Getty Realty Corp., a Jericho-based real estate investment trust, reported higher revenue and swung to a profit for the quarter ended March 31, due to increased rents from properties and fewer impairments compared with the year-earlier quarter.
Getty, which owns convenience stores and gas stations, said first quarter revenue was $28.4 million, up from $24.7 million during the same period last year, due primarily to increased revenue from rents.
The company reported net income of $7.7 million, compared to a loss of $1.1 million in the first quarter last year. The change was due principally to $7.9 million in non-cash impairments recognized in the year earlier period.
Funds from operations, an industry measure of real estate trust earnings that excludes property sales, rose to $14.1 million, or 42 cents per share, from $10.5 million, or 31 cents a share, during the same period last year.
Real estate investment trusts, or REITs, are required to return a majority of their profits to investors. The company, which trades on the New York Stock Exchange, reported earnings after the market closed Wednesday. Its shares were up 5 cents at $20.66 in after-hours trading, and are up 18 percent in the past 12 months.