Getty Realty Corp (GTY) 10-K Annual Report February 2022

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Getty Realty Corp

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CIK: 1052752 Ticker: GTY

Exhibit 99.1

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES

FOURTH QUARTER AND FULL YEAR 2021 RESULTS

- Exceeds High End of 2021 Guidance -

- Provides 2022 Annual Guidance -

NEW YORK, NY, February 23, 2022

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

Fourth Quarter 2021 Highlights

•	Net earnings: $0.38 per share

•	Funds From Operations (“FFO”): $0.47 per share

•	Adjusted Funds From Operations (“AFFO”): $0.51 per share

•	AFFO excluding stock-based compensation and amortization of debt issuance costs: $0.54 per share

•	Invested $64.4 million across 23 properties

•	Completed two redevelopment projects

•	Amended and extended $300 million revolving credit facility

Full Year 2021 Highlights

•	Net earnings: $1.37 per share

•	FFO: $1.88 per share

•	AFFO: $1.97 per share

•	AFFO excluding stock-based compensation and amortization of debt issuance costs: $2.08 per share

•	Invested $200.0 million across 100 properties

•	Completed five redevelopment projects

•	Raised $94.1 million via the Company’s ATM equity program

“Our performance in 2021 demonstrated the effective execution of our business plan as we continue to expand our platform, grow our portfolio and increase profitability,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “With a focused investment strategy and efficient access to capital, we invested $200 million in convenience and automotive retail real estate during the year, including $64 million in the fourth quarter. These investments consisted of the acquisition, development funding and/or redevelopment of more than 100 properties including convenience stores, car wash properties, auto service centers and a drive-thru quick service restaurant.”

Mr. Constant continued, “The effective execution of our growth strategy has allowed us to enhance and diversify our portfolio by tenant, geography and property type. This external growth, combined with the durable rental income from our portfolio of essential use assets, resulted in 7% AFFO per share growth

The following information was filed by Getty Realty Corp (GTY) on Wednesday, February 23, 2022 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 - Expense Highlight
In addition, during the years ended December 31, 2021, 2020 and 2019, we recorded credits to environmental expenses aggregating $1.8 million, $3.1 million and $5.4 million, respectively, where decreases in estimated remediation costs exceeded the depreciated carrying value of previously capitalized asset retirement costs.

Financial - Cash Flow Highlight
Additionally, while we expect to continue our overall growth strategy during the 2022 and to fund our business operations from cash flows from our properties and our Revolving Facility, the rapid developments and fluidity of COVID-19 may cause us to re-evaluate, if not suspend, our growth strategy and/or to rely more heavily on borrowings under our Revolving Facility, proceeds from the sale of shares of our common stock under our ATM Program, or other sources of liquidity.
Financial - Shares Highlight
During the year ended December 31, 2021, we raised gross proceeds of $94.1 million through our ATM equity program pursuant to which we are able to issue and sell shares of our common stock with an aggregate sales price of up to $250.0 million.
Financial - Shares Highlight
In March 2018, we established an at-the-market equity offering program (the "2018 ATM Program"), pursuant to which we are able to issue and sell shares of our common stock with an aggregate sales price of up to $125.0 million through a consortium of banks acting as agents.
Financial - Shares Highlight
In February 2021, we established a new at-the-market equity offering program (the "ATM Program"), pursuant to which we are able to issue and sell shares of our common stock with an aggregate sales price of up to $250.0 million through a consortium of banks acting as agents.
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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Getty Realty Corp provided additional information to their SEC Filing as exhibits

Exhibit 4.2: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: GTY
CIK: 1052752
Form Type: 10-K Annual Report
Accession Number: 0001564590-22-006773
Submitted to the SEC: Thu Feb 24 2022 5:16:00 PM EST
Accepted by the SEC: Thu Feb 24 2022
Period: Friday, December 31, 2021
Industry: Real Estate