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

Stocks in this article: GTY

After “Recent Developments,” please note the added announcement regarding “Quarterly Cash Dividend on Common Shares.”

The corrected release reads:


- Adjusted Funds From Operations of $5.4 Million, or $0.16 Per Share - - Funds From Operations of $6.9 Million, or $0.21 Per Share - - Net Loss of $3.5 Million, or ($0.10) Per Share -

Getty Realty Corp. (NYSE-GTY) (“Getty” or the “Company”) today reported its financial results for the third quarter ended September 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 and nine months ended September 30, 2012 continued to be materially affected by events related to the bankruptcy and ongoing liquidation of Getty Petroleum Marketing Inc. (“Marketing”) and the repositioning of the portfolio of approximately 760 properties which were previously subject to the Master Lease with Marketing, resulting in a reduction in the net contribution from this portfolio of properties.

David B. Driscoll, President and Chief Executive Officer of the Company commented: “We are continuing to transform Getty and making progress repositioning the Marketing portfolio by entering into new leases and disposing of properties. These efforts are not yet fully reflected in our results, but we believe we are closer to producing more stabilized levels of cash flow and earnings.”

Net Earnings (Loss):

The Company reported a net loss for the quarter ended September 30, 2012 of $3.5 million, or ($0.10) per share, as compared to earnings of $5.4 million, or $0.16 per share, for the quarter ended September 30, 2011.

The Company reported net earnings for the nine months ended September 30, 2012 of $6.6 million, or $0.20 per share, as compared to $31.9 million, or $0.96 per share, for the nine months ended September 30, 2011.

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