Getty Realty Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Getty Realty Corp. filed its Q1 2024 10-Q, detailing financial instruments and property types.</b>

AI Summary

GETTY REALTY CORP /MD/ (GTY) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Getty Realty Corp. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial instruments and agreements, such as interest rate swaps and term loans. Specific dates mentioned include March 31, 2024, December 31, 2023, and various dates in 2022 and 2023 related to agreements and notes. The company's business address is 292 Madison Avenue, 9th Floor, New York, NY 10017-6318. The filing references several types of properties, including convenience stores and drive-thru QSRs.

Why It Matters

For investors and stakeholders tracking GETTY REALTY CORP /MD/, this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of Getty Realty Corp., including details on their debt, assets, and fair value measurements. Understanding the specific financial instruments and property types mentioned is crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — GETTY REALTY CORP /MD/ shows low risk based on this filing. The filing is a standard 10-Q report, which is routine for publicly traded companies and does not contain immediate red flags.

Analyst Insight

Review the detailed financial statements and disclosures within the 10-Q to understand the company's performance and financial position.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-04-26 — Filing Date (10-Q filing)
• 2023-12-31 — Previous Year End Date (Financial data reference)
• 2022-02-28 — Agreement Date (Sixth Amended and Restated Prudential Agreement)

Key Players & Entities

• GETTY REALTY CORP /MD/ (company) — Filer name
• 2024-03-31 (date) — Reporting period end date
• 2024-04-26 (date) — Filing date
• 292 MADISON AVENUE, 9TH FLOOR (address) — Business address
• NEW YORK (location) — Business address city
• 10017-6318 (postal_code) — Business address zip
• GTY (ticker) — Ticker symbol
• 0000950170-24-049250 (accession_number) — Accession number

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-26: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition between annual reports.)

Interest Rate Swap

A derivative contract where two parties exchange interest rate payments. (Used by companies to manage interest rate risk.)

Term Loan

A loan from a bank or other lender for a specific amount that has a specified repayment schedule and a fixed or floating interest rate. (Represents a significant source of debt financing for companies.)

Filing Documents

• gty-20240331.htm (10-Q) — 1784KB
• gty-ex31_1.htm (EX-31.1) — 12KB
• gty-ex31_2.htm (EX-31.2) — 13KB
• gty-ex32_1.htm (EX-32.1) — 7KB
• gty-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-049250.txt (&nbsp;) — 9407KB
• gty-20240331.xsd (EX-101.SCH) — 1535KB
• gty-20240331_htm.xml (XML) — 1809KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 2 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 3

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 4 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 5. Other Information 37 Item 6. Exhibits 38

—FINANCI AL INFORMATION

PART I—FINANCI AL INFORMATION

FINAN CIAL STATEMENTS

ITEM 1. FINAN CIAL STATEMENTS GETTY REALTY CORP. CONSOLIDATED B ALANCE SHEETS (Unaudited) (in thousands, except per share amounts) March 31, 2024 December 31, 2023 ASSETS Real estate: Land $ 886,992 $ 867,884 Buildings and improvements 901,565 847,339 Investment in direct financing leases, net 58,358 59,964 Construction in progress 856 426 Real estate held for use 1,847,771 1,775,613 Less accumulated depreciation and amortization ( 275,613 ) ( 265,593 ) Real estate held for use, net 1,572,158 1,510,020 Lease intangible assets, net 109,457 100,315 Real estate held for sale, net 2,383 2,429 Real estate, net 1,683,998 1,612,764 Notes and mortgages receivable 66,639 112,008 Cash and cash equivalents 10,666 3,307 Restricted cash 2,265 1,979 Deferred rent receivable 55,970 54,424 Accounts receivable 2,764 5,012 Right-of-use assets - operating 14,000 14,571 Right-of-use assets - finance 149 174 Prepaid expenses and other assets, net 13,101 18,066 Total assets $ 1,849,552 $ 1,822,305 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Borrowings under Revolving Credit Facility $ 50,000 $ 10,000 Senior Unsecured Notes, net 673,469 673,406 Term Loan, net 73,007 72,692 Environmental remediation obligations 21,663 22,369 Dividends payable 24,952 24,850 Lease liability - operating 15,424 16,051 Lease liability - finance 536 595 Accounts payable and accrued liabilities, net 40,349 46,790 Total liabilities 899,400 866,753 Commitments and contingencies — — Stockholders' equity: Preferred stock, $ 0.01 par value; 20,000,000 shares authorized; uniss ued — — Common stock, $ 0.01 par value; 100,000,000 shares authorized; 53,966,586 and 53,952,539 shares issued and outstanding, respectively 540 540 Accumulated other comprehensive income (loss) ( 1,573 ) ( 4,021

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1. — DESCRIPTION OF BUSINESS 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 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 1,108 properties a s of March 31, 2024 are located in 42 states and Washington, D.C., and our tenants operate under a variety of national and regional retail brands. We are internally managed by our management team, which has extensive experience acquiring, owning and managing convenience, automotive and other single tenant retail real estate, and our company is headquartered in New York, New York. NOTE 2. — ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements include the accounts of Getty Realty and its wholly owned subsidiaries. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). We do not distinguish our principal business or our operations on a geographical basis for purposes of measuring performance. We manage and evaluate our operations as a single segment. All significant intercompany accounts and transactions have been eliminated. Unaudited, Int

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