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Getty Realty Corp (GTY) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Getty Realty Corp

CIK: 1052752 Ticker: GTY

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES FIRST QUARTER 2021 RESULTS

NEW YORK, NY, April 28, 2021

— Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today its financial results for the quarter ended March 31, 2021.

First Quarter Highlights

Net earnings of $0.40 per share

Funds From Operations (“FFO”) of $0.44 per share

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

Invested an aggregate of $30.3 million across nine properties

“The continued stability of our core portfolio and the strength of our tenants’ operating businesses resulted in another quarter of growth at Getty. We delivered strong financial results while effectively executing on our strategic growth plans, including investing more than $30 million in our target asset classes,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “As we look ahead, we are excited about the depth of our acquisition and redevelopment pipelines, and believe that our conservatively leveraged balance sheet and access to capital provide ample capacity to support our ongoing focus on growth opportunities.”

Net Earnings

The Company reported net earnings for the quarter ended March 31, 2021 of $17.9 million, or $0.40 per share, as compared to net earnings of $12.7 million, or $0.30 per share, for the same period in 2020.

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

FFO for the quarter ended March 31, 2021 was $19.9 million, or $0.44 per share, as compared to $20.0 million, or $0.47 per share, for the same period in 2020.

AFFO for the quarter ended March 31, 2021 was $20.9 million, or $0.47 per share, as compared to $19.3 million, or $0.46 per share, for the same period in 2020.

All per share amounts 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

For the quarter ended March 31, 2021, revenues from rental properties increased 6.6%, or $2.3 million, to $37.0 million, as compared to $34.7 million for the same period in 2020, including rental income contractually due from tenants of $33.5 million, as compared to $31.4 million for the same period in 2020.

The growth in revenues from rental properties was primarily due to incremental revenue from properties acquired by the Company in 2020 and the first quarter of 2021, as well as contractual rent increases for certain in-place leases.


The following information was filed by Getty Realty Corp (GTY) on Wednesday, April 28, 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-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 2021 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

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: 0001564590-21-021981
Submitted to the SEC: Thu Apr 29 2021 4:19:52 PM EST
Accepted by the SEC: Thu Apr 29 2021
Period: Wednesday, March 31, 2021
Industry: Real Estate

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