This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Getty Realty Corp. Announces Financial Results For Quarter Ended June 30, 2012

Getty Realty Corp. (NYSE-GTY) (“Getty” or the “Company”) today reported its financial results for the second quarter ended June 30, 2012. All per share amounts in this press release are presented on a fully diluted per common share basis, unless stated otherwise.

Financial Results:

Reported results for the quarter ended June 30, 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”) including a reduction in the net contribution from the properties that were subject to the Master Lease with Marketing and the net expenses for April 2012 related to Marketing as more fully described in the Company’s Quarterly Report on Form 10-Q filed today.

Net Earnings:

The Company reported net earnings for the quarter ended June 30, 2012 of $3.6 million, or $0.11 per share, as compared to earnings of $15.2 million, or $0.45 per share, for the quarter ended June 30, 2011.

Adjusted Funds From Operations (AFFO) and Funds From Operations (FFO):

AFFO was $6.3 million, or $0.19 per share, as compared to $17.9 million, or $0.54 per share, for the quarter ended June 30, 2011. FFO was $7.2 million, or $0.21 per share for the quarter, as compared to $18.7 million, or $0.56 per share, for the quarter ended June 30, 2011.

David B. Driscoll, President and Chief Executive Officer of the Company commented:“Our second quarter results reflect the ongoing transformation of our business as we move away from the master lease with Marketing which was rejected on April 30 towards new leases with multiple tenants. The timing of the lease rejection means this quarter still contains one month of results from the Marketing lease which contributed no net revenue (after taking into account reserves). As a consequence our overall results reflect a two-thirds revenue but three months of expenses so this is truly a transitional quarter for us.”

1 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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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 18,096.90 -106.47 -0.58%
S&P 500 2,098.53 -9.25 -0.44%
NASDAQ 4,967.1410 -12.76 -0.26%

Partners Compare Online Brokers

Free Reports

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