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Getty Realty Corp. (NYSE-GTY) (“Getty” or the “Company”) today reported its preliminary financial results for the third quarter 2011. All per share amounts in this press release are presented on a fully diluted per common share basis, unless stated otherwise.
Highlights for the Quarter Ended September 30, 2011 (comparisons are to the quarter ended September 30, 2010):
Revenue increase of $6.1 million to $28.1 million
Adjusted funds from operations (“AFFO”) increase of 28% to $19.7 million, or $0.59 per share
Funds from operations (“FFO”) of $7.9 million, or $0.24 per share
Net earnings of $5.4 million, or $0.16 per share
AFFO and FFO are supplemental non-GAAP measures of the performance of real estate investment trusts and are defined and reconciled to net earnings in the financial tables at the end of this release.
Significant items impacting third quarter 2011 earnings from continuing operations and net earnings include:
$6.1 million increase in revenue primarily from 125 properties acquired in 2011 and, to a lesser extent, rent escalations
$2.9 million increase in operating expenses exclusive of certain non-cash charges (see “ Operating Income” below for additional information)
$11.0 million non-cash allowance for deferred rental revenue related to the Company’s “Master Lease” with Getty Petroleum Marketing Inc. (“Marketing”)
$0.6 million non-cash impairment charges
For both the quarter and nine months ended September 30, 2011, earnings from continuing operations, net earnings and FFO were materially adversely affected by an $11.0 million non-cash charge recorded during the quarter to reflect an increase in the Company’s straight-line rent reserve related to the Company’s Master Lease with Marketing.