Getty Realty: 2Q Earnings Snapshot
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JERICHO, N.Y. (AP) _ Getty Realty Corp. (GTY) on Wednesday reported a key measure of profitability in its second quarter. The results did not meet Wall Street expectations.
The Jericho, New York-based real estate investment trust said it had funds from operations of $17.4 million, or 43 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 45 cents per share.
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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 $13.5 million, or 33 cents per share.
The real estate investment trust posted revenue of $34.2 million in the period. Its adjusted revenue was $29 million.
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Getty Realty expects full-year funds from operations in the range of $1.68 to $1.74 per share.
The company's shares have risen 5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $28.54, a climb of 16 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on GTY at https://www.zacks.com/ap/GTY