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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
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Getty Realty Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
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In addition, during the nine months ended September 30, 2019 and 2018, we recorded credits to environmental expenses aggregating $0.9 million and $0.7 million, respectively, where decreases in estimated remediation costs exceeded the depreciated carrying value of previously capitalized asset retirement costs.
26 A reconciliation of net earnings to FFO and AFFO is as follows (in thousands, except per share amounts): Revenues from rental properties increased by $1.8 million to $35.7 million for the three months ended September 30, 2019, as compared to $33.9 million for the three months ended September 30, 2018.
In March 2018, we established an 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, 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.
The impairment charges were attributable to the effect of adding asset retirement costs due to changes in estimates associated with our environmental liabilities, which increased the carrying values of certain properties in excess of their fair values, reductions in estimated undiscounted cash flows expected to be received during the assumed holding period for certain of our properties, and reductions in estimated sales prices from third-party offers based on signed contracts, letters of intent or indicative bids for certain of our properties.
27 Impairment charges for the...Read more
Impairment charges for the nine...Read more
Except for our ongoing obligations...Read more
The increase in general and...Read more
The increase in property costs...Read more
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Income from direct financing leases...Read more
Matters related to our former...Read more
The decrease in net cash...Read more
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The increase in depreciation and...Read more
The increase in depreciation and...Read more
General and administrative expense for...Read more
FFO is defined by the...Read more
During the nine months ended...Read more
The increase in environmental expenses...Read more
GAAP net earnings and FFO...Read more
Payment of dividends is subject...Read more
We reduced the carrying amounts...Read more
In light of the uncertainties...Read more
As of September 30, 2019,...Read more
Revenues from rental properties increased...Read more
Net cash flow used in...Read more
Revenues from rental properties includes...Read more
Revenues from rental properties includes...Read more
Among the many uncertainties that...Read more
Depreciation and amortization expense related...Read more
Additional environmental liabilities could cause...Read more
FFO for the three months...Read more
The increase in revenues from...Read more
The increase in revenues from...Read more
As a result of these...Read more
Environmental expenses for the three...Read more
Environmental expenses for the nine...Read more
We believe that our operating...Read more
We believe that our most...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
24 As part of our...Read more
We anticipate that a majority...Read more
Statements preceded by, followed by,...Read more
It is also possible that...Read more
The Revolving Facility permits borrowings...Read more
For the nine months ended...Read more
For the nine months ended...Read more
We seek reimbursement from state...Read more
Our cash flow activities for...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: 0001564590-19-037758
Submitted to the SEC: Thu Oct 24 2019 2:54:56 PM EST
Accepted by the SEC: Fri Oct 25 2019
Period: Monday, September 30, 2019
Industry: Real Estate