REIT Earnings Press Releases

Getty Realty Corp. Announces Second Quarter 2021 Results

NEW YORK--(BUSINESS WIRE)-- Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today its financial results for the quarter ended June 30, 2021.

Second Quarter Highlights

  • Net earnings of $0.28 per share
  • Funds From Operations (“FFO”) of $0.49 per share
  • Adjusted Funds From Operations (“AFFO”) of $0.49 per share
  • Invested an aggregate of $44.1 million across 53 properties

“Our second quarter performance reflects the strength of our in-place portfolio, as well as the compelling growth opportunity in the convenience and automotive retail sectors,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “During the quarter, we invested in 46 oil change centers, three car washes and four convenience stores, as well as a tire service center which closed subsequent to quarter end, bringing our year-to-date investment activity to $79 million. The net results of this recent activity include an 11% increase in AFFO per share for the second quarter, and an increase in our 2021 annual AFFO per share guidance. With an improving cost of capital, a strong track record of investing in freestanding properties offering essential goods and services, and attractive tailwinds in the convenience and broader automotive industries, we are confident in our platform’s ability to deliver continued growth.”

Net Earnings

Net earnings for the three months ended June 30, 2021 were $12.9 million, or $0.28 per share, as compared to net earnings of $11.0 million, or $0.26 per share, for the same period in 2020. Net earnings for the six months ended June 30, 2021 were $30.8 million, or $0.68 per share, as compared to net earnings of $23.7 million, or $0.56 per share, for the same period in 2020.

Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO)

FFO for the three months ended June 30, 2021 was $22.0 million, or $0.49 per share, as compared to $18.6 million, or $0.44 per share, for the same period in 2020. FFO for the six months ended June 30, 2021 was $42.0 million, or $0.93 per share, as compared to $38.6 million, or $0.91 per share, for the same period in 2020.

AFFO for the three months ended June 30, 2021 was $22.1 million, or $0.49 per share, as compared to $18.6 million, or $0.44 per share, for the same period in 2020. AFFO for the six months ended June 30, 2021 was $43.1 million, or $0.96 per share, as compared to $37.9 million, or $0.90 per share, for the same period in 2020.

All per share amounts are presented on a fully diluted per common share basis, unless stated otherwise. FFO and AFFO are “Non-GAAP Financial Measures” which are defined and reconciled to net earnings in the financial tables at the end of this release.

Results of Operations

Revenues from Rental Properties

For the three months ended June 30, 2021, revenues from rental properties increased 5.5%, or $2.0 million, to $38.3 million, as compared to $36.3 million for the same period in 2020, including rental income contractually due from tenants of $34.4 million, as compared to $31.8 million for the same period in 2020.

For the six months ended June 30, 2021, revenues from rental properties increased 5.9%, or $4.2 million, to $75.2 million, as compared to $71.0 million for the same period in 2020, including rental income contractually due from tenants of $67.9 million, as compared to $63.2 million for the same period in 2020.

The growth in revenues from rental properties in both periods was primarily due to incremental revenue from properties acquired by the Company over the last twelve months, as well as contractual rent increases for certain in-place leases.

Tenant reimbursements included in revenues from rental properties, which consist of real estate taxes and other municipal charges paid by the Company which are reimbursed by tenants pursuant to the terms of triple-net lease agreements, were $4.3 million and $4.6 million for the three months ended June 30, 2021 and 2020, respectively, and $8.0 million for each of the six months ended June 30, 2021 and 2020.

Property Costs

Property costs were $5.6 million for the three months ended June 30, 2021, as compared to $6.4 million for the same period in 2020, and $10.8 million for the six months ended June 30, 2021, as compared to $11.3 million for the same period in 2020.

The decrease in property costs in both periods was principally due to reductions in rent expense, non-reimbursable real estate taxes and professional and maintenance fees related to property redevelopments, partially offset by an increase in reimbursable real estate taxes.

Environmental Expenses

Environmental expenses were $0.1 million for the three months ended June 30, 2021, as compared to $0.8 million for the same period in 2020, and $0.6 million for the six months ended June 30, 2021, as compared to $1.1 million for the same period in 2020.

The decline in environmental expenses in both periods was principally due to reductions in environmental professional and legal fees.

Environmental expenses vary from period to period and, accordingly, undue reliance should not be placed on the magnitude or the direction of changes in reported environmental expenses for any one period, or a comparison to prior periods.

General and Administrative Expenses

General and administrative expenses were $5.1 million for the three months ended June 30, 2021, as compared to $4.5 million for the same period in 2020, and $10.6 million for the six months ended June 30, 2021, as compared to $8.6 million for the same period in 2020.

The change in general and administrative expenses in both periods was principally due to increases in employee-related expenses and certain professional fees, as well non-recurring retirement costs of $0.1 million and $0.7 million in the three months and six months ended June 30, 2021, respectively.

Impairment Charges

Impairment charges were $0.8 million for the three months ended June 30, 2021, as compared to $0.5 million for the same period in 2020, and $1.5 million for each of the six months ended June 30, 2021 and 2020.

Impairment charges for both the three and six months ended June 30, 2021 were primarily attributable to the accumulation of asset retirement costs at certain properties as a result of changes in estimated environmental liabilities, which increased the carrying values of these properties in excess of their fair values.

Portfolio and Redevelopment Activities

Acquisitions

The Company invested an aggregate of $44.1 million across 53 properties in the second quarter of 2021, and has invested approximately $79.0 million across 60 properties year-to-date through July 28, 2021.

During the quarter ended June 30, 2021, the Company acquired fee simple interests in 46 oil change centers for $31.0 million. The properties are located primarily throughout the Detroit, Grand Rapids and Lansing metropolitan areas in Michigan, and the Toledo metropolitan area in Ohio. The Company also acquired fees simple interests in three car wash properties located in the Cincinnati (OH) metropolitan area for $10.4 million.

In addition, the Company advanced construction loans in the amount of $2.7 million, including accrued interest, for the development of four new-to-industry convenience stores in the Charleston (SC) metropolitan area. As of June 30, 2021, the Company had advanced aggregate construction loans in the amount of $11.1 million, including accrued interest, for the development of these properties which the Company expects to acquire via sale-leaseback transactions at the end of the construction periods.

Subsequent to quarter end, the Company acquired a fee simple interest in a tire service center located in the Chicago (IL) metropolitan area for approximately $4.6 million.

Redevelopments

As of June 30, 2021, the Company had six properties under active redevelopment and others in various stages of feasibility planning for potential recapture from our net lease portfolio, including five properties for which we have signed new leases or letters of intent and which will be transferred to redevelopment when the appropriate entitlements, permits and approvals have been secured.

Subsequent to quarter end, rent commenced on a redevelopment property located in the Baltimore (MD) metropolitan area and leased to 7-Eleven on a long term, triple net basis.

Balance Sheet

As of June 30, 2021, the Company had $542.5 million of outstanding indebtedness with a weighted average interest rate of 4.2% and a weighted average maturity of 6.8 years. The Company’s indebtedness consisted of an aggregate principal amount of $525.0 million of senior unsecured notes and $17.5 million outstanding on the Company’s $300 million unsecured revolving credit facility.

During the quarter ended June 30, 2021, the Company raised $9.5 million via its at-the-market (“ATM”) equity program. Year-to-date through June 30, 2021, the Company raised $30.3 million via its ATM program.

Total cash and cash equivalents were $20.8 million as of June 30, 2021.

2021 Guidance

As a result of the Company’s year-to-date investment and capital markets activity, the Company is increasing its 2021 AFFO guidance to a range of $1.89 to $1.91 per diluted share. The Company’s outlook includes completed transaction activity as of the date of this release, but does not otherwise assume additional acquisition or capital markets activities for the remainder of 2021. The guidance is based on current 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.

Webcast Information

Getty Realty Corp. will host a conference call and webcast on Thursday, July 29, 2021 at 8:30 a.m. EDT. To participate in the call, please dial 1-877-423-9813, or 1-201-689-8573 for international participants, ten minutes before the scheduled start. Participants may also access the call via live webcast by visiting the investors section of the Company’s website at ir.gettyrealty.com.

If you cannot participate in the live event, a replay will be available on Thursday, July 29, 2021 beginning at 11:30 a.m. EDT through 11:59 p.m. EST, Thursday, August 5, 2021. To access the replay, please dial 1-844-512-2921, or 1-412-317-6671 for international participants, and reference pass code 13720994.

About Getty Realty Corp.

Getty Realty Corp. is a publicly traded, net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. As of June 30, 2021, the Company owned 951 properties and leased 54 properties from third-party landlords in 35 states across the United States and Washington, D.C.

Non-GAAP Financial Measures

In addition to measurements defined by accounting principles generally accepted in the United States of America (“GAAP”), the Company also focuses on Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”) to measure its performance. FFO and AFFO are generally considered by analysts and investors to be appropriate supplemental non-GAAP measures of the performance of REITs. FFO and AFFO are not in accordance with, or a substitute for, measures prepared in accordance with GAAP. In addition, FFO and AFFO are not based on any comprehensive set of accounting rules or principles. Neither FFO nor AFFO represent cash generated from operating activities calculated in accordance with GAAP and therefore these measures should not be considered an alternative for GAAP net earnings or as a measure of liquidity. These measures should only be used to evaluate the Company’s performance in conjunction with corresponding GAAP measures.

FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) as GAAP net earnings before depreciation and amortization of real estate assets, gains or losses on dispositions of real estate, impairment charges and the cumulative effect of accounting changes. The Company’s definition of AFFO is defined as FFO less (i) certain revenue recognition adjustments (defined below), (ii) non-cash changes in environmental estimates, (iii) non-cash environmental accretion expense, (iv) environmental litigation accruals, (v) insurance reimbursements, (vi) legal settlements and judgments, (vii) acquisition costs expensed and (viii) other unusual items that are not reflective of the Company’s core operating performance. Other REITs may use definitions of FFO and/or AFFO that are different than the Company’s and, accordingly, may not be comparable.

The Company believes that FFO and AFFO are helpful to analysts and investors in measuring the Company’s performance because both FFO and AFFO exclude various items included in GAAP net earnings that do not relate to, or are not indicative of, the Company’s core operating performance. Specifically, FFO excludes various items such as depreciation and amortization of real estate assets, gains or losses on dispositions of real estate and impairment charges. However, GAAP net earnings and FFO typically include certain other items that the Company excludes from AFFO, including the impact of revenue recognition adjustments comprised of deferred rental revenue (straight-line rental revenue), the net amortization of above-market and below-market leases, adjustments recorded for the recognition of rental income from direct financing leases and the amortization of deferred lease incentives (collectively, “Revenue Recognition Adjustments”) that do not impact the Company’s recurring cash flow and which are not indicative of its core operating performance. Deferred rental revenue results primarily from fixed rental increases scheduled under certain leases with the Company’s tenants. In accordance with GAAP, the aggregate minimum rent due over the current term of these leases is recognized on a straight-line basis rather than when payment is contractually due. The present value of the difference between the fair market rent and the contractual rent for in-place leases at the time properties are acquired is amortized into revenue from rental properties over the remaining lives of the in-place leases. Income from direct financing leases is recognized over the lease terms using the effective interest method, which produces a constant periodic rate of return on the net investments in the leased properties. The amortization of deferred lease incentives represents the Company’s funding commitment in certain leases, which deferred expense is recognized on a straight-line basis as a reduction of rental revenue. GAAP net earnings and FFO also include non-cash and/or unusual items such as changes in environmental estimates, environmental accretion expense, non-cash allowance for credit losses on notes and mortgages receivable and direct finance leases, environmental litigation accruals, insurance reimbursements, legal settlements and judgments, property acquisition costs expensed and loss on extinguishment of debt that do not impact the Company’s recurring cash flow and which are not indicative of the Company’s core operating performance.

The Company pays particular attention to AFFO which the Company believes provides a more accurate depiction of the Company’s core operating performance than either GAAP earnings or FFO. By providing AFFO, the Company believes that it is presenting useful information that assists analysts and investors to better assess its core operating performance. Further, the Company believes that AFFO is useful in comparing the sustainability of its core operating performance with the sustainability of the core operating performance of other real estate companies. For a tabular reconciliation of FFO and AFFO to GAAP net earnings, see the table captioned “Reconciliation of Net Earnings to Funds From Operations and Adjusted Funds From Operations” herein included.

Forward-Looking Statements

CERTAIN STATEMENTS CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. WHEN THE WORDS “BELIEVES,” “EXPECTS,” “PLANS,” “PROJECTS,” “ESTIMATES,” “ANTICIPATES,” “PREDICTS,” “OUTLOOK” AND SIMILAR EXPRESSIONS ARE USED, THEY IDENTIFY FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON MANAGEMENT’S CURRENT BELIEFS AND ASSUMPTIONS AND INFORMATION CURRENTLY AVAILABLE TO MANAGEMENT AND INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. EXAMPLES OF FORWARD-LOOKING STATEMENTS INCLUDE, BUT ARE NOT LIMITED TO, THOSE REGARDING THE COMPANY’S 2021 AFFO PER SHARE GUIDANCE, THOSE MADE BY MR. CONSTANT, STATEMENTS REGARDING THE RECAPTURE AND TRANSFER OF CERTAIN NET LEASE RETAIL PROPERTIES, STATEMENTS REGARDING THE ABILITY TO OBTAIN APPROPRIATE PERMITS AND APPROVALS, AND STATEMENTS REGARDING AFFO AS A MEASURE BEST REPRESENTING CORE OPERATING PERFORMANCE AND ITS UTILITY IN COMPARING THE SUSTAINABILITY OF THE COMPANY’S CORE OPERATING PERFORMANCE WITH THE SUSTAINABILITY OF THE CORE OPERATING PERFORMANCE OF OTHER REITS.

INFORMATION CONCERNING FACTORS THAT COULD CAUSE THE COMPANY’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS CAN BE FOUND ELSEWHERE IN THIS PRESS RELEASE, INCLUDING, WITHOUT LIMITATION, THOSE STATEMENTS IN THE COMPANY’S PERIODIC REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY RELEASE REVISIONS TO THESE FORWARD-LOOKING STATEMENTS TO REFLECT FUTURE EVENTS OR CIRCUMSTANCES OR REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.

GETTY REALTY CORP.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except per share amounts)

June 30,

December 31,

 

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Real estate:

 

 

 

 

 

 

 

 

Land

 

$

717,846

 

 

$

707,613

 

Buildings and improvements

 

 

583,333

 

 

 

537,272

 

Construction in progress

 

 

774

 

 

 

734

 

 

 

 

1,301,953

 

 

 

1,245,619

 

Less accumulated depreciation and amortization

 

 

(200,569

)

 

 

(186,964

)

Real estate held for use, net

 

 

1,101,384

 

 

 

1,058,655

 

Real estate held for sale, net

 

 

 

 

 

872

 

Real estate, net

 

 

1,101,384

 

 

 

1,059,527

 

Investment in direct financing leases, net

 

 

74,895

 

 

 

77,238

 

Notes and mortgages receivable

 

 

21,452

 

 

 

11,280

 

Cash and cash equivalents

 

 

19,025

 

 

 

55,075

 

Restricted cash

 

 

1,791

 

 

 

1,979

 

Deferred rent receivable

 

 

45,668

 

 

 

44,155

 

Accounts receivable

 

 

3,303

 

 

 

3,811

 

Right-of-use assets – operating

 

 

22,907

 

 

 

24,319

 

Right-of-use assets – finance

 

 

660

 

 

 

763

 

Prepaid expenses and other assets, net

 

 

73,353

 

 

 

71,365

 

Total assets

 

$

1,364,438

 

 

$

1,349,512

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Borrowings under credit agreement

 

$

17,500

 

 

$

25,000

 

Senior unsecured notes, net

 

 

523,907

 

 

 

523,828

 

Environmental remediation obligations

 

 

47,932

 

 

 

48,084

 

Dividends payable

 

 

17,785

 

 

 

17,332

 

Lease liability – operating

 

 

24,046

 

 

 

25,045

 

Lease liability – finance

 

 

3,195

 

 

 

3,541

 

Accounts payable and accrued liabilities

 

 

44,307

 

 

 

47,081

 

Total liabilities

 

 

678,672

 

 

 

689,911

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value; 20,000,000 shares authorized; unissued

 

 

 

 

 

 

Common stock, $0.01 par value; 100,000,000 shares authorized; 44,702,840 and

43,605,759 shares issued and outstanding, respectively

 

 

447

 

 

 

436

 

Additional paid-in capital

 

 

753,420

 

 

 

722,608

 

Dividends paid in excess of earnings

 

 

(68,101

)

 

 

(63,443

)

Total stockholders’ equity

 

 

685,766

 

 

 

659,601

 

Total liabilities and stockholders’ equity

 

$

1,364,438

 

 

$

1,349,512

 

GETTY REALTY CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share amounts)

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from rental properties

 

$

38,263

 

 

$

36,336

 

 

$

75,214

 

 

$

70,986

 

Interest on notes and mortgages receivable

 

 

415

 

 

 

668

 

 

 

744

 

 

 

1,381

 

Total revenues

 

 

38,678

 

 

 

37,004

 

 

 

75,958

 

 

 

72,367

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property costs

 

 

5,564

 

 

 

6,391

 

 

 

10,836

 

 

 

11,326

 

Impairments

 

 

756

 

 

 

507

 

 

 

1,532

 

 

 

1,538

 

Environmental

 

 

77

 

 

 

830

 

 

 

590

 

 

 

1,051

 

General and administrative

 

 

5,055

 

 

 

4,545

 

 

 

10,564

 

 

 

8,613

 

Depreciation and amortization

 

 

8,648

 

 

 

7,325

 

 

 

17,085

 

 

 

14,422

 

Total operating expenses

 

 

20,100

 

 

 

19,598

 

 

 

40,607

 

 

 

36,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on dispositions of real estate

 

 

259

 

 

 

187

 

 

 

7,478

 

 

 

1,056

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

18,837

 

 

 

17,593

 

 

 

42,829

 

 

 

36,473

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

 

208

 

 

 

61

 

 

 

272

 

 

 

556

 

Interest expense

 

 

(6,155

)

 

 

(6,681

)

 

 

(12,284

)

 

 

(13,356

)

Net earnings

 

$

12,890

 

 

$

10,973

 

 

$

30,817

 

 

$

23,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

0.28

 

 

$

0.26

 

 

$

0.68

 

 

$

0.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

0.28

 

 

$

0.26

 

 

$

0.68

 

 

$

0.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

44,437

 

 

 

41,456

 

 

 

44,156

 

 

 

41,420

 

Diluted

 

 

44,470

 

 

 

41,467

 

 

 

44,176

 

 

 

41,445

 

GETTY REALTY CORP.

RECONCILIATION OF NET EARNINGS TO

FUNDS FROM OPERATIONS AND

ADJUSTED FUNDS FROM OPERATIONS

(Unaudited)

(in thousands, except per share amounts)

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net earnings

 

$

12,890

 

 

$

10,973

 

 

$

30,817

 

 

$

23,673

 

Depreciation and amortization of real estate assets

 

 

8,648

 

 

 

7,325

 

 

 

17,085

 

 

 

14,422

 

Gain on dispositions of real estate

 

 

(259

)

 

 

(187

)

 

 

(7,478

)

 

 

(1,056

)

Impairments

 

 

756

 

 

 

507

 

 

 

1,532

 

 

 

1,538

 

Funds from operations

 

 

22,035

 

 

 

18,618

 

 

 

41,956

 

 

 

38,577

 

Revenue recognition adjustments

 

 

383

 

 

 

86

 

 

 

726

 

 

 

156

 

Changes in environmental estimates

 

 

(731

)

 

 

(440

)

 

 

(1,039

)

 

 

(1,228

)

Accretion expense

 

 

402

 

 

 

455

 

 

 

863

 

 

 

922

 

Environmental litigation accruals

 

 

 

 

 

 

 

 

 

 

 

 

Insurance reimbursements

 

 

(9

)

 

 

(96

)

 

 

(38

)

 

 

(96

)

Legal settlements and judgments

 

 

(57

)

 

 

 

 

 

(57

)

 

 

(424

)

Retirement costs

 

 

119

 

 

 

 

 

 

662

 

 

 

 

Adjusted funds from operations

 

$

22,142

 

 

$

18,623

 

 

$

43,073

 

 

$

37,907

 

Basic per share amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

$

0.28

 

 

$

0.26

 

 

$

0.68

 

 

$

0.56

 

Funds from operations per share (1)

 

 

0.49

 

 

 

0.44

 

 

 

0.93

 

 

 

0.91

 

Adjusted funds from operations per share (1)

 

$

0.49

 

 

$

0.44

 

 

$

0.96

 

 

$

0.90

 

Diluted per share amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

$

0.28

 

 

$

0.26

 

 

$

0.68

 

 

$

0.56

 

Funds from operations per share (1)

 

 

0.49

 

 

 

0.44

 

 

 

0.93

 

 

 

0.91

 

Adjusted funds from operations per share (1)

 

$

0.49

 

 

$

0.44

 

 

$

0.96

 

 

$

0.90

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

44,437

 

 

 

41,456

 

 

 

44,156

 

 

 

41,420

 

Diluted

 

 

44,470

 

 

 

41,467

 

 

 

44,176

 

 

 

41,445

 

(1)

Dividends paid and undistributed earnings allocated, if any, to unvested restricted stockholders are deducted from FFO and AFFO for the computation of the per share amounts. The following amounts were deducted:

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

FFO

 

$

439

 

 

$

406

 

 

$

857

 

 

$

783

 

AFFO

 

 

462

 

 

 

392

 

 

 

880

 

 

 

770

 

 

Brian Dickman
Chief Financial Officer
(646) 349-6000

Investor Relations
(516) 349-0598
ir@gettyrealty.com

Source: Getty Realty Corp.

« More Earnings Press Releases


Getty Realty Corp. Company Logo

REIT Profile

Getty Realty Corp.
Symbol: GTY
CIK: 1052752
Exchange: NYSE
Founded: 1955 (67 years)
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Small-Cap
REIT Sector: Retail

Compare

REITRating™ (more)
Overall Score: 8.7 | See trend

REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The overall score is out of ten points, with ten being the best score.

REITMovers (more)

Latest Price: $31.58
High: $31.68
Low: $31.18
Open: $31.45
Previous Close: $31.56
Volume: 191,209
52-Week High: $32.93
52-Week Low: $24.62

Last updated: 2022-01-14 12:57:03 PST

Last updated: 2022-01-16 - v0.5