Getty Realty Corp. (NYSE-GTY) (“Getty” or the “Company”) announced its financial results for the quarter and year ended December 31, 2013.
Highlights For The Quarter Ended December 31, 2013 :
- Net Income of $5.0 million, or $0.15 per share.
- Funds From Operations of $7.3 million, or $0.22 per share.
- Adjusted Funds From Operations of $8.1 million, or $0.24 per share.
- Sold 51 properties in the quarter resulting in gains from dispositions of $5.7 million.
David B. Driscoll, Getty’s Chief Executive Officer commented, “As we reflect on 2013, we are proud of our team’s effort in generating meaningful improvement in our Adjusted Funds From Operations. The ongoing transformation of Getty into a Company that produces annual growth is progressing well. The combination of select acquisitions, coupled with the recycling of slower growth assets through strategic dispositions along with a focus on measurably lowering operating costs, is contributing to our improving performance. As we look to 2014, we are energized by organic growth opportunities available to us from our current portfolio of assets and from the external growth prospects that we continue to pursue. With a well-positioned capital structure and a low leveraged balance sheet, we believe we will enhance value for our shareholders in the coming years.”
Financial Results:Net Earnings: The Company reported net earnings for the quarter ended December 31, 2013 of $5.0 million, or $0.15 per share, as compared to $5.8 million, or $0.17 per share for the quarter ended December 31, 2012. The Company reported net earnings for the year ended December 31, 2013 of $70.0 million, or $2.08 per share, as compared to $12.4 million, or $0.37 per share for the year ended December 31, 2012.