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Getty Realty Corp (GTY) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Getty Realty Corp

CIK: 1052752 Ticker: GTY

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES SECOND QUARTER 2021 RESULTS

- Increases 2021 Annual Guidance -

NEW YORK, NY, July 28, 2021

— Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today its financial results for the quarter ended June 30, 2021.

Second Quarter Highlights

Net earnings of $0.28 per share

Funds From Operations (“FFO”) of $0.49 per share

Adjusted Funds From Operations (“AFFO”) of $0.49 per share

Invested an aggregate of $44.1 million across 53 properties

“Our second quarter performance reflects the strength of our in-place portfolio, as well as the compelling growth opportunity in the convenience and automotive retail sectors,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “During the quarter, we invested in 46 oil change centers, three car washes and four convenience stores, as well as a tire service center which closed subsequent to quarter end, bringing our year-to-date investment activity to $79 million. The net results of this recent activity include an 11% increase in AFFO per share for the second quarter, and an increase in our 2021 annual AFFO per share guidance. With an improving cost of capital, a strong track record of investing in freestanding properties offering essential goods and services, and attractive tailwinds in the convenience and broader automotive industries, we are confident in our platform’s ability to deliver continued growth.”

Net Earnings

Net earnings for the three months ended June 30, 2021 were $12.9 million, or $0.28 per share, as compared to net earnings of $11.0 million, or $0.26 per share, for the same period in 2020. Net earnings for the six months ended June 30, 2021 were $30.8 million, or $0.68 per share, as compared to net earnings of $23.7 million, or $0.56 per share, for the same period in 2020.

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

FFO for the three months ended June 30, 2021 was $22.0 million, or $0.49 per share, as compared to $18.6 million, or $0.44 per share, for the same period in 2020. FFO for the six months ended June 30, 2021 was $42.0 million, or $0.93 per share, as compared to $38.6 million, or $0.91 per share, for the same period in 2020.

AFFO for the three months ended June 30, 2021 was $22.1 million, or $0.49 per share, as compared to $18.6 million, or $0.44 per share, for the same period in 2020. AFFO for the six months ended June 30, 2021 was $43.1 million, or $0.96 per share, as compared to $37.9 million, or $0.90 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 “Non-GAAP Financial Measures” which are defined and reconciled to net earnings in the financial tables at the end of this release.


The following information was filed by Getty Realty Corp (GTY) on Wednesday, July 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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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
Ticker: GTY
CIK: 1052752
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-039198
Submitted to the SEC: Thu Jul 29 2021 4:54:20 PM EST
Accepted by the SEC: Thu Jul 29 2021
Period: Wednesday, June 30, 2021
Industry: Real Estate

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