Getty Realty Corp. (NYSE:GTY) ("Getty" or the "Company") announced its financial results for the quarter ended March 31, 2017.

Highlights For The First Quarter
  • Net earnings of $0.28 per share
  • Funds From Operations (FFO) of $0.52 per share
  • Adjusted Funds From Operations (AFFO) of $0.41 per share
  • Acquired five properties for $6.2 million
  • Executed leases on two new redevelopment projects
  • Sold six properties for $1.4 million

Christopher J. Constant, Getty's President & Chief Executive Officer stated, "We are pleased with our strong start to 2017, as our portfolio of convenience store and gasoline station properties delivered a year-over-year increase in net earnings, FFO and AFFO per share. We have successfully repositioned our portfolio, and have now turned our focus to growing and enhancing our portfolio through disciplined acquisitions and redevelopment projects, along with ongoing select dispositions as we further refine our portfolio. During the balance of the year, we expect to continue to evolve our portfolio and pursue opportunities to enhance the value of the enterprise to drive sustained results for our shareholders."

Net Earnings

The Company reported net earnings for the quarter ended March 31, 2017, of $9.7 million, or $0.28 per share, as compared to net earnings of $7.7 million, or $0.23 per share, for the same period in 2016. Net earnings for the quarter ended March 31, 2017, 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 March 31, 2017, was $18.2 million, or $0.52 per share, as compared to $14.1 million, or $0.42 per share, for the same period in 2016.

AFFO for the quarter ended March 31, 2017, was $14.5 million, or $0.41 per share, as compared to $13.2 million, or $0.39 per share, for the same period in 2016.

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