This Day On The Street
Continue to site
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 Announces Results For The Third Quarter 2013

Getty Realty Corp. (NYSE:GTY) (“Getty” or the “Company”) announced its preliminary financial results for the quarter ended September 30, 2013.

Highlights For The Quarter Ended September 30, 2013 :
  • Net Income of $41.9 million, or $1.25 per share, including the benefit derived from the Lukoil Settlement and gains from dispositions of properties.
  • Funds From Operations of $20.6 million, or $0.62 per share, including the benefit derived from the Lukoil Settlement.
  • Adjusted Funds From Operations of $18.5 million, or $0.55 per share, including the benefit derived from the Lukoil Settlement.
  • Received a $31.7 million distribution from the Marketing Estate as a result of the Lukoil Settlement resulting in a $17.1 million, or $0.51 per share, benefit for the quarter.
  • Sold 17 properties in the quarter resulting in gains from dispositions of $27.0 million, or $0.81 per share.

“The combination of the Lukoil Settlement and the continuing rapid pace of property dispositions generated approximately $60 million of cash this quarter. On an ongoing basis, these achievements should also contribute to measurably lower operating costs through reductions in litigation expenses, maintenance costs and real estate tax expenses, which savings were noticeable immediately,” commented, David B. Driscoll, Getty Realty’s President and CEO. “We are also pleased that the contribution from our recent acquisition is positively impacting our earnings and that we started to realize some of the initial benefits of our cost saving initiatives in the third quarter. With our strong and improving balance sheet and our team’s focus on both operating the business and the pursuit of select opportunities to enhance the Company’s growth, we expect that our efforts will increase value for our shareholders as we move forward.”

Lukoil Settlement :

On July 29, 2013, the Bankruptcy Court approved a settlement between Lukoil and certain former directors and officers of Getty Petroleum Marketing Inc. (“Marketing”), collectively, and the Marketing Estate, of the claims made in the Lukoil Complaint (the “Lukoil Settlement”). The terms of the Lukoil Settlement included a release of the defendants from the claims alleged in the Lukoil Complaint and a collective payment to the Marketing Estate of $93.0 million of which $25.1 million was distributed to the Company pursuant to the Litigation Funding Agreement and $6.6 million was distributed to the Company in full satisfaction of the Company’s post-petition priority claims related to the lease with Marketing (the “Master Lease”). Of the $25.1 million received under the Litigation Funding Agreement, $8.0 million was accounted for as a repayment of advances made to the Marketing Estate plus accrued interest; $14.0 million was accounted for as payment of rent and real estate taxes due from Marketing, and the related bad debt reserve was reversed; and the remainder of $3.1 million was recorded as additional income and is reflected in continuing operations in the Company’s consolidated statement of operations as other revenue. The Company may realize additional distributions from the Marketing Estate for its remaining general unsecured claims stemming from Marketing’s default of its obligations under the Master Lease as and when assets that remain in the Marketing Estate become available for distribution to Marketing’s creditors.

1 of 6

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
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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs