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Getty Realty Corp (GTY) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

GTY Quarterly Reports

Getty Realty Corp

CIK: 1052752 Ticker: GTY

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES FIRST QUARTER 2020 RESULTS

JERICHO, NY, May 6, 2020

— Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today its financial results for the quarter ended March 31, 2020.

Highlights For The First Quarter

 

Net earnings of $0.30 per share

 

Funds From Operations (FFO) of $0.47 per share

 

Adjusted Funds From Operations (AFFO) of $0.46 per share

 

Acquired 12 properties for an aggregate of $57.3 million

 

Completed two redevelopment projects

 

Withdraws previously issued 2020 guidance range

“Getty’s portfolio of convenience store & gasoline station properties continued to produce growth in the first quarter. We are pleased to have delivered earnings growth driven by a combination of rent increases, acquisitions and effective management of our overhead costs. While we remain focused on growing our business, given the current public health crisis, our highest near-term priority is the health and safety of our employees, our tenants and the communities where we own properties. Since most of our tenants’ businesses provide services that are considered essential under state orders and federal guidelines, they have remained open and operational, although they have not avoided the general decline in economic activity resulting from the current pandemic” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “Getty collected 97% of our April rents, however, the longer that COVID-19 shelter in place directives continue, the greater the possibility that there could be impacts to our 2020 financial performance. By working with our tenants who need assistance, which has been limited to date, we believe we can effectively navigate this uncertain environment. Getty’s well-capitalized balance sheet and additional capacity on our credit facility provides us with sufficient liquidity as well as the financial flexibility to capitalize on opportunities that emerge from the current environment in our efforts to build shareholder value.”

Net Earnings

The Company reported net earnings for the quarter ended March 31, 2020, of $12.7 million, or $0.30 per share, as compared to net earnings of $10.9 million, or $0.26 per share, for the same period in 2019.

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

FFO for the quarter ended March 31, 2020, was $20.0 million, or $0.47 per share, as compared to $17.8 million, or $0.43 per share, for the same period in 2019.

AFFO for the quarter ended March 31, 2020, was $19.3 million, or $0.46 per share, as compared to $17.5 million, or $0.42 per share, for the same period in 2019.

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 $1.4 million to $34.7 million for the quarter ended March 31, 2020, as compared to $33.3 million for the same period in 2019. Rental income contractually due from tenants included in revenues from rental properties was $31.4 million for the quarter ended March 31, 2020, as compared to $29.2 million for the quarter ended March 31, 2019. The growth in revenues from rental properties


The following information was filed by Getty Realty Corp (GTY) on Wednesday, May 6, 2020 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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Getty Realty Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Getty Realty Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Accounting Policies
Accounting Policies (Policies)
Accounting Policies - Additional Information (Detail)
Assets Held For Sale
Assets Held For Sale - Additional Information (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 And Senior Unsecured Notes (Detail)
Debt - Schedule Of Maturity Amounts Outstanding Under Credit Agreement And Senior Unsecured Notes (Parenthetical) (Detail)
Debt - Summary Of Scheduled Debt Maturities, Including Balloon Payments (Detail)
Debt - Summary Of Scheduled Debt Maturities, Including Balloon Payments (Parenthetical) (Detail)
Description Of Business
Description Of Business - Additional Information (Detail)
Earnings Per Common Share
Earnings Per Common Share (Tables)
Earnings Per Common Share - Computation Of Basic And Diluted Earnings Per Common Share (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)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Future Contractual Annual Rentals Receivable (Detail)
Leases - Getty Petroleum Marketing Inc. - Additional Information (Detail)
Leases - Major Tenants - Additional Information (Detail)
Leases - Schedule Of Information Related To Lease Costs For Finance And Operating Leases (Detail)
Leases - Schedule Of Lease-Related Assets And Liabilities (Detail)
Leases - Schedule Of Reconciles The Undiscounted Cash Flows For Direct Financing Lease Liabilities And Operating Lease Liabilities (Detail)
Leases - Schedule Of Supplemental Cash Flow Information Related To Leases (Detail)
Leases - Summary Of Weighted-Average Remaining Lease Terms And Discount Rates (Detail)
Property Acquisitions
Property Acquisitions - Additional Information (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
Subsequent Events - Additional Information (Detail)

Material Contracts, Statements, Certifications & more

Getty Realty Corp provided additional information to their SEC Filing as exhibits

Ticker: GTY
CIK: 1052752
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-021936
Submitted to the SEC: Wed May 06 2020 4:14:17 PM EST
Accepted by the SEC: Wed May 06 2020
Period: Tuesday, March 31, 2020
Industry: Real Estate

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