Getty Realty (GTY) Q2 2024 earnings summary

Executive summary

• Year-to-date investments reached $104 million at a 7.9% yield, with $61.7 million invested in Q2 2024 across 23 properties, primarily in convenience stores, car washes, auto service centers, and QSRs.

• Q2 2024 AFFO was $32.2 million ($0.58 per share), up 3.6% year-over-year, with net earnings of $16.7 million ($0.30 per share) and FFO of $30.5 million ($0.55 per share).

• Portfolio remains resilient with 99.7% occupancy, 100% rent collections, a weighted average lease term of 9.2 years, and tenant rent coverage ratio of 2.6x.

• FY2024 AFFO guidance increased to $2.30–$2.32 per share, reflecting robust investment activity and a $53 million committed pipeline.

• Portfolio totals 1,124 properties in 42 states and D.C., with a focus on essential, convenience-driven retail sectors.

Financial highlights

• Q2 2024 AFFO per share was $0.58, up 3.6% year-over-year; six-month AFFO per share was $1.15, up 2.7%.

• Q2 2024 net earnings were $16.7 million ($0.30 per share), up from $13.5 million ($0.26 per share) in Q2 2023.

• Q2 2024 FFO was $30.5 million ($0.55 per share), up from $26.5 million ($0.52 per share) year-over-year.

• Rental income for Q2 2024 was $45.7 million, up from $39.7 million in Q2 2023, with operating income of $26.2 million.

• Annualized base rent as of June 30, 2024, was $185 million, a 15.6% increase from the prior year.

Outlook and guidance

• Full-year 2024 AFFO guidance increased to $2.30–$2.32 per share, implying 2.7% growth at the midpoint over 2023.

• Guidance includes only completed transactions and capital markets activity to date; excludes future acquisitions or dispositions.

• Over $53 million in investments are under contract, expected to close in the next six months at blended cap rates approaching mid-8%.