Adjusted Funds From Operations (AFFO) and Funds From Operations (FFO):
AFFO was $5.4 million, or $0.16 per share, as compared to $19.7 million, or $0.59 per share, for the quarter ended September 30, 2011. FFO was $6.9 million, or $0.21 per share for the quarter, as compared to $8.5 million, or $0.25 per share, for the quarter ended September 30, 2011.
AFFO was $21.4 million, or $0.64 per share, as compared to $54.0 million, or $1.62 per share, for the nine months ended September 30, 2011. FFO was $24.3 million, or $0.72 per share for the nine months, as compared to $41.8 million, or $1.26 per share, for the nine months ended September 30, 2011.
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.Operating Income: Revenues from rental properties included in continuing operations for the quarter and nine months ended September 30, 2012 was $22.4 million and $76.3 million, respectively, as compared to $25.0 million and $72.9 million for the quarter and nine months ended September 30, 2011, respectively. The decrease in revenue from continuing operations for the quarter reflects the fact that the Company is currently generating, and expects to continue to generate, less net revenue from the leasing of properties that were previously subject to the Master Lease. Revenues from rental properties included in continuing operations include $20.5 million contractually due or received from Marketing under the Master Lease for the nine months ended September 30, 2012 (for which bad debt reserves aggregating $13.2 million were provided and are included in general and administrative expenses), as compared to $38.0 million for the nine months ended September 30, 2011. The increase in revenues from rental properties for the nine months ended September 30, 2012 was primarily due to rental income from properties the Company acquired from, and leased back to, Nouria Energy Ventures I, LLC in March 2011. The increase in revenues from rental properties was also due to an increase in the real estate taxes the Company paid and billed to Marketing through April 30, 2012, the date the Master Lease was rejected, and from other tenants pursuant to triple-net leases thereafter. The increases in revenues from rental properties were partially offset by lower net revenue from the properties that were previously subject to the Master Lease as compared to the contractual rent historically due from Marketing under the Master Lease.
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