Getty Realty Q1 FFO $42.7M, Raises $380M and Guides $2.50–2.52
Getty Realty reported Q1 FFO of $42.7 million (69¢ per share) and net income of $26.6 million (43¢ per share) on $57.4 million in revenue. The REIT invested $30.3 million at an 8.0% yield, raised $380 million in equity and debt, and set full-year FFO guidance at $2.50–2.52.
1. Q1 Financial Performance
Getty Realty generated net income of $26.6 million (43 cents per share) and funds from operations of $42.7 million (69 cents per share) in Q1 on rental revenues of $57.4 million. Adjusted FFO (AFFO) totaled $38.98 million (63 cents per share), reflecting growth from property acquisitions and contractual rent escalations.
2. Capital Raising and Liquidity Enhancement
During the quarter, Getty Realty raised gross proceeds of $129.9 million through a follow-on equity offering and $250.0 million via a private placement of senior unsecured notes, enabling full repayment of its revolving credit facility. These transactions bolstered the balance sheet and enhanced liquidity to support expanded investment activity.
3. Investment Pipeline and Guidance
The REIT invested $30.3 million across 29 properties at an 8.0% initial cash yield and extended leases covering $11.3 million of annualized base rent, lifting the portfolio’s weighted average lease term beyond 10 years. Getty Realty confirmed full-year FFO guidance of $2.50–2.52 per share and maintains a committed $125 million pipeline for 43 convenience and automotive retail properties.