Getty Realty Corp (GTY) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

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Getty Realty Corp
Ticker: GTY CIK: 1052752

Exhibit 99.1

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES THIRD QUARTER 2019 RESULTS

JERICHO, NY, October 23, 2019

— Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today its financial results for the quarter ended September 30, 2019.

Highlights For The Third Quarter

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Net earnings of $0.28 per share

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Funds From Operations (FFO) of $0.46 per share

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

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Acquired five properties for an aggregate of $13.6 million

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Completed two redevelopment projects

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Issued $125.0 million of 10-year senior unsecured notes

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Reaffirms full-year AFFO guidance

Christopher J. Constant, Getty’s President & Chief Executive Officer commented, “Our results in the third quarter demonstrate the consistency of our organic growth, along with the incremental contributions from our acquisition and redevelopment programs. We are pleased that we completed additional acquisitions as well as two redevelopment projects this quarter. Furthermore, we solidified our balance sheet with the issuance of $125 million of unsecured notes, which improved our cost of capital and extended the weighted average maturity of our outstanding debt. With a number of redevelopment projects in process, and a pipeline of acquisition opportunities, we remain confident in our ability to continue to drive attractive growth.”

Net Earnings

The Company reported net earnings for the quarter ended September 30, 2019, of $11.9 million, or $0.28 per share, as compared to net earnings of $10.9 million, or $0.27 per share, for the same period in 2018. The Company reported net earnings for the nine months ended September 30, 2019, of $36.0 million, or $0.86 per share, as compared to net earnings of $34.5 million, or $0.85 per share, for the same period in 2018.

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

FFO for the quarter ended September 30, 2019, was $19.1 million, or $0.46 per share, as compared to $17.9 million, or $0.44 per share, for the same period in 2018. FFO for the nine months ended September 30, 2019, was $56.6 million, or $1.36 per share, as compared to $53.3 million, or $1.31 per share, for the same period in 2018.

AFFO for the quarter ended September 30, 2019, was $18.1 million, or $0.43 per share, as compared to $17.9 million, or $0.44 per share, for the same period in 2018. AFFO for the nine months ended September 30, 2019, was $53.8 million, or $1.29 per share, as compared to $52.1 million, or $1.28 per share, for the same period in 2018.

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. See “Non-GAAP Financial Measures” below.

Results of Operations

Revenues from rental properties increased by $1.8 million to $35.7 million for the quarter ended September 30, 2019, as compared to $33.9 million for the same period in 2018. Rental income contractually due from tenants included in revenues from rental properties was $30.1 million for the quarter ended September 30, 2019, as compared to $29.1 million for the quarter ended September 30, 2018. Revenues from rental properties increased

The following information was filed by Getty Realty Corp (GTY) on Wednesday, October 23, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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