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Exhibit 99.1
RELEASE: IMMEDIATE
GETTY REALTY CORP. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2013 RESULTS
- 9% Increase in Fourth Quarter 2013 Adjusted Funds From Operations -
JERICHO, NY, March 4, 2014 Getty Realty Corp. (NYSE-GTY) (Getty or the Company) announced its financial results for
the quarter and year ended December 31, 2013.
Highlights For The Quarter Ended December 31, 2013:
| Net Income of $5.0 million, or $0.15 per share. |
| Funds From Operations of $7.3 million, or $0.22 per share. |
| Adjusted Funds From Operations of $8.1 million, or $0.24 per share. |
| Sold 51 properties in the quarter resulting in gains from dispositions of $5.7 million. |
David B. Driscoll, Gettys Chief Executive Officer commented, As we reflect on 2013, we are proud of our teams effort in generating meaningful improvement in our Adjusted Funds From Operations. The ongoing transformation of Getty into a Company that produces annual growth is progressing well. The combination of select acquisitions, coupled with the recycling of slower growth assets through strategic dispositions along with a focus on measurably lowering operating costs, is contributing to our improving performance. As we look to 2014, we are energized by organic growth opportunities available to us from our current portfolio of assets and from the external growth prospects that we continue to pursue. With a well-positioned capital structure and a low leveraged balance sheet, we believe we will enhance value for our shareholders in the coming years.
Financial Results:
Net Earnings:
The Company reported net earnings for the quarter ended December 31, 2013 of $5.0 million, or $0.15 per share, as compared to $5.8 million, or $0.17 per share for the quarter ended December 31, 2012. The Company reported net earnings for the year ended December 31, 2013 of $70.0 million, or $2.08 per share, as compared to $12.4 million, or $0.37 per share for the year ended December 31, 2012.
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Getty Realty Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2014 10-K Annual Report includes:
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
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Getty Realty Corp provided additional information to their SEC Filing as exhibits
Ticker: GTY
CIK: 1052752
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-102352
Submitted to the SEC: Mon Mar 17 2014 4:16:46 PM EST
Accepted by the SEC: Mon Mar 17 2014
Period: Tuesday, December 31, 2013
Industry: Real Estate