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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
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Net earnings of $0.32 per share |
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Funds From Operations (FFO) of $0.49 per share |
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Adjusted Funds From Operations (AFFO) of $0.43 per share |
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Acquired two properties for $3.3 million |
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Completed three redevelopment projects |
Highlights For The Full Year 2018
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Net earnings of $1.17 per share |
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Funds From Operations (FFO) of $1.80 per share |
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Adjusted Funds From Operations (AFFO) of $1.71 per share |
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Acquired 41 properties for $78.0 million |
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Completed six redevelopment projects |
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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
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In addition, during the years ended December 31, 2018, 2017 and 2016, we recorded credits to environmental expenses, included in continuing and discontinued operations, aggregating $1.3 million, $6.9 million and $7.0 million, respectively, where decreases in estimated remediation costs exceeded the depreciated carrying value of previously capitalized asset retirement 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.
Impairment charges recorded in discontinued operations during the years ended December 31, 2017 and 2016, of $1.0 million and $4.2 million, respectively, were attributable to the accumulation of asset retirement costs as a result of increases in estimated environmental liabilities which increased the carrying values of certain properties above their fair values.
Although we have made estimates, judgments and assumptions regarding future uncertainties relating to the information included in our consolidated financial statements, giving due consideration to the accounting policies selected and materiality, actual results could differ from these estimates, judgments and assumptions and such differences could be material.
For the year ended December...Read more
Impairment charges in continuing operations...Read more
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The decrease was primarily due...Read more
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Income from direct financing leases...Read more
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Matters related to our former...Read more
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Pursuant to the terms of...Read more
Upon acquisition of real estate...Read more
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(c) The actual timing of...Read more
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Our significant contractual obligations and...Read more
The increase for the year...Read more
FFO is defined by the...Read more
We reduced the carrying amounts...Read more
GAAP net earnings and FFO...Read more
The increase in depreciation and...Read more
In light of the uncertainties...Read more
As of December 31, 2018,...Read more
During the year ended December...Read more
Among the many uncertainties that...Read more
The increase in revenues from...Read more
The increase in revenues from...Read more
Depreciation and amortization expense related...Read more
Additional environmental liabilities could cause...Read more
We believe that our operating...Read more
In July 2012, we purchased...Read more
Our financial results generally do...Read more
These estimates are based primarily...Read more
The decrease in net cash...Read more
To qualify for taxation as...Read more
The ultimate resolution of these...Read more
As part of our overall...Read more
The increase in general and...Read more
We anticipate that a majority...Read more
The ultimate liabilities resulting from...Read more
Payment of dividends is subject...Read more
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The Revolving Facility permits borrowings...Read more
A critical assumption in accruing...Read more
The increase in environmental expenses...Read more
Environmental liabilities are estimated net...Read more
Revenues from rental properties increased...Read more
Revenues from rental properties increased...Read more
We accrue environmental liabilities based...Read more
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Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
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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: 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