Getty Realty Corp. Announces Second Quarter 2016 Results

Getty Realty Corp. (NYSE:GTY) ("Getty" or the "Company") announced its financial results for the quarter ended June 30, 2016.

Highlights For The Second Quarter
  • Net earnings of $0.40 per share
  • Funds From Operations (FFO) of $0.47 per share
  • Adjusted Funds From Operations (AFFO) of $0.42 per share

Christopher J. Constant, Getty's President & Chief Executive Officer commented, "Our strong performance during the second quarter further validates our ongoing sustained progress. After excluding several notable items, which we do not expect to recur on a consistent basis, our 2016 quarterly AFFO per share demonstrated a more than 20% increase over the prior year's quarter. Our outperformance to date combined with our positive outlook for the remainder of the year has allowed us to increase our expectations for the balance of 2016. With more stabilized cash flow, and a targeted strategic plan, we continue to enhance our long term growth profile."

Net Earnings

The Company reported net earnings for the quarter ended June 30, 2016 of $13.6 million, or $0.40 per share, as compared to net earnings of $11.6 million, or $0.34 per share, for the quarter ended June 30, 2015. The Company reported net earnings for the six months ended June 30, 2016 of $21.3 million, or $0.62 per share, as compared to net earnings of $10.5 million, or $0.31 per share, for the six months ended June 30, 2015. Net earnings for both the quarter and six months ended June 30, 2016 and 2015 were impacted by certain items as described in Notable Items below.

Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO)

FFO for the quarter ended June 30, 2016 was $16.0 million, or $0.47 per share, as compared to $18.5 million, or $0.55 per share, for the quarter ended June 30, 2015. FFO for the six months ended June 30, 2016 was $30.1 million, or $0.88 per share, as compared to $29.0 million, or $0.86 per share, for the six months ended June 30, 2015. FFO for both the quarter and six months ended June 30, 2016 and 2015 were impacted by certain items as described in Notable Items below.

If you liked this article you might like

Getty Realty Fuels Its Comeback by Filling Its Tank With More Properties

4 Eclectic Names Where I Combine Dividends With Value

REIT Value Cocktail: Mix Gas Stations, Farmland and Prisons

Free-Standing Retail REITs on a Run but Will It Last?

I'm Pumped Up About This Gas-Station REIT

I'm Pumped Up About This Gas-Station REIT