Getty Realty Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Getty Realty Corp. has filed its 2023 10-K report, detailing its real estate portfolio and financial status.</b>

AI Summary

GETTY REALTY CORP /MD/ (GTY) filed a Annual Report (10-K) with the SEC on February 15, 2024. Getty Realty Corp. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing includes details on various properties and financial data as of December 31, 2023. Specific property locations mentioned include Brooklyn, NY; El Paso, TX; Lake Charles, AR; and Las Vegas, NV. The report references agreements such as the First Amended and Restated MassMutual Agreement and Series M Notes dated February 28, 2022. The company's business address is 292 Madison Avenue, 9th Floor, New York, NY 10017-6318.

Why It Matters

For investors and stakeholders tracking GETTY REALTY CORP /MD/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Getty Realty Corp.'s financial performance, operational activities, and risk factors for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The detailed property information and financial disclosures within the report are essential for stakeholders to understand the company's asset base, debt obligations, and overall market position in the real estate sector.

Risk Assessment

Risk Level: low — GETTY REALTY CORP /MD/ shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags, indicating a routine disclosure of financial and operational information.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Getty Realty Corp.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-15 — Filing Date (Date of submission)
• 10-K — Form Type (Type of filing)
• 001-13777 — SEC File Number (Company's SEC file number)

Key Players & Entities

• GETTY REALTY CORP /MD/ (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-15 (date) — Filing date
• 292 MADISON AVENUE, 9TH FLOOR (address) — Business address
• New York (location) — Business address city
• 10017-6318 (postal_code) — Business address zip
• 646-349-6000 (phone_number) — Business phone
• 1934 Act (regulation) — SEC Act

FAQ

Industry Context

Getty Realty Corp. operates in the real estate sector, focusing on owning and managing properties. This filing provides insights into its specific market segment and operational strategies.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Review the 'Business' section for details on Getty Realty Corp.'s property portfolio and strategy.
2. Analyze the 'Financial Statements and Supplementary Data' for a thorough understanding of the company's financial health.
3. Examine the 'Risk Factors' section to identify potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-15: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023, and therefore, direct comparisons to a prior year's 10-K within this document are not applicable.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value GTY New York Stock Exchan
• $33.82 — stock on the New York Stock Exchange at $33.82) of the Company was $ 1,543,700,000 as
• $325.0 m — ecember 31, 2023, we invested more than $325.0 million, a record year for the Company, a
• $248.1 million — nterests in 54 operating properties for $248.1 million (of which $211.7 million was invested i
• $211.7 million — properties for $248.1 million (of which $211.7 million was invested in 2023 and $36.4 million
• $36.4 million — $211.7 million was invested in 2023 and $36.4 million represents development funding advances
• $44.8 million — er construction car wash properties for $44.8 million and committed to provide additional fun
• $70.7 million — ncremental development funding totaling $70.7 million for the construction of these and 15 ot
• $12.0 million — nerated gross proceeds of approximately $12.0 million and reduced our exposure to certain pro
• $144.0 million — December 31, 2023, we raised more than $144.0 million of gross equity proceeds through the sa
• $112.1 million — agreements, including 3,450,000 shares ($112.1 million of net proceeds) in a follow-on public
• $32.2 million — at-the-market equity offering program ($32.2 million of gross proceeds). As of December 31,
• $150.0 million — rs for an aggregate principal amount of $150.0 million. An initial principal amount of $75.0 m
• $75.0 million — million. An initial principal amount of $75.0 million was funded at closing, and an additiona
• $325.0 million — ecember 31, 2023, we invested more than $325.0 million (net of previously funded amounts), inc

Filing Documents

• gty-20231231.htm (10-K) — 11349KB
• gty-ex4_2.htm (EX-4.2) — 27KB
• gty-ex21.htm (EX-21) — 18KB
• gty-ex23.htm (EX-23) — 2KB
• gty-ex31_1.htm (EX-31.1) — 13KB
• gty-ex31_2.htm (EX-31.2) — 13KB
• gty-ex32_1.htm (EX-32.1) — 7KB
• gty-ex32_2.htm (EX-32.2) — 7KB
• gty-ex97.htm (EX-97) — 29KB
• img70674751_0.jpg (GRAPHIC) — 686KB
• 0000950170-24-015982.txt (&nbsp;) — 47215KB
• gty-20231231.xsd (EX-101.SCH) — 4285KB
• gty-20231231_htm.xml (XML) — 11819KB

Risk Factors

Risk Factors 9 1B Unresolved Staff Comments 23 1C Cybersecurity 23 2

Legal Proceedings

Legal Proceedings 26 4 Mine Safety Disclosures 29 PART II 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 6 Reserved 31 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 47 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 77 9A

Controls and Procedures

Controls and Procedures 77 9B Other Information 77 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 77 PART III 10 Directors, Executive Officers and Corporate Governance 78 11

Executive Compensation

Executive Compensation 78 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 78 13 Certain Relationships and Related Transactions, and Director Independence 78 14 Principal Accountant Fees and Services 78 PART IV 15 Exhibits and Financial Statement Schedules 79 16 Form 10-K Summary 79 Exhibit Index 100

Signatures

Signatures 104 Cautionary Note Regarding Forward-Looking Statements Certain statements in this Annual Report on Form 10-K may constitute "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements preceded by, followed by, or that otherwise include the words "believes," "expects," "seeks," "plans," "projects," "estimates," "anticipates," "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. (All capitalized and undefined terms used in this section shall have the same meanings hereafter defined in this Annual Report on Form 10-K.) Examples of forward-looking statements included in this Annual Report on Form 10-K include, but are not limited to, our statements regarding our network of convenience stores, express tunnel car washes, automotive service centers, automotive parts retailers, and certain other freestanding retailers, including drive-thru quick service restaurants; substantial compliance of our properties with federal, state, and local provisions enacted or adopted pertaining to environmental matters; the effects of U.S. federal tax reform and other legislative, regulatory, and administrative developments; the impact of existing legislation and regulations on our competitive position; our prospective future environmental liabilities, including those resulting from preexisting unknown environmental contamination; negative impacts from geopolitical uncertainty on the global economy or on our tenants' businesses, financial position or results of operations, including from COVID-19 or outbreaks of other highly infectious or contagious diseases, and terrorist attacks and other acts of violence, including current conflic

Business

Item 1. Business Company Profile Getty Realty Corp. ("Getty Realty") (NYSE: GTY), a Maryland corporation, is a publicly traded, net lease real estate investment trust ("REIT") specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. Our predecessor was originally founded in 1955 and our common stock was listed on the New York Stock Exchange ("NYSE") in 1997. Unless otherwise expressly stated or the context otherwise requires, the "Company," "we," "us," and "our" as used herein refer to Getty Realty and its owned and controlled subsidiaries. Our portfolio includes convenience stores, express tunnel car washes, automotive service centers (gasoline and repair, oil and maintenance, tire and battery, and collision), and certain other freestanding retail properties, including drive-thru quick service restaurants and automotive parts retailers. Our 1,093 properties as of December 31, 2023 are located in 40 states and Washington, D.C., and our tenants operate under a variety of national and regional brands. We are internally managed by our management team, which has extensive experience acquiring, financing, developing and managing convenience, automotive and other single tenant retail real estate. We elected to be treated as a REIT under the federal income tax laws beginning January 1, 2001. The Internal Revenue Code permits a qualifying REIT to deduct dividends paid, thereby effectively eliminating corporate level federal income tax and making the REIT a pass-through vehicle for federal income tax purposes if certain REIT qualifications are met. To meet the applicable requirements of the Internal Revenue Code, a REIT must, among other things, invest substantially all of its assets in interests in real estate (including mortgages and other REITs) or cash and government securities, derive most of its income from rents from real property or interest on loans secured by mortgages on real property

View Full Filing

View this 10-K filing on SEC EDGAR