Q1 2024 Getty Realty Corp Earnings Call Transcript
Key Points
- Getty Realty Corp (GTY) reported a 13.1% increase in quarterly base rental income and a 1.8% growth in quarterly FFO per share.
- The company successfully invested approximately $41 million across 35 properties in diverse sectors such as convenience stores, car washes, and auto service centers.
- Getty Realty Corp (GTY) has a committed investment pipeline of over $44 million, fully funded from prior capital markets transactions, poised for future growth.
- The company maintains a high occupancy rate of 99.7% and a weighted average lease term of 9.2 years, indicating stable long-term income.
- Getty Realty Corp (GTY) benefits from a strong tenant base with a trailing 12-month tenant rent coverage ratio of 2.6 times, demonstrating financial health and resilience.
- Despite positive growth indicators, the company acknowledges 2024 as a challenging year for acquisitions due to the uncertain interest rate environment.
- Bid-ask spreads in transaction markets remain a challenge, potentially affecting deal flow and execution.
- General and administrative expenses increased compared to the previous year, primarily due to higher employee-related expenses and professional legal fees.
- Environmental expenses, although variable, pose potential unforeseen financial impacts, as evidenced by past fluctuations.
- The company faces macroeconomic uncertainties that could impact tenant businesses and, consequently, Getty Realty Corp (GTY)'s rental income stability.
Good morning, and welcome to Getty Realty's First Quarter 2024 earnings call. This call is being recorded. After the presentation, there will be an opportunity to ask questions prior to starting the call, Joshua Dicker, Executive Vice President, General Counsel and Secretary for the company. I'll read the Safe Harbor statement and provide information about non-GAAP financial measures. Please go ahead, Mr. Dicker.
Our regard for Thank you all for joining us for Getty Realty's First Quarter Earnings Conference Call.
Yesterday afternoon, the company released its financial and operating results for the quarter ended March 31, 2024. Form 8-K and earnings release are available in the Investor Relations section of our website at Getty Realty.com. Certain statements made in the course of this call are not based on historical information and may constitute forward-looking statements. These statements are based on management's current expectations and beliefs and are subject
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
