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Getty Realty Corp (GTY) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Getty Realty Corp

CIK: 1052752 Ticker: GTY

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES SECOND QUARTER 2020 RESULTS

JERICHO, NY, July 22, 2020

— Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today its financial results for the quarter ended June 30, 2020.

Highlights For The Second Quarter

 

Net earnings of $0.26 per share

 

Funds From Operations (FFO) of $0.44 per share

 

Adjusted Funds From Operations (AFFO) of $0.44 per share

 

Acquired three properties for an aggregate of $11.4 million

 

Completed two redevelopment projects

 

Collected 98% of contractual base rent and mortgage payments for the month of July and received payment for substantially all rent and mortgage deferrals that were due in July

“We are pleased to deliver another quarter of solid performance, as we continue to successfully navigate the ongoing uncertain environment. Our results for the second quarter reflect the strength of our portfolio and the continued successful execution of our strategic initiatives, including select accretive acquisitions, redevelopment projects, and focused asset management,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “The resilience of our business is evident in our strong rent collections for the second quarter, which continued in July with the Company collecting 98% of contractual base rent and mortgage payments. We have also received substantially all of the deferrals that were due in July. Given Getty’s low leverage, ample liquidity and secure cash flow stream from our well-insulated portfolio of convenience store & gasoline station properties, we believe we remain well-positioned to grow our Company and continue to drive shareholder value.”

Net Earnings

The Company reported net earnings for the quarter ended June 30, 2020, of $11.0 million, or $0.26 per share, as compared to net earnings of $13.2 million, or $0.32 per share, for the same period in 2019. The Company reported net earnings for the six months ended June 30, 2020, of $23.7 million, or $0.56 per share, as compared to net earnings of $24.1 million, or $0.58 per share, for the same period in 2019.

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

FFO for the quarter ended June 30, 2020, was $18.6 million, or $0.44 per share, as compared to $19.6 million, or $0.47 per share, for the same period in 2019. FFO for the six months ended June 30, 2020, was $38.6 million, or $0.91 per share, as compared to $37.5 million, or $0.90 per share, for the same period in 2019.

AFFO for the quarter ended June 30, 2020, was $18.6 million, or $0.44 per share, as compared to $18.1 million, or $0.43 per share, for the same period in 2019. AFFO for the six months ended June 30, 2020, was $37.9 million, or $0.90 per share, as compared to $35.7 million, or $0.86 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 $2.7 million to $36.3 million for the quarter ended June 30, 2020, as compared to $33.6 million for the same period in 2019. Rental income contractually due from tenants included in revenues from rental properties was $31.8 million for the quarter ended June 30, 2020, as compared


The following information was filed by Getty Realty Corp (GTY) on Wednesday, July 22, 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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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: 0001564590-20-033255
Submitted to the SEC: Thu Jul 23 2020 4:15:49 PM EST
Accepted by the SEC: Thu Jul 23 2020
Period: Tuesday, June 30, 2020
Industry: Real Estate

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