Getty Realty Corp. GTY provides 4Q23 and FY23 business activities and initial FY24 earnings guidance.
Getty Realty invested about $326 million in convenience and automotive retail properties. As of December 31, 2023, GTY has a planned investment pipeline of roughly $75 million for developing and acquiring 43 convenience stores, car washes, and service centers.
The company raised $295 million in new equity and debt funds, featuring $25 million from an at-the-market equity program and a $150 million unsecured term loan.
"We had very productive year in 2023, achieving record investment volumes and successfully accessing the capital markets to accretively fund our investments," stated Christopher J. Constant, Getty's President and Chief Executive Officer.
In 2023, acquisitions included 38 express tunnel car washes, 13 auto service centers, 12 convenience stores, and 3 drive-thru quick service restaurants.
GTY sold nine properties for gross proceeds of ~$12 million, including four for gross proceeds of ~$7 million in Q4.
In 2023, the company raised about $145 million by selling 4.51 million shares under forward sales agreements. By the end of 2023, 1.06 mllion shares were pending under the ATM equity program's forward agreements, expected to yield $32.5 million upon completion.
FY24 Guidance: Getty Realty expects FY24 AFFO of $2.29 to $2.31 per diluted share.
Price Action: GTY shares traded higher by 1.01% at $29.57 on Wednesday.
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