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

Depreciation and amortization expense included in continuing operations was $4.0 million for the three months ended March 31, 2012, as compared to $2.3 million for the three months ended March 31, 2011. The increase was primarily due to depreciation charges related to capitalized asset retirement costs and properties acquired in 2011, partially offset by the effect of certain assets becoming fully depreciated, lease terminations and dispositions of real estate.

General and administrative expenses, including bad debt reserves and expenses related to Marketing, were $13.1 million for the three months ended March 31, 2012, as compared to $4.9 million for the three months ended March 31, 2011. The increase in general and administrative expenses was principally due to $10.0 million in additional reserves for bad debts attributable to nonpayment of rent and real estate taxes due from Marketing that is not expected to be collected, $1.0 million of legal and professional fees incurred related to Marketing’s defaults of its obligations under the Master Lease and bankruptcy filing and higher employee related expenses recorded in the three months ended March 31, 2012. General and administrative expenses for the three months ended March 31, 2011 contained a one-time expense of $2.0 million related to property acquisition costs.

Non-cash impairment charges of $0.4 million are included in continuing operations for the quarter ended March 31, 2012 as compared to $1.0 million recorded for the three months ended March 31, 2011. The non-cash impairment charges recorded during the quarter ended March 31, 2012 were primarily attributable to the accumulation of costs increasing the carrying value of certain properties above their fair value in conjunction with increases in estimated environmental liabilities. The non-cash impairment charges recorded for the three months ended March 31, 2011 resulted from reductions in real estate valuations and the reductions in the assumed holding period used to test for impairment.

Stock quotes in this article: GTY 

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