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SCHEDULE IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2020
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, 2020

(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

 

East Islip, NY

 

 

9.0

%

 

11/2024

 

P & I

 

 

—

 

 

$

743

 

 

$

695

 

Borrower B

 

Seller financing

 

Middlesex, NJ

 

 

9.0

%

 

5/2021

 

P & I

 

 

—

 

 

 

255

 

 

 

214

 

Borrower C

 

Seller financing

 

Valley Cottage, NY

 

 

9.0

%

 

10/2020

(d)

P & I

 

 

—

 

 

 

431

 

 

 

353

 

Borrower D

 

Seller financing

 

Smithtown, NY

 

 

9.0

%

 

1/2027

 

P & I

 

 

—

 

 

 

280

 

 

 

184

 

Borrower E

 

Seller financing

 

Nyack, NY

 

 

9.0

%

 

9/2022

 

P & I

 

 

—

 

 

 

253

 

 

 

226

 

Borrower F

 

Seller financing

 

Baldwin, NY

 

 

9.0

%

 

9/2020

(d)

P & I

 

 

—

 

 

 

300

 

 

 

254

 

Borrower G

 

Seller financing

 

Norwalk, CT

 

 

9.0

%

 

4/2022

 

P & I

 

 

—

 

 

 

319

 

 

 

277

 

Borrower H

 

Seller financing

 

Stafford Springs, CT

 

 

9.0

%

 

1/2021

 

P & I

 

 

—

 

 

 

232

 

 

 

192

 

Borrower I

 

Seller financing

 

Waterbury, CT

 

 

9.0

%

 

2/2021

 

P & I

 

 

—

 

 

 

171

 

 

 

143

 

Borrower J

 

Seller financing

 

Westfield, MA

 

 

9.0

%

 

11/2021

 

P & I

 

 

—

 

 

 

303

 

 

 

260

 

Borrower K

 

Seller financing

 

Bristol, CT

 

 

9.0

%

 

5/2026

 

P & I

 

 

—

 

 

 

76

 

 

 

74

 

Borrower L

 

Seller financing

 

Hartford, CT

 

 

9.5

%

 

2/2027

 

P & I

 

 

—

 

 

 

440

 

 

 

434

 

Borrower M

 

Seller financing

 

Middletown, CT

 

 

9.0

%

 

5/2026

 

P & I

 

 

—

 

 

 

308

 

 

 

299

 

Borrower N

 

Seller financing

 

New Britain, CT

 

 

9.5

%

 

4/2027

 

P & I

 

 

—

 

 

 

192

 

 

 

190

 

Borrower O

 

Seller financing

 

Plainville, CT

 

 

9.5

%

 

3/2027

 

P & I

 

 

—

 

 

 

160

 

 

 

158

 

Borrower P

 

Seller financing

 

Simsbury, CT

 

 

9.0

%

 

5/2026

 

P & I

 

 

—

 

 

 

192

 

 

 

186

 

Borrower Q

 

Seller financing

 

Milford, CT

 

 

9.0

%

 

3/2025

 

P & I

 

 

—

 

 

 

398

 

 

 

376

 

Borrower R

 

Seller financing

 

Fairfield, CT

 

 

9.0

%

 

3/2025

 

P & I

 

 

—

 

 

 

390

 

 

 

368

 

Borrower S

 

Seller financing

 

Hartford, CT

 

 

9.0

%

 

3/2024

 

P & I

 

 

—

 

 

 

70

 

 

 

64

 

Borrower T

 

Seller financing

 

Wilmington, DE

 

 

9.0

%

 

11/2020

(d)

P & I

 

 

—

 

 

 

84

 

 

 

69

 

Borrower U

 

Seller financing

 

Fairhaven, MA

 

 

9.0

%

 

9/2020

(d)

P & I

 

 

—

 

 

 

458

 

 

 

374

 

Borrower V

 

Seller financing

 

New Bedford, MA

 

 

9.0

%

 

10/2021

 

P & I

 

 

—

 

 

 

363

 

 

 

309

 

Borrower W

 

Seller financing

 

Belleville, NJ

 

 

9.0

%

 

3/2021

 

P & I

 

 

—

 

 

 

315

 

 

 

263

 

Borrower X

 

Seller financing

 

Ridgefield, NJ

 

 

9.0

%

 

4/2021

 

P & I

 

 

—

 

 

 

172

 

 

 

144

 

Borrower Y

 

Seller financing

 

Irvington, NJ

 

 

9.0

%

 

7/2022

 

P & I

 

 

—

 

 

 

300

 

 

 

182

 

Borrower Z

 

Seller financing

 

Colonia, NJ

 

 

9.0

%

 

7/2020

(d)

P & I

 

 

—

 

 

 

320

 

 

 

260

 

Borrower AA

 

Seller financing

 

Glendale, NY

 

 

9.0

%

 

7/2025

 

P & I

 

 

—

 

 

 

525

 

 

 

385

 

Borrower AB

 

Seller financing

 

Elmont, NY

 

 

9.0

%

 

10/2021

 

P & I

 

 

—

 

 

 

450

 

 

 

341

 

Borrower AC

 

Seller financing

 

Pleasant Valley, NY

 

 

9.0

%

 

9/2020

(d)

P & I

 

 

—

 

 

 

230

 

 

 

188

 

Borrower AD

 

Seller financing

 

Freeport, NY

 

 

9.0

%

 

5/2020

(d)

P & I

 

 

—

 

 

 

206

 

 

 

166

 

Borrower AE

 

Seller financing

 

Malta, NY

 

 

9.0

%

 

3/2023

 

P & I

 

 

—

 

 

 

572

 

 

 

512

 

Borrower AF

 

Seller financing

 

Coxsackie, NY

 

 

9.0

%

 

7/2021

 

P & I

 

 

—

 

 

 

153

 

 

 

129

 

Borrower AG

 

Seller financing

 

Brewster, NY

 

 

9.0

%

 

10/2022

 

P & I

 

 

—

 

 

 

554

 

 

 

485

 

Borrower AH

 

Seller financing

 

Lindenhurst, NY

 

 

9.5

%

 

6/2026

 

P & I

 

 

—

 

 

 

350

 

 

 

341

 

Borrower AI

 

Seller financing

 

Rochester, NY

 

 

9.0

%

 

2/2025

 

P & I

 

 

—

 

 

 

174

 

 

163

 

Borrower AJ

 

Seller financing

 

Savona, NY

 

 

9.0

%

 

2/2025

 

P & I

 

 

—

 

 

 

157

 

 

148

 

Borrower AK

 

Seller financing

 

Rochester, NY

 

 

9.0

%

 

10/2025

 

P & I

 

 

—

 

 

 

230

 

 

220

 

Borrower AL

 

Seller financing

 

Greigsville, NY

 

 

9.0

%

 

11/2025

 

P & I

 

 

—

 

 

 

200

 

 

 

192

 

Borrower AM

 

Seller financing

 

Horsham, PA

 

 

10.0

%

 

7/2024

 

P & I

 

 

—

 

 

 

237

 

 

 

82

 

Borrower AN

 

Seller financing

 

Warwick, RI

 

 

9.0

%

 

8/2022

 

P & I

 

 

—

 

 

 

333

 

 

 

295

 

Borrower AO

 

Seller financing

 

Warwick, RI

 

 

9.0

%

 

10/2021

 

P & I

 

 

—

 

 

 

357

 

 

 

304

 

Borrower AP

 

Seller financing

 

Cranston, RI

 

 

9.0

%

 

8/2022

 

P & I

 

 

—

 

 

 

153

 

 

 

133

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,406

 

 

 

10,632

 

Note receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Promissory Note

 

Various-CT

 

 

9.0

%

 

12/2028

(b)

 

 

 

 

 

 

 

—

 

 

 

985

 

 

 

Allowance for credit losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

(337

)

Total (c)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

12,406

 

 

$

11,280

 

 

(a)

P & I = Principal and interest paid monthly.

(b)

Note for funding of capital improvements.

(c)

The aggregate cost for federal income tax purposes approximates the amount of principal unpaid.

(d)

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 $309,000. In addition, during the year ended December 31, 2020, we recorded an additional allowance for credit losses of $28,000 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:

 

 

 

2020

 

 

2019

 

 

2018

 

Balance at January 1,

 

$

30,855

 

 

$

33,519

 

 

$

32,366

 

Additions:

 

 

 

 

 

 

 

 

 

 

 

 

New mortgage loans

 

 

3,724

 

 

 

1,734

 

 

 

4,287

 

Deductions:

 

 

 

 

 

 

 

 

 

 

 

 

Loan repayments

 

 

(22,260

)

 

 

(3,771

)

 

 

(2,368

)

Collection of principal

 

 

(702

)

 

 

(627

)

 

 

(766

)

Allowance for credit losses

 

 

(337

)

 

 

—

 

 

 

—

 

Balance at December 31,

 

$

11,280

 

 

$

30,855

 

 

$

33,519