Getty Realty Corp (GTY) 10-Q Quarterly Report April 2022

“Our net leased portfolio of convenience and automotive retail real estate delivered another quarter of solid earnings and cash flow growth,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “Our tenant base, consisting of institutional operators with essential retail operations in dense metropolitan areas, continues to perform well and maintain healthy rent coverage ratios. In addition, our recent capital markets activity and undrawn credit facility provide us with the capacity to continue executing on our investment strategy. We remain disciplined in our underwriting, but continue to see compelling opportunities and, with a pickup already in the second quarter, expect investment activity to accelerate as we move through the year.”

Net Earnings, FFO and AFFO

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 at the end of this release.

	Three Months Ended March 31,
	2022		2021
Net earnings	$	18,749	$	17,927
Net earnings per share		0.39		0.40

FFO	$	23,262	$	19,921
FFO per share		0.49		0.44

AFFO	$	24,851	$	22,095
AFFO per share		0.52		0.49

The following information was filed by Getty Realty Corp (GTY) on Wednesday, April 27, 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-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 - Expense Highlight
In addition, during the three months ended March 31, 2022 and 2021, we recorded credits to environmental expenses aggregating $0.8 million and $0.3 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 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 - Expense Highlight
The decrease in property costs for the three months ended March 31, 2022 was principally due to reductions in rent expense and reimbursable and non-reimbursable real estate taxes.
Financial - Shares Highlight
30 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.
Financial - Expense
Impairment charges for the three...Read more
Revenue - Geography
Although we have made estimates,...Read more
Financial - Expense
The impairment charges were attributable...Read more
Legal - Other
Except for our ongoing obligations...Read more
Financial - Expense
The decrease in environmental expenses...Read more
Other - Other
The increase was due to...Read more
Financial - Debt
Any event of default, if...Read more
Financial - Earnings
FFO is defined by the...Read more
Financial - Dividend
Matters related to our former...Read more
Financial - Dividend
Payment of dividends is subject...Read more
Financial - Cash Flow
We reduced the carrying amounts...Read more
Revenue - Product
Three months ended March 31,...Read more
Other - Other
In light of the uncertainties...Read more
Revenue - Geography
We believe that conforming to...Read more
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As of March 31, 2022,...Read more
Financial - Cash Flow
Net cash flow used in...Read more
Financial - Cash Flow
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Financial - Expense
Depreciation and amortization expense related...Read more
Financial - Expense
The increase in depreciation and...Read more
Financial - Dividend
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Financial - Cash Flow
We believe that our operating...Read more
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Legal - Other
In July 2012, we purchased...Read more
Financial - Expense
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 10.3: Material Contract

Exhibit 10.4: Material Contract

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-Q Quarterly Report
Accession Number: 0001564590-22-016457
Submitted to the SEC: Thu Apr 28 2022 4:19:20 PM EST
Accepted by the SEC: Thu Apr 28 2022
Period: Thursday, March 31, 2022
Industry: Real Estate