Getty Realty Corp. (NYSE-GTY) (“Getty” or the “Company”) announced its financial results for the quarter ended March 31, 2014.
Highlights For The Quarter Ended March 31, 2014 :
- Funds from operations (FFO) per share increased to $0.31 per share from $0.25 per share for the same quarter last year.
- Adjusted funds from operations (AFFO) per share increased to $0.27 per share from $0.18 per share for the same quarter last year.
- Net income of $0.29 per share.
- Completed the sale of 28 properties for $10.1 million in the aggregate.
David B. Driscoll, Getty’s Chief Executive Officer commented, “We are truly proud of our efforts which produced a meaningful per share increase in FFO and AFFO year over year since the end of the first quarter of 2013. We are finally capturing the benefits from the initiatives we put in place over the past few years which are resulting in a portfolio that is stronger and producing a reliable stream of cash flow. Our capital recycling efforts have also eliminated many properties that were not contributing to our earnings. As we move ahead, we believe that we have a stabilized portfolio of properties, a stronger and more diverse roster of tenants and we expect to be able to continue to harvest the benefits for all our shareholders in the coming years.”
Net Earnings:The Company reported net earnings for the quarter ended March 31, 2014 of $9.6 million, or $0.29 per share, as compared to $10.4 million, or $0.31 per share for the quarter ended March 31, 2013. Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO): FFO was $10.5 million for the quarter ended March 31, 2014, as compared to $8.5 million for the quarter ended March 31, 2013. FFO per share increased by 24% to $0.31 per share for the quarter ended March 31, 2014, as compared to $0.25 per share for the quarter ended March 31, 2013. The increase was driven primarily by revenues from the Company’s May 2013 acquisition and reductions in operating expenses associated with leasing an increasing number of properties on a triple-net basis and the Company’s disposition efforts.