XML 33 R22.htm IDEA: XBRL DOCUMENT v3.24.0.1
SCHEDULE IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
SCHEDULE IV - Mortgage Loans on Real Estate

GETTY REALTY CORP. and SUBSIDIARIES

SCHEDULE IV—MORTGAGE LOANS ON REAL ESTATE

As of December 31, 2023

(in thousands)

 

Type of
Loan/Borrower

 

Description

 

Location(s)

 

Interest
Rate

 

 

Final
Maturity
Date

 

Periodic
Payment
Terms (a)

 

Prior
Liens

 

 

Face Value
at
Inception

 

 

Amount of
Principal
Unpaid at
Close of Period

 

Mortgage Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrower A

 

Seller financing

 

Brooklyn, NY

 

 

8.0

%

 

7/2025

I(b)

 

 

—

 

 

$

1,050

 

 

$

1,050

 

Borrower B

 

Seller financing

 

East Islip, NY

 

 

9.0

%

 

11/2024

P & I

 

 

—

 

 

 

743

 

 

 

635

 

Borrower C

 

Seller financing

 

Valley Cottage, NY

 

 

9.0

%

 

10/2020

(e)

P & I

 

 

—

 

 

 

431

 

 

 

303

 

Borrower D

 

Seller financing

 

Norwalk, CT

 

 

9.0

%

 

4/2022

(e)

P & I

 

 

—

 

 

 

319

 

 

 

254

 

Borrower E

 

Seller financing

 

Stafford Springs, CT

 

 

9.0

%

 

1/2021

(e)

P & I

 

 

—

 

 

 

232

 

 

 

166

 

Borrower F

 

Seller financing

 

Waterbury, CT

 

 

9.0

%

 

2/2021

(e)

P & I

 

 

—

 

 

 

171

 

 

 

123

 

Borrower G

 

Seller financing

 

Bristol, CT

 

 

9.0

%

 

5/2026

 

P & I

 

 

—

 

 

 

76

 

 

 

68

 

Borrower H

 

Seller financing

 

Hartford, CT

 

 

9.5

%

 

2/2027

 

P & I

 

 

—

 

 

 

440

 

 

 

406

 

Borrower I

 

Seller financing

 

Middletown, CT

 

 

9.0

%

 

5/2026

 

P & I

 

 

—

 

 

 

308

 

 

 

277

 

Borrower J

 

Seller financing

 

Plainville, CT

 

 

9.5

%

 

3/2027

 

P & I

 

 

—

 

 

 

160

 

 

 

148

 

Borrower K

 

Seller financing

 

Simsbury, CT

 

 

9.0

%

 

5/2026

 

P & I

 

 

—

 

 

 

192

 

 

 

173

 

Borrower L

 

Seller financing

 

Milford, CT

 

 

9.0

%

 

3/2025

 

P & I

 

 

—

 

 

 

398

 

 

 

344

 

Borrower M

 

Seller financing

 

Fairfield, CT

 

 

9.0

%

 

3/2025

 

P & I

 

 

—

 

 

 

390

 

 

 

337

 

Borrower N

 

Seller financing

 

Hartford, CT

 

 

9.0

%

 

3/2024

 

P & I

 

 

—

 

 

 

70

 

 

 

58

 

Borrower O

 

Seller financing

 

Fairhaven, MA

 

 

9.0

%

 

9/2020

(e)

P & I

 

 

—

 

 

 

458

 

 

 

320

 

Borrower P

 

Seller financing

 

Colonia, NJ

 

 

9.5

%

 

7/2030

P & I

 

 

—

 

 

 

320

 

 

 

198

 

Borrower Q

 

Seller financing

 

Glendale, NY

 

 

9.0

%

 

7/2025

 

P & I

 

 

—

 

 

 

525

 

 

 

149

 

Borrower R

 

Seller financing

 

Bayside, NY

 

 

9.5

%

 

12/2029

 

P & I

 

 

—

 

 

 

320

 

 

 

308

 

Borrower S

 

Seller financing

 

Rochester, NY

 

 

9.0

%

 

1/2025

 

P & I

 

 

—

 

 

 

174

 

 

 

149

 

Borrower T

 

Seller financing

 

Savona, NY

 

 

9.0

%

 

2/2025

 

P & I

 

 

—

 

 

 

157

 

 

 

135

 

Borrower U

 

Seller financing

 

Rochester, NY

 

 

9.0

%

 

10/2025

 

P & I

 

 

—

 

 

 

230

 

 

 

203

 

Borrower V

 

Seller financing

 

Greigsville, NY

 

 

9.0

%

 

11/2025

 

P & I

 

 

—

 

 

 

200

 

 

 

177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,364

 

 

 

5,981

 

Note receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Promissory Note

 

Various

 

7.75%-8.25%

 

 

various

(c)

 

 

 

 

 

 

—

 

 

 

45,788

 

 

Promissory Note

 

Various-CT, NY

 

 

6.9

%

 

various

(c)

 

 

 

 

 

 

—

 

 

 

21,442

 

 

Promissory Note

 

Various

 

 

6.8

%

 

various

(c)

 

 

 

 

 

 

—

 

 

 

21,296

 

 

Promissory Note

 

Various-OH, MN

 

 

7.2

%

 

various

(c)

 

 

 

 

 

 

—

 

 

 

11,973

 

 

Promissory Note

 

Various-SC

 

6.75%-6.9%

 

 

various

(c)

 

 

 

 

 

 

—

 

 

 

2,382

 

 

Promissory Note

 

Various-NC, VA

 

 

7.75

%

 

various

(c)

 

 

 

 

 

 

—

 

 

 

2,149

 

 

Promissory Note

 

Various-CT

 

 

9.0

%

 

various

(c)

 

 

 

 

 

 

—

 

 

 

730

 

 

Promissory Note

 

CA

 

 

7.6

%

 

various

(c)

 

 

 

 

 

 

—

 

 

 

449

 

 

Allowance for credit losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

(181

)

Total (d)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

7,364

 

 

$

112,009

 

 

(a)
P & I = Principal and interest paid monthly.
(b)
I = Interest only paid monthly with principal deferred.
(c)
Note for funding of capital improvements.
(d)
The aggregate cost for federal income tax purposes approximates the amount of principal unpaid.
(e)
Note is in the process of being refinanced or repaid.

We review payment status to identify performing versus non-performing loans. Interest income on performing loans is accrued as earned. A non-performing loan is placed on non-accrual status when it is probable that the borrower may be unable to meet interest payments as they become due. We adopted ASU 2016-13 on January 1, 2020 using the modified retrospective method, under which we recorded a cumulative-effect adjustment as a charge to retained earnings of $0.3 million. As of December 31, 2023, 2022 and 2021, we had recorded an allowance for credit losses of $0.2 million, $0.3 million and $0.3 million, respectively, on these notes and mortgages receivable. In addition, during the years ended December 31, 2023, 2022 and 2021, we recorded a credit of $97 thousand, $19 thousand and $40 thousand, respectively, on these notes and mortgages receivable due to changes in expected economic conditions.

The summarized changes in the carrying amount of mortgage loans are as follows:

 

 

 

2023

 

 

2022

 

 

2021

 

Balance at January 1,

 

$

34,313

 

 

$

14,699

 

 

$

11,280

 

Additions:

 

 

 

 

 

 

 

 

 

New mortgage loans

 

 

122,029

 

 

 

21,242

 

 

 

13,943

 

Deductions:

 

 

 

 

 

 

 

 

 

Loan repayments

 

 

(43,909

)

 

 

(1,221

)

 

 

(9,893

)

Collection of principal

 

 

(521

)

 

 

(426

)

 

 

(671

)

Allowance for credit losses

 

 

97

 

 

 

19

 

 

 

40

 

Balance as of December 31,

 

$

112,009

 

 

$

34,313

 

 

$

14,699