- Provides 2018 Annual Guidance -
JERICHO, N.Y. -- (Business Wire)
Getty Realty Corp. (NYSE:GTY) (“Getty” or the “Company”) announced its
financial results for the quarter and year ended December 31, 2017.
Highlights For The Fourth Quarter
-
Net earnings of $0.33 per share
-
Funds From Operations (FFO) of $0.51 per share
-
Adjusted Funds From Operations (AFFO) of $0.43 per share
-
Acquired 39 properties for $70.1 million
-
Increased quarterly dividend by 14 percent
Highlights For The Full Year 2017
-
Net earnings of $1.26 per share
-
FFO of $2.00 per share
-
AFFO of $1.66 per share
-
Acquired 103 properties for $214 million
-
Completed two redevelopment projects
Christopher J. Constant, Getty’s President & Chief Executive Officer
stated, “The fourth quarter capped a very productive year for Getty. Our
operating portfolio delivered consistent results, while we made
additional progress in growing and further diversifying our portfolio
with accretive acquisitions. Over the years we have evolved our
portfolio into one with high quality, well located assets, many with
expanded convenience stores which resonate with today’s consumer. We
also continue to execute on redevelopment projects and have a solid
pipeline which we expect to come online in 2018 and beyond. As we look
ahead we are optimistic about our ability to continue to execute on our
growth strategy and deliver stable cash flows for our shareholders.”
Net Earnings
The Company reported net earnings for the quarter ended December 31,
2017, of $13.0 million, or $0.33 per share, as compared to net earnings
of $8.3 million, or $0.24 per share, for the same period in 2016. The
Company reported net earnings for the year ended December 31, 2017, of
$47.2 million, or $1.26 per share, as compared to net earnings of $38.4
million, or $1.12 per share, for the same period in 2016.
Funds From Operations (FFO) and Adjusted Funds From Operations
(AFFO)
FFO for the quarter ended December 31, 2017, was $20.2 million, or $0.51
per share, as compared to $17.9 million, or $0.52 per share, for the
same period in 2016. FFO for the year ended December 31, 2017, was $74.6
million, or $2.00 per share, as compared to $64.2 million, or $1.87 per
share, for the same period in 2016.
AFFO for the quarter ended December 31, 2017, was $17.3 million, or
$0.43 per share, as compared to $14.5 million, or $0.42 per share, for
the same period in 2016. AFFO for the year ended December 31, 2017, was
$62.0 million, or $1.66 per share, as compared to $57.1 million, or
$1.67 per share, for the same period in 2016.
All per share amounts in this press release are presented on a fully
diluted per common share basis, unless stated otherwise. FFO and AFFO
are defined and reconciled to net earnings in the financial tables at
the end of this release. During the fourth quarter of 2017, we revised
our definition of AFFO. See “Non-GAAP Financial Measures” below.
Results of Operations
Revenues from rental properties in continuing operations increased by
$3.4 million to $28.2 million for the quarter ended December 31, 2017,
as compared to $24.8 million for the same period in 2016. Revenues from
rental properties in continuing operations were $101.3 million for the
year ended December 31, 2017, as compared to $96.7 million for the same
period in 2016. The increase in revenues from rental properties for the
quarter and year ended December 31, 2017, was primarily due to revenue
from the properties acquired during the year ended December 31, 2017.
Property costs from continuing operations were $7.0 million for the
quarter ended December 31, 2017, as compared to $6.9 million for the
same period in 2016. Property costs from continuing operations were
$22.3 million for the year ended December 31, 2017, as compared to $23.2
million for the same period in 2016. The decline in property costs for
the year ended December 31, 2017, was principally due to a reduction in
rent, maintenance and state and local taxes.
Environmental expenses from continuing operations were $2.2 million for
the quarter ended December 31, 2017, as compared to $2 thousand for the
same period in 2016. Environmental expenses from continuing operations
were $3.1 million for the year ended December 31, 2017, as compared $2.7
million for the same period in 2016. The increase in environmental
expenses for the quarter and year ended December 31, 2017, was
principally due to changes in net environmental remediation costs, and
increases in environmental litigation accruals and legal fees.
Environmental expenses vary from period to period and, accordingly,
undue reliance should not be placed on the magnitude or the direction of
change in reported environmental expenses for one period, as compared to
prior periods.
General and administrative expenses from continuing operations were $3.3
million for the quarter ended December 31, 2017, as compared to $3.0
million for the same period in 2016. The increase in general and
administrative expenses for the quarter ended December 31, 2017, was
principally due to an increase in employee related expenses. General and
administrative expenses from continuing operations were $13.9 million
for the year ended December 31, 2017, as compared to $14.2 million for
the same period in 2016. The decrease in general and administrative
expenses for the year ended December 31, 2017, was principally due to
reductions in legal and professional fees, and non-recurring employee
related expenses predominantly due to reductions in severance and
retirement costs partially offset by an increase in employee related
expenses.
Impairment charges in continuing operations were $1.7 million for the
quarter ended December 31, 2017, as compared to $3.3 million for the
same period in 2016. Impairment charges in continuing operations were
$8.3 million for the year ended December 31, 2017, as compared to $8.6
million for the same period in 2016. Impairment charges in continuing
operations for the quarter and year ended December 31, 2017 and 2016,
were primarily attributable to the effect of adding asset retirement
costs due to changes in estimates associated with the Company’s
environmental liabilities and reductions in estimated sales prices from
third-party offers based on signed contracts, letters of intent or
indicative bids for certain properties.
Portfolio Activities
During the quarter ended December 31, 2017, the Company acquired fee
simple interests in 39 properties for $70.1 million, in the aggregate.
During the year ended December 31, 2017, the Company acquired fee simple
interests in 103 properties for $214.0 million, in the aggregate.
On October 3, 2017, the Company completed its previously announced
transaction with a U.S. subsidiary of Applegreen PLC, whereby the
Company acquired fee simple interests in 38 properties for $68.3 million
and entered into a unitary lease with the Applegreen subsidiary at the
closing of the transaction.
During the quarter ended December 31, 2017, the Company sold three
properties for $1.4 million. During the year ended December 31, 2017,
the Company sold 12 properties for $4.3 million, in the aggregate.
Redevelopment Activities
During the fourth quarter of 2017, rent commenced on the Company’s third
redevelopment project. As of December 31, 2017, the Company is actively
redeveloping nine of its former convenience store and gas station
properties either as a new convenience and gasoline use or for an
alternative single-tenant net lease retail use. As of December 31, 2017,
the Company had signed leases on four properties, which are currently
part of its net lease portfolio. These properties are expected to be
recaptured from their current leases and transferred to redevelopment
when the appropriate entitlements, permits and approvals have been
secured.
Balance Sheet
As of December 31, 2017, the Company had $380.0 million of outstanding
indebtedness with a weighted average interest rate of 4.8%. The
Company’s indebtedness consisted of $155.0 million drawn on its Credit
Agreement and $225.0 million of Senior Unsecured Notes. Total cash and
cash equivalents were $20.0 million as of December 31, 2017.
2018 Guidance
The Company has established its 2018 AFFO guidance at a range of $1.68
to $1.74 per diluted share. The Company’s guidance does not assume any
potential future acquisitions or capital markets activities. The
guidance is based on current plans and assumptions and is subject to
risks and uncertainties more fully described in this press release and
the Company’s reports filed with the Securities and Exchange Commission.
Conference Call Information
Getty Realty Corp.’s Fourth Quarter Earnings Conference Call is
scheduled for Wednesday, February 28, 2018, at 4:30 p.m. EST. To
participate in the call, please dial (800) 289-0438, or (323) 794-2423
for international participants, ten minutes before the scheduled start
time. Participants may also access the call via live webcast by visiting
the investors section of the Company's website at ir.gettyrealty.com.
A replay will be available on Wednesday, February 28, 2018, beginning at
7:30 p.m. EST through 11:59 p.m. EST, Wednesday, March 7, 2018. To
access the replay, please dial (844) 512-2921, or (412) 317-6671 for
international participants, and reference pass code 9332055.
About Getty Realty Corp.
Getty Realty Corp. is the leading publicly-traded real estate investment
trust in the United States specializing in the ownership, leasing and
financing of convenience store and gasoline station properties. As of
December 31, 2017, the Company owned 828 properties and leased 79
properties from third-party landlords in 28 states across the United
States and Washington, D.C.
Non-GAAP Financial Measures
In addition to measurements defined by accounting principles generally
accepted in the United States of America (“GAAP”), the Company also
focuses on Funds From Operations (“FFO”) and Adjusted Funds From
Operations (“AFFO”) to measure its performance. FFO and AFFO are
generally considered by analysts and investors to be appropriate
supplemental non-GAAP measures of the performance of REITs. FFO and AFFO
are not in accordance with, or a substitute for, measures prepared in
accordance with GAAP. In addition, FFO and AFFO are not based on any
comprehensive set of accounting rules or principles. 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. These measures should only be used to evaluate the Company’s
performance in conjunction with corresponding GAAP measures.
FFO is defined by the National Association of Real Estate Investment
Trusts as GAAP net earnings before depreciation and amortization of real
estate assets, gains or losses on dispositions of real estate,
impairment charges and cumulative effect of accounting change. The
Company’s definition of AFFO is defined as FFO less (i) Revenue
Recognition Adjustments (net of allowances), (ii) non-cash changes in
environmental estimates, (iii) non-cash environmental accretion expense,
(iv) environmental litigation accruals, (v) insurance reimbursements,
(vi) legal settlements and judgments, (vii) acquisition costs expensed
and (viii) other unusual items that are not reflective of the Company’s
core operating performance. Other REITs may use definitions of FFO
and/or AFFO that are different than the Company’s and, accordingly, may
not be comparable.
Beginning in the fourth quarter of 2017, the Company revised its
definition of AFFO to exclude three additional items – environmental
litigation accruals, insurance reimbursements, and legal settlements and
judgments – because the Company believes that these items are not
indicative of its core operating performance. While the Company does not
label excluded items as non-recurring, the Company believes that
excluding items from its definition of AFFO that are either non-cash or
not reflective of its core operating performance provides analysts and
investors the ability to compare its core operating performance between
periods. AFFO for the quarters ended December 31, 2017 and 2016, and the
years ended December 31, 2017 and 2016, have been restated to conform to
the Company’s revised definition.
FFO excludes various items such as depreciation and amortization of real
estate assets, gains or losses on dispositions of real estate and
impairment charges. In the Company’s case, however, GAAP net earnings
and FFO typically include the impact of revenue recognition adjustments
comprised of deferred rental revenue (straight-line rental revenue), the
net amortization of above-market and below-market leases, adjustments
recorded for recognition of rental income recognized from direct
financing leases on revenues from rental properties and the amortization
of deferred lease incentives, as offset by the impact of related
collection reserves. Deferred rental revenue results primarily from
fixed rental increases scheduled under certain leases with the Company’s
tenants. In accordance with GAAP, the aggregate minimum rent due over
the current term of these leases is recognized on a straight-line 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
terms using the effective interest method which produces a constant
periodic rate of return on the net investments in the leased properties.
The amortization of deferred lease incentives represents the Company’s
funding commitment in certain leases, which deferred expense is
recognized on a straight-line basis as a reduction of rental revenue.
GAAP net earnings and FFO include non-cash changes in environmental
estimates and environmental accretion expense, which do not impact the
Company’s recurring cash flow. GAAP net earnings and FFO also include
environmental litigation accruals, insurance reimbursements, and legal
settlements and judgments, which items are not indicative of the
Company’s core operating performance. GAAP net earnings and FFO from
time to time may also include acquisition costs expensed and other
unusual items that are not reflective of the Company’s core operating
performance. Acquisition costs are expensed, generally in the period
when properties are acquired and are not reflective of recurring
operations.
The Company pays particular attention to AFFO, as the Company believes
it best represents its core operating performance. In the Company’s
view, AFFO provides a more accurate depiction than FFO of its core
operating performance. By providing AFFO, the Company believes that it
is presenting useful information that assists analysts and investors to
better assess its core operating performance. Further, the Company
believes that AFFO is useful in comparing the sustainability of its core
operating performance with the sustainability of the core operating
performance of other real estate companies.
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,” “PREDICTS” AND SIMILAR
EXPRESSIONS ARE USED, THEY IDENTIFY FORWARD-LOOKING STATEMENTS. THESE
FORWARD-LOOKING STATEMENTS ARE BASED ON MANAGEMENT’S 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 INCLUDE, BUT ARE NOT LIMITED TO,
THOSE MADE BY MR. CONSTANT, STATEMENTS REGARDING THE RECAPTURE AND
TRANSFER OF CERTAIN NET LEASE RETAIL PROPERTIES, STATEMENTS REGARDING
THE ABILITY TO OBTAIN APPROPRIATE PERMITS AND APPROVALS, AND THOSE
REGARDING THE COMPANY’S 2018 AFFO PER SHARE GUIDANCE.
INFORMATION CONCERNING FACTORS THAT COULD CAUSE THE COMPANY’S ACTUAL
RESULTS TO DIFFER MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS CAN
BE FOUND IN THE COMPANY’S 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. |
CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
(in thousands, except per share amounts) |
|
|
|
|
| December 31, |
| | | 2017 |
|
| 2016 |
ASSETS:
| | | | | | |
Real Estate:
| | | | | | |
Land
| | |
$
|
589,497
| | | |
$
|
474,115
| |
Buildings and improvements
| | | |
379,785
| | | | |
306,980
| |
Construction in progress
| | |
|
1,682
|
| | |
|
426
|
|
| | | |
970,964
| | | | |
781,521
| |
Less accumulated depreciation and amortization
| | |
|
(133,353
|
)
| | |
|
(120,576
|
)
|
Real estate held for use, net
| | | |
837,611
| | | | |
660,945
| |
Real estate held for sale, net
| | |
|
—
|
| | |
|
645
|
|
Real estate, net
| | | |
837,611
| | | | |
661,590
| |
Investment in direct financing leases, net
| | | |
89,587
| | | | |
92,097
| |
Notes and mortgages receivable
| | | |
32,366
| | | | |
32,737
| |
Cash and cash equivalents
| | | |
19,992
| | | | |
12,523
| |
Restricted cash
| | | |
821
| | | | |
671
| |
Deferred rent receivable
| | | |
33,610
| | | | |
29,966
| |
Accounts receivable, net of allowance of $1,840 and $2,006,
respectively
| | | |
3,712
| | | | |
4,118
| |
Prepaid expenses and other assets
| | |
|
55,055
|
| | |
|
43,604
|
|
Total assets
| | |
$
|
1,072,754
|
| | |
$
|
877,306
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY:
| | | | | | |
Borrowings under credit agreement, net
| | |
$
|
154,502
| | | |
$
|
123,801
| |
Senior unsecured notes, net
| | | |
224,656
| | | | |
174,743
| |
Environmental remediation obligations
| | | |
63,565
| | | | |
74,516
| |
Dividends payable
| | | |
12,846
| | | | |
9,742
| |
Accounts payable and accrued liabilities
| | |
|
63,490
|
| | |
|
63,586
|
|
Total liabilities
| | |
|
519,059
|
| | |
|
446,388
|
|
Commitments and contingencies
| | | |
—
| | | | |
—
| |
Shareholders’ equity:
| | | | | | |
Preferred stock, $0.01 par value; 10,000,000 and 20,000,000 shares
authorized, respectively; unissued
| | | |
—
| | | | |
—
| |
Common stock, $0.01 par value; 60,000,000 and 50,000,000 shares
authorized, respectively; 39,696,110 and 34,393,114 shares
issued and outstanding, respectively
| | | |
397
| | | | |
344
| |
Additional paid-in capital
| | | |
604,872
| | | | |
485,659
| |
Dividends paid in excess of earnings
| | |
|
(51,574
|
)
| | |
|
(55,085
|
)
|
Total shareholders’ equity
| | |
|
553,695
|
| | |
|
430,918
|
|
Total liabilities and shareholders’ equity
| | |
$
|
1,072,754
|
| | |
$
|
877,306
|
|
| | | | | | | | | |
|
|
GETTY REALTY CORP. |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(Unaudited) |
(in thousands, except per share amounts) |
|
|
|
| Three Months Ended December 31, |
|
| Year Ended December 31, |
| | | 2017 |
| 2016 | | | 2017 |
| 2016 |
Revenues:
| | | | | | | | | | |
Revenues from rental properties
| | |
$
|
28,157
| | |
$
|
24,774
| | | |
$
|
101,332
| | |
$
|
96,711
| |
Tenant reimbursements
| | | |
5,112
| | | |
4,171
| | | | |
15,829
| | | |
15,017
| |
Interest on notes and mortgages receivable
| | |
|
733
|
| |
|
773
|
| | |
|
2,992
|
| |
|
3,543
|
|
Total revenues
| | |
|
34,002
|
| |
|
29,718
|
| | |
|
120,153
|
| |
|
115,271
|
|
Operating expenses:
| | | | | | | | | | |
Property costs
| | | |
6,974
| | | |
6,941
| | | | |
22,345
| | | |
23,205
| |
Impairments
| | | |
1,730
| | | |
3,302
| | | | |
8,279
| | | |
8,566
| |
Environmental
| | | |
2,167
| | | |
2
| | | | |
3,098
| | | |
2,654
| |
General and administrative
| | | |
3,317
| | | |
3,046
| | | | |
13,879
| | | |
14,155
| |
Allowance (recoveries) for uncollectible accounts
| | | |
5
| | | |
158
| | | | |
205
| | | |
(448
|
)
|
Depreciation and amortization
| | |
|
5,625
|
| |
|
4,521
|
| | |
|
19,089
|
| |
|
19,170
|
|
Total operating expenses
| | |
|
19,818
|
| |
|
17,970
|
| | |
|
66,895
|
| |
|
67,302
|
|
Operating income
| | | |
14,184
| | | |
11,748
| | | | |
53,258
| | | |
47,969
| |
Gains on dispositions of real estate
| | | |
702
| | | |
1,014
| | | | |
1,041
| | | |
6,390
| |
Other income, net
| | | |
3,527
| | | |
608
| | | | |
8,518
| | | |
2,027
| |
Interest expense
| | |
|
(5,092
|
)
| |
|
(4,035
|
)
| | |
|
(17,769
|
)
| |
|
(16,561
|
)
|
Earnings from continuing operations
| | |
|
13,321
|
| |
|
9,335
|
| | |
|
45,048
|
| |
|
39,825
|
|
Discontinued operations:
| | | | | | | | | | |
(Loss) earnings from operating activities
| | | |
(285
|
)
| | |
(1,007
|
)
| | | |
2,138
| | | |
(1,236
|
)
|
(Loss) on dispositions of real estate
| | |
|
—
|
| |
|
—
|
| | |
|
—
|
| |
|
(178
|
)
|
(Loss) earnings from discontinued operations
| | |
|
(285
|
)
| |
|
(1,007
|
)
| | |
|
2,138
|
| |
|
(1,414
|
)
|
Net earnings
| | |
$
|
13,036
|
| |
$
|
8,328
|
| | |
$
|
47,186
|
| |
$
|
38,411
|
|
Basic and diluted earnings per common share:
| | | | | | | | | | |
Earnings from continuing operations
| | |
$
|
0.33
| | |
$
|
0.27
| | | |
$
|
1.20
| | |
$
|
1.16
| |
(Loss) earnings from discontinued operations
| | |
|
—
|
| |
|
(0.03
|
)
| | |
|
0.06
|
| |
|
(0.04
|
)
|
Net earnings
| | |
$
|
0.33
|
| |
$
|
0.24
|
| | |
$
|
1.26
|
| |
$
|
1.12
|
|
Weighted average common shares outstanding:
| | | | | | | | | | |
Basic and diluted
| | | |
39,623
| | | |
34,074
| | | | |
36,897
| | | |
33,806
| |
| | | | | | | | | |
|
Dividends declared per common share
| | |
$
|
0.32
| | |
$
|
0.28
| | | |
$
|
1.16
| | |
$
|
1.03
| |
| | | | | | | | | | | | | | | | | |
|
|
GETTY REALTY CORP. |
RECONCILIATION OF NET EARNINGS TO |
FUNDS FROM OPERATIONS AND |
ADJUSTED FUNDS FROM OPERATIONS |
(Unaudited) |
(in thousands, except per share amounts) |
|
|
|
| Three months ended December 31, |
|
| Year ended December 31, |
| | | 2017 |
| 2016 | | | 2017 |
| 2016 |
Net earnings
| | |
$
|
13,036
| | |
$
|
8,328
| | | |
$
|
47,186
| | |
$
|
38,411
| |
Depreciation and amortization of real estate assets
| | | |
5,625
| | | |
4,521
| | | | |
19,089
| | | |
19,170
| |
Gains on dispositions of real estate
| | | |
(702
|
)
| | |
(1,014
|
)
| | | |
(1,041
|
)
| | |
(6,213
|
)
|
Impairments
| | |
|
2,278
|
| |
|
6,027
|
| | |
|
9,321
|
| |
|
12,814
|
|
Funds from operations
| | | |
20,237
| | | |
17,862
| | | | |
74,555
| | | |
64,182
| |
Revenue recognition adjustments
| | | |
(677
|
)
| | |
(907
|
)
| | | |
(1,976
|
)
| | |
(3,417
|
)
|
Changes in environmental estimates
| | | |
(737
|
)
| | |
(3,202
|
)
| | | |
(6,854
|
)
| | |
(7,007
|
)
|
Accretion expense
| | | |
828
| | | |
1,087
| | | | |
3,448
| | | |
4,107
| |
Environmental litigation accruals
| | | |
1,150
| | | |
—
| | | | |
1,044
| | | |
801
| |
Insurance reimbursements
| | | |
(982
|
)
| | |
(452
|
)
| | | |
(1,804
|
)
| | |
(1,146
|
)
|
Legal settlements and judgments
| | | |
(2,526
|
)
| | |
—
| | | | |
(6,381
|
)
| | |
(514
|
)
|
Acquisition costs
| | |
|
—
|
| |
|
66
|
| | |
|
—
|
| |
|
86
|
|
Adjusted funds from operations
| | |
$
|
17,293
|
| |
$
|
14,454
|
| | |
$
|
62,032
|
| |
$
|
57,092
|
|
Basic and diluted per share amounts:
| | | | | | | | | | |
Earnings per share
| | |
$
|
0.33
| | |
$
|
0.24
| | | |
$
|
1.26
| | |
$
|
1.12
| |
Funds from operations per share
| | | |
0.51
| | | |
0.52
| | | | |
2.00
| | | |
1.87
| |
Adjusted funds from operations per share
| | |
$
|
0.43
| | |
$
|
0.42
| | | |
$
|
1.66
| | |
$
|
1.67
| |
Basic and diluted weighted average common shares outstanding
| | | |
39,623
| | | |
34,074
| | | | |
36,897
| | | |
33,806
| |
| | | | | | | | | | | | | | | | | |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20180228006466/en/
Contacts:
Getty Realty Corp.
Danion Fielding, 516-478-5400
Chief
Financial Officer
or
Investor Relations
516-478-5418
ir@gettyrealty.com
Source: Getty Realty Corp.
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