Thu, Jul 25, 9:02 PM (44 days ago)
Getty Realty Corp.’s Form 10-Q for the quarter ended June 30, 2024, highlights several key financial metrics and operational updates. Revenues from rental properties increased by $5.1 million to $48.7 million compared to the same quarter in 2023, driven by new property acquisitions, rent commencements from completed redevelopments, and contractual rent increases. Interest on notes and mortgages receivable rose by $0.2 million to $1.2 million due to increased development funding advances and higher rates. Operating expenses saw mixed results: property costs decreased by $0.8 million to $4.0 million, primarily due to lower real estate taxes, while impairments dropped by $1.9 million to $0.5 million. Environmental expenses shifted to a credit of $0.2 million from an expense of $0.3 million, reflecting lower legal and professional fees and changes in environmental estimates. General and administrative expenses increased by $0.3 million to $6.2 million due to higher employee-related expenses and professional fees. Depreciation and amortization expenses rose by $2.5 million to $13.4 million, reflecting additional depreciation from new acquisitions. Interest expense increased by $2.6 million to $9.7 million due to higher average borrowings and interest rates. The company also realized a gain on dispositions of real estate of $0.1 million. Getty Realty’s liquidity remains strong with $282.5 million available under its Revolving Credit Facility and $4.7 million in cash. The company anticipates meeting its long-term capital needs through cash flow from operations, available credit, and potential future equity or debt issuances.