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Getty Realty Corp (GTY) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Getty Realty Corp

CIK: 1052752 Ticker: GTY

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES THIRD QUARTER 2018 RESULTS

JERICHO, NY, October 24, 2018

— Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today its financial results for the quarter ended September 30, 2018.

Highlights For The Third Quarter

 

Net earnings of $0.27 per share

 

Funds From Operations (FFO) of $0.44 per share

 

Adjusted Funds From Operations (AFFO) of $0.44 per share

 

Acquired seven properties for $19.4 million

 

Tightens 2018 AFFO guidance range

Christopher J. Constant, Getty’s President & Chief Executive Officer stated, “The third quarter was marked by strong revenue and AFFO growth compared to the same period last year, which reflects the successful execution of our acquisition strategy over the past two years. During the quarter, we continued our investment activity, as we added a high-quality portfolio of properties with an existing tenant, Applegreen. In addition, we completed our third redevelopment project of the year, a state-of-the-art, new-to-industry convenience and gas site. With the backdrop of a healthy convenience and gas industry, combined with our solid balance sheet, we remain confident that we will continue to deliver consistent results from our operating portfolio and execute on our growth initiatives as we move through the remainder of 2018 and beyond.”

Net Earnings

The Company reported net earnings for the quarter ended September 30, 2018, of $10.9 million, or $0.27 per share, as compared to net earnings of $9.3 million, or $0.24 per share, for the same period in 2017. The Company reported net earnings for the nine months ended September 30, 2018, of $34.5 million, or $0.85 per share, as compared to net earnings of $34.2 million, or $0.94 per share, for the same period in 2017.

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

FFO for the quarter ended September 30, 2018, was $17.9 million, or $0.44 per share, as compared to $16.2 million, or $0.42 per share, for the same period in 2017. FFO for the nine months ended September 30, 2018, was $53.3 million, or $1.31 per share, as compared to $54.3 million, or $1.49 per share, for the same period in 2017.

AFFO for the quarter ended September 30, 2018, was $17.9 million, or $0.44 per share, as compared to $15.7 million, or $0.40 per share, for the same period in 2017. AFFO for the nine months ended September 30, 2018, was $52.1 million, or $1.28 per share, as compared to $44.7 million, or $1.23 per share, for the same period in 2017.

All per share amounts in this press release are presented on a fully diluted per common share basis, unless stated otherwise. FFO and AFFO are defined and reconciled to net earnings in the financial tables at the end of this release. During the fourth quarter of 2017, the Company revised its definition of AFFO. See “Non-GAAP Financial Measures” below.

Results of Operations

Revenues from rental properties increased 18.9%, or $4.7 million, to $29.6 million for the quarter ended September 30, 2018, as compared to $24.9 million for the same period in 2017. Revenues from rental properties increased 18.7%, or $13.7 million, to $86.9 million for the nine months ended September 30, 2018, as compared to $73.2 million for the same period in 2017. The growth in revenues from rental properties for the quarter and


The following information was filed by Getty Realty Corp (GTY) on Wednesday, October 24, 2018 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Operations
Accounting Policies
Accounting Policies (Policies)
Accounting Policies - Additional Information (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Debt - Schedule Of Maturity Amounts Outstanding Under Credit Agreement , Third Restated Prudential Note Purchase Agreement (Detail)
Debt - Summary Of Scheduled Debt Maturities, Including Balloon Payments (Detail)
Debt - Summary Of Scheduled Debt Maturities, Including Balloon Payments (Parenthetical) (Detail)
Description Of Business
Description Of Business - Additional Information (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 Activity 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 - Computation Of Basic And Diluted Earnings Per Common Share (Detail)
Environmental Obligations
Environmental Obligations - Additional Information (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Fair Value Measurements - Schedule Of Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail)
Leases
Leases - Additional Information (Detail)
Leases - Getty Petroleum Marketing Inc. - Additional Information (Detail)
Leases - Major Tenants - Additional Information (Detail)
Property Acquisitions
Property Acquisitions - Additional Information (Detail)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Detail)
Stockholders' Equity - Summary Of Changes In Stockholders' Equity (Detail)
Stockholders' Equity - Summary Of Changes In Stockholders' Equity (Parenthetical) (Detail)
Subsequent Events
Ticker: GTY
CIK: 1052752
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-025107
Submitted to the SEC: Thu Oct 25 2018 4:01:45 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Real Estate

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