-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TMcL54akmAXarO8XDRPtEsRb9TlD5VbUYhnj9qeC1E7xq7V+bHRmCCYV5s8rTXRr 7WN1/P0x3Ub+PTDUC2TdaA== 0000920049-98-000042.txt : 19980917 0000920049-98-000042.hdr.sgml : 19980917 ACCESSION NUMBER: 0000920049-98-000042 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980731 FILED AS OF DATE: 19980911 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GETTY REALTY CORP /MD/ CENTRAL INDEX KEY: 0001052752 STANDARD INDUSTRIAL CLASSIFICATION: 5171 IRS NUMBER: 113412575 STATE OF INCORPORATION: MD FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-13777 FILM NUMBER: 98708214 BUSINESS ADDRESS: STREET 1: 125 JERICHO TURNPIKE CITY: JERICHO STATE: NY ZIP: 11753 BUSINESS PHONE: 5163382600 MAIL ADDRESS: STREET 1: 125 JERICHO TURNPIKE CITY: JERICHO STATE: NY ZIP: 11753 10-Q 1 QUARTERLY REPORT ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For quarter ended July 31, 1998 Commission file number 001-13777 ------------- --------- GETTY REALTY CORP. ------------------ (Exact name of registrant as specified in its charter) MARYLAND 11-3412575 -------- ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 125 Jericho Turnpike, Jericho, New York 11753 - - --------------------------------------- ----- (Address of principal executive offices) (Zip Code) (516) 338 - 2600 ---------------- (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Registrant had outstanding 13,566,068 shares of Common Stock, par value $.01 per share, and 2,888,799 shares of Series A Participating Convertible Redeemable Preferred Stock, par value $.01 per share, as of July 31, 1998. ================================================================================ GETTY REALTY CORP. INDEX Part I. FINANCIAL INFORMATION Page Number - - ------- --------------------- ----------- Item 1. Financial Statements Consolidated Balance Sheets as of July 31, 1998 and January 31, 1998 1 Consolidated Statements of Operations for the three and six months ended July 31, 1998 and 1997 2 Consolidated Statements of Cash Flows for the six months ended July 31, 1998 and 1997 3 Notes to Consolidated Financial Statements 4 - 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 - 11 Part II. OTHER INFORMATION - - -------- ----------------- Item 5. Other Information 12 Item 6. Exhibits and Reports on Form 8-K 12 Signatures 12
GETTY REALTY CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share data) - - ------------------------------------------------------------------------------------------------- July 31, January 31, - - ------------------------------------------------------------------------------------------------- Assets: 1998 1998 - - ------------------------------------------------------------------------------------------------- (unaudited) Real Estate: Land $129,029 $129,461 Buildings and improvements 170,293 162,162 -------------- ------------- 299,322 291,623 Less - accumulated depreciation and amortization 67,638 63,600 -------------- ------------- Real estate, net 231,684 228,023 Cash and equivalents 902 10,034 Accounts receivable, net 1,859 2,524 Mortgages receivable 7,649 6,926 Recoveries from state underground storage tank funds 12,136 15,387 Prepaid expenses and other assets 7,028 5,649 -------------- ------------- Total assets $261,258 $268,543 ============== ============= - - ---------------------------------------------------------------------------------------------- Liabilities and Stockholders' Equity: - - ---------------------------------------------------------------------------------------------- Mortgages payable $37,855 $40,526 Accounts payable and accrued expenses 19,784 21,408 Environmental remediation costs 34,460 38,297 Deferred income taxes 30,370 29,719 -------------- ------------- Total liabilities 122,469 129,950 -------------- ------------- Stockholders' equity: Preferred stock, par value $.01 per share; authorized 20,000,000 shares for issuance in series of which 3,000,000 shares are classified as Series A Participating Convertible Redeemable Preferred; issued 2,888,799 at July 31, 1998 and January 31, 1998 72,220 72,220 Common stock, par value $.01 per share; authorized 50,000,000 shares; issued 14,449,549 at July 31, 1998 and 14,446,929 at January 31, 1998 144 144 Paid-in capital 81,043 81,000 Accumulated deficit (695) (848) Treasury stock, at cost (883,481 shares at July 31, 1998 and 883,461 shares at January 31, 1998) (13,923) (13,923) -------------- ------------- Total stockholders' equity 138,789 138,593 -------------- ------------- Total liabilities and stockholders' equity $261,258 $268,543 ============== =============
See accompanying notes. -1-
GETTY REALTY CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) - - ----------------------------------------------------------------------------------------------------------- Three months ended July 31, Six months ended July 31, - - ----------------------------------------------------------------------------------------------------------- 1998 1997 1998 1997 - - ----------------------------------------------------------------------------------------------------------- Revenues: Revenues from rental properties $14,760 $14,932 $29,584 $29,878 Net sales of petroleum products 4,531 5,263 11,040 13,644 Other income 1,244 1,439 1,523 1,893 ------------------------ ------------------------ 20,535 21,634 42,147 45,415 ------------------------ ------------------------ Equity in earnings of Getty Petroleum Marketing Inc. - - - 2,931 ------------------------ ------------------------ 20,535 21,634 42,147 48,346 ------------------------ ------------------------ Cost of sales of petroleum products (excluding depreciation and amortization) 4,222 5,019 9,734 12,418 Rental property expenses 3,239 3,572 6,510 6,882 Environmental and maintenance expenses 4,819 2,331 6,459 3,571 Selling, general and administrative expenses 1,905 3,886 3,869 7,230 Depreciation and amortization 2,403 2,419 4,736 4,806 Interest expense 701 1,309 1,434 2,689 Change of control charge - - - 2,166 ------------------------ ------------------------ 17,289 18,536 32,742 39,762 ------------------------ ------------------------ Earnings before provision for income taxes 3,246 3,098 9,405 8,584 Provision for income taxes 1,345 1,148 3,975 3,427 ------------------------ ------------------------ Net earnings 1,901 1,950 5,430 5,157 Preferred stock dividend 1,282 - 2,564 - ------------------------ ------------------------ Net earnings applicable to common stockholders $619 $1,950 $2,866 $5,157 ======================== ======================== Net earnings per common share: Basic $.05 $.15 $.21 $.40 Diluted $.05 $.15 $.21 $.39 Weighted average common shares outstanding: Basic 13,566 13,118 13,565 12,944 Diluted 13,572 13,314 13,574 13,194
See accompanying notes. -2-
GETTY REALTY CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Six months ended July 31, ------------------------------ 1998 1997 ---- ---- Cash flows from operating activities: Net earnings $5,430 $5,157 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 4,736 4,806 Deferred income taxes 651 (2,511) Gain on dispositions of real estate (894) (692) Equity in net earnings of Getty Petroleum Marketing Inc. - (1,731) Change of control charge - 2,166 Stock option charge - 3,742 Changes in assets and liabilities: Accounts receivable 665 874 Mortgages receivable (723) (52) Recoveries from state underground storage tank funds 3,251 1,277 Prepaid expenses and other assets (1,460) (1,686) Accounts payable and accrued expenses (1,624) (4,025) Environmental remediation costs (3,837) (4,247) Income taxes payable - (1,426) ------------------------------ Net cash provided by operating activities 6,195 1,652 ------------------------------ Cash flows from investing activities: Capital expenditures (9,630) (4,189) Property acquisitions - (1,027) Proceeds from dispositions of real estate 2,208 1,247 ------------------------------ Net cash used in investing activities (7,422) (3,969) ------------------------------ Cash flows from financing activities: Mortgage borrowings - 165 Repayment of mortgages payable (2,671) (2,532) Payments under capital lease obligations - (3,032) Cash dividends (5,277) (776) Stock options, common and treasury stock, net 43 5,550 ------------------------------ Net cash used in financing activities (7,905) (625) ------------------------------ Net decrease in cash and equivalents (9,132) (2,942) Cash and equivalents at beginning of period 10,034 11,385 ------------------------------ Cash and equivalents at end of period $902 $8,443 ============================== Supplemental disclosures of cash flow information Cash paid during the period for: Interest $1,453 $2,686 Income taxes, net 4,091 2,891
See accompanying notes. -3- GETTY REALTY CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. General: The accompanying consolidated financial statements include the accounts of Getty Realty Corp. and its wholly-owned subsidiaries (the "Company"). The consolidated financial statements have been prepared in conformity with generally accepted accounting principles and include amounts that are based on management's best estimates and judgments. While all available information has been considered, actual amounts could differ from those estimates. The consolidated financial statements are unaudited but, in the opinion of management, reflect all adjustments (consisting of normal recurring accruals) necessary for a fair presentation. These statements should be read in conjunction with the consolidated financial statements and related notes which appear in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 1998. 2. Spin-off: On March 21, 1997, the Company effected the spin-off of its petroleum marketing business to its stockholders. The Company retained its real estate business and the Pennsylvania and Maryland home heating oil business, and leased most of its properties on a long-term net basis to the spun-off company, which is named Getty Petroleum Marketing Inc. ("Marketing"). The consolidated statement of operations of the Company for the six months ended July 31, 1997 includes the financial results of the Marketing business under the caption "Equity in earnings of Getty Petroleum Marketing Inc." for the period from February 1, 1997 to March 21, 1997, amounting to pre-tax income of $2.9 million ($1.7 million after-tax). -4- The financial results of the retained real estate and heating oil businesses for the quarters and six months ended July 31, 1998 and 1997 are set forth below. The following financial information does not include the financial results of Marketing and is presented for informational purposes only and is not necessarily indicative of the financial results that would have occurred had the real estate and heating oil businesses been operated as separate, stand-alone entities during such periods, nor are they necessarily indicative of future results (in thousands).
Quarter ended July 31, 1998 Quarter ended July 31, 1997 --------------------------- --------------------------- Real Heating Real Heating Estate Oil Total Estate Oil Total ------ --- ----- ------ --- ----- Revenues from rental properties $14,733 $ 27 $14,760 $14,906 $ 26 $14,932 Net sales of petroleum products - 4,531 4,531 - 5,263 5,263 Other income (expense) 1,224 20 1,244 1,471 (32) 1,439 ---------------------------------------------------------------- 15,957 4,578 20,535 16,377 5,257 21,634 ---------------------------------------------------------------- Cost of sales of petroleum products (excluding depreciation and amortization) - 4,222 4,222 - 5,019 5,019 Rental property expenses 3,233 6 3,239 3,566 6 3,572 Environmental and maintenance expenses 4,819 - 4,819 2,331 - 2,331 Selling, general and administrative expenses 1,438 467 1,905 3,380 506 3,886 Depreciation and amortization 2,261 142 2,403 2,288 131 2,419 Interest expense 701 - 701 1,309 - 1,309 ---------------------------------------------------------------- 12,452 4,837 17,289 12,874 5,662 18,536 ---------------------------------------------------------------- Earnings (loss) before provision (credit) for income taxes 3,505 (259) 3,246 3,503 (405) 3,098 Provision (credit) for income taxes 1,457 (112) 1,345 1,320 (172) 1,148 ---------------------------------------------------------------- Net earnings (loss) $2,048 ($147) $1,901 $ 2,183 ($233) $1,950 ================================================================
-5-
Six months ended July 31, 1998 Six months ended July 31, 1997 ------------------------------ ------------------------------ Real Heating Real Heating Estate Oil Total Estate Oil Total ------ --- ----- ------ --- ----- Revenues from rental properties $29,528 $ 56 $29,584 $29,824 $ 54 $29,878 Net sales of petroleum products - 11,040 11,040 - 13,644 13,644 Other income (expense) 1,481 42 1,523 1,898 (5) 1,893 ----------------------------------------------------------------- 31,009 11,138 42,147 31,722 13,693 45,415 ----------------------------------------------------------------- Cost of sales of petroleum products (excluding depreciation and amortization) - 9,734 9,734 - 12,418 12,418 Rental property expenses 6,499 11 6,510 6,873 9 6,882 Environmental and maintenance expenses 6,459 - 6,459 3,571 - 3,571 Selling, general and administrative expenses 2,886 983 3,869 6,263 967 7,230 Depreciation and amortization 4,457 279 4,736 4,548 258 4,806 Interest expense 1,434 - 1,434 2,689 - 2,689 Change of control charge - - - 2,166 - 2,166 ----------------------------------------------------------------- 21,735 11,007 32,742 26,110 13,652 39,762 ----------------------------------------------------------------- Earnings before provision for income taxes 9,274 131 9,405 5,612 41 5,653 Provision for income taxes 3,920 55 3,975 2,211 16 2,227 ----------------------------------------------------------------- Net earnings $ 5,354 $ 76 $5,430 $ 3,401 $ 25 $3,426 =================================================================
3. Earnings per share: Basic earnings per share is computed by dividing net earnings less preferred dividends by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution from the exercise of stock options in the amounts of 6,000 shares and 196,000 shares for the quarters ended July 31, 1998 and 1997, respectively, and 9,000 shares and 250,000 shares for the six months ended July 31, 1998 and 1997, respectively. For the quarter and six months ended July 31, 1998, conversion of the Series A Participating Convertible Redeemable Preferred stock (which was issued on January 30, 1998) into common stock utilizing the if-converted method would have been antidilutive and conversion was not assumed for purposes of computing diluted earnings per common share. -6- 4. Stockholders' equity: A summary of the changes in stockholders' equity for the six months ended July 31, 1998 is as follows (in thousands):
Treasury Preferred Common Paid-in Accumulated Stock, Stock Stock Capital Deficit at cost Total - - --------------------------------------------------------------------------------------------- Balance, January 31, 1998 $72,220 $144 $81,000 ($848) ($13,923) $138,593 Net earnings 5,430 5,430 Cash dividends (5,277) (5,277) Issuance of common stock 30 30 Stock options 13 13 ------------------------------------------------------------------------ Balance, July 31, 1998 $72,220 $144 $ 81,043 ($695) ($13,923) $138,789 ========================================================================
-7- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Spin-off - - -------- On March 21, 1997, the Company effected the spin-off of its petroleum marketing business to its stockholders. The Company retained its real estate business and the Pennsylvania and Maryland home heating oil business, and leased most of its real estate properties on a long-term net basis to the spun-off company, which is named Getty Petroleum Marketing Inc. ("Marketing"). The consolidated statement of operations of the Company for the six months ended July 31, 1997 includes the financial results of the Marketing business under the caption "Equity in earnings of Getty Petroleum Marketing Inc." for the period from February 1, 1997 to March 21, 1997, amounting to pre-tax income of $2.9 million ($1.7 million after-tax). Results of Operations - Quarter ended July 31, 1998 compared with quarter ended July 31, 1997 -------------------------------- Revenues from rental properties for the quarters ended July 31, 1998 and 1997 principally represent rental income from Marketing ($14.1 million and $14.3 million, respectively) with the remainder from other lessees and sublessees. Net sales of petroleum products from the Company's retained heating oil business for the second fiscal quarter ended July 31, 1998 were $4.5 million (most of which revenues occur in the first and fourth fiscal quarters) as compared with $5.3 million during the same quarter last year. The $.8 million decrease in petroleum product sales was principally due to a 14.0% decrease in average selling prices of petroleum products. Gross profit from such sales before depreciation and amortization was $.3 million and $.2 million for the quarters ended July 31, 1998 and July 31, 1997, respectively. The $.1 million increase in gross profit was due to higher product margins. Other income was $1.2 million for the three months ended July 31, 1998 as compared with $1.4 million for the quarter ended July 31, 1997. The decrease in other income of $.2 million was principally due to a management fee for administrative and other services paid by Power Test Investors Limited Partnership ("PTI") during the quarter ended July 31, 1997, which was eliminated as a result of the merger of PTI into the Company on January 30, 1998. Rental property expenses were $3.2 million for the quarter ended July 31, 1998, a decrease of $.3 million as compared with the prior year quarter. The decrease was due to lower rent expense and real estate taxes. -8- Environmental and maintenance expenses for the quarter ended July 31, 1998 were $4.8 million as compared with $2.3 million for the quarter ended July 31, 1997. The current quarter included a revision to the Company's estimate of future remediation costs of $4.0 million as compared to $2.3 million during the prior year quarter. As of July 31, 1998, the Company had an accrual of $34.5 million representing management's best estimate for future environmental remediation costs and had recorded $12.1 million as management's best estimate for recoveries from state underground storage tank remediation funds. Such accruals are reviewed on a regular basis and any revisions thereto will be reflected in the Company's financial statements as they become known. Selling, general and administrative expenses for the quarter ended July 31, 1998 amounted to $1.9 million, a decrease of $2.0 million as compared with the quarter ended July 31, 1997. The decrease was primarily due to a $1.9 million charge recorded in the prior year quarter relating to stock options. Depreciation and amortization was $2.4 million for the quarter ended July 31, 1998, which was comparable to the quarter ended July 31, 1997. Interest expense for the three months ended July 31, 1998 amounted to $.7 million as compared with $1.3 million for the quarter ended July 31, 1997. The decrease in interest expense of $.6 million was principally due to the elimination of capitalized lease obligations as a result of the merger of PTI into the Company on January 30, 1998. Results of Operations - Six months ended July 31, 1998 compared with six months ended July 31, 1997 ----------------------------------- Revenues from rental properties for the six months ended July 31, 1998 and 1997 principally represent rental income received from Marketing ($28.3 million and $28.5 million, respectively) with the remainder from other lessees and sublessees. Net sales of petroleum products from the Company's retained heating oil business for the six months ended July 31, 1998 were $11.0 million as compared with $13.6 million during the same period last year. The $2.6 million decrease in petroleum product sales was due to a 15.1% decrease in average selling prices and 4.6% of lower gallonage sold due to a warmer than normal season. Gross profit for the retained heating oil business was $1.3 million for the six months ended July 31, 1998 and $1.2 for the six months ended July 31, 1997 as higher product margins during the current period more than offset the lower sales volumes. Other income was $1.5 million for the six months ended July 31, 1998 as compared with $1.9 million for the six months ended July 31, 1997. The decrease in other income was principally due to a management fee for administrative and other services paid by PTI during the six months ended July 31, 1997, which was eliminated as a result of the merger of PTI into the Company on January 30, 1998. -9- Rental property expenses were $6.5 million for the six months ended July 31, 1998 as compared with $6.9 million for the six months ended July 31, 1997. The decrease was due to lower rent expense and real estate taxes. Environmental and maintenance expenses for the six months ended July 31, 1998 were $6.5 million as compared with $3.6 million for the six months ended July 31, 1997. The increase in environmental and maintenance expense was principally due to a revision of the Company's estimate of future remediation costs. Selling, general and administrative expenses for the six months ended July 31, 1998 amounted to $3.9 million, a decrease of $3.4 million as compared with the six months ended July 31, 1997. The decrease was primarily due to a $3.7 million charge recorded in the prior year six month period relating to stock options. Depreciation and amortization was $4.7 million for the six months ended July 31, 1998, which was comparable to the six months ended July 31, 1997. Interest expense for the six months ended July 31, 1998 amounted to $1.4 million as compared with $2.7 million for the six months ended July 31, 1997. The decrease in interest expense of $1.3 million was principally due to the elimination of capitalized lease obligations as a result of the merger of PTI into the Company on January 30, 1998. During the six months ended July 31, 1997, the Company recorded a charge of $2.2 million related to change of control agreements in connection with the spin-off. Liquidity and Capital Resources - - ------------------------------- The Company's principal sources of liquidity are cash flows from operations and its short-term uncommitted lines of credit. Management believes that cash requirements for operations, capital expenditures and debt service can be met by cash flows from operations, available cash and equivalents and credit lines. As of July 31, 1998, such lines of credit amounted to $25 million, of which $7.4 million was utilized in connection with outstanding letters of credit. Borrowings under such lines of credit are unsecured and bear interest at the prime rate or, at the Company's option, LIBOR plus 1.0% or 1.1%. Such lines of credit are subject to renewal at the discretion of the banks. Although it is expected that the existing sources of liquidity will be sufficient to meet its expected operating and debt service requirements, the Company may be required to obtain additional sources of capital in the future to fund certain property acquisitions, which capital sources it believes are available. During the six months ended July 31, 1998, the Company declared quarterly cash common stock dividends of $.10 per share for each of the quarters and quarterly preferred stock dividends of $.44375 per share for each of the quarters. Such dividends aggregated $5.3 million for the six months ended July 31, 1998. -10- The Company's capital expenditures for the six months ended July 31, 1998 amounted to $9.6 million, primarily related to the replacement of underground storage tanks and vapor recovery facilities at gasoline stations. In connection with the spin-off of the petroleum marketing business, the Company agreed to be responsible for expenditures with respect to tank upgrades required to meet the December 22, 1998 federal environmental standards and certain environmental liabilities and obligations. As of July 31, 1998, the Company estimates that in connection therewith, it will expend $10.0 million in capital expenditures and $22.3 million, net of estimated recoveries, for environmental liabilities and obligations, the latter of which has been fully accrued for. -11 PART II. OTHER INFORMATION Item 5. Other Information The date by which proposals of security holders intended to be presented at the next annual meeting, currently scheduled for June 17, 1999, must be received by the Company for inclusion in the proxy statement for such meeting is December 31, 1998. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits: Designation of Exhibit in this Quarterly Report on Form 10-Q Description of Exhibit ------------ ---------------------- 27 Financial Data Schedule (b) Reports filed on Form 8-K: None. SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. GETTY REALTY CORP. ------------------ (Registrant) Dated: September 11, 1998 BY: /s/ JOHN J. FITTERON -------------------------------- (Signature) JOHN J. FITTERON Senior Vice President, Treasurer and Chief Financial Officer (Principal Financial and Accounting Officer) Dated: September 11, 1998 BY: /s/ LEO LIEBOWITZ -------------------------------- (Signature) LEO LIEBOWITZ President (Chief Executive Officer) -12- EX-27 2 ART. 5 FDS FOR 2ND QUARTER 1998 10-Q
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS OF GETTY REALTY CORP. AND SUBSIDIARIES AS OF JULY 31, 1998 AND FOR THE SIX MONTHS THEN ENDED AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH CONSOLIDATED FINANCIAL STATEMENTS. 1,000 6-MOS JAN-31-1999 JUL-31-1998 902 0 2,070 211 0 0 299,322 67,638 261,258 0 37,855 144 0 72,220 66,425 261,258 11,040 42,147 9,734 27,439 0 30 1,434 9,405 3,975 5,430 0 0 0 5,430 .21 .21
EX-27 3 ART. 5 FDS FOR 2ND QUARTER 1997 10-Q
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS OF GETTY REALTY CORP. AND SUBSIDIARIES AS OF JULY 31, 1997 AND FOR THE SIX MONTHS THEN ENDED AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH CONSOLIDATED FINANCIAL STATEMENTS. 1,000 6-MOS JAN-31-1998 JUL-31-1997 8,443 0 2,079 222 0 0 202,649 104,826 156,375 0 36,193 1,414 0 0 56,424 156,375 13,644 45,415 12,418 27,677 2,166 33 2,689 8,584 3,427 5,157 0 0 0 5,157 .40 .39
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