Getty Realty Corp. second quarter 2015 financial results show substantial company growth.
Getty Realty Corp. has announced its financial results for the quarter ended June 30, 2015. The company has taken some large strides in the most recent quarter, and it is working to ensure long-term growth and success through a number of strategic moves.
Highlights For The Quarter Ended June 30, 2015:
- Funds from operations (FFO) of $0.55 per share.
- Adjusted funds from operations (AFFO) of $0.55 per share.
- Net income of $0.34 per share.
- Received $0.22 per share of one-time income from the Marketing Estate.
- Acquired 78 properties for $216.9 million in the aggregate.
Along with the above highlights, Getty disposed of six properties for $1.4 million in the aggregate. The company acquired 78 properties for approximately $216.9 million during the quarter ended June 30, 2015. Substantially all of the company’s acquisition activity was attributable to its $214.5 million acquisition of 77 properties from affiliates of Pacific Convenience and Fuels LLC, which were simultaneously triple-net leased to United Oil, a leading regional convenience store and gas station operator, on June 3, 2015. These properties are located in Northern California, Southern California, Colorado, Washington, Nevada and Oregon. The acquired properties operate under several well recognized brands including 76, Conoco, Circle K, 7-11 and My Goods Market.
During the quarter ended June 30, 2015, the company sold six properties for $1.4 million in the aggregate. Subsequent to June 30, 2015, the company has sold 52 additional properties for $16.3 million in the aggregate. It is continuing a process of disposing of assets that do not meet the long-term growth criteria of its core portfolio.
“Our acquisition of 77 properties in the western half of the United States this quarter marks a big step in the growth of our company. We expect the additional properties will increase our annual revenues by approximately 15% while materially expanding our geographic reach. As a direct result of this acquisition, we also announced today that we have increased our quarterly cash dividend by two cents per share to $0.24 per quarter. Our portfolio of properties and focus on controlling costs continues to provide consistent earnings and cash flow growth represented by our 10% AFFO per share growth in the quarter. As we move ahead, we remain committed to executing on our strategy of selectively adding to our portfolio and controlling costs. We believe we are well positioned to continue to create value for our shareholders,” David Driscoll, Getty’s president & CEO, commented.