This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Getty Realty Corp. Announces Financial Results For The Quarter And Year Ended December 31, 2011 And Provides Update On Dividend

Stocks in this article: GTY

Getty Realty Corp. (NYSE-GTY) (“Getty” or the “Company”) today reported its financial results for the quarter and year ended December 31, 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 December 31, 2011:

  • Total revenue increase of $9.6 million to $31.7 million as compared to the quarter ended December 31, 2010
  • Adjusted funds from operations (“AFFO”) of $8.6 million, or $0.26 per share
  • Funds from operations (“FFO”) of $0.3 million, or $0.01 per share, after charges
  • Net loss of $19.5 million, or $0.58 per share, after charges

AFFO and FFO are supplemental non-GAAP measures of the performance of real estate investment trusts. In accordance with the National Association of Real Estate Investment Trusts’ modified guidance for reporting FFO, Getty has restated reporting of FFO for all periods presented to exclude non-cash impairment charges. Details about this change, related definitions and reconciliations to net earnings can be found in the financial tables at the end of this release.

Financial Results:

Results for the quarter and year ended December 31, 2011 were materially affected by events related to Getty Petroleum Marketing Inc. (“Marketing”) filing for Chapter 11 protection under the Federal Bankruptcy Code (the “Marketing Bankruptcy”) as more fully described below and in the Company’s other filings with the SEC including the Company’s Annual Report on Form 10-K which was filed today. Accordingly, the Company’s results of operations for the quarter ended December 31, 2011 and balance sheet as of December 31, 2011 include the following adjustments:

  • $8.7 million non-cash allowance for deferred rental revenue related to the Master Lease (in addition to the $11.0 million allowance recorded during the quarter ended September 30, 2011) fully reserving for the deferred rent receivable relating to the Master Lease;
  • $8.8 million provision for bad debts, primarily attributable to nonpayment of pre-petition rent and real estate taxes due from Marketing;
  • $1.5 million legal and other professional fees related to the Marketing Bankruptcy;
  • $47.9 million accrued liability representing the assumption of aggregate Marketing Environmental Liabilities; and
  • $17.1 million impairment charges related to the Marketing portfolio.

Earnings from continuing operations, net earnings and FFO for both the quarter and year ended December 31, 2011, were materially adversely impacted by $8.7 million and $19.8 million of non-cash charges, respectively, recorded to reflect an increase in the Company’s straight-line rent reserve related to the Company’s Master Lease with Marketing and $10.3 million for bad debts, legal fees and other professional fees related to the Marketing Bankruptcy.

1 of 7

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs