Getty Realty Corp. (NYSE: GTY), a publicly traded net lease real estate investment trust (REIT), reported its financial results for the three and nine months ended September 30, 2024. The company operates a portfolio of 1,108 properties, primarily in the convenience store and automotive service sectors, across 42 states and Washington, D.C.
For the three months ended September 30, 2024, Getty Realty generated total revenues of $51.5 million, a slight increase from $50.5 million in the same period of 2023. Revenues from rental properties rose to $50.5 million, up from $48.8 million, driven by additional base rental income from new acquisitions and completed redevelopments. However, net earnings decreased to $15.3 million, compared to $16.0 million in the prior year, resulting in basic and diluted earnings per share of $0.27, down from $0.31.
For the nine months ended September 30, 2024, total revenues increased to $146.4 million from $134.9 million, with net earnings rising to $48.8 million from $43.6 million. Basic earnings per share for this period were $0.87, slightly up from $0.86 in 2023. The company reported a significant increase in net cash flow from operating activities, totaling $94.3 million, compared to $74.5 million in the previous year.
Getty Realty's real estate held for use increased to $1.9 billion as of September 30, 2024, from $1.8 billion at the end of 2023. Total liabilities rose to $938.5 million, up from $866.8 million, while total stockholders' equity increased slightly to $963.4 million. The company maintained cash and cash equivalents of $4.0 million, up from $3.3 million.
Strategically, Getty Realty completed the acquisition of 52 properties for $204.5 million during the nine months ended September 30, 2024, and recognized rental income from 11 newly completed properties. The company also amended a lease with Global Partners LP, extending the lease term and increasing the base rent.
Environmental liabilities remain a focus, with the company accruing $20.8 million for prospective remediation obligations as of September 30, 2024, down from $22.4 million at the end of 2023. The company continues to assess its environmental liabilities based on tenant payment histories and compliance with environmental laws.
Overall, Getty Realty's performance reflects a solid increase in revenues and net cash flow, alongside strategic acquisitions and lease amendments, despite a decline in net earnings for the most recent quarter.
About GETTY REALTY CORP /MD/
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