JERICHO, N.Y. -- Executives at Getty Realty Corp. “are open” to expanding beyond the real-estate investment trust’s primary geography.
“We like our home markets in the East Coast and the Northeast, but we are also open to expanding our reach outside that region to increase the size of our national footprint, CEO David Driscoll said during the REIT’s first-quarter 2015 earnings call.
“We’re looking for growth markets,” he continued. “We are keenly focused on geographic regions showing the fastest population growth on a long-term.”
He said, “Our acquisitions pipeline is full with potential opportunities, but we will remain thoughtful and deliberate in our approach. … We want to target high-density markets that have high barriers to entry, strong traffic counts and healthy operating results at the unit level.”
Declining to be more specific, Driscoll said, “The market has gone really hot and cold and there have been a number of transactions that have occurred, and other people who have done things at values that we don’t like. Right now, what I would say is that we are seeing … better stuff than we have certainly in the prior 14 months or so, and I think we're going to able to execute on that this year.”
The company reported a net loss for the quarter ended March 31, 2015, of $1.1 million, compared to net income of $9.6 million for the quarter ended March 31, 2014.
Total revenues from continuing operations were $24.7 million for the quarter, compared to $24.5 million for the quarter ended March 31, 2014. Revenues for first-quarter 2015 were positively impacted by a 5% increase in rental income and increases in “pass-through” real-estate taxes and other municipal charges.
Rental property expenses from continuing operations were $6.1 million for the 2015 first quarter, compared to $6 million for the same period in 2014.
Jericho, N.Y.-based Getty Realty, which specializes in ownership, leasing and financing of convenience-store and gas-station properties. It currently owns and leases approximately 860 properties nationwide.
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