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Section 1: 8-K (8-K)

gty-8k_20191023.htm
false 0001052752 0001052752 2019-10-23 2019-10-23

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 23, 2019

 

GETTY REALTY CORP.

(Exact name of Registrant as Specified in Its Charter)

 

 

Maryland

001-13777

11-3412575

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

 

Two Jericho Plaza, Suite 110,

Jericho, New York

 

11753-1681

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (516) 478-5400

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock

 

GTY

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 


 

Item 2.02.

Results of Operations and Financial Condition.

On October 23, 2019, Getty Realty Corp. issued a press release announcing its results of operations for the quarter ended September 30, 2019. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated in this Item 2.02 by reference.

Item 9.01.

Financial Statements and Exhibits.

 

(d)

Exhibits:

 

Exhibit

Number

 

Description

 

 

 

99.1

 

Press release issued by Getty Realty Corp. on October 23, 2019.

 

The information contained in Item 2.02 and Exhibit 99.1 to this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Such information in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing.

1


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

GETTY REALTY CORP.

 

 

 

 

Date: October 23, 2019

 

By:

/s/ Danion Fielding

 

 

 

Danion Fielding

 

 

 

Vice President, Chief

 

 

 

Financial Officer and Treasurer

 

2

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Section 2: EX-99.1 (EX-99.1)

gty-ex991_6.htm

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES THIRD QUARTER 2019 RESULTS

JERICHO, NY, October 23, 2019 — Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today its financial results for the quarter ended September 30, 2019.

Highlights For The Third Quarter

 

Net earnings of $0.28 per share

 

Funds From Operations (FFO) of $0.46 per share

 

Adjusted Funds From Operations (AFFO) of $0.43 per share

 

Acquired five properties for an aggregate of $13.6 million

 

Completed two redevelopment projects

 

Issued $125.0 million of 10-year senior unsecured notes

 

Reaffirms full-year AFFO guidance

Christopher J. Constant, Getty’s President & Chief Executive Officer commented, “Our results in the third quarter demonstrate the consistency of our organic growth, along with the incremental contributions from our acquisition and redevelopment programs. We are pleased that we completed additional acquisitions as well as two redevelopment projects this quarter. Furthermore, we solidified our balance sheet with the issuance of $125 million of unsecured notes, which improved our cost of capital and extended the weighted average maturity of our outstanding debt. With a number of redevelopment projects in process, and a pipeline of acquisition opportunities, we remain confident in our ability to continue to drive attractive growth.”

Net Earnings

The Company reported net earnings for the quarter ended September 30, 2019, of $11.9 million, or $0.28 per share, as compared to net earnings of $10.9 million, or $0.27 per share, for the same period in 2018. The Company reported net earnings for the nine months ended September 30, 2019, of $36.0 million, or $0.86 per share, as compared to net earnings of $34.5 million, or $0.85 per share, for the same period in 2018.

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

FFO for the quarter ended September 30, 2019, was $19.1 million, or $0.46 per share, as compared to $17.9 million, or $0.44 per share, for the same period in 2018. FFO for the nine months ended September 30, 2019, was $56.6 million, or $1.36 per share, as compared to $53.3 million, or $1.31 per share, for the same period in 2018.

AFFO for the quarter ended September 30, 2019, was $18.1 million, or $0.43 per share, as compared to $17.9 million, or $0.44 per share, for the same period in 2018. AFFO for the nine months ended September 30, 2019, was $53.8 million, or $1.29 per share, as compared to $52.1 million, or $1.28 per share, for the same period in 2018.

All per share amounts in this press release 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 increased by $1.8 million to $35.7 million for the quarter ended September 30, 2019, as compared to $33.9 million for the same period in 2018. Rental income contractually due from tenants included in revenues from rental properties was $30.1 million for the quarter ended September 30, 2019, as compared to $29.1 million for the quarter ended September 30, 2018. Revenues from rental properties increased


by $3.8 million to $102.5 million for the nine months ended September 30, 2019, as compared to $98.7 million for the nine months ended September 30, 2018. Rental income contractually due from tenants included in revenues from rental properties was $88.7 million for the nine months ended September 30, 2019, as compared to $85.0 million for the nine months ended September 30, 2018. The growth in revenues from rental properties for the quarter and nine months ended September 30, 2019, was primarily due to revenue from properties acquired by the Company in 2018 and 2019, along with contractual rent increases. Tenant reimbursements included in revenues from rental properties, which consist of real estate taxes and other municipal charges paid by the Company which were reimbursable by the tenants pursuant to the terms of triple-net lease agreements, were $5.4 million and $4.3 million for the quarter ended September 30, 2019 and 2018, respectively, and were $13.0 million and $11.9 million for the nine months ended September 30, 2019 and 2018, respectively.

Property costs were $7.3 million for the quarter ended September 30, 2019, as compared to $5.6 million for the same period in 2018. The increase in property costs for the quarter ended September 30, 2019, was principally due to an increase in reimbursable and non-reimbursable real estate taxes and professional fees related to property redevelopments. Property costs were $18.4 million for the nine months ended September 30, 2019, as compared to $17.0 million for the same period in 2018. The increase in property costs for the nine months ended September 30, 2019, was principally due to an increase in reimbursable real estate taxes and professional fees related to property redevelopments.

Environmental expenses were $5.7 million for the quarter ended September 30, 2019, as compared to $1.2 million for the same period in 2018. Environmental expenses were $7.4 million for the nine months ended September 30, 2019, as compared to $3.6 million for the same period in 2018. The increase in environmental expenses for the quarter and nine months ended September 30, 2019, was principally due to an increase in environmental litigation accruals. Environmental expenses vary from period to period and, accordingly, undue reliance should not be placed on the magnitude or the direction of changes in reported environmental expenses for one period, as compared to prior periods.

General and administrative expense was $3.6 million for the quarter ended September 30, 2019 and 2018. General and administrative expense was $11.4 million for the nine months ended September 30, 2019, as compared to $11.0 million for the same period in 2018. The increase in general and administrative expense for the nine months ended September 30, 2019, was principally due to $0.3 million of non-recurring employee related expenses attributable to retirement costs.

Impairment charges were $0.9 million for the quarter ended September 30, 2019, as compared to $0.8 million for the same period in 2018. Impairment charges were $2.4 million for the nine months ended September 30, 2019, as compared to $4.8 million for the same period in 2018. Impairment charges for the quarter and nine months ended September 30, 2019 and 2018, were primarily attributable to the effect of adding asset retirement costs due to changes in estimates associated with the Company’s environmental liabilities, reductions in estimated undiscounted cash flows expected to be received during the assumed holding period for certain of its properties, and reductions in estimated sales prices from third-party offers based on signed contracts, letters of intent or indicative bids for certain of its properties.

Portfolio Activities

During the quarter ended September 30, 2019, the Company acquired fee simple interests in five convenience store and gasoline station, and other automotive related properties for $13.6 million in the aggregate. During the nine months ended September 30, 2019, the Company acquired fee simple interests in 14 properties for an aggregate purchase price of $43.3 million. Subsequent to September 30, 2019, the Company acquired fee simple interests in two properties for a purchase price of $6.2 million in the aggregate.

Redevelopment Activities

During the quarter ended September 30, 2019, rent commenced on two completed redevelopment projects that were placed back into service in our net lease portfolio. During the nine months ended September 30, 2019, rent commenced on three completed redevelopment projects that were placed back into service in our net lease

 


portfolio. Since the inception of the redevelopment program in 2015, the Company has completed 12 redevelopment projects.

As of September 30, 2019, the Company was actively redeveloping six of its properties either as a new convenience and gasoline use or for alternative single-tenant net lease retail uses. In addition to the six properties currently classified as redevelopment, the Company is in various stages of feasibility and planning for the recapture of select properties from its net lease portfolio that are suitable for redevelopment to either a new convenience and gasoline use or for alternative single-tenant net lease retail uses. As of September 30, 2019, the Company had signed leases on six properties, that are currently part of its net lease portfolio, which will be recaptured and transferred to redevelopment when the appropriate entitlements, permits and approvals have been secured.

Balance Sheet

On September 12, 2019, the Company issued $125.0 million of senior unsecured notes maturing in 2029 bearing interest at a fixed rate of 3.52%. The senior unsecured notes were issued in a private placement with The Prudential Insurance Company of America (“Prudential”), American General Life Insurance Company and Massachusetts Mutual Life Insurance Company, and are subject to substantially similar terms and conditions as the Company’s existing senior unsecured notes with Prudential. Proceeds from the transaction were used to repay outstanding indebtedness on the Company’s floating rate term loan and revolving credit facilities.

On September 12, 2019, the Company also amended its senior unsecured credit agreement to increase the Company’s borrowing capacity under its unsecured revolving credit facility from $250.0 million to $300.0 million and to reduce lender commitments under the Company’s unsecured term loan from $50.0 million to $0.0 million.

As of September 30, 2019, the Company had $450.0 million of outstanding indebtedness with a weighted average interest rate of 4.9%. The Company’s indebtedness consisted of an aggregate principal amount of $450.0 million of senior unsecured notes. There were no borrowings outstanding under the credit agreement. Total cash and cash equivalents were $37.6 million as of September 30, 2019.

2019 Guidance

The Company reaffirms its 2019 AFFO guidance at a range of $1.71 to $1.75 per diluted share. The Company’s guidance does not assume any potential future acquisitions or capital markets activities. The guidance is based on current plans and assumptions and is subject to risks and uncertainties more fully described in this press release and the Company’s periodic reports filed with the Securities and Exchange Commission.

Conference Call Information

Getty Realty Corp. will host a conference call and webcast on Thursday, October 24, 2019, at 8:30 a.m. EDT. To participate in the call, please dial (877) 423-9813, or (201) 689-8573 for international participants, ten minutes before the scheduled start. Participants may also access the call via live webcast by visiting the investors section of the Company's website at ir.gettyrealty.com.

A replay will be available on Thursday, October 24, 2019, beginning at 11:30 a.m. EDT through 11:59 p.m. EDT, Thursday, October 31, 2019. To access the replay, please dial (844) 512-2921, or (412) 317-6671 for international participants, and reference pass code 13694844.

About Getty Realty Corp.

Getty Realty Corp. is the leading publicly traded real estate investment trust in the United States specializing in the ownership, leasing and financing of convenience store and gasoline station properties. As of September 30, 2019, the Company owned 867 properties and leased 69 properties from third-party landlords in 33 states across the United States and Washington, D.C.

 


Non-GAAP Financial Measures

In addition to measurements defined by accounting principles generally accepted in the United States of America (“GAAP”), the Company also focuses on Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”) to measure its performance. FFO and AFFO are generally considered by analysts and investors to be appropriate supplemental non-GAAP measures of the performance of REITs. FFO and AFFO are not in accordance with, or a substitute for, measures prepared in accordance with GAAP. In addition, FFO and AFFO are not based on any comprehensive set of accounting rules or principles. Neither FFO nor AFFO represent cash generated from operating activities calculated in accordance with GAAP and therefore these measures should not be considered an alternative for GAAP net earnings or as a measure of liquidity. These measures should only be used to evaluate the Company’s performance in conjunction with corresponding GAAP measures.

FFO is defined by the National Association of Real Estate Investment Trusts as GAAP net earnings before depreciation and amortization of real estate assets, gains or losses on dispositions of real estate, impairment charges and cumulative effect of accounting change. The Company’s definition of AFFO is defined as FFO less (i) Revenue Recognition Adjustments (net of allowances), (ii) non-cash changes in environmental estimates, (iii) non-cash environmental accretion expense, (iv) environmental litigation accruals, (v) insurance reimbursements, (vi) legal settlements and judgments, (vii) acquisition costs expensed and (viii) other unusual items that are not reflective of the Company’s core operating performance. Other REITs may use definitions of FFO and/or AFFO that are different than the Company’s and, accordingly, may not be comparable.

FFO excludes various items such as depreciation and amortization of real estate assets, gains or losses on dispositions of real estate and impairment charges. In the Company’s case, however, GAAP net earnings and FFO typically include the impact of revenue recognition adjustments comprised of deferred rental revenue (straight-line rental revenue), the net amortization of above-market and below-market leases, adjustments recorded for recognition of rental income recognized from direct financing leases on revenues from rental properties and the amortization of deferred lease incentives, as offset by the impact of related collection reserves. Deferred rental revenue results primarily from fixed rental increases scheduled under certain leases with the Company’s tenants. In accordance with GAAP, the aggregate minimum rent due over the current term of these leases is recognized on a straight-line basis rather than when payment is contractually due. The present value of the difference between the fair market rent and the contractual rent for in-place leases at the time properties are acquired is amortized into revenue from rental properties over the remaining lives of the in-place leases. Income from direct financing leases is recognized over the lease terms using the effective interest method, which produces a constant periodic rate of return on the net investments in the leased properties. The amortization of deferred lease incentives represents the Company’s funding commitment in certain leases, which deferred expense is recognized on a straight-line basis as a reduction of rental revenue. GAAP net earnings and FFO include non-cash changes in environmental estimates and environmental accretion expense, which do not impact the Company’s recurring cash flow. GAAP net earnings and FFO also include environmental litigation accruals, insurance reimbursements, and legal settlements and judgments, which items are not indicative of the Company’s core operating performance. GAAP net earnings and FFO from time to time may also include acquisition costs expensed and other unusual items that are not reflective of the Company’s core operating performance. Acquisition costs are expensed, generally in the period when properties are acquired and are not reflective of our core operating performance.

The Company pays particular attention to AFFO, as the Company believes it best represents its core operating performance. In the Company’s view, AFFO provides a more accurate depiction than FFO of its core operating performance. By providing AFFO, the Company believes that it is presenting useful information that assists analysts and investors to better assess its core operating performance. Further, the Company believes that AFFO is useful in comparing the sustainability of its core operating performance with the sustainability of the core operating performance of other real estate companies.

 


Forward-Looking Statements

CERTAIN STATEMENTS CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. WHEN THE WORDS “BELIEVES,” “EXPECTS,” “PLANS,” “PROJECTS,” “ESTIMATES,” “ANTICIPATES,” “PREDICTS” AND SIMILAR EXPRESSIONS ARE USED, THEY IDENTIFY FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON MANAGEMENT’S CURRENT BELIEFS AND ASSUMPTIONS AND INFORMATION CURRENTLY AVAILABLE TO MANAGEMENT AND INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. EXAMPLES OF FORWARD-LOOKING STATEMENTS INCLUDE, BUT ARE NOT LIMITED TO, THOSE REGARDING THE COMPANY’S 2019 AFFO PER SHARE GUIDANCE, THOSE MADE BY MR. CONSTANT, STATEMENTS REGARDING THE RECAPTURE AND TRANSFER OF CERTAIN NET LEASE RETAIL PROPERTIES, AND STATEMENTS REGARDING THE ABILITY TO OBTAIN APPROPRIATE PERMITS AND APPROVALS.

INFORMATION CONCERNING FACTORS THAT COULD CAUSE THE COMPANY’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS CAN BE FOUND IN THE COMPANY’S PERIODIC REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY RELEASE REVISIONS TO THESE FORWARD-LOOKING STATEMENTS TO REFLECT FUTURE EVENTS OR CIRCUMSTANCES OR REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.

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GETTY REALTY CORP.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except per share amounts)

 

 

 

September 30,

2019

 

 

December 31,

2018

 

ASSETS

 

 

 

 

 

 

 

 

Real estate:

 

 

 

 

 

 

 

 

Land

 

$

656,496

 

 

$

631,185

 

Buildings and improvements

 

 

421,514

 

 

 

409,753

 

Construction in progress

 

 

2,144

 

 

 

2,168

 

 

 

 

1,080,154

 

 

 

1,043,106

 

Less accumulated depreciation and amortization

 

 

(163,877

)

 

 

(150,691

)

Real estate, net

 

 

916,277

 

 

 

892,415

 

Investment in direct financing leases, net

 

 

83,305

 

 

 

85,892

 

Notes and mortgages receivable

 

 

30,747

 

 

 

33,519

 

Cash and cash equivalents

 

 

35,639

 

 

 

46,892

 

Restricted cash

 

 

1,942

 

 

 

1,850

 

Deferred rent receivable

 

 

40,355

 

 

 

37,722

 

Accounts receivable, net of allowance of $1,790 and $2,094, respectively

 

 

2,879

 

 

 

3,008

 

Right-of-use assets - operating

 

 

22,724

 

 

 

 

Right-of-use assets - finance

 

 

1,043

 

 

 

 

Prepaid expenses and other assets, net

 

 

58,653

 

 

 

60,650

 

Total assets

 

$

1,193,564

 

 

$

1,161,948

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Borrowings under credit agreement, net

 

$

 

 

$

120,000

 

Senior unsecured notes, net

 

 

449,024

 

 

 

324,409

 

Environmental remediation obligations

 

 

58,849

 

 

 

59,821

 

Dividends payable

 

 

14,662

 

 

 

14,495

 

Lease liability - operating

 

 

23,351

 

 

 

 

Lease liability - finance

 

 

4,335

 

 

 

 

Accounts payable and accrued liabilities

 

 

58,422

 

 

 

62,059

 

Total liabilities

 

 

608,643

 

 

 

580,784

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value; 20,000,000 shares authorized; unissued

 

 

 

 

 

 

Common stock, $0.01 par value; 100,000,000 shares authorized; 41,189,974 and 40,854,491 shares issued and outstanding, respectively

 

 

412

 

 

 

409

 

Additional paid-in capital

 

 

649,762

 

 

 

638,178

 

Dividends paid in excess of earnings

 

 

(65,253

)

 

 

(57,423

)

Total stockholders’ equity

 

 

584,921

 

 

 

581,164

 

Total liabilities and stockholders’ equity

 

$

1,193,564

 

 

$

1,161,948

 


 


GETTY REALTY CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share amounts)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from rental properties

 

$

35,692

 

 

$

33,902

 

 

$

102,539

 

 

$

98,738

 

Interest on notes and mortgages receivable

 

 

736

 

 

 

793

 

 

 

2,226

 

 

 

2,314

 

Total revenues

 

 

36,428

 

 

 

34,695

 

 

 

104,765

 

 

 

101,052

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property costs

 

 

7,251

 

 

 

5,593

 

 

 

18,389

 

 

 

16,955

 

Impairments

 

 

928

 

 

 

832

 

 

 

2,400

 

 

 

4,808

 

Environmental

 

 

5,685

 

 

 

1,178

 

 

 

7,443

 

 

 

3,563

 

General and administrative

 

 

3,641

 

 

 

3,556

 

 

 

11,416

 

 

 

10,998

 

Allowance for doubtful accounts

 

 

102

 

 

 

357

 

 

 

74

 

 

 

364

 

Depreciation and amortization

 

 

6,321

 

 

 

6,068

 

 

 

18,571

 

 

 

17,569

 

Total operating expenses

 

 

23,928

 

 

 

17,584

 

 

 

58,293

 

 

 

54,257

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) on dispositions of real estate

 

 

 

 

 

(29

)

 

 

376

 

 

 

3,636

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

12,500

 

 

 

17,082

 

 

 

46,848

 

 

 

50,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense), net

 

 

5,637

 

 

 

(78

)

 

 

7,346

 

 

 

510

 

Interest expense

 

 

(6,247

)

 

 

(6,060

)

 

 

(18,179

)

 

 

(16,425

)

Net earnings

 

$

11,890

 

 

$

10,944

 

 

$

36,015

 

 

$

34,516

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

0.28

 

 

$

0.27

 

 

$

0.86

 

 

$

0.85

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

0.28

 

 

$

0.27

 

 

$

0.86

 

 

$

0.85

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

41,139

 

 

 

40,430

 

 

 

41,013

 

 

 

40,016

 

Diluted

 

 

41,176

 

 

 

40,455

 

 

 

41,043

 

 

 

40,031

 


 


GETTY REALTY CORP.

RECONCILIATION OF NET EARNINGS TO

FUNDS FROM OPERATIONS AND

ADJUSTED FUNDS FROM OPERATIONS

(Unaudited)

(in thousands, except per share amounts)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net earnings

 

$

11,890

 

 

$

10,944

 

 

$

36,015

 

 

$

34,516

 

Depreciation and amortization of real estate assets

 

 

6,321

 

 

 

6,068

 

 

 

18,571

 

 

 

17,569

 

(Gain) loss on dispositions of real estate

 

 

 

 

 

29

 

 

 

(376

)

 

 

(3,636

)

Impairments

 

 

928

 

 

 

832

 

 

 

2,400

 

 

 

4,808

 

Funds from operations

 

 

19,139

 

 

 

17,873

 

 

 

56,610

 

 

 

53,257

 

Revenue recognition adjustments

 

 

(184

)

 

 

(487

)

 

 

(799

)

 

 

(1,868

)

Changes in environmental estimates

 

 

(296

)

 

 

(71

)

 

 

(855

)

 

 

(679

)

Accretion expense

 

 

475

 

 

 

530

 

 

 

1,507

 

 

 

1,837

 

Environmental litigation accruals

 

 

4,650

 

 

 

26

 

 

 

4,677

 

 

 

26

 

Insurance reimbursements

 

 

(4,490

)

 

 

(4

)

 

 

(4,760

)

 

 

(313

)

Legal settlements and judgments

 

 

(1,146

)

 

 

 

 

 

(2,568

)

 

 

(147

)

Adjusted funds from operations

 

$

18,148

 

 

$

17,867

 

 

$

53,812

 

 

$

52,113

 

Basic per share amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

$

0.28

 

 

$

0.27

 

 

$

0.86

 

 

$

0.85

 

Funds from operations per share

 

 

0.46

 

 

 

0.44

 

 

 

1.36

 

 

 

1.31

 

Adjusted funds from operations per share

 

$

0.43

 

 

$

0.44

 

 

$

1.29

 

 

$

1.28

 

Diluted per share amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

$

0.28

 

 

$

0.27

 

 

$

0.86

 

 

$

0.85

 

Funds from operations per share

 

 

0.46

 

 

 

0.44

 

 

 

1.36

 

 

 

1.31

 

Adjusted funds from operations per share

 

$

0.43

 

 

$

0.44

 

 

$

1.29

 

 

$

1.28

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

41,139

 

 

 

40,430

 

 

 

41,013

 

 

 

40,016

 

Diluted

 

 

41,176

 

 

 

40,455

 

 

 

41,043

 

 

 

40,031

 

 

Contacts:

 

Danion Fielding

 

 

Chief Financial Officer

 

 

(516) 478-5400

 

 

 

 

 

Investor Relations

 

 

(516) 478-5418

 

 

[email protected]

 

 

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