Getty Realty Corp. Files 2024 10-K

TL;DR

GTY filed its 2024 10-K. All looks normal.

AI Summary

Getty Realty Corp. (GTY) filed its 2024 10-K on February 13, 2025, reporting on its real estate operations. The filing details various properties and financial information for the fiscal year ending December 31, 2024. Key locations mentioned include San Jose, Emporia, St. Joseph, Woodstock, Middletown, and Overland Park, indicating a geographically diverse portfolio.

Why It Matters

This filing provides investors with a comprehensive overview of Getty Realty Corp.'s financial health and operational performance for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard annual report with no immediate red flags or significant negative disclosures.

Key Players & Entities

• Getty Realty Corp. (company) — Filer of the 10-K
• GTY (company) — Ticker symbol for Getty Realty Corp.
• 2024-12-31 (date) — Fiscal year end date
• 2025-02-13 (date) — Filing date
• 292 Madison Avenue, 9th Floor, New York, NY 10017-6318 (address) — Business and mailing address

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value GTY New York Stock Exchan
• $26.66 — stock on the New York Stock Exchange at $26.66) of the Company was $ 1,312,200,000 as
• $209.0 million — ar ended December 31, 2024, we invested $209.0 million in convenience and automotive retail pr
• $13.1 million — erties that generated gross proceeds of $13.1 million and reduced our exposure to certain pro
• $164.8 million — year ended December 31, 2024, we raised $164.8 million of gross equity proceeds through the sa
• $121.2 million — reements, including 4.0 million shares ($121.2 million of gross proceeds) in a follow-on publi
• $43.6 million — public offering and 1.4 million shares ($43.6 million of gross proceeds) through our ATM Prog
• $125.0 million — We also closed the private placement of $125.0 million of new senior unsecured notes, includin
• $50.0 million — w senior unsecured notes, including (i) $50.0 million of 5.52% senior notes due September 202
• $75.0 million — enior notes due September 2029 and (ii) $75.0 million of 5.70% senior notes due February 2032
• $1.0 b — n aggregate purchase price of more than $1.0 billion, including single property and po

Filing Documents

• gty-20241231.htm (10-K) — 14864KB
• gty-ex4_2.htm (EX-4.2) — 28KB
• gty-ex10_8.htm (EX-10.8) — 2263KB
• gty-ex10_11.htm (EX-10.11) — 1233KB
• gty-ex10_14.htm (EX-10.14) — 1124KB
• gty-ex19.htm (EX-19) — 186KB
• gty-ex21.htm (EX-21) — 21KB
• gty-ex23.htm (EX-23) — 3KB
• gty-ex31_1.htm (EX-31.1) — 14KB
• gty-ex31_2.htm (EX-31.2) — 15KB
• gty-ex32_1.htm (EX-32.1) — 8KB
• gty-ex32_2.htm (EX-32.2) — 8KB
• gty-ex97.htm (EX-97) — 32KB
• img71598272_0.jpg (GRAPHIC) — 428KB
• 0000950170-25-019976.txt ( ) — 61836KB
• gty-20241231.xsd (EX-101.SCH) — 4165KB
• gty-20241231_htm.xml (XML) — 15293KB

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 45 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 46 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 78 9A

Controls and Procedures

Controls and Procedures 78 9B Other Information 78 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 78 PART III 10 Directors, Executive Officers and Corporate Governance 79 11

Executive Compensation

Executive Compensation 79 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 79 13 Certain Relationships and Related Transactions, and Director Independence 79 14 Principal Accountant Fees and Services 79 PART IV 15 Exhibits and Financial Statement Schedules 80 16 Form 10-K Summary 80 Exhibit Index 101

Signatures

Signatures 105 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 that are subject to the safe harbor created under the Private Securities Litigation Reform Act of 1995 and other safe harbors under the Securities Act of 1933, as amended (the "Securities Act") and 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, and certain other freestanding retail properties, including drive-thru quick service restaurants and automotive parts retailers; our investment strategy and its impact on our financial performance; changes in market conditions affecting our tenants and their financial stability and creditworthiness, which would impact their compliance with lease obligations; concentration of certain tenants in similar industries or concentration of our owned and leased properties in certain geographic locations; the amount of revenue we expect to realize from our properties, including renewal of existing leases, sale, acquisition or redevelopment opportunities; our belief that our real estate assets are not carried at amounts in excess of their estimated net realizable fair value amounts

Business

Item 1. Business Company Profile Getty Realty Corp. ("Getty Realty," "we," "us," "our" and the "Company") (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 1,118 properties as of December 31, 2024 are located in 42 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

View Full Filing

View this 10-K filing on SEC EDGAR