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

Getty Realty Corp

CIK: 1052752 Ticker: GTY

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES THIRD QUARTER 2020 RESULTS

JERICHO, NY, October 21, 2020

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

Highlights For The Third Quarter

 

Net earnings of $0.27 per share

 

Funds From Operations (FFO) of $0.48 per share

 

Adjusted Funds From Operations (AFFO) of $0.47 per share

 

Acquired nine properties for an aggregate of $36.1 million

 

Completed one redevelopment project

 

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

“Our third quarter performance demonstrates the favorable positioning and resilience of our portfolio as well as the growth potential of our platform. The current economic uncertainty notwithstanding, our rent collections during the third quarter continued to be very strong and we are benefiting from the largely essential nature of our tenants who operate convenience stores, gas stations and related automotive businesses,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “We also continued to successfully execute on our growth strategy as we further enhanced our portfolio with the completion of additional portfolio acquisitions and a redevelopment project. We believe Getty’s commitment to its focused business plan has allowed us to deliver solid results bolstered by secure in-place rents, a conservative balance sheet to support growth, and a healthy pipeline of acquisition and redevelopment opportunities.”

Net Earnings

The Company reported net earnings for the quarter ended September 30, 2020, of $11.9 million, or $0.27 per share, as compared to net earnings of $11.9 million, or $0.28 per share, for the same period in 2019. The Company reported net earnings for the nine months ended September 30, 2020, of $35.6 million, or $0.83 per share, as compared to net earnings of $36.0 million, or $0.86 per share, for the same period in 2019.

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

FFO for the quarter ended September 30, 2020, was $20.8 million, or $0.48 per share, as compared to $19.1 million, or $0.46 per share, for the same period in 2019. FFO for the nine months ended September 30, 2020, was $59.3 million, or $1.39 per share, as compared to $56.6 million, or $1.36 per share, for the same period in 2019.

AFFO for the quarter ended September 30, 2020, was $20.2 million, or $0.47 per share, as compared to $18.1 million, or $0.43 per share, for the same period in 2019. AFFO for the nine months ended September 30, 2020, was $58.1 million, or $1.37 per share, as compared to $53.8 million, or $1.29 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 $1.5 million to $37.2 million for the quarter ended September 30, 2020, as compared to $35.7 million for the same period in 2019. Rental income contractually due from tenants


The following information was filed by Getty Realty Corp (GTY) on Wednesday, October 21, 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: 0001564590-20-047269
Submitted to the SEC: Thu Oct 22 2020 4:08:47 PM EST
Accepted by the SEC: Thu Oct 22 2020
Period: Wednesday, September 30, 2020
Industry: Real Estate

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