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Jun 30, 2023
Getty Q2 2023 Earnings Report
Reported strong earnings growth driven by reliable rental income and successful investment strategies.
Key Takeaways
Getty Realty Corp. announced its Q2 2023 results, reporting net earnings of $0.26 per share, FFO of $0.52 per share, and AFFO of $0.56 per share. The company invested $50.0 million across 26 properties during the quarter and has a committed investment pipeline of more than $140 million.
Net earnings were $0.26 per share.
Funds From Operations (FFO) were $0.52 per share.
Adjusted Funds From Operations (AFFO) were $0.56 per share.
Invested $50.0 million across 26 properties.
Revenue by Segment
Forward Guidance
The company is narrowing its 2023 AFFO guidance to a range of $2.23 to $2.24 per diluted share from the prior range of $2.22 to $2.24 per diluted share.
Positive Outlook
- Year-to-date investment activity.
- Capital markets activity.
- Completed transaction activity as of the date of this release.
- Anticipated redevelopment projects with rent commencements anticipated in 2023.
- Anticipated redevelopment projects with rent commencements anticipated in 2024 and 2025.
Challenges Ahead
- Does not include assumptions for prospective acquisitions.
- Does not include assumptions for dispositions.
- Does not include assumptions for capital markets activities (including the settlement of outstanding forward sale agreements).
- Guidance assumes approximately $0.3 million of total demolition costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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