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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
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Net earnings of $0.27 per share |
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Funds From Operations (FFO) of $0.44 per share |
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Adjusted Funds From Operations (AFFO) of $0.44 per share |
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Acquired seven properties for $19.4 million |
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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
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Getty Realty Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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In addition, during the nine months ended September 30, 2018 and 2017, we recorded credits to environmental expenses, included in continuing and discontinued operations, aggregating $0.7 million and $6.1 million, respectively, where decreases in estimated remediation costs exceeded the depreciated carrying value of previously capitalized asset retirement costs.
The increase in environmental expenses for the three months ended September 30, 2018, was principally due to increases in environmental legal and professional fees, and net environmental remediation costs.
The increase in environmental expenses for the nine months ended September 30, 2018, was principally due to increases in environmental legal and professional fees, and net environmental remediation costs.
In June 2016, we established an at-the-market equity offering program the 2016 ATM Program , pursuant to which we were able to 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.
In March 2018, we established a new at-the-market equity offering program the ATM Program , pursuant to which we are able to 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
The decrease in net cash...Read more
The impairment charges were attributable...Read more
Impairment charges in continuing operations...Read more
The increase was due to...Read more
The increase was due to...Read more
For the nine months ended...Read more
Income from direct financing leases...Read more
Matters related to our former...Read more
Pursuant to the terms of...Read more
The increase in depreciation and...Read more
The increase in depreciation and...Read more
FFO is defined by the...Read more
We reduced the carrying amounts...Read more
GAAP net earnings and FFO...Read more
In light of the uncertainties...Read more
Our definition of AFFO is...Read more
The decrease in earnings for...Read more
As of September 30, 2018,...Read more
Revenues from rental properties increased...Read more
Net cash flow used in...Read more
Net cash flows provided by...Read more
The increase in general and...Read more
The increase in revenues from...Read more
Additional environmental liabilities could cause...Read more
As a result of these...Read more
Environmental expenses included in continuing...Read more
Environmental expenses included in continuing...Read more
We believe that our operating...Read more
In July 2012, we purchased...Read more
These estimates are based primarily...Read more
To qualify for taxation as...Read more
The ultimate resolution of these...Read more
Property costs, which are primarily...Read more
Property costs, which are primarily...Read more
The increase in property costs...Read more
The increase in property costs...Read more
Payment of dividends is subject...Read more
It is also possible that...Read more
potential modifications of remediation plans,...Read more
Gain loss on dispositions of...Read more
For the nine months ended...Read more
We seek reimbursement from state...Read more
We believe that a portion...Read more
Net cash flow from operating...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-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