The following is a summary of the Getty Realty Corp. (GTY) Q1 2024 Earnings Call Transcript:
Financial Performance:
Getty Realty saw a Q1 increase in base rental income by 13.1% and a 1.8% rise in quarterly AFFO per share.
Getty Realty reported Q1 total revenues of $49 million, marking a year-over-year growth of 14%.
The company has strengthened the balance sheet by maintaining an $800 million total debt outstanding.
Base rental income soared by 13.1% to $43.9 million in Q1.
The AFFO guidance for 2024 remains as projected at $2.29 to $2.31 per share.
The company invested approximately $41 million across 35 properties in Q1.
Business Progress:
Getty Realty diversified its portfolio in Q1 across various sectors like convenience stores, express tunnel car washes, and quick-serve restaurants.
Getty has an active portfolio of 1103 net lease properties and 2 active redevelopment sites.
They are set to achieve steady earnings growth, guided by rent escalators, income from earlier investments, and the closing of committed pipelines.
A committed investment pipeline of over $44 million, fully funded from earlier capital markets transactions, is currently maintained by Getty.
The company has successfully extended two leases, leading to an increase in the average lease term.
Getty continues to pursuit diverse investment opportunities and fosters healthy leasing relationships with a major focus on rent coverages and highly performing tenants.
Getty is open to divest and reinvest in new sets of assets, following opportune circumstances.
Getty sold one property in the first quarter for approximately $1.2 million.
More details: Getty Realty IR
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