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Getty Realty Corp. Announces Preliminary Financial Results For The Third Quarter 2011

Stocks in this article: GTY

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.

Financial Results:

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.

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