Getty Realty (GTY) Tops Q2 EPS by 5c

Getty Realty (NYSE: GTY) reported Q2 EPS of $0.32, ex-items, $0.05 better than the analyst estimate of $0.27. Revenue for the quarter came in at $29 million versus the consensus estimate of $24.2 million.

• Net earnings of $0.43 per share
• Funds From Operations (FFO) of $0.57 per share
• Adjusted Funds From Operations (AFFO) of $0.53 per share
• Net earnings, FFO and AFFO all include a benefit of $0.11 per share from Notable Items, as described below
• Acquired five properties for $11.6 million and sold two properties for $1.0 million

Christopher J. Constant, Getty’s President & Chief Executive Officer stated, “We are pleased to report another quarter of consistent results, which further demonstrates the health of our convenience store and gasoline station portfolio. In addition to solid earnings growth, we also continued implementing our investment strategy. We acquired five high-quality properties during the quarter and, more importantly, we entered into agreements to acquire two significant portfolios which we are excited to add to our portfolio later this year when these transactions close. Furthermore, we believe our well-positioned capital structure, strengthened by our recent opportunistic capital raise, will enable us to continue to pursue additional value-enhancing opportunities as we move forward.”

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

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