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Getty Realty Corp (GTY) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Getty Realty Corp

CIK: 1052752 Ticker: GTY

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2020 RESULTS

- Provides 2021 Annual Guidance -

NEW YORK, NY, February 23, 2021

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

Highlights for the Fourth Quarter

Net earnings of $0.77 per diluted share

Funds From Operations (“FFO”) of $0.91 per diluted share

Adjusted Funds From Operations (“AFFO”) of $0.48 per diluted share

Collected 99% of contractually due rent and mortgage payments

Acquired 10 properties for an aggregate of $45.1 million

Completed one redevelopment project

Issued $175.0 million of 3.43% senior unsecured notes due 2030

Highlights for the Full Year 2020

Net earnings of $1.62 per diluted share

FFO of $2.31 per diluted share

AFFO of $1.84 per diluted share

Collected 98% of contractually due rent and mortgage payments

Acquired 34 properties for an aggregate of $150.0 million

Completed six redevelopment projects

Raised $64.4 million via the Company’s at-the-market (“ATM”) equity program

“Our solid performance in 2020 reinforces the value proposition of Getty’s portfolio of essential convenience stores, gasoline stations and other automotive properties, as we were able to deliver meaningful growth in an environment marked by the ongoing COVID-19 pandemic,” commented Christopher J. Constant, Getty’s President & Chief Executive Officer. “We achieved AFFO per share growth of 12% in the fourth quarter and 7% for the full year as we benefited from our reliable rent escalators, greater acquisition activity and the completion of select redevelopment projects.  The resilience of our portfolio was evident from monthly rent collections that were maintained at or above 95% throughout the year and stable occupancy of greater than 99%.  As we look ahead, we remain encouraged by our roster of tenants that offer consumers convenience and necessity services, which we expect will generate ongoing demand for their businesses. Getty also continues to be well capitalized with a flexible balance sheet which we believe will be advantageous as we underwrite a growing pipeline of investment prospects, including additional redevelopment projects, as we look to maximize value for all stakeholders.”

Net Earnings

The Company reported net earnings for the quarter ended December 31, 2020 of $33.8 million, or $0.77 per diluted share, as compared to net earnings of $13.7 million, or $0.33 per diluted share, for the same period in 2019. The Company reported net earnings for the year ended December 31, 2020 of $69.4 million, or $1.62 per diluted share, as compared to net earnings of $49.7 million, or $1.19 per diluted share, for the same period in 2019. Net earnings for the quarter and year ended December 31, 2020 included a $20.5 million legal settlement in favor of the Company with respect to certain litigation settled in December 2020.


The following information was filed by Getty Realty Corp (GTY) on Tuesday, February 23, 2021 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Acquired Intangible Assets
Acquired Intangible Assets (Tables)
Acquired Intangible Assets - Additional Information (Detail)
Acquired Intangible Assets - Schedule Of Amortization For Acquired Intangible Assets (Detail)
Assets Held For Sale
Assets Held For Sale (Tables)
Assets Held For Sale - Additional Information (Detail)
Assets Held For Sale - Summary Of Real Estate Held For Sale (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)
Earnings Per Common Share
Earnings Per Common Share (Tables)
Earnings Per Common Share - Additional Information (Detail)
Earnings Per Common Share - Computation Of Basic And Diluted Earnings Per Common Share (Detail)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Additional Information (Detail)
Employee Benefit Plans - Schedule Of Activity Relating To Restricted Stock Units Outstanding (Detail)
Employee Benefit Plans - Schedule Of Vesting Activity Relating To Restricted Stock Units Outstanding (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)
Income Taxes
Income Taxes - Additional Information (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)
Quarterly Financial Data
Quarterly Financial Data (Tables)
Quarterly Financial Data - Summary Of Quarterly Results Of Operations (Detail)
Schedule Ii - Valuation And Qualifying Accounts And Reserves
Schedule Ii - Valuation And Qualifying Accounts And Reserves (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization - Schedule Of Changes In Real Estate Assets And Accumulated Depreciation (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 1 (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 10 (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 11 (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 12 (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 13 (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 14 (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 15 (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 16 (Parenthetical) (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 17 (Parenthetical) (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 18 (Parenthetical) (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 2 (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 3 (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 4 (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 5 (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 6 (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 7 (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 8 (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation And Amortization Part 9 (Detail)
Schedule Iv - Additional Information (Detail)
Schedule Iv - Changes In Carrying Amount Of Mortgage Loans (Detail)
Schedule Iv - Mortgage Loans On Real Estate
Schedule Iv - Mortgage Loans On Real Estate (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
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Ticker: GTY
CIK: 1052752
Form Type: 10-K Annual Report
Accession Number: 0001564590-21-008446
Submitted to the SEC: Thu Feb 25 2021 8:32:56 AM EST
Accepted by the SEC: Thu Feb 25 2021
Period: Thursday, December 31, 2020
Industry: Real Estate

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