Getty Realty (GTY) Reports In-Line Q3 EPS, Revenues Beat

Getty Realty (NYSE: GTY) reported Q3 EPS of $0.27, in-line with the analyst estimate of $0.27. Revenue for the quarter came in at $37.9 million versus the consensus estimate of $36.54 million.

Highlights For The Third Quarter

• Net earnings of $0.27 per share
• Funds From Operations (FFO) of $0.48 per share
• Adjusted Funds From Operations (AFFO) of $0.47 per share
• Acquired nine properties for an aggregate of $36.1 million
• Completed one redevelopment project
• Collected 98% of contractual base rent and mortgage payments for the month of October and received substantially all rent and mortgage deferrals repayments that were due in October

“Our third quarter performance demonstrates the favorable positioning and resilience of our portfolio as well as the growth potential of our platform. The current economic uncertainty notwithstanding, our rent collections during the third quarter continued to be very strong and we are benefiting from the largely essential nature of our tenants who operate convenience stores, gas stations and related automotive businesses,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “We also continued to successfully execute on our growth strategy as we further enhanced our portfolio with the completion of additional portfolio acquisitions and a redevelopment project. We believe Getty’s commitment to its focused business plan has allowed us to deliver solid results bolstered by secure in-place rents, a conservative balance sheet to support growth, and a healthy pipeline of acquisition and redevelopment opportunities.”

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

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