GETTY RLTY CORP geht wieder ab !
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Wertpapier: Getty Realty Corporatio |
15:00 19.01.11
JERICHO, N.Y.--(BUSINESS WIRE)--
Getty Realty Corp. (NYSE: GTY) (Getty or the Company) today announced the pricing of its underwritten registered public offering of 3,000,000 shares of common stock at a public offering price of $28.00 per share. In connection with the offering, the Company also granted the underwriters a 30-day option to purchase up to an additional 450,000 shares of common stock to cover over-allotments, if any.
The net proceeds of the offering to the Company, after deducting the underwriting discount and estimated offering expenses, are expected to be approximately $79.7 million, exclusive of any proceeds attributable to the underwriters possible exercise of their over-allotment option. Getty expects to use the net proceeds of the offering for the repayment of outstanding indebtedness under its credit agreement and general corporate purposes. The offering is expected to close on January 24, 2011 and is subject to customary closing conditions.
BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers for the offering, and KeyBanc Capital Markets, RBC Capital Markets, Capital One Southcoast, Santander and TD Securities are acting as co-managers for the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any shares of common stock, nor shall there be any sale of such common stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
The offering is being made only by means of a prospectus supplement and the accompanying prospectus, copies of which, when available, may be obtained by contacting BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attention: Prospectus Department or e-mail a request to dg.prospectus_requests@baml.com or J.P. Morgan, Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717, telephone (866) 803-9204.
About Getty Realty Corp.
Getty Realty Corp. is the largest publicly-traded real estate investment trust in the United States specializing in ownership and leasing of retail motor fuel and convenience store properties and petroleum distribution terminals. The Company owns and leases approximately 1,110 properties nationwide. For more information about Getty, please visit the Companys web site at www.gettyrealty.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words believes, expects, plans, projects, estimates, predicts and similar expressions or future or conditional verbs such as will, should, would, may and could are generally forward-looking in nature and are not historical facts and include our statements relating to our intended use of proceeds for the offering. The forward-looking statements contained in this press release are subject to various risks and uncertainties. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that its expectations will be achieved. Certain factors that could cause actual results to differ materially from the Companys expectations include market conditions and the ability to complete the proposed offering; owning and leasing real estate generally; material dependence on Getty Petroleum Marketing Inc. (Marketing) as a tenant; the impact of Marketings announced restructuring of its business; our inability to provide access to financial information about Marketing; the modification or termination of our nine properties leased under supplemental lease with Marketing (the Marketing Leases); Marketing paying its environmental obligations or changes in our assumptions for environmental liabilities related to the Marketing Leases; adverse developments in general business, economic or political conditions; competition for properties and tenants; performance of our tenants of their lease obligations; tenant non-renewal and our ability to re-let or sell vacant properties; the effects of taxation and change to other applicable standards or regulations; potential exposure related to pending lawsuits and claims; costs of completing environmental remediation and of compliance with environmental legislation and regulations; our exposure to counterparty risk and our ability to effectively manage or mitigate this risk; the loss of a member or members of our management team; the impact of our electing to be treated as a real estate investment trust (REIT) under the federal income tax laws, including subsequent failure to qualify as a REIT; owning real estate primarily concentrated in the Northeast and Mid-Atlantic regions of the United States; substantially all of our tenants depending on the same industry for their revenues; potential future acquisitions; losses not covered by insurance; our dependence on external sources of capital; generalized credit market dislocations and contraction of available credit; our business operations generating sufficient cash for distributions or debt service; changes in interest rates and our ability to manage or mitigate this risk effectively; our potential inability to pay dividends; changes to our dividend policy; changes in market conditions; adverse effect of inflation; the uncertainty of our estimates, judgments and assumptions associated with our accounting policies and methods; and terrorist attacks and other acts of violence and war; and other risks detailed in the Companys Annual Report on Form 10-K and described from time to time in the Companys filings with the Securities and Exchange Commission. Many of these factors are beyond the Company's ability to control or predict. Forward-looking statements are not guarantees of performance. Except for our ongoing obligations to disclose material information under the federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required by law. For any forward-looking statements contained in any document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
http://www.ariva.de/news/...-3-000-000-Shares-of-Common-Stock-3628233
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Wertpapier: Getty Realty Corporatio |
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Wertpapier: Getty Realty Corporatio |
01:35 02.03.11
JERICHO, N.Y.--(BUSINESS WIRE)--
On March 1, 2011, Getty Realty Corp. (NYSE-GTY) (the Company) was informed by management of Lukoil North America LLC that on February 28, 2011, OAO LUKoil had transferred its interest in its wholly-owned subsidiary, Getty Petroleum Marketing, Inc. (Marketing), the Companys largest tenant, to an unrelated party. The Company has commenced a preliminary dialogue with the new management of Marketing. The Company was informed today by the new management of Marketing that the monthly rental payment due under the Master Lease by close of business on March 1, 2011 will not be received when due but that Marketing expects to make the monthly rental payment on or before March 7, 2011. The Company cannot provide any assurance that Marketing will meet its rental, environmental or other obligations under the Master Lease with the Company.
For more information on the risks associated with the Companys relationship with Marketing, see the disclosure under the caption Risk Factors in the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2009, the Companys subsequent Quarterly Reports on Form 10-Q and as updated by the Companys subsequent filings under the Securities Exchange Act of 1934, as amended and the Companys other filings made with the Securities and Exchange Commission.
Getty Realty Corp. is the largest publicly-traded real estate investment trust in the United States specializing in ownership and leasing of convenience store/gas station properties and petroleum distribution terminals. As of December 31, 2010, the Company owned 907 properties and leased 145 properties.
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When the words believes, expects, plans, projects, estimates and similar expressions are used, they identify forward-looking statements. These forward-looking statements are based on managements current beliefs and assumptions and information currently available to management and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Examples of forward-looking statements in this press release include the statement regarding Marketings payment of rent under its leases with the Company. Information concerning factors that could cause our actual results to differ materially from these forward-looking statements can be found in our periodic reports filed with the Securities and Exchange Commission. We undertake no obligation to publicly release revisions to these forward-looking statements to reflect future events or circumstances or reflect the occurrence of unanticipated events.
(c)2007 Business Wire. All of the news releahttp://www.ariva.de/news/...-Getty-Petroleum-Marketing-Inc-3664424ses contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.
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Wertpapier: Getty Realty Corporatio |
21:55 20.05.11
JERICHO, N.Y.--(BUSINESS WIRE)--
Getty Realty Corp. (NYSE-GTY), reported that at the Annual Stockholders Meeting held yesterday, the Companys stockholders re-elected Messrs. Milton Cooper, Philip E. Coviello, David D. Driscoll, Leo Liebowitz, Richard E. Montag and Howard Safenowitz as Directors. The stockholders also approved the appointment of PricewaterhouseCoopers, LLP as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2011.
In addition, the stockholders approved, on an advisory basis (non-binding), the compensation of the Companys named executive officers as described in the Compensation Discussion and Analysis and the accompanying tables in the Companys 2011 proxy statement, and also approved on an advisory basis (non-binding), a frequency period of every year (an annual vote) for future advisory votes on the compensation of our named executive officers.
Immediately following the Stockholders Meeting, the Board of Directors reconvened and reappointed Mr. Liebowitz as Chairman of the Board and Mr. Safenowitz as the Companys Lead Independent Director. The Board also re-elected Mr. Driscoll as Chief Executive Officer and President, Joshua Dicker as Vice President, General Counsel and Secretary, Kevin C. Shea as Executive Vice President and Thomas J. Stirnweis as Vice President, Treasurer and Chief Financial Officer.
Getty Realty Corp. is the leading publicly-traded real estate investment trust in the United States specializing in ownership and leasing of convenience store/gas station properties and petroleum distribution terminals. The Company owns and leases approximately 1,170 properties nationwide.
(c)2007 Business Wire. All of the news releases contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission
http://www.ariva.de/news/...lection-of-Directors-and-Officers-3747266
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09.08.11 Businesswir. Getty Realty Corp. Provides Update Regarding Getty Petroleum ...
29.07.11 Businesswir. Getty Realty Corp. Announces Preliminary Financial Results for the ...
26.07.11 Businesswir. Getty Realty Corp. Announces Earnings Release Date and Invites You to ...
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Wertpapier: Getty Realty Corporatio |
13:05 23.09.11
JERICHO, N.Y.--(BUSINESS WIRE)--
Getty Realty Corp. (NYSE-GTY) (the Company) announced that at the Board of Directors meeting held yesterday the Board declared a Common Stock dividend in the amount of $0.25 per share payable on October 13, 2011 to holders of record on October 4, 2011.
Although the Companys largest tenant, Getty Petroleum Marketing Inc. (Marketing), is current on the payment of its monthly fixed rent obligations under the Master Lease and other leases with the Company (the Marketing Leases), the Company has received a notice (the Notice) from Marketing alleging that the Company is in default of certain of its obligations under its Master Lease by failing to perform certain environmental remediation. The Notice states that if the Company fails to cure the alleged default, Marketing intends to offset the full amount of its monthly rental payments due to the Company under the Master Lease for October and November 2011. The Company believes that the alleged default is wholly without merit and that the Company is in compliance with its environmental obligations.
The Company is evaluating its options regarding the Marketing Leases and Marketings obligations to the Company. The Company intends to aggressively pursue defaults by Marketing under the Marketing Leases and also take appropriate legal action to address the Notice served upon the Company by Marketing.
The Company cannot provide any assurance that Marketing will meet its rental or other obligations under the Marketing Leases.
For more information on the risks associated with the Companys relationship with Marketing, see the disclosure under the caption Risk Factors in the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2010, the Companys subsequent Quarterly Reports on Form 10-Q and as updated by the Companys subsequent periodic reports filed under the Securities Exchange Act of 1934, as amended and the Companys other filings made with the Securities and Exchange Commission.
Getty Realty Corp. is the largest publicly-traded real estate investment trust in the United States specializing in ownership, leasing and financing of retail motor fuel and convenience store properties and petroleum distribution terminals. The Company owns and leases approximately 1,170 properties nationwide.
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When the words believes, intends, expects, plans, projects, estimates and similar expressions are used, they identify forward-looking statements. These forward-looking statements are based on managements current beliefs and assumptions and information currently available to management and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Information concerning factors that could cause our actual results to differ materially from these forward-looking statements can be found in our periodic reports filed with the Securities and Exchange Commission. We undertake no obligation to publicly release revisions to these forward-looking statements to reflect future events or circumstances or reflect the occurrence of unanticipated events.
(c)2007 Business Wire. All of the news releases contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.
http://www.ariva.de/news/...ing-Getty-Petroleum-Marketing-Inc-3850201
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Wertpapier: Getty Realty Corporatio |
20:05 25.10.11
JERICHO, N.Y.--(BUSINESS WIRE)--
Getty Realty Corp. (NYSE-GTY)
Please be advised that Getty Realty Corp. will release its preliminary financial results for the quarter ended September 30, 2011, after the market closes on Monday, October 31, 2011.
Getty Realty Corp. will conduct an earnings conference call on Tuesday, November 1, 2011 at 9:00 a.m. Eastern Time.
To participate in the call, please dial (719) 457-2685 five to ten minutes before the scheduled start time and reference pass code 2469885. If you cannot participate in the live event, a replay will be available on November 1, 2011 beginning at 12:00 noon Eastern Time through 12:00 noon Eastern Time, November 4, 2011. To access the replay, please dial (719) 457-0820 and reference pass code 2469885.
Getty Realty Corp. is the largest publicly-traded real estate investment trust in the United States specializing in ownership, leasing and financing of retail motor fuel and convenience store properties and petroleum distribution terminals. The Company owns and leases approximately 1,155 properties nationwide.
(c)2007 Business Wire. All of the news releases contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.
http://www.ariva.de/news/...-Quarter-Earnings-Conference-Call-3875585
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Wertpapier: Getty Realty Corporatio |
22:43 31.10.11
JERICHO, N.Y.--(BUSINESS WIRE)--
Getty Realty Corp. (NYSE-GTY) (Getty or the Company) today reported its preliminary financial results for the third quarter 2011. All per share amounts in this press release are presented on a fully diluted per common share basis, unless stated otherwise.
Highlights for the Quarter Ended September 30, 2011 (comparisons are to the quarter ended September 30, 2010):
Revenue increase of $6.1 million to $28.1 million
Adjusted funds from operations (AFFO) increase of 28% to $19.7 million, or $0.59 per share
Funds from operations (FFO) of $7.9 million, or $0.24 per share
Net earnings of $5.4 million, or $0.16 per share
AFFO and FFO are supplemental non-GAAP measures of the performance of real estate investment trusts and are defined and reconciled to net earnings in the financial tables at the end of this release.
Financial Results:
Significant items impacting third quarter 2011 earnings from continuing operations and net earnings include:
$6.1 million increase in revenue primarily from 125 properties acquired in 2011 and, to a lesser extent, rent escalations
$2.9 million increase in operating expenses exclusive of certain non-cash charges (see Operating Income below for additional information)
$11.0 million non-cash allowance for deferred rental revenue related to the Companys Master Lease with Getty Petroleum Marketing Inc. (Marketing)
$0.6 million non-cash impairment charges
For both the quarter and nine months ended September 30, 2011, earnings from continuing operations, net earnings and FFO were materially adversely affected by an $11.0 million non-cash charge recorded during the quarter to reflect an increase in the Companys straight-line rent reserve related to the Companys Master Lease with Marketing.
Earnings from continuing operations for the quarter ended September 30, 2011 was $5.0 million, or $0.15 per share, as compared to $13.5 million for the quarter ended September 30, 2010. Earnings from continuing operations for the nine months ended September 30, 2011 was $31.5 million, or $0.95 per share, as compared to $37.6 million for the nine months ended September 30, 2010.
Net earnings, including discontinued operations, for the quarter ended September 30, 2011 decreased by $8.0 million to $5.4 million, or $0.16 per share, as compared to $13.4 million for the quarter ended September 30, 2010. Net earnings for the nine months ended September 30, 2011 decreased by $7.3 million to $31.9 million, or $0.96 per share, as compared to $39.2 million for the nine months ended September 30, 2010.
Adjusted Funds From Operations and Funds From Operations:
AFFO is unaffected by the non-cash charges and increased by 28%, or $4.3 million to $19.7 million, or $0.59 per share, for the quarter ended September 30, 2011, as compared to $15.4 million, or $0.52 per share, for the quarter ended September 30, 2010. For the nine months ended September 30, 2011, AFFO increased by $10.2 million to $54.0 million, or $1.62 per share, as compared to $43.8 million, or $1.61 per share, for the nine months ended September 30, 2010. The Company pays particular attention to AFFO, a supplemental non-GAAP measure helpful to investors in measuring the Companys fundamental operating performance.
FFO, which includes the effect of the non-cash charges, decreased by $7.8 million to $7.9 million, or $0.24 per share for the quarter ended September 30, 2011, and decreased by $6.1 million to $38.7 million, or $1.16 per share, for the nine months ended September 30, 2011.
Per share amount comparisons for AFFO, FFO and net earnings were adversely affected by a larger number of shares outstanding in the current quarter resulting from the Companys equity issuances in the past year.
AFFO and FFO are supplemental non-GAAP measures of the performance of real estate investment trusts and are defined and reconciled to net earnings in the financial tables at the end of this release.
Operating Income:
Revenues included in continuing operations increased by approximately 28% to $28.1 million for the quarter ended September 30, 2011, as compared to $22.0 million for the prior year period. The $6.1 million increase in revenues was primarily due to increased income from investments in 125 properties made in 2011 and, to a lesser extent, due to rent escalations, partially offset by the effect of dispositions of real estate, lease expirations and non-cash revenue recognition adjustments.
Total operating expenses, including non-cash charges, increased by $14.5 million to $21.8 million for the quarter ended September 30, 2011, as compared to $7.3 million for the prior year period. The increase was attributable to a non-cash allowance for deferred rent receivable, impairment charges, increases in rental property expenses, depreciation and amortization expense, environmental expenses and general and administrative expenses each discussed in more detail below.
Rental property expenses from continuing operations was $2.9 million for the quarter ended September 30, 2011 as compared to $2.2 million for the prior year period. The $0.7 million increase in rental property expenses was primarily due to additional real estate tax and rent expenses paid by the Company and reimbursed by its tenants related to investments in 2011.
Depreciation and amortization expense included in continuing operations was $2.8 million for the quarter ended September 30, 2011, as compared to $2.4 million for the quarter ended September 30, 2010. The increase was primarily due to additional depreciation related to properties acquired in 2011 partially offset by the effect of certain assets becoming fully depreciated, lease terminations and property dispositions.
Environmental expenses, net of estimated recoveries from underground storage tank funds included in continuing operations for the quarter ended September 30, 2011 was $1.7 million as compared to $1.0 million for the quarter ended September 30, 2010. The increase in net environmental expenses was principally due to a higher provision for litigation loss reserves and legal fees.
General and administrative expenses was $2.7 million for the quarter ended September 30, 2011 as compared to $1.8 million recorded for the quarter ended September 30, 2010. The $0.9 million increase in general and administrative expenses was principally due to employee related expenses and legal fees recorded in the quarter.
During the quarter ended September 30, 2011, the Company recorded non-cash impairment charges aggregating $0.6 million resulting from reductions in real estate valuations and reductions in the assumed holding period used to test for impairment.
As a result of the developments with Marketing described herein (and in other recent SEC filings), Marketings posture related to resolving issues concerning the Master Lease and the Companys present assessment of the most likely outcome for repositioning of various segments of the Marketing portfolio, the Company has concluded that it is probable that the Company will not receive a greater portion of the contractual lease payments from Marketing when due for the entire current term of the Master Lease than it previously reserved for. Therefore, during this quarter the Company increased its reserve by recording a non-cash allowance for deferred rental revenue of $11.0 million. It is possible that as a result of a continued deterioration of Marketings financial condition or other factors, the Company may be required to take additional charges related to Marketing and the Master Lease.
Recent Developments:
The Companys relationship with Marketing has deteriorated over the past several months. The Company is actively pursuing claims and taking legal action related to the non-payment of rent by Marketing as well as other defaults by Marketing under the Master Lease. The Company cannot provide any assurance regarding the ultimate resolution of these or any subsequent actions, including whether Marketing will comply with its rental, environmental and other obligations under the Master Lease.
In August and September 2011, Marketing failed to pay its monthly fixed rent due under the Master Lease. The Company sent default notices to Marketing and in each instance Marketing ultimately paid the entire amount due including applicable interest. In late August 2011, Marketing sent the Company a notice (the Notice) alleging that the Company was in default of certain of its obligations under the Master Lease by failing to perform certain environmental remediation and, therefore, it intended to offset the full amount of its monthly rental payments due to the Company under the Master Lease for October and November 2011. The Company believes the default alleged by Marketing is wholly without merit, that Marketing has no right to offset rent under the Master Lease based on the allegations and that the Company is in compliance with its environmental obligations under the Master Lease.
In an action brought by Marketing seeking to enjoin the Company from terminating the Master Lease for non-payment of October 2011 rent and also seeking a right to withhold payment of October 2011 rent, the New York State Supreme Court granted Marketings request for an injunction, and at the same time ordered Marketing to pay an aggregate amount equal to the entire October 2011 rent in two parts; with approximately $4.0 million required to be paid to the Company and the balance (of approximately $0.9 million) required to be paid to the court to be held in escrow until a final determination can be made. Marketing has complied with this order.
A judicial determination on the merits of Marketings claim to have a right of offset against fixed rent otherwise due under the Master Lease remains pending. The Company anticipates that in connection with Marketings claim regarding rent offset rights or other claims or allegations that have been or may be made in the future, the Company may continue to experience disruption in rent receipts due under the Master Lease from Marketing. It is also possible that Marketing may assert additional claims against the Company. The Company intends to pursue its current actions against Marketing and, if necessary, bring other actions against Marketing to enforce its rights under the Master Lease.
Despite the litigation and other developments between the Company and Marketing, it is the Companys intent to continue to pursue the sale and simultaneous removal of individual properties from the Master Lease on a case-by-case basis. Any such dispositions require Marketings cooperation and consent therefore the Company cannot provide assurance that any such dispositions will occur.
Conference Call Information:
Getty Realty Corp.s Third Quarter Earnings Conference Call is scheduled for tomorrow, Tuesday, November 1, 2011 at 9:00 a.m. Eastern Time. To participate in the conference call, please dial (719) 457-2685 ten minutes before the scheduled start time and reference pass code 2469885. If you cannot participate in the live event, a replay will be available on November 1, 2011 beginning at 12:00 noon Eastern Time through 12:00 noon Eastern Time, November 4, 2011. To access the replay, please dial (719) 457-0820 and reference pass code 2469885.
About Getty:
Getty Realty Corp. is the leading publicly-traded real estate investment trust in the United States specializing in ownership and leasing of convenience store/gas station properties and petroleum distribution terminals. The Company owns and leases approximately 1,155 properties nationwide.
Risk Factors:
For more information on the risks associated with the Company, including risks associated with the Companys relationship with Marketing, see the disclosure under the caption Risk Factors in the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2010, the Companys subsequent Quarterly Reports on Form 10-Q and as updated by the Companys subsequent periodic reports filed under the Securities Exchange Act of 1934, as amended, and the Companys other filings made with the Securities and Exchange Commission.
Forward Looking Statements:
CERTAIN STATEMENTS CONTAINED HEREIN MAY CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. WHEN THE WORDS BELIEVES, EXPECTS, PLANS, PROJECTS, ESTIMATES, ANTICIPATES AND SIMILAR EXPRESSIONS ARE USED, THEY IDENTIFY FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON MANAGEMENTS CURRENT BELIEFS AND ASSUMPTIONS AND INFORMATION CURRENTLY AVAILABLE TO MANAGEMENT AND INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS.
INFORMATION CONCERNING FACTORS THAT COULD CAUSE THE COMPANYS ACTUAL RESULTS TO DIFFER MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS CAN BE FOUND IN THE COMPANYS PERIODIC REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY RELEASE REVISIONS TO THESE FORWARD-LOOKING STATEMENTS TO REFLECT FUTURE EVENTS OR CIRCUMSTANCES OR REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.
GETTY REALTY CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
September 30, December 31,
2011 2010
Assets:
Real Estate:
Land $ 352,592 $ 253,413
Buildings and improvements 249,863 251,174
602,455 504,587
Less accumulated depreciation and amortization (148,964 ) (144,217 )
Real estate, net 453,491 360,370
Net investment in direct financing leases 90,965 20,540
Deferred rent receivable (net of allowance of $17,908 as of
September 30, 2011 and $8,170 as of December 31, 2010) 16,555 27,385
Cash and cash equivalents 14,009 6,122
Other receivables, net 4,269 4,533
Notes, mortgages and accounts receivable, net 33,178 1,525
Prepaid expenses and other assets 10,965 6,669
Total assets $ 623,432 $ 427,144
Liabilities and Shareholders' Equity:
Borrowings under credit line $ 147,700 $ 41,300
Term loan 23,005 23,590
Environmental remediation costs 14,788 14,874
Dividends payable 8,391 14,432
Accounts payable and accrued expenses 29,669 18,013
Total liabilities 223,553 112,209
Commitments and contingencies
Shareholders' equity:
Common stock, par value $.01 per share; authorized
50,000,000 shares; issued 33,394,175 at September 30, 2011
and 29,944,155 at December 31, 2010 334 299
Paid-in capital 460,524 368,093
Dividends paid in excess of earnings (60,979 ) (52,304 )
Accumulated other comprehensive loss (1,153 )
Total shareholders' equity 399,879 314,935
Total liabilities and shareholders' equity $ 623,432 $ 427,144
GETTY REALTY CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three months ended September 30,
Nine months ended September 30,
2011 2010 2011 2010
Revenues from rental properties $ 27,312 $ 21,950 $ 79,391 $ 65,999
Interest on notes and mortgages receivable 755 34 1,901 101
Total revenues 28,067 21,984 81,292 66,100
Operating expenses:
Rental property expenses 2,927 2,151 10,115 7,673
Impairment charges 587 2,844
Environmental expenses, net 1,732 996 4,186 3,880
General and administrative expenses 2,687 1,806 10,308 5,964
Allowance for deferred rental revenue 11,043 11,043
Depreciation and amortization expense 2,822 2,391 7,322 7,157
Total operating expenses 21,798 7,344 45,818 24,674
Operating income 6,269 14,640 35,474 41,426
Other income, net 122 1 79 108
Interest expense (1,414 ) (1,116 ) (4,079 ) (3,932 )
Earnings from continuing operations 4,977 13,525 31,474 37,602
Discontinued operations:
Earnings (loss) from operating activities 63 (189 ) (145 ) (40 )
Gains from dispositions of real estate 310 15 609 1,653
Earnings (loss) from discontinued operations 373 (174 )%
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Wertpapier: Getty Realty Corporatio |
22:43 31.10.11
JERICHO, N.Y.--(BUSINESS WIRE)--
Getty Realty Corp. (NYSE-GTY) (Getty or the Company) today reported its preliminary financial results for the third quarter 2011. All per share amounts in this press release are presented on a fully diluted per common share basis, unless stated otherwise.
Highlights for the Quarter Ended September 30, 2011 (comparisons are to the quarter ended September 30, 2010):
Revenue increase of $6.1 million to $28.1 million
Adjusted funds from operations (AFFO) increase of 28% to $19.7 million, or $0.59 per share
Funds from operations (FFO) of $7.9 million, or $0.24 per share
Net earnings of $5.4 million, or $0.16 per share
AFFO and FFO are supplemental non-GAAP measures of the performance of real estate investment trusts and are defined and reconciled to net earnings in the financial tables at the end of this release.
Financial Results:
Significant items impacting third quarter 2011 earnings from continuing operations and net earnings include:
$6.1 million increase in revenue primarily from 125 properties acquired in 2011 and, to a lesser extent, rent escalations
$2.9 million increase in operating expenses exclusive of certain non-cash charges (see Operating Income below for additional information)
$11.0 million non-cash allowance for deferred rental revenue related to the Companys Master Lease with Getty Petroleum Marketing Inc. (Marketing)
$0.6 million non-cash impairment charges
For both the quarter and nine months ended September 30, 2011, earnings from continuing operations, net earnings and FFO were materially adversely affected by an $11.0 million non-cash charge recorded during the quarter to reflect an increase in the Companys straight-line rent reserve related to the Companys Master Lease with Marketing.
Earnings from continuing operations for the quarter ended September 30, 2011 was $5.0 million, or $0.15 per share, as compared to $13.5 million for the quarter ended September 30, 2010. Earnings from continuing operations for the nine months ended September 30, 2011 was $31.5 million, or $0.95 per share, as compared to $37.6 million for the nine months ended September 30, 2010.
Net earnings, including discontinued operations, for the quarter ended September 30, 2011 decreased by $8.0 million to $5.4 million, or $0.16 per share, as compared to $13.4 million for the quarter ended September 30, 2010. Net earnings for the nine months ended September 30, 2011 decreased by $7.3 million to $31.9 million, or $0.96 per share, as compared to $39.2 million for the nine months ended September 30, 2010.
Adjusted Funds From Operations and Funds From Operations:
AFFO is unaffected by the non-cash charges and increased by 28%, or $4.3 million to $19.7 million, or $0.59 per share, for the quarter ended September 30, 2011, as compared to $15.4 million, or $0.52 per share, for the quarter ended September 30, 2010. For the nine months ended September 30, 2011, AFFO increased by $10.2 million to $54.0 million, or $1.62 per share, as compared to $43.8 million, or $1.61 per share, for the nine months ended September 30, 2010. The Company pays particular attention to AFFO, a supplemental non-GAAP measure helpful to investors in measuring the Companys fundamental operating performance.
FFO, which includes the effect of the non-cash charges, decreased by $7.8 million to $7.9 million, or $0.24 per share for the quarter ended September 30, 2011, and decreased by $6.1 million to $38.7 million, or $1.16 per share, for the nine months ended September 30, 2011.
Per share amount comparisons for AFFO, FFO and net earnings were adversely affected by a larger number of shares outstanding in the current quarter resulting from the Companys equity issuances in the past year.
AFFO and FFO are supplemental non-GAAP measures of the performance of real estate investment trusts and are defined and reconciled to net earnings in the financial tables at the end of this release.
Operating Income:
Revenues included in continuing operations increased by approximately 28% to $28.1 million for the quarter ended September 30, 2011, as compared to $22.0 million for the prior year period. The $6.1 million increase in revenues was primarily due to increased income from investments in 125 properties made in 2011 and, to a lesser extent, due to rent escalations, partially offset by the effect of dispositions of real estate, lease expirations and non-cash revenue recognition adjustments.
Total operating expenses, including non-cash charges, increased by $14.5 million to $21.8 million for the quarter ended September 30, 2011, as compared to $7.3 million for the prior year period. The increase was attributable to a non-cash allowance for deferred rent receivable, impairment charges, increases in rental property expenses, depreciation and amortization expense, environmental expenses and general and administrative expenses each discussed in more detail below.
Rental property expenses from continuing operations was $2.9 million for the quarter ended September 30, 2011 as compared to $2.2 million for the prior year period. The $0.7 million increase in rental property expenses was primarily due to additional real estate tax and rent expenses paid by the Company and reimbursed by its tenants related to investments in 2011.
Depreciation and amortization expense included in continuing operations was $2.8 million for the quarter ended September 30, 2011, as compared to $2.4 million for the quarter ended September 30, 2010. The increase was primarily due to additional depreciation related to properties acquired in 2011 partially offset by the effect of certain assets becoming fully depreciated, lease terminations and property dispositions.
Environmental expenses, net of estimated recoveries from underground storage tank funds included in continuing operations for the quarter ended September 30, 2011 was $1.7 million as compared to $1.0 million for the quarter ended September 30, 2010. The increase in net environmental expenses was principally due to a higher provision for litigation loss reserves and legal fees.
General and administrative expenses was $2.7 million for the quarter ended September 30, 2011 as compared to $1.8 million recorded for the quarter ended September 30, 2010. The $0.9 million increase in general and administrative expenses was principally due to employee related expenses and legal fees recorded in the quarter.
During the quarter ended September 30, 2011, the Company recorded non-cash impairment charges aggregating $0.6 million resulting from reductions in real estate valuations and reductions in the assumed holding period used to test for impairment.
As a result of the developments with Marketing described herein (and in other recent SEC filings), Marketings posture related to resolving issues concerning the Master Lease and the Companys present assessment of the most likely outcome for repositioning of various segments of the Marketing portfolio, the Company has concluded that it is probable that the Company will not receive a greater portion of the contractual lease payments from Marketing when due for the entire current term of the Master Lease than it previously reserved for. Therefore, during this quarter the Company increased its reserve by recording a non-cash allowance for deferred rental revenue of $11.0 million. It is possible that as a result of a continued deterioration of Marketings financial condition or other factors, the Company may be required to take additional charges related to Marketing and the Master Lease.
Recent Developments:
The Companys relationship with Marketing has deteriorated over the past several months. The Company is actively pursuing claims and taking legal action related to the non-payment of rent by Marketing as well as other defaults by Marketing under the Master Lease. The Company cannot provide any assurance regarding the ultimate resolution of these or any subsequent actions, including whether Marketing will comply with its rental, environmental and other obligations under the Master Lease.
In August and September 2011, Marketing failed to pay its monthly fixed rent due under the Master Lease. The Company sent default notices to Marketing and in each instance Marketing ultimately paid the entire amount due including applicable interest. In late August 2011, Marketing sent the Company a notice (the Notice) alleging that the Company was in default of certain of its obligations under the Master Lease by failing to perform certain environmental remediation and, therefore, it intended to offset the full amount of its monthly rental payments due to the Company under the Master Lease for October and November 2011. The Company believes the default alleged by Marketing is wholly without merit, that Marketing has no right to offset rent under the Master Lease based on the allegations and that the Company is in compliance with its environmental obligations under the Master Lease.
In an action brought by Marketing seeking to enjoin the Company from terminating the Master Lease for non-payment of October 2011 rent and also seeking a right to withhold payment of October 2011 rent, the New York State Supreme Court granted Marketings request for an injunction, and at the same time ordered Marketing to pay an aggregate amount equal to the entire October 2011 rent in two parts; with approximately $4.0 million required to be paid to the Company and the balance (of approximately $0.9 million) required to be paid to the court to be held in escrow until a final determination can be made. Marketing has complied with this order.
A judicial determination on the merits of Marketings claim to have a right of offset against fixed rent otherwise due under the Master Lease remains pending. The Company anticipates that in connection with Marketings claim regarding rent offset rights or other claims or allegations that have been or may be made in the future, the Company may continue to experience disruption in rent receipts due under the Master Lease from Marketing. It is also possible that Marketing may assert additional claims against the Company. The Company intends to pursue its current actions against Marketing and, if necessary, bring other actions against Marketing to enforce its rights under the Master Lease.
Despite the litigation and other developments between the Company and Marketing, it is the Companys intent to continue to pursue the sale and simultaneous removal of individual properties from the Master Lease on a case-by-case basis. Any such dispositions require Marketings cooperation and consent therefore the Company cannot provide assurance that any such dispositions will occur.
Conference Call Information:
Getty Realty Corp.s Third Quarter Earnings Conference Call is scheduled for tomorrow, Tuesday, November 1, 2011 at 9:00 a.m. Eastern Time. To participate in the conference call, please dial (719) 457-2685 ten minutes before the scheduled start time and reference pass code 2469885. If you cannot participate in the live event, a replay will be available on November 1, 2011 beginning at 12:00 noon Eastern Time through 12:00 noon Eastern Time, November 4, 2011. To access the replay, please dial (719) 457-0820 and reference pass code 2469885.
About Getty:
Getty Realty Corp. is the leading publicly-traded real estate investment trust in the United States specializing in ownership and leasing of convenience store/gas station properties and petroleum distribution terminals. The Company owns and leases approximately 1,155 properties nationwide.
Risk Factors:
For more information on the risks associated with the Company, including risks associated with the Companys relationship with Marketing, see the disclosure under the caption Risk Factors in the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2010, the Companys subsequent Quarterly Reports on Form 10-Q and as updated by the Companys subsequent periodic reports filed under the Securities Exchange Act of 1934, as amended, and the Companys other filings made with the Securities and Exchange Commission.
Forward Looking Statements:
CERTAIN STATEMENTS CONTAINED HEREIN MAY CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. WHEN THE WORDS BELIEVES, EXPECTS, PLANS, PROJECTS, ESTIMATES, ANTICIPATES AND SIMILAR EXPRESSIONS ARE USED, THEY IDENTIFY FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON MANAGEMENTS CURRENT BELIEFS AND ASSUMPTIONS AND INFORMATION CURRENTLY AVAILABLE TO MANAGEMENT AND INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS.
INFORMATION CONCERNING FACTORS THAT COULD CAUSE THE COMPANYS ACTUAL RESULTS TO DIFFER MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS CAN BE FOUND IN THE COMPANYS PERIODIC REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY RELEASE REVISIONS TO THESE FORWARD-LOOKING STATEMENTS TO REFLECT FUTURE EVENTS OR CIRCUMSTANCES OR REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.
GETTY REALTY CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
September 30, December 31,
2011 2010
Assets:
Real Estate:
Land $ 352,592 $ 253,413
Buildings and improvements 249,863 251,174
602,455 504,587
Less accumulated depreciation and amortization (148,964 ) (144,217 )
Real estate, net 453,491 360,370
Net investment in direct financing leases 90,965 20,540
Deferred rent receivable (net of allowance of $17,908 as of
September 30, 2011 and $8,170 as of December 31, 2010) 16,555 27,385
Cash and cash equivalents 14,009 6,122
Other receivables, net 4,269 4,533
Notes, mortgages and accounts receivable, net 33,178 1,525
Prepaid expenses and other assets 10,965 6,669
Total assets $ 623,432 $ 427,144
Liabilities and Shareholders' Equity:
Borrowings under credit line $ 147,700 $ 41,300
Term loan 23,005 23,590
Environmental remediation costs 14,788 14,874
Dividends payable 8,391 14,432
Accounts payable and accrued expenses 29,669 18,013
Total liabilities 223,553 112,209
Commitments and contingencies
Shareholders' equity:
Common stock, par value $.01 per share; authorized
50,000,000 shares; issued 33,394,175 at September 30, 2011
and 29,944,155 at December 31, 2010 334 299
Paid-in capital 460,524 368,093
Dividends paid in excess of earnings (60,979 ) (52,304 )
Accumulated other comprehensive loss (1,153 )
Total shareholders' equity 399,879 314,935
Total liabilities and shareholders' equity $ 623,432 $ 427,144
GETTY REALTY CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three months ended September 30,
Nine months ended September 30,
2011 2010 2011 2010
Revenues from rental properties $ 27,312 $ 21,950 $ 79,391 $ 65,999
Interest on notes and mortgages receivable 755 34 1,901 101
Total revenues 28,067 21,984 81,292 66,100
Operating expenses:
Rental property expenses 2,927 2,151 10,115 7,673
Impairment charges 587 2,844
Environmental expenses, net 1,732 996 4,186 3,880
General and administrative expenses 2,687 1,806 10,308 5,964
Allowance for deferred rental revenue 11,043 11,043
Depreciation and amortization expense 2,822 2,391 7,322 7,157
Total operating expenses 21,798 7,344 45,818 24,674
Operating income 6,269 14,640 35,474 41,426
Other income, net 122 1 79 108
Interest expense (1,414 ) (1,116 ) (4,079 ) (3,932 )
Earnings from continuing operations 4,977 13,525 31,474 37,602
Discontinued operations:
Earnings (loss) from operating activities 63 (189 ) (145 ) (40 )
Gains from dispositions of real estate 310 15 609 1,653
Earnings (loss) from discontinued operations 373 (174 ) 464 1,613
Net earnings $ 5,350 $ 13,351 $ 31,938 $ 39,215
Basic and diluted earnings per common share:
Earnings from continuing operations $ .15 $ .45 $ .95 $ 1.38
Earnings (loss) from discontinued operations $ .01 $ (.01 ) $ .01 $ .06
Net earnings $ .16 $ .45 $ .96 $ 1.44
Weighted-average shares outstanding:
Basic 33,394 29,942 33,097 27,286
Stock options and restricted stock units 1 2 1 2
Diluted 33,395 29,944 33,098 27,288
GETTY REALTY CORP. AND SUBSIDIARIES
RECONCILIATION OF NET EARNINGS TO
FUNDS FROM OPERATIONS AND
ADJUSTED FUNDS FROM OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three months ended September 30, Nine months ended September 30,
2011 2010 2011 2010
Net earnings $ 5,350 $ 13,351 $ 31,938 $ 39,215
Depreciation and amortization of real estate assets 2,824 2,406 7,354 7,210
Gains from dispositions of real estate (310 ) (15 ) (629 ) (1,653 )
Funds from operations 7,864 15,742 38,663 44,772
Allowance for deferred rental revenue 11,043 11,043
Revenue recognition adjustments 210 (293 ) (794 ) (952 )
Impairment charges 587 3,094
Acquisition costs 2,034
Adjusted funds from operations $ 19,704 $ 15,449 $ 54,040 $ 43,820
Diluted per share amounts:
Earnings per share $ .16 $ .45 $ .96 $ 1.44
Funds from operations per share $ .24 $ .53 $ 1.16 $ 1.64
Adjusted funds from operations per share $ .59 $ .52 $ 1.62 $ 1.61
Diluted weighted average shares outstanding 33,395 29,944 33,098 27,288
In addition to measurements defined by accounting principles generally accepted in the United States of America (GAAP), Getty also focuses on funds from operations (FFO) and adjusted funds from operations (AFFO) to measure its performance. FFO is generally considered to be an appropriate supplemental non-GAAP measure of the performance of REITs. FFO is defined by the National Association of Real Estate Investment Trusts as net earnings before depreciation and amortization of real estate assets, gains or losses on dispositions of real estate, (including such non-FFO items reported in discontinued operations), extraordinary items and cumulative effect of accounting change. Other REITs may use definitions of FFO and/or AFFO that are different than Gettys and, accordingly, may not be comparable. Beginning in the first quarter of 2011, the Company revised its definition of AFFO to exclude direct expensed costs related to acquisitions.
Getty believes that FFO and AFFO are helpful to investors in measuring its performance because both FFO and AFFO exclude various items included in GAAP net earnings that do not relate to, or are not indicative of, Gettys fundamental operating performance. FFO excludes various items such as gains or losses from property dispositions and depreciation and amortization of real estate assets. In Gettys case, however, GAAP net earnings and FFO typically include the impact of the Revenue Recognition Adjustments comprised of deferred rental revenue (straight-line rental revenue), the net amortization of above-market and below-market leases and income recognized from direct financing leases on its recognition of revenues from rental properties, as offset by the impact of related collection reserves. GAAP net earnings and FFO from time to time may also include impairment charges, property acquisition costs or income tax benefits. Deferred rental revenue results primarily from fixed rental increases scheduled under certain leases with its tenants. In accordance with GAAP, the aggregate minimum rent due over the current term of these leases are recognized on a straight-line (or an average) basis rather than when payment is contractually due. The present value of the difference between the fair market rent and the contractual rent for in-place leases at the time properties are acquired is amortized into revenue from rental properties over the remaining lives of the in-place leases. Income from direct financing leases is recognized over the lease term using the effective interest method which produces a constant periodic rate of return on the net investment in the leased property. Impairment of long-lived assets represents charges taken to write-down real estate assets to fair value estimated when events or changes in circumstances indicate that the carrying amount of the property may not be recoverable. Property acquisition costs are expensed, generally in the period when properties are acquired, and are not reflective of normal operations. In prior periods, income tax benefits have been recognized due to the elimination of, or a net reduction in, amounts accrued for uncertain tax positions related to being taxed as a C-corp., rather than as a REIT, prior to 2001.
Getty pays particular attention to AFFO, a supplemental non-GAAP performance measure that Getty defines as FFO less Revenue Recognition Adjustments, impairment charges, property acquisition costs and income tax benefit. In Gettys view, AFFO provides a more accurate depiction than FFO of Gettys fundamental operating performance related to (i) the impact of scheduled rent increases from operating leases, net of related collection reserves; (ii) rental revenue from acquired in-place leases; (iii) the impact of rent due from direct financing leases, (iv) Gettys rental operating expenses (exclusive of impairment charges); (v) Gettys operating expenses (exclusive of direct operating property acquisition costs); and (vi) Gettys election to be treated as a REIT under the federal income tax laws beginning in 2001. Neither FFO nor AFFO represent cash generated from operating activities calculated in accordance with GAAP and therefore these measures should not be considered an alternative for GAAP net earnings or as a measure of liquidity.
(c)2007 Business Wire. All of the news releases contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.
http://www.ariva.de/news/...esults-for-the-Third-Quarter-2011-3881199
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01:50 23.11.11
JERICHO, N.Y.--(BUSINESS WIRE)--
Getty Realty Corp. (NYSE-GTY) (the Company) announced today that its Board of Directors unanimously approved a quarterly dividend of $0.25 per common share payable on December 29, 2011 to shareholders of record on December 15, 2011.
Getty Realty Corp. is the largest publicly traded real estate investment trust in the United States specializing in ownership, leasing and financing of retail motor fuel and convenience store properties and petroleum distribution terminals. The Company owns and leases approximately 1,150 properties nationwide.
(c)2007 Business Wire. All of the news releases contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.
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06:15 30.11.11
JERICHO, N.Y.--(BUSINESS WIRE)--
Getty Realty Corp. (NYSE: GTY) (the Company) announced today that as a result of the uncured default by Getty Petroleum Marketing, Inc. (Marketing) with respect to its nonpayment of November 2011 rent, the Company served Marketing with a formal notice of termination of the Master Lease (the Notice). Pursuant to the Notice, the Company notified Marketing that it was terminating the Master Lease and exercising its right to take possession of the premises underlying the Master Lease effective December 12, 2011. The Company intends to pursue its current actions against Marketing, seek possession of the unitary premises underlying the Master Lease and pursue all other rights and remedies. The Company cannot provide any assurance regarding the ultimate resolution of its proceedings against Marketing.
Following termination of the Master Lease, the Company intends to reposition the portfolio subject of the Master Lease in order to maximize its long-term value. This repositioning may result in long term leases on sub-groups of properties with multiple distributors or suppliers, individual leases with existing or new dealers or the sale of locations.
As a result of the foregoing developments, it is likely that the Company will be required to increase the deferred rent receivable reserve, record additional impairment charges, accrue for environmental liabilities and incur significant costs associated with proceedings against Marketing and a repositioning of the Master Lease portfolio. The Company has not determined the amounts of any such potential adjustments to its financial statements. These developments could materially adversely affect the Companys business, financial condition, revenues, operating expenses, results of operations, liquidity, ability to pay dividends or stock price.
For more information on the risks associated with the Companys relationship with Marketing, see the disclosure under the caption Risk Factors in the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2010, the Companys subsequent Quarterly Reports on Form 10-Q and as updated by the Companys subsequent periodic reports filed under the Securities Exchange Act of 1934, as amended and the Companys other filings made with the Securities and Exchange Commission.
Getty Realty Corp. is the largest publicly-traded real estate investment trust in the United States specializing in ownership, leasing and financing of retail motor fuel and convenience store properties and petroleum distribution terminals. The Company owns and leases approximately 1,155 properties nationwide.
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When the words believes, intends, expects, plans, projects, estimates and similar expressions are used, they identify forward-looking statements. Examples of these forward looking statements include the Companys statements of intentions regarding pursue of its actions against Marketing, and the repositioning of the portfolio subject of the Master Lease. These forward-looking statements are based on managements current beliefs and assumptions and information currently available to management and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Information concerning factors that could cause the Companys actual results to differ materially from these forward-looking statements can be found in our periodic reports filed with the Securities and Exchange Commission. We undertake no obligation to publicly release revisions to these forward-looking statements to reflect future events or circumstances or reflect the occurrence of unanticipated events.
(c)2007 Business Wire. All of the news releases contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.
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02:10 06.12.11
JERICHO, N.Y.--(BUSINESS WIRE)--
Getty Realty Corp. (NYSE-GTY) (the Company) announced today that Getty Petroleum Marketing, Inc. (Marketing), the Companys largest tenant, has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court, Southern District of New York. The Company had previously disclosed that it had served Marketing with a formal notice of termination of the Master Lease (the Notice) as a result of Marketings nonpayment of November 2011 rent. Pursuant to the Notice, the Company notified Marketing that it was terminating the Master Lease and exercising its right to take possession of the premises underlying the Master Lease effective December 12, 2011. The Company will continue to protect its interests and pursue appropriate actions against Marketing, seek possession of the unitary premises underlying the Master Lease and pursue all other rights and remedies available to it. The Company cannot provide any assurance regarding the ultimate resolution of Marketing's bankruptcy.
David B. Driscoll, President and CEO of the Company commented, "We welcome the fact that the process will now have structure and the supervision of the Bankruptcy Court to protect the value of our estate. We plan to continue our efforts to repossess our properties. Over time we intend to reposition the portfolio of properties subject to the Master Lease in order to maximize the value of the portfolio. We are fortunate to have completed two acquisitions in 2011 that significantly reduced our dependence on Marketing. These new portfolios as well as other assets owned outside of the Master Lease continue to perform and meet our expectations. Notwithstanding the filing by Marketing today, we remain optimistic about the future of our Company.
As a result of the foregoing developments, it is likely that the Company will be required to increase the deferred rent receivable reserve, record additional impairment charges, accrue for environmental liabilities. It is also likely that the Company will incur significant costs associated with proceedings against Marketing and a repositioning of the Master Lease portfolio. The Company has not determined the amounts of any such costs or potential adjustments to its financial statements. These developments could materially adversely affect the Companys business, financial condition, revenues, operating expenses, results of operations, liquidity, ability to pay dividends or stock price.
For more information on the risks associated with the Companys relationship with Marketing, see the disclosure under the caption Risk Factors in the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2010, the Companys subsequent Quarterly Reports on Form 10-Q and as updated by the Companys subsequent periodic reports filed under the Securities Exchange Act of 1934, as amended and the Companys other filings made with the Securities and Exchange Commission.
Getty Realty Corp. is the largest publicly-traded real estate investment trust in the United States specializing in ownership, leasing and financing of retail motor fuel and convenience store properties and petroleum distribution terminals. The Company owns and leases approximately 1,155 properties nationwide.
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When the words believes, intends, expects, plans, projects, estimates and similar expressions are used, they identify forward-looking statements. Examples of these forward looking statements include the Companys statements of intentions regarding pursue of its actions against Marketing, and the repositioning of the portfolio subject of the Master Lease. These forward-looking statements are based on managements current beliefs and assumptions and information currently available to management and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Information concerning factors that could cause the Companys actual results to differ materially from these forward-looking statements can be found in our periodic reports filed with the Securities and Exchange Commission. We undertake no obligation to publicly release revisions to these forward-looking statements to reflect future events or circumstances or reflect the occurrence of unanticipated events.
(c)2007 Business Wire. All of the news releases contained herein are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire's members, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.
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-Die Problematik mit dem unliebsamen Mieter, kann ich nicht abschätzen.
- Was mir noch im Hinterkopf schlummert: Kann sich Getty bei einer möglichen Umstellung der Infrastruktur weg von Petrolium, hin zu alternativen Energien ( Elektro-,Wasserstoff-, Gasantriebe) anpassen?
Dieses Kursniveau ist ansonsten sehr einladend..
büdde
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und news auch noch,büdde
http://www.ariva.de/news/...-Quarter-Earnings-Conference-Call-4198226
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news
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