Getty Realty Corp. (NYSE:GTY) ("Getty" or the "Company") announced its financial results for the quarter and year ended December 31, 2016.

Highlights For The Fourth Quarter
  • Net earnings of $0.24 per share
  • Funds From Operations (FFO) of $0.52 per share
  • Adjusted Funds From Operations (AFFO) of $0.43 per share
  • Net earnings, FFO and AFFO all include a benefit of $0.02 per share from Notable Items, as described below
  • Acquired fee simple interests in two properties for $5.8 million in the aggregate
  • Sold four properties for $2.2 million in the aggregate
  • Provides 2017 outlook

"Our portfolio of well-located convenience store and gasoline station properties helped us drive a strong year of cash flow and AFFO per share growth that resulted in robust shareholder returns in 2016" commented, Christopher J. Constant, Getty's President & Chief Executive Officer. "These results illustrate the successful efforts we have undertaken over the past several years to strengthen the leadership team and reposition our portfolio, which should enable the Company to deliver sustained growth over time. With a stable portfolio, we expect 2017 to be a building year as we turn our focus to executing on value creating opportunities. Our efforts include harvesting our pipeline of potential acquisitions and redeveloping several of our existing properties. We are confident that with all that we have already accomplished, along with the investments we intend to make this year, Getty is poised for attractive growth in the years to come."

Net Earnings

The Company reported net earnings for the quarter ended December 31, 2016, of $8.3 million, or $0.24 per share, as compared to net earnings of $19.9 million, or $0.59 per share, for the same period in 2015. The Company reported net earnings for the year ended December 31, 2016, of $38.4 million, or $1.12 per share, as compared to net earnings of $37.4 million, or $1.11 per share, for the same period in 2015. Net earnings for both the quarter and year ended December 31, 2016 and 2015, were impacted by certain items as described in Notable Items below. The quarter and year ended December 31, 2015, materially benefited from the receipt of funds from the bankruptcy estate of a former tenant.

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