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Getty Realty Corp (GTY) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Getty Realty Corp

CIK: 1052752 Ticker: GTY

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2018 RESULTS

- Provides 2019 Annual Guidance -

JERICHO, NY, February 26, 2019

— Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today its financial results for the quarter and year ended December 31, 2018.

Highlights For The Fourth Quarter

 

Net earnings of $0.32 per share

 

Funds From Operations (FFO) of $0.49 per share

 

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

 

Acquired two properties for $3.3 million

 

Completed three redevelopment projects

Highlights For The Full Year 2018

 

Net earnings of $1.17 per share

 

Funds From Operations (FFO) of $1.80 per share

 

Adjusted Funds From Operations (AFFO) of $1.71 per share

 

Acquired 41 properties for $78.0 million

 

Completed six redevelopment projects

 

Increased annual dividends by 12.9 percent

“Our strong operating results in 2018 reflect the positive impact of the accretive acquisitions and targeted redevelopments that we have completed over the past few years,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “Our portfolio of convenience stores and gasoline stations is ideally situated in a combination of high barrier to entry markets along the East and West coasts and select high growth markets primarily situated in the Southern half of the U.S. Our results for the year further demonstrate the health and stability of our portfolio, which positions us to build on this performance in the coming years. With a strong team as well as an evolving pipeline of opportunities both in acquisitions and redevelopments, we are confident we will be able to drive increased cash flow and value for our shareholders.”

Net Earnings

The Company reported net earnings for the quarter ended December 31, 2018, of $13.2 million, or $0.32 per share, as compared to net earnings of $13.0 million, or $0.33 per share, for the same period in 2017. The Company reported net earnings for the year ended December 31, 2018, of $47.7 million, or $1.17 per share, as compared to net earnings of $47.2 million, or $1.26 per share, for the same period in 2017.

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

FFO for the quarter ended December 31, 2018, was $20.3 million, or $0.49 per share, as compared to $20.2 million, or $0.51 per share, for the same period in 2017. FFO for the year ended December 31, 2018, was $73.6 million, or $1.80 per share, as compared to $74.6 million, or $2.00 per share, for the same period in 2017.

AFFO for the quarter ended December 31, 2018, was $17.6 million, or $0.43 per share, as compared to $17.3 million, or $0.43 per share, for the same period in 2017. AFFO for the year ended December 31, 2018, was $69.7 million, or $1.71 per share, as compared to $62.0 million, or $1.66 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


The following information was filed by Getty Realty Corp (GTY) on Wednesday, February 27, 2019 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)
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)
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)
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)
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)
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)
Income Taxes
Income Taxes - Additional Information (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Future Contractual Minimum Annual Rentals Receivable (Detail)
Leases - Getty Petroleum Marketing Inc. - Additional Information (Detail)
Leases - Major Tenants - Additional Information (Detail)
Property Acquisitions
Property Acquisitions - Additional 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 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)
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
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Ticker: GTY
CIK: 1052752
Form Type: 10-K Annual Report
Accession Number: 0001564590-19-004983
Submitted to the SEC: Wed Feb 27 2019 12:09:10 PM EST
Accepted by the SEC: Wed Feb 27 2019
Period: Monday, December 31, 2018
Industry: Real Estate

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