8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): January 21, 2010

GATX Corporation

(Exact name of registrant as specified in its charter)

New York	1-2328	36-1124040
(State or other jurisdiction of	(Commission File	(IRS Employer
incorporation)	Number)	Identification No.)

222 West Adams Street
Chicago, Illinois 60606-5314
(Address of principal executive offices, including zip code)

(312) 621-6200
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the obligation of the registrant under any of the following provisions:

o    Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition” and Item 7.01, “Regulation FD Disclosure” and shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

On January 21, 2010, GATX Corporation (“GATX”) issued a press release that included unaudited financial statements and supplemental financial information for the quarter and full- year ended December 31, 2009. A copy of the press release is attached hereto as Exhibit 99.1.

GATX will host a teleconference to discuss its 2009 fourth quarter and full-year financial results on January 21, 2010, beginning at 11:00 a.m. Eastern Standard Time. Investors may access the conference by dialing 1-888-417-8525 (or 1-719-457-2639 if dialing from outside the United States).

Item 9.01 Financial Statements and Exhibits.

     (d) Exhibits

          99.1   Press Release dated January 21, 2010.

SIGNATURE

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.

GATX CORPORATION
(Registrant)
 

/s/ Robert C. Lyons  

Robert C. Lyons 

Senior Vice-President, Chief Financial Officer
(Duly Authorized Officer) 

January 21, 2010

EXHIBIT INDEX

Exhibit No.	Description	Method of Filing
99.1	Press Release of GATX Corporation, dated January 21, 2010, reporting GATX Corporation’s financial results for the quarter and full-year ended December 31, 2009.	Filed Electronically

EX-99.1

Exhibit 99.1

NEWS RELEASE

FOR RELEASE: IMMEDIATE

GATX CORPORATION REPORTS 2009 FOURTH QUARTER AND FULL-YEAR RESULTS

     CHICAGO, January 21 - GATX Corporation (NYSE:GMT) today reported 2009 fourth quarter net income of $21.5 million or $.45 per diluted share, compared to net income of $28.9 million or $.58 per diluted share in the fourth quarter of 2008. The 2009 fourth quarter results include a $7.4 million or $.15 per diluted share tax benefit related to realized foreign tax credits and a $2.2 million or $.05 per diluted share after-tax unrealized loss associated with interest rate swaps at our European rail affiliate, AAE Cargo. The 2008 fourth quarter results include a $6.1 million or $.12 per diluted share after-tax unrealized loss associated with AAE swaps.

     Net income for the full-year 2009 was $81.4 million or $1.70 per diluted share, compared to net income of $194.8 million or $3.88 per diluted share in the prior year. The 2009 results include a net negative impact of $13.3 million or $.27 per diluted share related to the AAE interest rate swaps and the aforementioned tax benefit. The 2008 results include $23.2 million or $.45 per diluted share in aggregate benefits from the reversal of tax reserves, income from the sale of real estate and the reversal of certain environmental reserves in Europe.

     Brian A. Kenney, president and chief executive officer of GATX, said, “Despite operating in the weakest rail market in decades, a strong effort by our commercial team enabled us to end the year with fleet utilization at 95.9%. Lease rates remained under pressure throughout the year, reflected by the fact that our fourth quarter Lease Price Index variance was negative 18.7%. As the year progressed, we shortened the term of lease renewals in anticipation of an eventual market recovery, with fourth quarter renewals averaging 43 months.

     “In Specialty, our ocean-going marine joint ventures also operated in depressed markets during 2009. Additionally, iron ore shipments on the Great Lakes were at their lowest level in 70 years, negatively affecting results at American Steamship Company (ASC) and across this industry.

     “We were able to offset a portion of the revenue pressure with a continued focus on cost reduction, as our selling, general and administrative expenses declined nearly 25% during 2009.”

     Mr. Kenney added, “Many of the challenges we faced in 2009 will continue into 2010. The markets we serve have stabilized, but at relatively low levels. While we see some initial signs of recovery, we expect pressure on rates and utilization to continue until the economy shows sustainable improvement. As a result, we currently expect 2010 earnings to be in the range of $1.50 — $1.70 per diluted share.”

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     Mr. Kenney concluded, “In this environment, GATX remains focused on utilization, cost containment and asset growth. This focus will strengthen our long-term performance as the economy improves.”

RAIL

     Rail segment profit was $33.9 million in the fourth quarter of 2009, compared to $58.4 million in the fourth quarter of 2008. The fourth quarter 2009 and 2008 results include pre-tax unrealized losses of $2.4 million and $7.0 million, respectively, from interest rate swaps at AAE. Rail reported segment profit of $169.1 million in 2009, compared to $309.5 million in 2008. The 2009 results include pre-tax unrealized losses of $24.4 million related to interest rate swaps at AAE. The 2008 results include $20.2 million of pre-tax benefits from a real estate gain and environmental reserve reversal. The decline in 2009 segment profit was the result of market pressures that negatively affected utilization, lease rates, scrap income and remarketing income. Additionally, maintenance costs were higher in 2009 due primarily to the timing of scheduled railcar compliance programs.

     At December 31, 2009, Rail’s North American fleet totaled approximately 111,000 cars. Fleet utilization was 95.9%, same as in the prior quarter and down from 97.9% at 2008 year end. The European wholly-owned tank car fleet totaled approximately 20,000 cars and utilization was 94.7%, down from 97.1% at 2008 year end.

     During the fourth quarter of 2009, lease renewal pricing on cars in GATX’s Lease Price Index (LPI) decreased 18.7% versus expiring lease rates, compared to an 8.5% decrease in the prior quarter and a 3.3% increase in the fourth quarter 2008. The average lease term on LPI renewals during the fourth quarter was 43 months, compared to 39 months in the prior quarter and 65 months in the fourth quarter of 2008. For the full-year 2009, lease renewal rates decreased 11.0% versus expiring rates with an average renewal term of 41 months. This compares with an average renewal rate increase of 5.2% and average renewal term of 63 months in 2008. Total investment volume in 2009 at Rail was $345 million, compared to $587 million in 2008.

     Additional current and historical fleet and operating data as well as macroeconomic data related to Rail’s business can be found on the last page of this press release.

SPECIALTY

     Specialty reported segment profit of $8.1 million in the fourth quarter of 2009 compared to $13.5 million in the prior year period. For 2009, Specialty reported segment profit of $51.6 million, compared to $105.9 million in 2008. Lower remarketing income and substantially lower share of affiliates’ earnings from the marine joint ventures contributed to the decline in segment profit year over year.

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     The Specialty portfolio currently consists of approximately $677 million of owned assets (including on and off balance sheet assets) and third-party managed portfolios totaling approximately $252 million.

AMERICAN STEAMSHIP COMPANY

     American Steamship Company (ASC) reported segment profit of $6.0 million in the fourth quarter 2009 compared to $6.4 million in the fourth quarter 2008. Segment profit for 2009 was $16.1 million compared to $26.2 million in 2008. The full-year segment profit decrease was driven by a 40% reduction in tonnage carried in 2009 versus 2008. Demand for iron ore was negatively impacted by the dramatic drop in steel production early in the year. During the current winter lay-up season, ASC will work closely with its customers to gauge volume expectations for 2010 and plan winter maintenance and future vessel deployment accordingly.

COMPANY DESCRIPTION

     GATX Corporation (NYSE:GMT) provides leasing and related services to customers operating rail, marine and other targeted assets. GATX is a leader in leasing transportation assets and controls one of the largest railcar fleets in the world. Applying over a century of operating experience and strong market and asset expertise, GATX provides quality assets and services to customers worldwide. GATX has been headquartered in Chicago, Illinois since its founding in 1898 and has traded on the New York Stock Exchange since 1916. For more information, visit the Company’s website at www.gatx.com.

TELECONFERENCE INFORMATION

GATX Corporation will host a teleconference to discuss 2009 fourth quarter and full-year results. Teleconference details are as follows:

Thursday, January 21^st
11:00 A.M. Eastern Time
Domestic Dial-In: 1-888-417-8525
International Dial-In: 1-719-457-2639
Replay: 1-888-203-1112 / Access Code: 5722946

Call-in details, a copy of this press release and real-time audio access are available at www.gatx.com. Please access the call 15 minutes prior to the start time. Following the call, a replay will be available on the same site.

FORWARD-LOOKING STATEMENTS

This document contains statements that may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor provisions of those sections and the Private Securities Litigation Reform Act of 1995. Some of these statements may be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “predict,” “project” or other words and terms of similar meaning. Investors are cautioned that any such forward-looking statements are not

Page 4

guarantees of future performance and involve risks and uncertainties, including those described in GATX’s Annual Report on Form 10-K for the year ended December 31, 2008, Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 and other filings with the SEC, and that actual results or developments may differ materially from those in the forward-looking statements. Specific factors that might cause actual results to differ from expectations include, but are not limited to, general economic, market, regulatory and political conditions in the rail, marine, industrial and other industries served by GATX and its customers; lease rates, utilization levels and operating costs in GATX’s primary asset segments; conditions in the capital markets; changes in GATX’s credit ratings and financing costs; regulatory rulings that may impact the economic value and operating costs of assets; costs associated with maintenance initiatives; competitive factors in GATX’s primary markets including lease pricing and asset availability; changes in loss provision levels within GATX’s portfolio; impaired asset charges that may result from changing market conditions or portfolio management decisions implemented by GATX; the opportunity for remarketing income; the outcome of pending or threatened litigation; and other factors. Given these risks and uncertainties, readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis, judgment, belief or expectation only as of the date hereof. GATX has based these forward-looking statements on information currently available and disclaims any intention or obligation to update or revise these forward-looking statements to reflect subsequent events or circumstances.

FOR FURTHER INFORMATION CONTACT:

GATX Corporation
Rhonda S. Johnson
312-621-6262
rhonda.johnson@gatx.com

Investor, corporate, financial, historical financial, photographic and news release information may be found at www.gatx.com.

(01/21/10)

—Tabular Follows—

Page 5

GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Millions, Except Per Share Data)

	Three Months Ended				Twelve Months Ended
	December 31				December 31
	2009		2008		2009		2008
Gross Income
Lease income	$	226.2	$	231.9	$	905.1	$	935.3
Marine operating revenue		52.7		66.4		128.4		267.1
Asset remarketing income		4.6		10.0		29.8		54.6
Other income		19.0		15.4		61.6		95.5
Revenues		302.5		323.7		1,124.9		1,352.5
Share of affiliates’ earnings		6.0		9.5		29.0		90.6
Total Gross Income		308.5		333.2		1,153.9		1,443.1
Ownership Costs
Depreciation		55.9		52.2		217.7		208.7
Interest expense, net		42.4		40.7		167.5		148.5
Operating lease expense		34.9		34.4		136.6		145.2
Total Ownership Costs		133.2		127.3		521.8		502.4
Other Costs and Expenses
Maintenance expense		73.7		63.2		269.0		257.1
Marine operating expense		36.2		48.3		87.2		201.8
Selling, general and administrative		25.9		39.1		127.8		168.9
Other		18.0		15.0		40.2		45.3
Total Other Costs and Expenses		153.8		165.6		524.2		673.1
Income before Income Taxes		21.5		40.3		107.9		267.6
Income Tax Provision		—		11.4		26.5		72.8
Net Income	$	21.5	$	28.9	$	81.4	$	194.8

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GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Millions, Except Per Share Data)
(Continued)

	Three Months Ended				Twelve Months Ended
	December 31				December 31
	2009		2008		2009		2008
Per Share Data
Basic	$	0.47	$	0.59	$	1.74	$	4.09
Average number of common shares		45.9		48.6		46.6		47.6
Diluted	$	0.45	$	0.58	$	1.70	$	3.88
Average number of common shares and common share equivalents		48.1		50.7		48.8		51.0
Dividends declared per common share	$	0.28	$	0.27	$	1.12	$	1.08

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GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In Millions)

	December 31			December 31
	2009			2008
Assets
Cash and Cash Equivalents	$	41.7		$	102.2
Restricted Cash		33.2			41.1
Receivables
Rent and other receivables		68.7			84.3
Finance leases		309.7			331.8
Less: allowance for possible losses		(13.4	)		(18.6	)
		365.0			397.5
Operating Lease Assets, Facilities and Other
Rail		5,449.0			5,232.3
Specialty		245.4			271.4
ASC		380.2			373.1
Less: allowance for depreciation		(2,041.3	)		(1,955.2	)
		4,033.3			3,921.6
Investments in Affiliated Companies		452.2			399.3
Goodwill		97.5			95.7
Other Assets		183.5			233.1
Total Assets	$	5,206.4		$	5,190.5
Liabilities and Shareholders’ Equity
Accounts Payable and Accrued Expenses	$	123.0		$	140.1
Debt
Commercial paper and borrowings under bank credit facilities		70.8			125.1
Recourse		2,553.0			2,376.2
Nonrecourse		234.2			243.3
Capital lease obligations		54.8			64.7
		2,912.8			2,809.3
Deferred Income Taxes		730.6			710.7
Other Liabilities		337.4			405.9
Total Liabilities		4,103.8			4,066.0
Total Shareholders’ Equity		1,102.6			1,124.5
Total Liabilities and Shareholders’ Equity	$	5,206.4		$	5,190.5

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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended December 31, 2009
(In Millions)

											GATX
	Rail			Specialty		ASC		Other			Consolidated
Gross Income
Lease income	$	210.2		$	15.0	$	1.0	$	—		$	226.2
Marine operating revenue		—			—		52.7		—			52.7
Asset remarketing income		2.6			2.0		—		—			4.6
Other income		18.1			0.6		0.2		0.1			19.0
Revenues		230.9			17.6		53.9		0.1			302.5
Share of affiliates’ earnings		(1.3	)		7.3		—		—			6.0
Total Gross Income		229.6			24.9		53.9		0.1			308.5
Ownership Costs
Depreciation		48.1			4.1		3.7		—			55.9
Interest expense, net		33.0			7.2		2.2		—			42.4
Operating lease expense		34.6			0.4		—		(0.1	)		34.9
Total Ownership Costs		115.7			11.7		5.9		(0.1	)		133.2
Other Costs and Expenses
Maintenance expense		68.0			—		5.7		—			73.7
Marine operating expense		—			—		36.2		—			36.2
Other		12.0			5.1		0.1		0.8			18.0
Total Other Costs and Expenses		80.0			5.1		42.0		0.8			127.9
Segment Profit (Loss)	$	33.9		$	8.1	$	6.0	$	(0.6	)		47.4
Selling, general and administrative												25.9
Income before Income Taxes												21.5
Income Tax Provision												—
Net Income											$	21.5
Selected Data:
Investment Volume	$	68.0		$	33.6	$	0.3	$	2.0		$	103.9
Asset Remarketing Income:
Disposition Gains on Owned Assets		0.2			0.3		—		—			0.5
Residual Sharing Income		2.4			1.7		—		—			4.1
Total Asset Remarketing Income	$	2.6		$	2.0	$	—	$	—		$	4.6
Scrapping Gains (a)	$	3.5			—		—		—		$	3.5

(a) Included in Other income

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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended December 31, 2008
(In Millions)

											GATX
	Rail			Specialty		ASC		Other			Consolidated
Gross Income
Lease income	$	214.0		$	16.9	$	1.0	$	—		$	231.9
Marine operating revenue		—			—		66.4		—			66.4
Asset remarketing income		9.6			0.4		—		—			10.0
Other income		14.8			0.2		0.2		0.2			15.4
Revenues		238.4			17.5		67.6		0.2			323.7
Share of affiliates’ earnings		(1.3	)		10.8		—		—			9.5
Total Gross Income		237.1			28.3		67.6		0.2			333.2
Ownership Costs
Depreciation		42.7			4.9		4.6		—			52.2
Interest expense, net		33.3			6.0		2.3		(0.9	)		40.7
Operating lease expense		33.8			0.7		—		(0.1	)		34.4
Total Ownership Costs		109.8			11.6		6.9		(1.0	)		127.3
Other Costs and Expenses
Maintenance expense		57.5			—		5.7		—			63.2
Marine operating expense		—			—		48.3		—			48.3
Other		11.4			3.2		0.3		0.1			15.0
Total Other Costs and Expenses		68.9			3.2		54.3		0.1			126.5
Segment Profit	$	58.4		$	13.5	$	6.4	$	1.1			79.4
Selling, general and administrative												39.1
Income before Income Taxes												40.3
Income Tax Provision												11.4
Net Income											$	28.9
Selected Data:
Investment Volume (a)	$	320.5		$	4.7	$	1.2	$	9.9		$	336.3
Asset Remarketing Income:
Disposition Gains on Owned Assets		9.5			—		—		—			9.5
Residual Sharing Income		0.1			0.4		—		—			0.5
Total Asset Remarketing Income	$	9.6		$	0.4	$	—	$	—		$	10.0
Scrapping Gains (b)	$	3.5			—		—		—		$	3.5

(a)	Rail investment includes debt principal amount of $188.0 million, assumed as part of portfolio acquisition
(b)	Included in Other income

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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Twelve Months Ended December 31, 2009
(In Millions)

												GATX
	Rail			Specialty		ASC			Other			Consolidated
Gross Income
Lease income	$	844.5		$	56.5	$	4.1		$	—		$	905.1
Marine operating revenue		—			—		128.4			—			128.4
Asset remarketing income		14.0			15.8		—			—			29.8
Other income		57.9			2.4		0.2			1.1			61.6
Revenues		916.4			74.7		132.7			1.1			1,124.9
Share of affiliates’ earnings		(10.1	)		39.1		—			—			29.0
Total Gross Income		906.3			113.8		132.7			1.1			1,153.9
Ownership Costs
Depreciation		189.1			18.6		10.0			—			217.7
Interest expense, net		128.7			26.8		9.0			3.0			167.5
Operating lease expense		135.5			1.4		—			(0.3	)		136.6
Total Ownership Costs		453.3			46.8		19.0			2.7			521.8
Other Costs and Expenses
Maintenance expense		253.1			—		15.9			—			269.0
Marine operating expense		—			—		87.2			—			87.2
Other		30.8			15.4		(5.5	)		(0.5	)		40.2
Total Other Costs and Expenses		283.9			15.4		97.6			(0.5	)		396.4
Segment Profit (Loss)	$	169.1		$	51.6	$	16.1		$	(1.1	)		235.7
Selling, general and administrative													127.8
Income before Income Taxes													107.9
Income Tax Provision													26.5
Net Income												$	81.4
Selected Data:
Investment Volume	$	345.3		$	119.5	$	7.2		$	8.4		$	480.4
Asset Remarketing Income:
Disposition Gains on Owned Assets		7.5			3.5		—			—			11.0
Residual Sharing Income		6.5			12.3		—			—			18.8
Total Asset Remarketing Income	$	14.0		$	15.8	$	—		$	—		$	29.8
Scrapping Gains (a)	$	9.7			—		—			—		$	9.7

(a) Included in Other income

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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Twelve Months Ended December 31, 2008
(In Millions)

										GATX
	Rail		Specialty		ASC		Other			Consolidated
Gross Income
Lease income	$	872.5	$	58.6	$	4.2	$	—		$	935.3
Marine operating revenue		—		—		267.1		—			267.1
Asset remarketing income		31.3		23.3		—		—			54.6
Other income		93.6		4.7		0.2		(3.0	)		95.5
Revenues		997.4		86.6		271.5		(3.0	)		1,352.5
Share of affiliates’ earnings		17.8		72.8		—		—			90.6
Total Gross Income		1,015.2		159.4		271.5		(3.0	)		1,443.1
Ownership Costs
Depreciation		178.4		17.1		13.2		—			208.7
Interest expense, net		118.1		19.0		9.6		1.8			148.5
Operating lease expense		143.5		2.0		—		(0.3	)		145.2
Total Ownership Costs		440.0		38.1		22.8		1.5			502.4
Other Costs and Expenses
Maintenance expense		239.5		0.2		17.4		—			257.1
Marine operating expense		—		—		201.8		—			201.8
Other		26.2		15.2		3.3		0.6			45.3
Total Other Costs and Expenses		265.7		15.4		222.5		0.6			504.2
Segment Profit (Loss)	$	309.5	$	105.9	$	26.2	$	(5.1	)		436.5
Selling, general and administrative											168.9
Income before Income Taxes											267.6
Income Tax Provision											72.8
Net Income										$	194.8
Selected Data:
Investment Volume (a)	$	587.2	$	163.3	$	7.6	$	23.0		$	781.1
Asset Remarketing Income:
Disposition Gains on Owned Assets		30.0		8.7		—		—			38.7
Residual Sharing Income		1.3		14.6		—		—			15.9
Total Asset Remarketing Income	$	31.3	$	23.3	$	—	$	—		$	54.6
Scrapping Gains (b)	$	29.4		—		—		—		$	29.4

(a)	Rail investment includes debt principal amount of $188.0 million, assumed as part of portfolio acquisition
(b)	Included in Other income

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GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(In Millions, Except Leverage)

	12/31/2008		3/31/2009		6/30/2009		9/30/2009		12/31/2009
Assets by Segment (includes off-balance sheet assets)
Rail	$	5,100.4	$	4,960.7	$	5,037.1	$	5,118.0	$	5,110.4
Specialty		643.0		613.3		609.7		676.8		676.0
ASC		275.0		266.8		280.0		262.1		269.0
Other		90.0		89.4		85.7		88.5		92.2
Total Assets, Excluding Cash	$	6,108.4	$	5,930.2	$	6,012.5	$	6,145.4	$	6,147.6
Non-performing Investments	$	19.2	$	19.0	$	25.6	$	18.4	$	18.2
Capital Structure
Commercial Paper and Bank Credit Facilities,
Net of Unrestricted Cash	$	22.9	$	66.0	$	198.6	$	0.3	$	29.1
On Balance Sheet Recourse Debt		2,376.2		2,363.1		2,321.8		2,627.7		2,553.0
On Balance Sheet Nonrecourse Debt		243.3		240.5		238.8		236.9		234.2
Off Balance Sheet Recourse Debt		845.8		779.9		784.0		801.7		813.0
Off Balance Sheet Nonrecourse Debt		215.4		212.5		209.6		206.7		203.1
Capital Lease Obligations		64.7		60.8		59.2		56.1		54.8
Total Borrowings, Net of Unrestricted Cash	$	3,768.3	$	3,722.8	$	3,812.0	$	3,929.4	$	3,887.2
Total Recourse Debt (a)		3,309.6		3,269.8		3,363.6		3,485.8		3,449.9
Shareholders’ Equity		1,124.5		1,069.7		1,069.8		1,112.2		1,102.6
Recourse Leverage		2.9		3.1		3.1		3.1		3.1

(a)	Total Recourse Debt = On Balance Sheet Recourse + Off Balance Sheet Recourse
+	Capital Lease Obligations + Commercial Paper and Bank Credit Facilities, Net of Unrestricted Cash
(b)	Recourse Leverage = Total Recourse Debt / Shareholders’ Equity

Page 13

GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(Continued)

	12/31/2008			3/31/2009			6/30/2009			9/30/2009			12/31/2009
North American Rail Statistics (wholly-owned fleet)
Lease Price Index (LPI) (a)
Average Renewal Lease Rate Change		3.3	%		-5.5	%		-9.8	%		-8.5	%		-18.7	%
Average Renewal Term (months)		65			45			36			39			43
Fleet Rollforward
Beginning Balance		109,874			112,976			112,326			111,154			111,206
Cars Added		4,411			354			711			1,478			774
Cars Scrapped		(970	)		(855	)		(1,056	)		(1,302	)		(1,108	)
Cars Sold		(339	)		(149	)		(827	)		(124	)		(2	)
Ending Balance		112,976			112,326			111,154			111,206			110,870
Utilization		97.9	%		96.5	%		96.0	%		95.9	%		95.9	%
GATX Rail Europe Statistics (wholly-owned fleet)
Fleet Rollforward
Beginning Balance		19,583			19,724			19,886			20,000			20,005
Cars Added		144			190			124			91			100
Cars Scrapped/Sold		(3	)		(28	)		(10	)		(86	)		(72	)
Ending Balance		19,724			19,886			20,000			20,005			20,033
Utilization		97.1	%		96.5	%		95.6	%		94.7	%		94.7	%
Rail Industry Statistics
Manufacturing Capacity Utilization Index (b)		72.7	%		69.3	%		68.0	%		70.5	%		72.0	%
Year-over-year Change in U.S. Carloadings (total, excl. intermodal) (c)		-2.5	%		-16.3	%		-19.5	%		-18.1	%		-16.1	%
Year-over-year Change in U.S. Carloadings (chemical) (c)		-2.4	%		-18.1	%		-17.3	%		-14.0	%		-9.6	%
Year-over-year Change in U.S. Carloadings (petroleum products) (c)		-6.2	%		-11.9	%		-14.8	%		-13.4	%		-11.1	%
Production Backlog at Railcar Manufacturers (d)		31,921			26,171			21,558			19,343			n/a	(e)
American Steamship Company (ASC) Statistics
Total Net Tons Carried (millions)		9.1			0.2			6.3			6.1			8.6

(a)	LPI is an internally generated business indicator that measures general lease pricing on renewals. The index reflects the weighted average lease rate for a selected group of railcar types that GATX believes to be representative of its overall North American fleet. The LPI measures the percentage change between the weighted average expiring lease rate and the weighted average renewal lease rate.
(b)	As reported and revised by the Federal Reserve
(c)	As reported by the Association of American Railroads (AAR)
(d)	As reported by the Railway Supply Institute (RSI)
(e)	n/a = not available; not published by the RSI as of the date of this release

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