This Day On The Street
Continue to site
ADVERTISEMENT
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

Getty Realty Corp. Announces Financial Results For The Quarter Ended March 31, 2012

Per share amount comparisons for AFFO, FFO and net earnings were adversely affected by a 2.7% increase in the number of shares outstanding in the current quarter resulting from the Company’s equity issuance in the first quarter of 2011.

Operating Income:

Revenues from rental properties included in continuing operations include approximately $12.6 million and $9.6 million for the three months ended March 31, 2012 and 2011, respectively, of rent contractually due or received from tenants other than Marketing. The increase in rent contractually due or received from these tenants for the three months ended March 31, 2012 was primarily due to rental income from properties the Company acquired in January and March 2011.

Revenues contractually due from Marketing included in continuing operations for the three months ended March 31, 2012 were approximately $18.0 million as compared to $15.1 million for the three months ended March 31, 2011. However, for the three months ended March 31, 2012, the Company provided $10.0 million of additional reserves for bad debts, which are included in general and administrative expenses, against the $18.0 million in revenues contractually due from Marketing, which the Company does not expect to collect. The reported increase in the rent contractually due from Marketing was primarily due to a $2.8 million increase in the real estate taxes the Company pays and bills to Marketing.

Rental property expenses included in continuing operations, which are primarily comprised of rent expense and real estate and other state and local taxes, were $6.7 million for the three months ended March 31, 2012, as compared to $3.5 million for the three months ended March 31, 2011. The increase in rental property expenses is principally due to additional real estate tax and rent expense paid by the Company and reimbursable by the Company’s tenants related to properties and leasehold interests acquired in 2011 and accrued past due real estate taxes historically paid by Marketing.

2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs