This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Getty Realty Corp. Announces Results For The First Quarter 2014

Stocks in this article: GTY

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.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,157.95 +183.64 1.08%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,551.6540 +2.4280 0.05%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs