Getty Realty Down 12% After Reporting Earnings
Getty Realty (NYSE: GTY) is down 12% after the company reported earnings yesterday.
Earnings from continuing operations, net earnings and FFO for both the quarter and year ended December 31, 2011, were materially adversely impacted by $8.7 million and $19.8 million of non-cash charges, respectively, recorded to reflect an increase in the Company's straight-line rent reserve related to the Company's Master Lease with Marketing and $10.3 million for bad debts, legal fees and other professional fees related to the Marketing Bankruptcy.
The Company reported a net loss for the quarter ended December 31, 2011 of $19.5 million, or $0.58 per share, which decreased by $32.0 million as compared to earnings of $12.5 million for the quarter ended December 31, 2010. Net earnings for the year ended December 31, 2011 decreased by $39.2 million to $12.5 million, or $0.37 per share, as compared to $51.7 million for the year ended December 31, 2010.
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