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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, Gettys 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.
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Getty Realty Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:
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The increase in environmental expenses for the year ended December 31, 2015, was principally due to a $0.5 million increase in litigation losses and legal fees and a $1.1 million increase in environmental remediation costs.
Any event of default, if not cured or waived, would increase by 200 basis points 2.00% the interest rate we pay under the Restated Prudential Note Purchase Agreement and could result in the acceleration of our indebtedness under the Restated Prudential Note Purchase Agreement and could also give rise to an event of default and could result in the acceleration of our indebtedness under our Credit Agreement.
In addition, during the years ended December 31, 2016, 2015 and 2014, we recorded credits to environmental expenses, included in continuing and discontinued operations, aggregating $7.0 million, $4.6 million and $2.8 million, respectively, where decreases in estimated remediation costs exceeded the depreciated carrying value of previously capitalized asset retirement costs.
Any event of default, if not cured or waived in a timely manner, would increase by 200 basis points 2.00% the interest rate we pay under the Credit Agreement and prohibit us from drawing funds against the Credit Agreement and could result in the acceleration of our indebtedness under the Credit Agreement and could also give rise to an event of default and could result in the acceleration of our indebtedness under the Restated Prudential Note Purchase Agreement.
In June 2016, we established an at-the-market equity offering program the ATM Program , pursuant to which we may issue and sell shares of our common stock with an aggregate sales price of up to $125.0 million through a consortium of banks acting as agents.
Although we have made estimates,...Read more
Impairment charges in continuing operations...Read more
Impairment charges in continuing operations...Read more
The impairment charges were attributable...Read more
Compliance with more stringent laws...Read more
The decrease in property costs...Read more
Impairment charges recorded in discontinued...Read more
Impairment charges recorded in discontinued...Read more
Income from direct financing leases...Read more
Income under direct financing leases...Read more
Our definition of AFFO is...Read more
The decrease in environmental expenses...Read more
We reduced the carrying amount...Read more
The investments in direct financing...Read more
Upon acquisition of real estate...Read more
The actual timing of funding...Read more
The decrease in property costs...Read more
Net cash flow from financing...Read more
Net cash flow from operating...Read more
The United Oil properties are...Read more
The decrease in net cash...Read more
Among the many uncertainties that...Read more
Environmental expenses included in continuing...Read more
General and administrative expenses included...Read more
The increase for the year...Read more
The increase for the year...Read more
Environmental expenses included in continuing...Read more
General and administrative expenses included...Read more
FFO is defined by the...Read more
The Internal Revenue Service ...Read more
Matters related to our former...Read more
Our significant contractual obligations and...Read more
GAAP net earnings and FFO...Read more
The decrease in general and...Read more
In light of the uncertainties...Read more
In our view, AFFO provides...Read more
Future environmental expenses could cause...Read more
As of December 31, 2016,...Read more
For the year ended December...Read more
For the year ended December...Read more
Our definition of AFFO also...Read more
Additional environmental liabilities could cause...Read more
Payment of dividends is subject...Read more
The decrease in AFFO for...Read more
As of December 31, 2016,...Read more
In July 2012, we purchased...Read more
Our financial results generally do...Read more
These estimates are based primarily...Read more
To qualify for taxation as...Read more
The ultimate resolution of these...Read more
The increase in total revenues...Read more
We anticipate that a majority...Read more
The ultimate liabilities resulting from...Read more
The deferred gain is recorded...Read more
Gains on disposition of real...Read more
estate and impairment charges vary...Read more
The change was primarily due...Read more
The Revolving Facility permits borrowings...Read more
continuing operations includes Revenue Recognition...Read more
The increase in net cash...Read more
A critical assumption in accruing...Read more
We believe that our operating...Read more
Environmental liabilities are estimated net...Read more
Revenues from rental properties included...Read more
Revenues from rental properties included...Read more
We accrue environmental liabilities based...Read more
We seek reimbursement from state...Read more
We believe that a portion...Read more
Financial Statements, Disclosures and Schedules
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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: 0001193125-17-067946
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