Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) today reported its financial results for the quarter ended March 31, 2012. All per share amounts in this press release are presented on a fully diluted per common share basis, unless stated otherwise.
Results for the quarter ended March 31, 2012 continued to be materially affected by events related to Getty Petroleum Marketing Inc.’s (“Marketing”) filing for Chapter 11 protection under the Federal Bankruptcy Code (the “Marketing Bankruptcy”). The results do not reflect any of the impact of the repositioning of the properties previously leased to Marketing as announced by the Company subsequent to the end of the first quarter of 2012 and as more fully described below.
Earnings from continuing operations, net earnings and funds from operations (FFO) for the quarter ended March 31, 2012, were materially adversely impacted by a reduction in the net contribution from the properties that were subject to the Master Lease with Marketing as more fully described in the Company’s Quarterly Report on Form 10-Q filed today.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. Net Earnings: The Company reported net earnings for the quarter ended March 31, 2012 of $6.5 million, or $0.19 per share, as compared to earnings of $11.4 million for the quarter ended March 31, 2011. Adjusted Funds From Operations (AFFO) and Funds From Operations (FFO): AFFO decreased by $6.7 million to $9.7 million, or $0.29 per share, as compared to $16.4 million, or $0.50 per share, for the quarter ended March 31, 2011. FFO decreased by $4.3 million to $10.3 million, or $0.31 per share for the quarter ended March 31, 2012, as compared to $14.6 million, or $0.45 per share, for the quarter ended March 31, 2011.