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Getty Realty Corp (GTY) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Getty Realty Corp

CIK: 1052752 Ticker: GTY

Exhibit 99.1

GETTY REALTY CORP. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2016 RESULTS

JERICHO, NY, March 1, 2017 — Getty Realty Corp. (NYSE:GTY) (“Getty” or the “Company”) announced its financial results for the quarter and year ended December 31, 2016.

Highlights For The Fourth Quarter

 

    Net earnings of $0.24 per share

 

    Funds From Operations (FFO) of $0.52 per share

 

    Adjusted Funds From Operations (AFFO) of $0.43 per share

 

    Net earnings, FFO and AFFO all include a benefit of $0.02 per share from Notable Items, as described below

 

    Acquired fee simple interests in two properties for $5.8 million in the aggregate

 

    Sold four properties for $2.2 million in the aggregate

 

    Provides 2017 outlook

“Our portfolio of well-located convenience store and gasoline station properties helped us drive a strong year of cash flow and AFFO per share growth that resulted in robust shareholder returns in 2016” commented, Christopher J. Constant, Getty’s President & Chief Executive Officer. “These results illustrate the successful efforts we have undertaken over the past several years to strengthen the leadership team and reposition our portfolio, which should enable the Company to deliver sustained growth over time. With a stable portfolio, we expect 2017 to be a building year as we turn our focus to executing on value creating opportunities. Our efforts include harvesting our pipeline of potential acquisitions and redeveloping several of our existing properties. We are confident that with all that we have already accomplished, along with the investments we intend to make this year, Getty is poised for attractive growth in the years to come.”

Net Earnings

The Company reported net earnings for the quarter ended December 31, 2016, of $8.3 million, or $0.24 per share, as compared to net earnings of $19.9 million, or $0.59 per share, for the same period in 2015. The Company reported net earnings for the year ended December 31, 2016, of $38.4 million, or $1.12 per share, as compared to net earnings of $37.4 million, or $1.11 per share, for the same period in 2015. Net earnings for both the quarter and year ended December 31, 2016 and 2015, were impacted by certain items as described in Notable Items below. The quarter and year ended December 31, 2015, materially benefitted from the receipt of funds from the bankruptcy estate of a former tenant.

Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO)

FFO for the quarter ended December 31, 2016, was $17.9 million, or $0.52 per share, as compared to $26.0 million, or $0.77 per share, for the same period in 2015. FFO for the year ended December 31, 2016, was $64.2 million, or $1.87 per share, as compared to $69.1 million, or $2.04 per share, for the same period in 2015.

AFFO for the quarter ended December 31, 2016, was $14.9 million, or $0.43 per share, as compared to $22.8 million, or $0.68 per share, for the same period in 2015. AFFO for the year ended December 31, 2016, was $58.0 million, or $1.69 per share, as compared to $65.2 million, or $1.93 per share, for the same period in 2015.

FFO and AFFO for both the quarter and year ended December 31, 2016 and 2015, were impacted by certain items as described in Notable Items below. The quarter and year ended December 31, 2015, materially benefitted from the receipt of funds from the bankruptcy estate of a former tenant.

All per share amounts in this press release are presented on a fully diluted per common share basis, unless stated otherwise. AFFO and FFO are defined and reconciled to net earnings in the financial tables at the end of this release. See “Non-GAAP Financial Measures” below.

Notable Items

Results for the quarter ended December 31, 2016, included $0.6 million of environmental insurance reimbursements and other income, which resulted in a net benefit to the Company of $0.02 per share, in the aggregate. Results for the quarter ended December 31, 2015, included $10.8 million, or $0.32 per share, of income received from the Getty Petroleum Marketing Inc. bankruptcy estate.

Results for the year ended December 31, 2016, included $2.5 million of environmental insurance reimbursements, recoveries of uncollectible accounts and other income, offset by $0.8 million of environmental litigation reserves, which resulted in a net benefit to the Company of $1.7 million, or $0.05 per share, in the aggregate. Results for the year ended December 31, 2015, included $18.2 million, or $0.54 per share, of income received from the Getty Petroleum Marketing Inc. bankruptcy estate.


The following information was filed by Getty Realty Corp (GTY) on Wednesday, March 1, 2017 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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Inside Getty Realty Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Acquired Intangible Assets
Acquired Intangible Assets (tables)
Acquired Intangible Assets - Additional Information (detail)
Acquired Intangible Assets - Schedule Of Amortization For Acquired Intangible Assets (detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (detail)
Credit Agreement And Senior Unsecured Notes
Credit Agreement And Senior Unsecured Notes (tables)
Credit Agreement And Senior Unsecured Notes - Additional Information (detail)
Credit Agreement And Senior Unsecured Notes - Schedule Of Maturity Dates And Amounts Outstanding Under Credit Agreement And Restated Prudential Note Purchase Agreement (detail)
Discontinued Operations And Assets Held For Sale
Discontinued Operations And Assets Held For Sale (tables)
Discontinued Operations And Assets Held For Sale - Additional Information (detail)
Discontinued Operations And Assets Held For Sale - Schedule Of Earnings (loss) From Discontinued Operations (detail)
Discontinued Operations And Assets Held For Sale - Schedule Of Real Estate Held For Sale (detail)
Earnings Per Common Share
Earnings Per Common Share (tables)
Earnings Per Common Share - Additional Information (detail)
Earnings Per Common Share - Schedule Of Earnings Per Share (detail)
Employee Benefit Plans
Employee Benefit Plans (tables)
Employee Benefit Plans - Additional Information (detail)
Employee Benefit Plans - Schedule Of Activity Relating To Restricted Stock Units Outstanding (detail)
Employee Benefit Plans - Schedule Of Vesting Activity Relating To Restricted Stock Units Outstanding (detail)
Environmental Obligations
Environmental Obligations - Additional Information (detail)
Income Taxes
Income Taxes - Additional Information (detail)
Leases
Leases (tables)
Leases - Additional Information (detail)
Leases - Future Contractual Minimum Annual Rentals Receivable (detail)
Leases - Major Tenants - Additional Information (detail)
Leases - Marketing And The Master Lease - Additional Information (detail)
Leases - Necg Lease Restructuring - Additional Information (detail)
Property Acquisitions
Property Acquisitions (tables)
Property Acquisitions - Additional Information (detail)
Property Acquisitions - Pro Forma Condensed Financial Information (detail)
Quarterly Financial Data
Quarterly Financial Data (tables)
Quarterly Financial Data - Summary Of Quarterly Results Of Operations (detail)
Schedule Ii - Valuation And Qualifying Accounts And Reserves
Schedule Ii - Valuation And Qualifying Accounts And Reserves (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization - Schedule Of Changes In Real Estate Assets And Accumulated Depreciation (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 1 (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 10 (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 11 (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 12 (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 13 (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 14 (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 15 (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 16 (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 17 (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 18 (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 19 (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 2 (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 20 (parenthetical) (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 21 (parenthetical) (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 22 (parenthetical) (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 3 (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 4 (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 5 (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 6 (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 7 (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 8 (detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 9 (detail)
Schedule Iv - Changes In Carrying Amount Of Mortgage Loans (detail)
Schedule Iv - Mortgage Loans On Real Estate
Schedule Iv - Mortgage Loans On Real Estate (detail)
Shareholders' Equity
Shareholders' Equity (tables)
Shareholders' Equity - Additional Information (detail)
Shareholders' Equity - Summary Of Changes In Shareholders' Equity (detail)
Shareholders' Equity - Summary Of Changes In Shareholders' Equity (parenthetical) (detail)
Subsequent Events
Subsequent Events - Additional Information (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Schedule Of Assets And Liabilities Measured At Fair Value On Recurring Basis (detail)
Ticker: GTY
CIK: 1052752
Form Type: 10-K Annual Report
Accession Number: 0001193125-17-067946
Submitted to the SEC: Thu Mar 02 2017 5:16:14 PM EST
Accepted by the SEC: Thu Mar 02 2017
Period: Saturday, December 31, 2016
Industry: Real Estate

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