Getty Realty (GTY) Misses Q1 EPS by 6c

Getty Realty (NYSE: GTY) reported Q1 EPS of $0.25, $0.06 worse than the analyst estimate of $0.31.

• -- Net earnings of $0.25 per share
• -- Funds From Operations (FFO) of $0.44 per share
• -- Adjusted Funds From Operations (AFFO) of $0.42 per share
• -- Entered into an amended and restated credit agreement

Christopher J. Constant, Getty’s President & Chief Executive Officer stated, “Our first quarter financial results continue to demonstrate the stability of our platform and the sustainability of our cash flows. Our performance was supported by the strength of the convenience and gas sector, which we believe continues to be one of the strongest consumer segments in the country. Additionally, we successfully completed the refinancing of our credit facility during the quarter, which extended our near-term debt maturities by four years. Also, subsequent to quarter end, we completed an accretive acquisition leaseback transaction that added 30 convenience store and gasoline station properties in the Southern United States to our portfolio. Finally, we are pleased to have been assigned a BBB- investment grade debt rating by Fitch Ratings, which should lead to an improved cost of capital over time, which further reinforces the confidence we have in our portfolio and in our ability to deliver returns for our shareholders.”

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

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