Getty Realty: 2Q Earnings Snapshot
JERICHO, N.Y. (AP) _ Getty Realty Corp. (GTY) on Wednesday reported a key measure of profitability in its second quarter.
The real estate investment trust, based in Jericho, New York, said it had funds from operations of $18.1 million, or 43 cents per share, in the period.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $13.2 million, or 32 cents per share.
The real estate investment trust posted revenue of $34.3 million in the period. Its adjusted revenue was $33.6 million.
Getty Realty expects full-year funds from operations in the range of $1.71 to $1.75 per share.
The company’s shares have increased nearly 4% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $30.47, a rise of slightly more than 7% in the last 12 months.