AFFO guidance at a range of $1.75 to $1.80 per diluted share. The Company’s guidance includes all transaction activity as of the date of this release but does not assume any potential future acquisitions or capital markets activities for the remainder of 2020. 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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