Getty Realty (GTY) Misses Q2 EPS by 1c, Revenues Beat

Getty Realty (NYSE: GTY) reported Q2 EPS of $0.26, $0.01 worse than the analyst estimate of $0.27. Revenue for the quarter came in at $36.3 million versus the consensus estimate of $35.91 million.

Highlights For The Second Quarter

• Net earnings of $0.26 per share
• Funds From Operations (FFO) of $0.44 per share
• Adjusted Funds From Operations (AFFO) of $0.44 per share
• Acquired three properties for an aggregate of $11.4 million
• Completed two redevelopment projects
• Collected 98% of contractual base rent and mortgage payments for the month of July and received payment for substantially all rent and mortgage deferrals that were due in July

“We are pleased to deliver another quarter of solid performance, as we continue to successfully navigate the ongoing uncertain environment. Our results for the second quarter reflect the strength of our portfolio and the continued successful execution of our strategic initiatives, including select accretive acquisitions, redevelopment projects, and focused asset management,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “The resilience of our business is evident in our strong rent collections for the second quarter, which continued in July with the Company collecting 98% of contractual base rent and mortgage payments. We have also received substantially all of the deferrals that were due in July. Given Getty’s low leverage, ample liquidity and secure cash flow stream from our well-insulated portfolio of convenience store & gasoline station properties, we believe we remain well-positioned to grow our Company and continue to drive shareholder value.”

2020 Guidance

Given the uncertainty related to the COVID-19 pandemic, the related shelter-in-place restrictions, and the length and depth of economic impact to the US economy and businesses, the Company has previously withdrawn its 2020 earnings guidance.

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

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