Getty Realty Corp. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenues from rental properties reaching $198.7 million, up from $180.5 million in 2023, marking an increase of approximately 10.1%. The company's net earnings also rose to $71.1 million, compared to $60.2 million in the previous year, reflecting a growth of 17.5%. This growth in revenue and profitability was attributed to additional base rental income from properties acquired in the past two years, as well as contractual rent increases and rent commencements from completed redevelopment projects.
In terms of strategic developments, Getty Realty continued to expand its portfolio, investing approximately $209 million in convenience and automotive retail properties during 2024. This included the acquisition of 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, which allowed it to reduce exposure to certain properties and tenants that no longer met long-term investment criteria. As of December 31, 2024, Getty Realty's portfolio comprised 1,118 properties located across 42 states and Washington, D.C.
Operationally, Getty Realty's tenant base remains diverse, with a significant portion of revenues derived from major tenants such as ARKO Corp. and Global Partners LP. The company reported a weighted average remaining lease term of 10.2 years for its properties, with 1,114 of its properties leased under triple-net leases. The company also maintained a stable employee headcount of 29 as of February 13, 2025, reflecting its commitment to operational efficiency.
Looking ahead, Getty Realty expressed optimism about its growth trajectory, emphasizing its belief that automobility will continue to be a dominant form of consumer transportation in the U.S. The company plans to pursue additional acquisitions and redevelopment opportunities to enhance its portfolio and generate sustainable income. However, it acknowledged potential risks, including market conditions affecting tenant performance and compliance with lease obligations, which could impact future revenues and profitability. The company remains committed to maintaining its status as a Real Estate Investment Trust (REIT) and distributing at least 90% of its taxable income to shareholders, as required by federal tax laws.
About GETTY REALTY CORP /MD/
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