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Getty Realty Corp (GTY) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

GTY Quarterly Reports

Getty Realty Corp

CIK: 1052752 Ticker: GTY

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES FIRST QUARTER 2022 RESULTS

- Increases 2022 Annual Guidance -

NEW YORK, NY, April 27, 2022

— Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today its financial results for the quarter ended March 31, 2022.

First Quarter 2022 Highlights

Net earnings of $0.39 per share

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

Adjusted Funds From Operations (“AFFO”) of $0.52 per share

Completed $225 million private placement of senior unsecured notes

Invested $8.8 million across five properties

Subsequent to quarter end, invested $44.0 million across 12 properties

“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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Getty Realty Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 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 (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)
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: 0001564590-22-016457
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

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