Getty Realty Corp (GTY) 10-K Annual Report March 2013

--- Getty Realty Corp. (NYSE-GTY) (“Getty” or the “Company”) announced its preliminary financial results for the quarter and year ended December 31, 2012, the refinancing of its outstanding debt with a new $175 million credit facility and a $100 million long-term senior secured term loan.

David B. Driscoll, Getty’s President and CEO commented, “We became a fundamentally new company during 2012 as we largely completed a significant transformation resulting from the repositioning of our properties formerly leased to Getty Petroleum Marketing. By year end we had largely completed our re-leasing program and we believe that during the first six months of 2013 we will achieve stabilized levels of operating performance. In addition, we have been able to refinance our maturing debt with a combination of bank debt and attractively priced long-term fixed rate debt. This refinance not only strengthens our balance sheet, it also provides the Company with ample capacity to fund additional growth as we move forward. Together, these positive developments have provided us with the confidence to raise our dividend for the first quarter by 60% over the previous quarterly dividend rate declared in 2012. As we move further into 2013, we have re-initiated our pursuit of growth via accretive acquisitions to create additional value for our shareholders.”

Financial Results:

Net Earnings:

The Company reported net earnings for the quarter ended December 31, 2012 of $5.8 million, or $0.17 per share, which increased by $25.3 million as compared to a net loss of $19.5 million, or $0.58 per share, for the quarter ended December 31, 2011. Net earnings for the year ended December 31, 2012 decreased by $0.1 million to $12.4 million, or $0.37 per share, as compared to $12.5 million, or $0.37 per share, for the year ended December 31, 2011.

All per share amounts in this press release are presented on a fully diluted per common share basis, unless stated otherwise.

Results for the quarter and year ended December 31, 2012 continued to be materially affected by events related to the bankruptcy and ongoing liquidation of Getty Petroleum Marketing Inc. (“Marketing”) and the repositioning of the remaining portfolio of properties which were previously subject to the Master Lease with Marketing, resulting in a reduction in the net contribution from this portfolio of properties.

The Company’s quarterly and annual results for 2012 and 2011 include significant adjustments and costs related to Marketing’s bankruptcy and the repositioning of the portfolio of properties previously leased to Marketing such as impairment charges, provisions for bad debts and straight-line rent receivable reserves. In addition, the Company is still incurring legal fees, other professional fees, environmental remediation costs and property operating expenses related to the bankruptcy and repositioning of the portfolio of properties previously leased to Marketing. The impact of these adjustments and expenditures make comparisons of performance for 2012 and 2011 less meaningful.

The following information was filed by Getty Realty Corp (GTY) on Thursday, February 28, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Getty Realty Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.12: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.I1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.I2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: GTY
CIK: 1052752
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-112263
Submitted to the SEC: Mon Mar 18 2013 3:08:38 PM EST
Accepted by the SEC: Mon Mar 18 2013
Period: Monday, December 31, 2012
Industry: Real Estate