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Getty Realty Corporation (GTY+0.93%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing provides an overview of the company's operations, financial condition, and business strategy. Getty Realty Corporation is a net lease real estate investment trust (REIT) specializing in the acquisition, financing, and development of convenience, automotive, and other single tenant retail real estate. The company owns 1,085 properties and leases 33 properties from third-party landlords, located in 42 states and Washington, D.C.
During the year ended December 31, 2024, Getty Realty invested $209.0 million in new properties, acquiring 31 express tunnel car washes, 19 automotive service centers, 17 convenience stores, and four drive-thru quick service restaurants. The company also sold 31 properties, generating gross proceeds of $13.1 million.
Getty Realty raised $164.8 million through the sale of 5.4 million common shares subject to forward sales agreements and closed a private placement of $125.0 million of new senior unsecured notes. The proceeds from these activities were used to fund investment activities and repay maturing debt.
As of December 31, 2024, Getty Realty's portfolio included 1,118 properties, with a concentration in the Northeast and Mid-Atlantic regions. The properties are primarily leased on a triple-net basis, with tenants responsible for taxes, maintenance, repairs, insurance, and other operating expenses.
The company reported revenues from rental properties of $198.7 million for the year ended December 31, 2024, an increase from $180.5 million in the previous year. The increase was primarily due to additional base rental income from newly acquired properties and rent commencements from completed redevelopments.
Net income for the year was $71.1 million, compared to $60.2 million in the previous year. The company also reported funds from operations (FFO) of $124.0 million and adjusted funds from operations (AFFO) of $130.8 million.
Getty Realty's management continues to focus on expanding and diversifying its portfolio through strategic acquisitions and redevelopment opportunities. The company aims to invest in well-located, freestanding properties that support automobility and provide convenience and service to consumers in major markets across the country.
The filing also discusses the company's environmental obligations, legal proceedings, and compliance with REIT requirements under federal income tax laws. Getty Realty is committed to maintaining its REIT status and distributing at least 90% of its taxable income to stockholders annually.
Getty Realty Corporation's stock is traded on the New York Stock Exchange under the symbol GTY.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Getty Realty Corporation annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.