-----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, T5suv7MqMvO5T/f40ghH9GAMqs5RGBhgKso3FVJXwh0LCRZVKIwiiOyns3WT5d2O eG7cxFcy6x142U4oOjdnjQ== 0000920049-98-000052.txt : 19981222 0000920049-98-000052.hdr.sgml : 19981222 ACCESSION NUMBER: 0000920049-98-000052 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19981031 FILED AS OF DATE: 19981214 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: 98768930 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 October 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 13,566,063 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 October 31, 1998. ================================================================================ GETTY REALTY CORP. INDEX Part I. FINANCIAL INFORMATION Page Number - - ------------------------------ ----------- Item 1. Financial Statements Consolidated Balance Sheets as of October 31, 1998 and January 31, 1998 1 Consolidated Statements of Operations for the three and nine months ended October 31, 1998 and 1997 2 Consolidated Statements of Cash Flows for the nine months ended October 31, 1998 and 1997 3 Notes to Consolidated Financial Statements 4 - 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 7 - 11 Part II. OTHER INFORMATION - - --------------------------- 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) (unaudited) - - ------------------------------------------------------------------------------------------- October 31, January 31, - - ------------------------------------------------------------------------------------------- Assets: 1998 1998 - - ------------------------------------------------------------------------------------------- Real Estate: Land $128,975 $129,133 Buildings and improvements 167,806 154,959 -------- -------- 296,781 284,092 Less - accumulated depreciation and amortization 65,004 59,023 -------- -------- Real estate, net 231,777 225,069 Cash and equivalents 455 10,032 Mortgages and accounts receivable 6,843 7,522 Recoveries from state underground storage tank funds 10,985 15,387 Prepaid expenses and other assets 4,951 3,825 Net assets of discontinued operations 3,091 3,826 -------- -------- Total assets $258,102 $265,661 ======== ======== - - ------------------------------------------------------------------------------------------- Liabilities and Stockholders' Equity: - - ------------------------------------------------------------------------------------------- Borrowings under credit lines $ 3,000 $ - Mortgages payable 36,482 40,526 Accounts payable and accrued expenses 16,875 18,526 Environmental remediation costs 34,924 38,297 Deferred income taxes 29,946 29,719 -------- -------- Total liabilities 121,227 127,068 -------- -------- 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 October 31, 1998 and January 31, 1998 72,220 72,220 Common stock, par value $.01 per share; authorized 50,000,000 shares; issued 14,449,579 at October 31, 1998 and 144 144 14,446,929 at January 31, 1998 Paid-in capital 81,044 81,000 Accumulated deficit (2,609) (848) Treasury stock, at cost (883,516 shares at October 31, 1998 and 883,461 shares at January 31, 1998) (13,924) (13,923) -------- -------- Total stockholders' equity 136,875 138,593 -------- -------- Total liabilities and stockholders' equity $258,102 $265,661 ======== ========
See accompanying notes. -1-
GETTY REALTY CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) - - ------------------------------------------------------------------------------------------------------------------- Three months ended October 31, Nine months ended October 31, - - ------------------------------------------------------------------------------------------------------------------- 1998 1997 1998 1997 - - ------------------------------------------------------------------------------------------------------------------- Revenues: Revenues from rental properties $14,711 $14,835 $44,239 $44,659 Other income 652 616 2,133 2,514 ------------------------ --------------------- 15,363 15,451 46,372 47,173 ------------------------ --------------------- Equity in earnings of Getty Petroleum Marketing Inc. 0 0 - 2,931 ------------------------ --------------------- 15,363 15,451 46,372 50,104 ------------------------ --------------------- Rental property expenses 3,218 3,398 9,717 10,271 Environmental and maintenance expenses 5,835 920 12,294 4,491 Selling, general and administrative expenses 1,817 2,019 4,703 8,282 Depreciation and amortization 2,344 2,328 6,801 6,876 Interest expense 663 1,209 2,097 3,898 Change of control charge 0 0 0 2,166 ------------------------ --------------------- 13,877 9,874 35,612 35,984 ------------------------ --------------------- Earnings before provision for income taxes 1,486 5,577 10,760 14,120 Provision for income taxes 625 2,378 4,545 5,789 ------------------------ --------------------- Net earnings from continuing operations 861 3,199 6,215 8,331 Discontinued operations - Net loss from heating oil business (137) (178) (61) (153) ------------------------ --------------------- Net earnings 724 3,021 6,154 8,178 Preferred stock dividends 1,282 - 3,846 - ------------------------ --------------------- Net earnings (loss) applicable to common stockholders ($558) $3,021 $2,308 $8,178 ======================== ===================== Basic earnings (loss) per common share: Continuing operations ($.03) $.24 $.17 $.64 Discontinued operations (.01) (.01) - (.01) Net earnings (loss) (.04) .23 .17 .63 Diluted earnings (loss) per common share: Continuing operations ($.03) $.24 $.17 $.63 Discontinued operations (.01) (.01) - (.01) Net earnings (loss) (.04) .22 .17 .62 Weighted average common shares outstanding: Basic 13,566 13,315 13,566 13,069 Diluted 13,566 13,440 13,572 13,277
See accompanying notes. -2-
GETTY REALTY CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Nine months ended October 31, -------------------------- 1998 1997 ---- ---- Cash flows from operating activities: Net earnings from continuing operations $6,215 $8,331 Adjustments to reconcile net earnings to net cash provided by continuing operating activities: Depreciation and amortization 6,801 6,876 Deferred income taxes 227 (624) Gain on dispositions of real estate (1,314) (723) Equity in net earnings of Getty Petroleum Marketing Inc. - (1,731) Change of control charge - 2,166 Stock option charge - 4,635 Changes in assets and liabilities: Mortgages and accounts receivable 679 (211) Recoveries from state underground storage tank funds 4,402 1,658 Prepaid expenses and other assets (1,249) (2,411) Accounts payable and accrued expenses (1,651) (3,833) Environmental remediation costs (3,373) (7,456) Income taxes payable - (1,426) --------------------------- Net cash provided by continuing operating activities 10,737 5,251 Net cash provided by discontinued operations 511 1,967 --------------------------- Net cash provided by operating activities 11,248 7,218 --------------------------- Cash flows from investing activities: Capital expenditures (14,139) (5,633) Property acquisitions (751) (2,106) Proceeds from dispositions of real estate 2,981 1,347 --------------------------- Net cash used in investing activities (11,909) (6,392) --------------------------- Cash flows from financing activities: Borrowings under credit lines 3,000 - Mortgage borrowings - 306 Repayment of mortgages payable (4,044) (3,892) Payments under capital lease obligations - (4,617) Cash dividends (7,915) (1,175) Stock options, common and treasury stock, net 43 7,112 --------------------------- Net cash used in financing activities (8,916) (2,266) --------------------------- Net decrease in cash and equivalents (9,577) (1,440) Cash and equivalents at beginning of period 10,032 11,383 --------------------------- Cash and equivalents at end of period $455 $9,943 =========================== Supplemental disclosures of cash flow information Cash paid during the period for: Interest $2,137 $3,888 Income taxes, net 4,392 3,398
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 (See Note 5), 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 nine months ended October 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). 3. Earnings (loss) per share: Basic earnings (loss) 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 for the quarter ended October 31, 1997 and the nine months ended October 31, 1998 and 1997 reflects the potential dilution from the exercise of stock options in the amount of 125,000 shares, 6,000 shares and 208,000 shares, respectively. For the quarter and nine months ended October 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. -4- 4. Stockholders' equity: A summary of the changes in stockholders' equity for the nine months ended October 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 6,154 6,154 Cash dividends (7,915) (7,915) Purchase of treasury stock (1) (1) Issuance of common stock 31 31 Stock options 13 13 ------------------------------------------------------------------------- Balance, October 31, 1998 $72,220 $144 $ 81,044 ($2,609) ($13,924) $136,875 =========================================================================
5. Subsequent event: On December 8, 1998, the Company sold its heating oil and propane business, Aero Oil Company ("Aero"), to Adams Utility Services Company. The sale price is $7.0 million, plus inventory and receivables, and the sale price, at appraised value, of Aero's operational headquarters facility. The sale will be recorded in the fourth quarter of the current fiscal year and is anticipated to result in a pre-tax gain of approximately $4.5 million, subject to determination of the appraised value of the headquarters and other post-closing adjustments. The sale will not have a significant effect on earnings from continuing operations in the future. The net assets and results of operations of the heating oil business have been reclassified as discontinued in the accompanying financial statements for all periods presented. -5- Summary operating results of the discontinued heating oil operations is as follows (in thousands):
Three months ended October 31, Nine months ended October 31, 1998 1997 1998 1997 ---- ---- ---- ---- Net sales of petroleum products $ 5,079 $5,441 $16,119 $19,085 Revenues from rental properties and other income 53 40 151 89 Costs and expenses (5,368) (5,781) (16,375) (19,433) ------- ------ ------- ------- Loss before credit for income taxes (236) (300) (105) (259) Credit for income taxes (99) (122) (44) (106) ------ ------ ------- ------- Net loss $ (137) $ (178) $ (61) $ (153) ======= ====== ======= =======
A summary of the net assets of the discontinued heating oil operations as of October 31, 1998 and January 31, 1998 is as follows (in thousands) October 31, January 31, 1998 1998 Real estate, net $2,782 $2,954 Accounts receivable 1,529 1,928 Prepaid expenses and other assets 1,502 1,826 Accounts payable and accrued expenses (2,722) (2,882) ------ ------ Net assets $3,091 $3,826 ====== ====== -6- 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 nine months ended October 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 October 31, 1998 compared with quarter ended October 31, 1997 ----------------------------------- Revenues from rental properties for the quarters ended October 31, 1998 and 1997 principally represent rental income received from Marketing ($14.1 million and $14.2 million, respectively) with the remainder from other lessees and sublessees. Other income was $.7 million for the three months ended October 31, 1998 as compared with $.6 million for the quarter ended October 31, 1997. The increase in other income of $.1 million was principally due to higher gains on dispositions of real estate, partially offset by lower investment income, and management fees for administrative and other services received from Power Test Investors Limited Partnership ("PTI") during the quarter ended October 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 October 31, 1998, a decrease of $.2 million as compared with the prior year quarter. The decrease was due to lower rent expense and real estate taxes. Environmental and maintenance expenses for the quarter ended October 31, 1998 were $5.8 million as compared with $.9 million for the quarter ended October 31, 1997. The current quarter included an environmental charge of $5.4 million, resulting from a change in estimated remediation costs associated with contamination discovered during work being performed to meet the December 22, 1998 federal underground storage tank deadline and revisions to estimates on previously identified sites where remediation is ongoing, as compared to a change in estimate of $.4 million during the prior year quarter. As of October 31, 1998, the Company had an accrual of $34.9 million representing management's best estimate for future environmental remediation costs and had recorded $11.0 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 are reflected in the Company's financial statements as they become known. -7- Selling, general and administrative expenses for the quarter ended October 31, 1998 amounted to $1.8 million, a decrease of $.2 million as compared with the quarter ended October 31, 1997. The decrease was primarily due to a $.9 million charge recorded in the prior year quarter relating to stock options, partially offset by higher insurance costs and professional fees during the current period. Depreciation and amortization was $2.3 million for the quarter ended October 31, 1998, which was comparable to the quarter ended October 31, 1997. Interest expense for the three months ended October 31, 1998 amounted to $.7 million as compared with $1.2 million for the quarter ended October 31, 1997. The decrease in interest expense of $.5 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 - Nine months ended October 31, 1998 compared with nine months ended October 31, 1997 --------------------------------------- Revenues from rental properties for the nine months ended October 31, 1998 and 1997 principally represent rental income received from Marketing ($42.4 million and $42.8 million, respectively) with the remainder from other lessees and sublessees. Other income was $2.1 million for the nine months ended October 31, 1998 as compared with $2.5 million for the nine months ended October 31, 1997. The decrease in other income was principally due to management fees for administrative and other services received from PTI during the nine months ended October 31, 1997, which was eliminated as a result of the merger of PTI into the Company on January 30, 1998 and lower investment income, partially offset by higher gains on dispositions of real estate during the current period. Rental property expenses were $9.7 million for the nine months ended October 31, 1998 as compared with $10.3 million for the nine months ended October 31, 1997. The decrease was due to lower rent expense and real estate taxes. Environmental and maintenance expenses for the nine months ended October 31, 1998 were $12.3 million as compared with $4.5 million for the nine months ended October 31, 1997. The increase in environmental and maintenance expenses were principally due to a revision of the Company's estimate of future remediation costs. Selling, general and administrative expenses for the nine months ended October 31, 1998 amounted to $4.7 million, a decrease of $3.6 million as compared with the nine months ended October 31, 1997. The decrease was primarily due to a $4.6 million charge recorded in the prior year nine month period relating to stock options, partially offset by insurance costs and employee related costs during the current period. Depreciation and amortization was $6.8 million for the nine months ended October 31, 1998, which was comparable to the nine months ended October 31, 1997. -8- Interest expense for the nine months ended October 31, 1998 amounted to $2.1 million as compared with $3.9 million for the nine months ended October 31, 1997. The decrease in interest expense of $1.8 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 nine months ended October 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 October 31, 1998, such lines of credit amounted to $25 million, of which $3.0 million was utilized for borrowings and $5.9 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 termination 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 nine months ended October 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 $7.9 million for the nine months ended October 31, 1998. The Company's capital expenditures for the nine months ended October 31, 1998 amounted to $14.1 million, primarily related to the replacement of underground storage tanks and vapor recovery facilities at gasoline stations. In addition, the Company expended $.8 million in connection with property acquisitions. 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 October 31, 1998, the Company estimates that in connection therewith, it will expend $6.7 million in capital expenditures and $23.9 million, net of estimated state tank fund recoveries, for environmental liabilities and obligations, the latter of which has been accrued for. Sale of Heating Oil Business - - ---------------------------- On December 8, 1998, the Company sold its heating oil business, Aero Oil Company ("Aero"), to Adams Utility Services Company. The sale price is $7.0 million, plus inventory and receivables, and the sale price, at appraised value, of Aero's operational headquarters facility. The sale will be recorded in the fourth quarter of the current fiscal year and is anticipated to result in a pre-tax gain of approximately $4.5 million, subject to determination of the appraised value of the headquarters and other post-closing adjustments. The sale will not have a significant effect on earnings from continuing operations in the future. -9- Year 2000 - - --------- The Year 2000 issue has arisen because for many years some computer software programs and systems have utilized only two digits to specify the year. As a result, these programs and systems may not be able to recognize and process dates beyond 1999, which may cause these programs to malfunction or not be able to accurately process information. Marketing provides the Company with data processing services pursuant to the Company's Services Agreement with Marketing. In connection therewith, a Year 2000 program has been implemented for internal systems and equipment relating to information technology systems and non-information technology systems which has four phases: (1) identification; (2) assessment; (3) remediation (including modification, upgrading and replacement); and (4) testing. The identification and assessment phases for all significant internal business systems and equipment are complete. Of the information technolgy systems that require modification, approximately 80% have been remediated as of October 31, 1998. The remediation phase is expected to be completed in March 1999. Most of the remediation phase consists of modifying existing systems and programs. Testing of systems and programs following remediation is expected to be completed by June 30, 1999. The Company is also reviewing the Year 2000 readiness of third parties who provide services which are essential to the Company's operations. The Company has initiated formal communications with material third parties in order to determine the extent to which the Company is vulnerable to any failure by such third parties to remediate their respective Year 2000 problems and resolve such problems to the extent practicable. The Company is developing a contingency plan to address issues specific to the Year 2000 problem. The Plan is expected to include performing certain processes manually, obtaining replacement systems as well as other appropriate measures. The Company's senior management and the Board of Directors receive regular updates on the status of the Company's Year 2000 program. The Company does not expect the cost of these Year 2000 efforts to be material since most of the work is being performed by Marketing personnel under the Company's Services Agreement with Marketing. The Year 2000 issue presents a number of risks and uncertainties that could affect the Company or Marketing, which include, but are not limited to, the availability of qualified personnel and other information technology resources; the ability to identify and remediate all date sensitive lines of computer code or to replace embedded computer chips in affected systems or equipment; and the ability of third parties to remediate their respective systems. The failure to correct a material Year 2000 problem could result in an interruption in, or a failure of, certain normal business activities or operations. Such failures could adversely affect the Company's results of operations, liquidity and financial condition. Due to the general uncertainty inherent in the Year 2000 problem, resulting in part from the uncertainty of the Year 2000 readiness of -10- third-party suppliers and customers, the Company is unable to determine at this time whether the consequences of Year 2000 failures will have a material impact on the Company's results of operations, liquidity or financial condition. Special Factors Regarding Forward-Looking Statements - - ---------------------------------------------------- Certain statements in this Quarterly Report on Form 10-Q may constitute "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used herein, the words "believes", "expects", "plans", "estimates" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance and achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: competition; the effects of regulation; the Company's expectations as to when it will complete environmental remediation; the remediation and testing phases of the Year 2000 program as well as its Year 2000 contingency plan; and the Company's belief that internal systems and equipment will be Year 2000 compliant in a timely manner. -11- PART II. OTHER INFORMATION 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: December 14, 1998 BY: /s/ John J. Fitteron ------------------------------------ (Signature) JOHN J. FITTERON Senior Vice President, Treasurer and Chief Financial Officer (Principal Financial and Accounting Officer) Dated: December 14, 1998 BY: /s/ Leo Liebowitz ----------------------------------- (Signature) LEO LIEBOWITZ President (Chief Executive Officer) -12- EX-27 2 ART. 5 FDS FOR 3RD 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 OCTOBER 31, 1998 AND FOR THE NINE MONTHS THEN ENDED AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH CONSOLIDATED FINANCIAL STATEMENTS. 1,000 9-MOS JAN-31-1999 OCT-31-1998 455 0 0 0 0 0 296,781 65,004 258,102 0 36,482 144 0 72,220 64,655 258,102 0 46,372 0 28,812 0 0 2,097 10,760 4,545 6,215 (61) 0 0 6,154 .17 .17
EX-27 3 ART. 5 FDS FOR 3RD 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 OCTOBER 31, 1997 AND FOR THE NINE MONTHS THEN ENDED AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH CONSOLIDATED FINANCIAL STATEMENTS. 1,000 9-MOS JAN-31-1998 OCT-31-1997 9,943 0 0 0 0 0 198,163 102,692 153,395 0 33,389 1,428 0 0 61,386 153,395 0 50,104 0 21,638 2,166 0 3,898 14,120 5,789 8,331 (153) 0 0 8,178 .63 .62
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