The following is a summary of the Getty Realty Corp. (GTY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Getty Realty saw a Q1 increase in base rental income by 13.1% and a 1.8% rise in quarterly AFFO per share.

• Getty Realty reported Q1 total revenues of $49 million, marking a year-over-year growth of 14%.

• The company has strengthened the balance sheet by maintaining an $800 million total debt outstanding.

• Base rental income soared by 13.1% to $43.9 million in Q1.

• The AFFO guidance for 2024 remains as projected at $2.29 to $2.31 per share.

• The company invested approximately $41 million across 35 properties in Q1.

Business Progress:

• Getty Realty diversified its portfolio in Q1 across various sectors like convenience stores, express tunnel car washes, and quick-serve restaurants.

• Getty has an active portfolio of 1103 net lease properties and 2 active redevelopment sites.

• They are set to achieve steady earnings growth, guided by rent escalators, income from earlier investments, and the closing of committed pipelines.

• A committed investment pipeline of over $44 million, fully funded from earlier capital markets transactions, is currently maintained by Getty.

• The company has successfully extended two leases, leading to an increase in the average lease term.

• Getty continues to pursuit diverse investment opportunities and fosters healthy leasing relationships with a major focus on rent coverages and highly performing tenants.

• Getty is open to divest and reinvest in new sets of assets, following opportune circumstances.

• Getty sold one property in the first quarter for approximately $1.2 million.

More details: Getty Realty IR

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