Getty Realty Corp. Files Q3 2024 10-Q

TL;DR

GTY's Q3 10-Q is in: Notes maturing in '33, dividends paid, and loan updates. #REIT

AI Summary

Getty Realty Corp. (GTY) filed its 10-Q for the period ending September 30, 2024. The company reported on its financial performance, including details on its real estate portfolio and debt obligations. Key events and financial instruments mentioned include Series O notes maturing in 2033, dividends paid, and various loan and agreement details.

Why It Matters

This filing provides investors with an update on Getty Realty's financial health and operational status, crucial for understanding its real estate investment trust (REIT) performance.

Risk Assessment

Risk Level: medium — The filing details various debt instruments and agreements, indicating potential financial risks and market sensitivities common in the real estate sector.

Key Numbers

• 2024-09-30 — Reporting Period End (As of this date, financial statements are reported.)
• 2024-10-24 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• GETTY REALTY CORP /MD/ (company) — Filer
• 292 MADISON AVENUE, 9TH FLOOR (location) — Business Address
• NEW YORK (location) — Business City
• 20240930 (date) — Reporting Period End Date
• 20241024 (date) — Filing Date
• SeriesOToQNoteMaturingInJanuaryTwentyTwoThousandThirtyThreeMember (financial_instrument) — Debt Obligation
• DividendsPaidInExcessOfEarningsMember (financial_metric) — Dividend Activity
• TermLoanMember (financial_instrument) — Debt Obligation

FAQ

Filing Documents

• gty-20240930.htm (10-Q) — 2360KB
• 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
• 0000950170-24-117098.txt ( ) — 11261KB
• gty-20240930.xsd (EX-101.SCH) — 1589KB
• gty-20240930_htm.xml (XML) — 2361KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 2 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 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 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 5. Other Information 43 Item 6. Exhibits 44

—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) September 30, 2024 December 31, 2023 ASSETS Real estate: Land $ 912,922 $ 867,884 Buildings and improvements 980,753 847,339 Investment in direct financing leases, net 44,434 59,964 Construction in progress 102 426 Real estate held for use 1,938,211 1,775,613 Less accumulated depreciation and amortization ( 294,269 ) ( 265,593 ) Real estate held for use, net 1,643,942 1,510,020 Lease intangible assets, net 121,455 100,315 Real estate held for sale, net 2,609 2,429 Real estate, net 1,768,006 1,612,764 Notes and mortgages receivable 39,004 112,008 Cash and cash equivalents 4,013 3,307 Restricted cash 3,009 1,979 Deferred rent receivable 59,225 54,424 Accounts receivable 2,411 5,012 Right-of-use assets - operating 12,832 14,571 Right-of-use assets - finance 119 174 Prepaid expenses and other assets, net 13,244 18,066 Total assets $ 1,901,863 $ 1,822,305 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Borrowings under Revolving Credit Facility $ 12,500 $ 10,000 Senior Unsecured Notes, net 673,594 673,406 Term Loan, net 148,636 72,692 Environmental remediation obligations 20,812 22,369 Dividends payable 25,422 24,850 Lease liability - operating 14,170 16,051 Lease liability - finance 403 595 Accounts payable and accrued liabilities, net 42,935 46,790 Total liabilities 938,472 866,753 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; 55,016,894 and 53,952,539 shares issued and outstanding, respectively 550 540 Accumulated other comprehensive income (loss) ( 3,974 ) ( 4

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 September 30, 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 we are 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, Interim

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