Getty Realty Corp
(NYSE:GTY)

Getty Realty Corp. is the leading publicly traded real estate investment trust in the United States specializing in the ownership, leasing and financing of convenience store and gasoline station properties. As of September 30, 2020, the Company owned 896 properties and leased 58 properties from thir...

Website: http://www.gettyrealty.com

Founded: 1955

Full Time Employees: 31

Sector: Real Estate

Industry: REIT-Retail

Share this website to your friends

• Market Cap:

• Exchange:

• Shs Outstanding:

• Employees:

• Beta:

• Return on Equity (ROE) ttm:

• Return on Assets (ROA) ttm:

• EPS ttm:

• Book value per Share:

• Cash per Share:

• Current ast per Share:

• P/E ttm:

• P/E forward:

• P/E ttm high:

• P/E ttm low:

• P/S ttm:

• P/B ttm:

• P/FCF ttm:

• PEG ratio:

• Cash Ratio ttm:

• Quick Ratio ttm:

• Current Ratio ttm:

• Gross Mgn ttm:

• EBITDA Mgn ttm:

• Operating Mgn ttm:

• Net Income Mgn ttm:

• Trailing Div yield:

• Forward Div yield:

• Payout Ratio ttm:

• Ex-Dividend date:

• Target Price High:

• Target Price Low:

• Target Price Mean:

• Number of Analysts:

• Debt Ratio ttm:

• Debt to Equity ttm:

• Total Net Debt:

At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2007-09-30	2007-06-30	2007-03-31	2006-09-30

revenues:
revenues from rental properties	55,159,000	52,724,000	51,706,000	52,239,000	50,494,000	48,720,000	47,215,000	45,615,000	48,848,000	43,658,000	42,367,000	42,559,000	41,533,000	40,814,000	38,984,000	39,667,000	38,263,000	36,951,000	37,194,000	36,336,000	34,650,000	35,692,000	33,560,000	33,287,000	29,570,000	29,022,000	28,284,000		24,826,000	24,263,000	25,083,000	24,328,000	24,140,000	24,388,000	28,564,000	29,077,000	25,461,000	24,244,000	23,616,000	18,090,000	25,425,000	24,140,000	23,009,000	22,954,000	22,386,000	26,775,000	31,214,000	27,126,000	25,025,000	22,168,000	21,981,000	21,742,000	22,470,000	24,267,000	20,210,000	20,255,000	20,727,000	17,993,000	18,087,000
interest on notes and mortgages receivable	432,000	533,000	624,000	777,000	973,000	1,217,000	1,755,000	2,027,000	1,638,000	1,040,000	653,000	564,000	433,000	365,000	337,000	429,000	415,000	329,000	709,000	668,000	713,000	736,000	728,000	762,000	792,000	759,000	764,000		748,000	758,000	773,000	786,000	865,000	1,118,000	1,226,000	910,000	781,000	756,000	714,000	616,750	707,000	962,000	798,000	775,000	726,000	700,000	681,000	741,000
total revenues	55,591,000	53,257,000	52,330,000	53,016,000	51,467,000	49,937,000	48,970,000	47,642,000	50,486,000	44,698,000	43,020,000	43,123,000	41,966,000	41,179,000	39,321,000	40,096,000	38,678,000	37,280,000	37,903,000	37,004,000	35,363,000	36,428,000	34,288,000	34,049,000	34,694,000	34,242,000	32,116,000		29,037,000	27,648,000	29,719,000	28,511,000	28,608,000	28,427,000	29,790,000	29,987,000	26,242,000	25,000,000	24,330,000	19,488,250	29,258,000	25,102,000	23,807,000	23,729,000	23,112,000	27,475,000	31,895,000	27,867,000
yoy	8.01%	6.65%	6.86%	11.28%	1.94%	11.72%	13.83%	10.48%	20.30%	8.55%	9.41%	7.55%	8.50%	10.46%	3.74%	8.36%	9.37%	2.34%	10.54%	8.68%	1.93%	6.38%	6.76%		19.48%	23.85%	8.07%		1.50%	-2.74%	-0.24%	-4.92%	9.02%	13.71%	22.44%	53.87%	-10.31%	-0.41%	2.20%	-17.87%	26.59%	-8.64%	-25.36%	-14.85%
qoq	4.38%	1.77%	-1.29%	3.01%	3.06%	1.97%	2.79%	-5.63%	12.95%	3.90%	-0.24%	2.76%	1.91%	4.73%	-1.93%	3.67%	3.75%	-1.64%	2.43%	4.64%	-2.92%	6.24%	0.70%	-1.86%	1.32%	6.62%			5.02%	-6.97%	4.24%	-0.34%	0.64%	-4.58%	-0.66%	14.27%	4.97%	2.75%	24.84%	-33.39%	16.56%	5.44%	0.33%	2.67%	-15.88%	-13.86%	14.45%
operating expenses:
property costs	2,406,000	2,443,000	1,982,000	3,245,000	3,927,000	3,983,000	3,703,000	5,568,000	8,710,000	4,811,000	4,700,000	5,884,000	5,719,000	5,324,000	4,626,000	6,540,000	5,564,000	5,272,000	6,640,000	6,391,000	4,935,000	7,251,000	5,643,000	5,495,000	5,592,000	6,429,000	4,935,000		5,251,000	4,531,000	6,559,000	5,202,000	5,674,000	5,290,000
impairments	647,000	455,000	1,169,000	1,499,000	675,000	512,000	1,280,000	1,273,000	986,000	2,462,000	522,000	1,318,000	798,000	391,000	1,038,000	1,198,000	756,000	776,000	1,325,000	507,000	1,031,000	928,000	701,000	771,000	729,000	831,000	2,427,000		914,000	2,284,000	1,678,000	1,152,000	2,069,000	1,989,000
environmental	-3,356,000	5,341,000	116,000	447,000	305,000	-150,000	-17,000	284,000	313,000	343,000	321,000	-5,483,000	632,000	-15,910,000	-141,000	757,000	77,000	513,000	18,000	830,000	221,000	5,685,000	855,000	903,000	1,208,000	1,442,000	1,247,000		426,000	-540,000	-50,000	884,000	929,000	815,000
general and administrative	6,441,000	6,794,000	6,926,000	6,493,000	5,948,000	6,168,000	6,656,000	5,793,000	5,745,000	5,912,000	6,285,000	5,209,000	5,024,000	5,260,000	5,128,000	4,741,000	5,055,000	5,509,000	4,154,000	4,545,000	4,068,000	3,641,000	3,798,000	3,977,000	3,556,000	3,855,000	3,587,000		3,673,000	3,493,000	3,047,000	3,257,000	3,806,000	4,044,000
depreciation and amortization	15,040,000	14,917,000	16,041,000	15,000,000	13,960,000	13,372,000	12,652,000	12,716,000	11,288,000	10,864,000	10,428,000	10,388,000	9,962,000	9,924,000	9,628,000	8,895,000	8,648,000	8,437,000	7,635,000	7,325,000	7,097,000	6,321,000	6,151,000	6,099,000	6,068,000	5,907,000	5,594,000		4,394,000	4,392,000	4,521,000	5,411,000	4,616,000	4,622,000
total operating expenses	21,178,000	29,950,000	26,234,000	26,684,000	24,815,000	23,885,000	24,274,000	25,634,000	27,042,000	24,392,000	22,256,000	17,316,000	22,135,000	4,989,000	20,279,000	22,131,000	20,100,000	20,507,000	19,772,000	19,598,000	17,352,000	23,928,000	17,035,000	17,330,000	17,510,000	18,345,000	17,916,000		14,587,000	14,292,000	15,913,000	15,774,000	16,390,000	16,990,000	16,757,000	18,802,000	18,470,000	15,816,000	14,153,000	10,002,250	10,908,000	14,294,000	15,306,000	17,317,000	18,905,000	23,980,000	24,767,000	11,488,000	12,817,000	8,715,000	7,369,000	7,874,000	9,516,000	12,308,000	8,525,000			6,707,000	7,341,000
gains on dispositions of real estate	338,000	1,558,000	328,000																										507,000	-331,000	1,042,000	11,000		-157,000	835,000	1,696,000	32,000	1,217,000	3,153,000				8,432,000				495,000		68,000	52,000	15,000	1,328,000	310,000	516,000	1,514,000
operating income	34,751,000	24,865,000	26,424,000	32,656,000	25,181,000	26,193,000	25,740,000	25,147,000	24,027,000	20,622,000	21,351,000	34,584,000	20,175,000	37,339,000	25,195,000	20,037,000	18,837,000	23,992,000	18,213,000	17,593,000	18,880,000	12,500,000	17,680,000	16,668,000	17,184,000	15,897,000	14,200,000		14,450,000	13,356,000	13,806,000	12,737,000	12,218,000	11,437,000	13,033,000	11,185,000	7,772,000	9,184,000	10,177,000	9,486,000	18,350,000	10,808,000	8,501,000	6,412,000	4,207,000	3,495,000	7,128,000	16,379,000	12,208,000	13,453,000	14,612,000	13,868,000	12,954,000	11,959,000	11,685,000	10,999,000	10,820,000	11,286,000	10,746,000
yoy	38.00%	-5.07%	2.66%	29.86%	4.80%	27.01%	20.56%	-27.29%	19.09%	-44.77%	-15.26%	72.60%	7.10%	55.63%	38.34%	13.89%	-0.23%	91.94%	3.01%	5.55%	9.87%	-21.37%	24.51%		18.92%	19.03%	2.85%		18.27%	16.78%	5.93%	13.88%	57.21%	24.53%	28.06%	17.91%	-57.65%	-15.03%	19.72%	47.94%	336.18%	209.24%	19.26%	-60.85%	-65.54%	-74.02%	-51.22%	18.11%	-5.76%	12.49%	25.05%	26.08%	19.72%	5.96%	8.74%
qoq	39.76%	-5.90%	-19.08%	29.69%	-3.86%	1.76%	2.36%	4.66%	16.51%	-3.41%	-38.26%	71.42%	-45.97%	48.20%	25.74%	6.37%	-21.49%	31.73%	3.52%	-6.82%	51.04%	-29.30%	6.07%	-3.00%	8.10%	11.95%			8.19%	-3.26%	8.39%	4.25%	6.83%	-12.25%	16.52%	43.91%	-15.37%	-9.76%	7.28%	-48.31%	69.78%	27.14%	32.58%	52.41%	20.37%	-50.97%	-56.48%	34.17%	-9.25%	-7.93%	5.36%	7.06%	8.32%	2.34%	6.24%	1.65%	-4.13%	5.03%
operating margin %	62.51%	46.69%	50.49%	61.60%	48.93%	52.45%	52.56%	52.78%	47.59%	46.14%	49.63%	80.20%	48.07%	90.67%	64.08%	49.97%	48.70%	64.36%	48.05%	47.54%	53.39%	34.31%	51.56%	48.95%	49.53%	46.43%	44.21%	NaN%	49.76%	48.31%	46.46%	44.67%	42.71%	40.23%	43.75%	37.30%	29.62%	36.74%	41.83%	48.68%	62.72%	43.06%	35.71%	27.02%	18.20%	12.72%	22.35%	58.78%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
other income	47,000	53,000	94,000	62,000	206,000	180,000	118,000	191,000	89,000	6,000	288,000	40,000	33,000	248,000	91,000	154,000	208,000	64,000	376,000	61,000	495,000	5,637,000	1,504,000	205,000	-78,000	224,000	363,000		3,876,000	234,000	607,000	644,000	799,000	-24,000	10,796,000	121,000	7,379,000		131,000	13,250	19,000	-1,000	35,000	59,000	211,000	-1,000	333,000	-49,000	411,000	80,000	35,000	53,000	121,000	166,000	171,000	1,419,000	276,000	115,000	809,000
interest expense	-11,450,000	-10,904,000	-11,732,000	-10,423,000	-10,052,000	-9,662,000	-9,135,000	-8,826,000	-8,083,000	-7,104,000	-7,514,000	-7,312,000	-6,906,000	-6,907,000	-6,537,000	-6,180,000	-6,155,000	-6,129,000	-6,705,000	-6,681,000	-6,675,000	-6,247,000	-5,986,000	-5,946,000	-6,060,000	-5,314,000	-5,050,000		-4,280,000	-4,080,000	-4,035,000	-4,156,000	-4,155,000	-4,215,000	-4,279,000	-4,479,000	-3,353,000	-2,434,000	-2,580,000	-2,241,500	-3,074,000	-2,998,000	-2,894,000	-2,860,000	-2,896,000	-2,692,000	-1,483,000	-1,346,000	-1,319,000	-1,118,000	-1,116,000	-1,322,000	-1,494,000	-1,459,000	-1,195,000	-2,314,000	-2,224,000		-979,000
net earnings	23,348,000	14,014,000	14,786,000	22,295,000	15,335,000	16,711,000	16,723,000	16,512,000	16,033,000	13,524,000	14,082,000	27,312,000	13,302,000	30,680,000	18,749,000	14,011,000	12,890,000	17,927,000	11,884,000	10,973,000	12,700,000	11,890,000	13,198,000	10,927,000	10,944,000	13,540,000	10,032,000		15,106,000	9,704,000	8,328,000	8,804,000	13,576,000	7,703,000	19,893,000	7,035,000	11,619,000	6,637,000	9,638,000	16,241,500	41,877,000	12,739,000	10,350,000	5,801,000	-3,465,000	3,626,000	6,485,000	15,202,000	11,386,000	12,485,000	13,351,000	13,959,000	11,905,000	11,331,000	12,185,000	12,846,000	10,024,000	10,437,000	11,276,000
yoy	52.25%	-16.14%	-11.58%	35.02%	-4.35%	23.57%	18.75%	-39.54%	20.53%	-55.92%	-24.89%	94.93%	3.20%	71.14%	57.77%	27.69%	1.50%	50.77%	-9.96%	0.42%	16.05%	-12.19%	31.56%		-27.55%	39.53%	20.46%		11.27%	25.98%	-58.14%	25.15%	16.84%	16.06%	106.40%	-56.69%	-72.25%	-47.90%	-6.88%	179.98%	-1308.57%	251.32%	59.60%	-61.84%	-130.43%	-70.96%	-51.43%	8.90%	-4.36%	10.18%	9.57%	8.66%	18.76%	8.57%	8.06%
qoq	66.60%	-5.22%	-33.68%	45.39%	-8.23%	-0.07%	1.28%	2.99%	18.55%	-3.96%	-48.44%	105.32%	-56.64%	63.64%	33.82%	8.70%	-28.10%	50.85%	8.30%	-13.60%	6.81%	-9.91%	20.78%	-0.16%	-19.17%	34.97%			55.67%	16.52%	-5.41%	-35.15%	76.24%	-61.28%	182.77%	-39.45%	75.06%	-31.14%	-40.66%	-61.22%	228.73%	23.08%	78.42%	-267.42%	-195.56%	-44.09%	-57.34%	33.51%	-8.80%	-6.49%	-4.36%	17.25%	5.07%	-7.01%	-5.15%	28.15%	-3.96%	-7.44%
net income margin %	42.00%	26.31%	28.26%	42.05%	29.80%	33.46%	34.15%	34.66%	31.76%	30.26%	32.73%	63.34%	31.70%	74.50%	47.68%	34.94%	33.33%	48.09%	31.35%	29.65%	35.91%	32.64%	38.49%	32.09%	31.54%	39.54%	31.24%	NaN%	52.02%	35.10%	28.02%	30.88%	47.46%	27.10%	66.78%	23.46%	44.28%	26.55%	39.61%	83.34%	143.13%	50.75%	43.47%	24.45%	-14.99%	13.20%	20.33%	54.55%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
basic net earnings per common share:	400	240	250
diluted net earnings per common share:	400	240	250
weighted-average common shares outstanding:
basic	56,693,000	55,530,000	55,062,000	54,305,000	54,249,000	53,979,000	53,961,000	50,020,000	50,621,000	49,615,000	46,989,000	46,730,000	46,734,000	46,733,000	46,721,000	44,955,000	44,437,000	43,872,000	42,226,000	41,456,000	41,383,000	41,139,000	41,024,000	40,873,000	40,430,000	39,901,000	39,710,000									33,422,000	33,420,000	33,403,000	33,397,000	33,397		33,397,000	33,397,000	33,395,000	33,396,000	33,395,000	33,394,000	33,394,000	32,502,000	27,950,000	29,942,000	27,150,000	24,766,000	24,766,000	24,766,000			24,765
diluted	56,757,000	55,606,000	55,191,000	54,552,000	54,619,000	54,011,000	53,969,000	50,216,000	50,712,000	49,989,000	47,571,000	46,838,000	46,779,000	46,756,000	46,742,000	45,025,000	44,470,000	43,875,000	42,254,000	41,467,000	41,391,000	41,176,000	41,049,000	40,891,000	40,455,000	39,914,000	39,712,000									33,422,000
comprehensive income:
unrealized gain on cash flow hedges	102,000	29,000	-519,000	2,104,000	-2,698,000	734,000	2,548,000
cash flow hedge expense reclassified to interest expense	146,000	154,000	146,000
total other comprehensive income	248,000	183,000	-373,000	2,110,000	-2,923,000	522,000	2,448,000
comprehensive income	23,596,000	14,197,000	14,413,000	24,405,000	12,412,000	17,233,000	19,171,000
gain on dispositions of real estate				-71,500	-1,471,000	141,000	1,044,000	371,500	583,000	316,000	587,000	1,911,500	344,000	1,149,000	6,153,000	2,072,000	259,000	7,219,000	82,000	187,000	869,000		427,000	-51,000	-29,000	3,016,000	649,000
loss on extinguishment of debt											-43,000
basic earnings per common share:
diluted earnings per common share:
other comprehensive income:
cash flow hedge income reclassified to interest expense				6,000	-225,000	-212,000	-100,000
allowance for doubtful accounts																						102,000	-113,000
allowance for uncollectible accounts																								85,000	357,000		126,000			132,000				230,000	171,000	263,000	366,000
tenant reimbursements																									4,332,000	4,461,000	3,068,000		3,463,000	2,627,000	3,863,000	3,397,000	3,603,000	2,921,000
earnings from continuing operations																									11,017,000	13,823,000	10,162,000		14,553,000	9,179,000	11,420,000	9,236,000	13,583,000	7,842,000	20,385,000	8,523,000	11,758,000	6,787,000	7,728,000	-1,364,000	15,295,000	7,809,000	5,642,000	3,611,000	1,522,000	802,000	5,978,000	14,984,000	11,300,000	12,415,000	13,531,000	12,599,000	11,581,000	10,666,000	10,661,000
discontinued operations:
earnings from discontinued operations																									-73,000	-283,000	-130,000		553,000	525,000			-7,000					-150,000	1,910,000	6,409,000	26,582,000	4,930,000	4,708,000	2,190,000	-4,987,000	2,824,000	507,000	218,000	86,000	70,000	-180,000	1,360,000	324,000	665,000	1,524,000
dividends declared per common share																									320	320	320
allowance (recoveries) for uncollectible accounts																										-119,000
(recoveries) allowance for uncollectible accounts																													-71,000		158,000	-132,000	-704,000
earnings from operating activities																													553,000	525,000			-7,000	18,000				-1,367,000				756,000	-3,724,000	-829,000	-5,563,000	116,000	12,000	-13,000	18,000	18,000	-195,000	32,000	14,000	149,000	10,000
gains (loss) on dispositions of real estate																																	4,721,000	644,000
basic and diluted earnings per common share:
weighted-average common shares outstanding:
basic and diluted																												36,897,000	34,634,000	34,555,000	33,806,000	33,776,000	33,714,000	33,659,000	33,420,000
(loss) from operating activities																															-100,000	-411,000
(loss) from discontinued operations																															-144,500	-432,000		-139,000
rental property expenses																																			4,500,500	6,319,000	5,502,000	5,992,000	5,879,000	5,140,750	6,385,000	6,691,000	7,959,000	8,188,000	8,345,000	7,999,000	6,714,000	3,709,000	3,486,000	2,426,000	2,164,000	2,314,000	3,232,000	4,412,000	2,070,000	2,295,000	2,366,000	2,420,000	2,425,000
impairment charges																																			2,670,500	1,700,000	2,006,000	422,000	130,000	341,000	538,000	354,000	472,000	3,349,000	2,000,000	2,511,000	360,000	1,513,000	994,000					66,000
environmental expenses																																			1,314,750	1,647,000	1,784,000	1,700,000	881,000	2,163,250	6,184,000	1,354,000	1,115,000	416,000	268,000	-564,000	573,000	1,326,000	1,127,000	1,547,000	993,000	1,335,000	1,552,000	3,122,000	2,042,000	2,838,000	3,055,000	969,000	1,642,000
general and administrative expenses																																			3,216,750	4,244,000	4,835,000	4,465,000	3,654,000	212,750	-4,613,000	2,357,000	3,467,000	2,975,000	4,963,000	10,547,000	13,133,000	2,736,000	4,885,000	2,214,000	1,806,000	1,820,000	2,338,000	1,747,000	1,748,000	1,525,000	1,780,000	1,453,000	1,383,000
depreciation and amortization expense																																			3,048,000	4,629,000	3,977,000	2,337,000	2,322,000	1,761,750	2,414,000	2,007,000	2,293,000	2,389,000	3,329,000	3,487,000	3,987,000	2,204,000	2,325,000	2,528,000	2,406,000	2,405,000	2,394,000	2,961,000	2,665,000	2,598,000	2,706,000	1,865,000	1,891,000
income from operating activities																																			-479,000	-1,716,000	-171,000		-1,243,000	-918,250	-420,000
(loss)/earnings from discontinued operations																																			-617,000	-1,488,000	-139,000
weighted-average shares outstanding:
basic	56,693,000	55,530,000	55,062,000	54,305,000	54,249,000	53,979,000	53,961,000	50,020,000	50,621,000	49,615,000	46,989,000	46,730,000	46,734,000	46,733,000	46,721,000	44,955,000	44,437,000	43,872,000	42,226,000	41,456,000	41,383,000	41,139,000	41,024,000	40,873,000	40,430,000	39,901,000	39,710,000									33,422,000	33,420,000	33,403,000	33,397,000	33,397		33,397,000	33,397,000	33,395,000	33,396,000	33,395,000	33,394,000	33,394,000	32,502,000	27,950,000	29,942,000	27,150,000	24,766,000	24,766,000	24,766,000			24,765
diluted	56,757,000	55,606,000	55,191,000	54,552,000	54,619,000	54,011,000	53,969,000	50,216,000	50,712,000	49,989,000	47,571,000	46,838,000	46,779,000	46,756,000	46,742,000	45,025,000	44,470,000	43,875,000	42,254,000	41,467,000	41,391,000	41,176,000	41,049,000	40,891,000	40,455,000	39,914,000	39,712,000									33,422,000
loss on dispositions of real estate																																					-40,000
weighted-average shares outstanding:
basic	56,693,000	55,530,000	55,062,000	54,305,000	54,249,000	53,979,000	53,961,000	50,020,000	50,621,000	49,615,000	46,989,000	46,730,000	46,734,000	46,733,000	46,721,000	44,955,000	44,437,000	43,872,000	42,226,000	41,456,000	41,383,000	41,139,000	41,024,000	40,873,000	40,430,000	39,901,000	39,710,000									33,422,000	33,420,000	33,403,000	33,397,000	33,397		33,397,000	33,397,000	33,395,000	33,396,000	33,395,000	33,394,000	33,394,000	32,502,000	27,950,000	29,942,000	27,150,000	24,766,000	24,766,000	24,766,000			24,765
stock options
diluted																																					33,420,000	33,403,000	33,397,000			33,397,000	33,397,000		33,396,000	33,395,000	33,394,000	33,395,000	32,504,000	665,000	29,944,000	27,152,000	24,769,000	1,000	24,767,000	24,792,000	24,787,000	24,785	24,764,000
allowance for uncollectible accounts/																																						900,000	1,287,000
other income/																																						37,000
other revenue																																								781,500	3,126,000
allowance for deferred rent receivable																																								382,750		1,531,000
gains from dispositions of real estate																																								9,902,000	27,002,000	4,174,000		954,750	576,000	2,708,000		231,000
basic and diluted weighted-average shares outstanding																																									33,397,000
stock options and restricted stock units																																																1,000	2,000	500	2,000	2,000	3,000		1,000	27,000	22,000	20	25,000
diluted																																					33,420,000	33,403,000	33,397,000			33,397,000	33,397,000		33,396,000	33,395,000	33,394,000	33,395,000	32,504,000	665,000	29,944,000	27,152,000	24,769,000	1,000	24,767,000	24,792,000	24,787,000	24,785	24,764,000
dividends declared per share																																																						0.354	0.475	0.465	0.465	0.455	0.455
expenses:
total expenses																																																								9,256,000	9,907,000
net earnings before income taxes and
discontinued operations																																																								10,104,000	1,172,000
income tax benefit																																																											700,000
net earnings before discontinued operations																																																								10,104,000	8,872,000
net earnings from discontinued operations																																																								144,000	-20,000
gains on dispositions of real estate from
weighted average shares outstanding:
basic																																																								24,765,000	24,765,000		24,739,000
net earnings per share:
basic																																																										0.42	460
diluted																																																										0.42	460
net earnings before income taxes																																																											10,576,000
net earnings per common share:
basic																																																										0.42	460
diluted																																																										0.42	460

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-09-30

assets:
real estate:
land	991,510,000	978,170,000	947,414,000	943,800,000	912,922,000	903,208,000	886,992,000	867,884,000	858,121,000	821,752,000	812,198,000	802,010,000	785,881,000	783,567,000	775,656,000	745,930,000	717,846,000	712,020,000	687,618,000	681,144,000	674,812,000	656,496,000	651,517,000	630,653,000	629,602,000	619,750,000	587,511,000	589,497,000	552,782,000	475,871,000	474,393,000	474,115,000	474,103,000	474,260,000	475,311,000	475,784,000	477,123,000	483,985,000	341,164,000	344,324,000	344,537,000	344,957,000	342,590,000	342,944,000	351,700,000	351,502,000	307,753,000	318,814,000	320,808,000	344,309,000	345,984,000	353,422,000	360,929,000	253,413,000	253,429,000	253,466,000	252,669,000	252,083,000	253,310,000	221,055,000	222,111,000	221,540,000	221,377,000	221,501,000	221,581,000	222,194,000	222,497,000	222,300,000	216,904,000	180,569,000
buildings and improvements	1,086,038,000	1,069,165,000	1,032,694,000	1,028,799,000	980,753,000	939,713,000	901,565,000	847,339,000	819,748,000	752,046,000	740,105,000	707,352,000	671,100,000	665,929,000	632,129,000	613,926,000	583,333,000	552,796,000	518,167,000	491,912,000	488,702,000	421,514,000	413,505,000	406,812,000	403,900,000	396,329,000	377,875,000	379,785,000	353,272,000	314,291,000	306,716,000	306,980,000	303,544,000	303,539,000	304,498,000	304,894,000	306,440,000	317,584,000	243,625,000	246,112,000	196,775,000	197,573,000	196,716,000	196,607,000	202,473,000	202,471,000	191,497,000	208,325,000	224,003,000	251,942,000	270,902,000	247,777,000	250,268,000	251,174,000	251,349,000	252,077,000	251,990,000	251,791,000	252,305,000	250,573,000	253,048,000	252,027,000	253,500,000	254,274,000	254,388,000	252,060,000	251,597,000	250,917,000	243,452,000	203,694,000
lease intangible assets	188,118,000	179,308,000	170,247,000	171,129,000	121,455,000	118,199,000	109,457,000	100,315,000
investment in direct financing leases	39,980,000	41,170,000	42,322,000	43,416,000	44,434,000	56,684,000	58,358,000	59,964,000	61,432,000	62,953,000	64,760,000	66,185,000	67,683,000	69,048,000	70,376,000	72,823,000	74,895,000	76,094,000	78,700,000	79,767,000	80,806,000	83,305,000	84,197,000	85,066,000	87,376,000	88,138,000	88,881,000	89,587,000	90,261,000	90,897,000	91,518,000	92,097,000	92,636,000	93,141,000
construction in progress	76,000	98,000	83,000	96,000	102,000	1,338,000	856,000	426,000	591,000	550,000	515,000	578,000	726,000	726,000	706,000	671,000	774,000	750,000	1,141,000	965,000	897,000	2,144,000	2,264,000	2,023,000	3,333,000	2,392,000	1,948,000	1,682,000	1,266,000	1,120,000	622,000	426,000	266,000	228,000	44,000	955,000	242,000
real estate held for use	2,305,722,000	2,267,911,000	2,192,760,000	2,187,240,000	1,938,211,000	1,900,943,000	1,847,771,000	1,775,613,000	1,739,892,000	1,637,301,000	1,617,578,000	1,576,125,000	1,525,390,000	1,519,270,000	1,478,867,000	1,152,599,000	1,101,384,000	1,071,934,000						885,356,000	891,079,000			837,611,000	776,968,000	664,978,000	659,105,000	660,945,000	660,534,000	664,233,000	669,637,000	674,524,000	679,966,000	698,497,000	484,505,000	490,926,000	441,765,000	443,631,000	441,881,000	443,839,000	455,364,000	456,906,000	400,937,000	420,208,000	430,133,000
less accumulated depreciation and amortization	-389,900,000	-379,279,000	-364,206,000	-350,626,000	-294,269,000	-286,422,000	-275,613,000	-265,593,000	-259,209,000	-250,693,000	-241,686,000	-232,812,000	-230,232,000	-222,184,000	-215,457,000	-207,928,000	-200,569,000	-193,632,000	-180,955,000	-175,499,000	-170,919,000	-163,877,000	-158,672,000	-154,132,000	-145,756,000	-141,159,000	-136,723,000	-133,353,000	-130,352,000	-126,304,000	-122,626,000	-120,576,000	-117,379,000	-113,794,000	-110,216,000	-107,109,000
real estate held for sale	8,146,000		200,000	243,000	2,609,000	2,383,000	2,383,000	2,429,000	3,568,000	2,554,000	2,568,000	3,757,000	164,000	343,000	176,000	111,000								630,000	360,000						739,000	645,000	839,000	917,000	993,000	1,339,000	1,305,000	2,567,000	2,930,000	4,343,000	9,672,000	14,492,000	17,621,000	22,984,000	30,061,000	34,822,000	31,570,000	25,340,000	23,718,000
real estate	1,923,968,000	1,888,632,000	1,828,754,000	1,836,857,000	1,768,006,000	1,735,103,000	1,683,998,000	1,612,764,000	1,484,251,000	1,389,162,000	1,378,460,000	1,347,070,000	1,295,322,000	1,297,429,000	1,263,586,000	1,152,710,000	1,101,384,000	1,071,934,000	1,025,971,000	998,522,000	993,492,000	916,277,000	908,614,000	885,986,000	891,439,000	877,312,000	830,611,000	837,611,000	776,968,000	664,978,000	659,844,000	661,590,000	661,373,000	665,150,000	670,630,000	675,863,000	681,271,000	701,064,000	487,435,000	495,269,000	451,437,000	458,123,000	459,502,000	466,823,000	485,425,000	491,728,000	432,507,000	445,548,000	453,851,000	466,413,000	476,532,000	454,124,000	465,151,000	360,370,000	362,675,000	365,041,000	366,051,000	367,205,000	370,906,000	339,006,000	343,545,000	344,245,000	347,412,000	348,968,000	351,272,000	351,789,000	353,508,000	354,388,000	343,342,000	269,743,000
notes and mortgages receivable	21,291,000	20,417,000	30,706,000	29,454,000	39,004,000	62,699,000	66,639,000	112,008,000	106,159,000	71,623,000	46,797,000	34,313,000	25,447,000	20,120,000	15,873,000	18,196,000	21,452,000	19,140,000	26,635,000	29,675,000	28,648,000	30,747,000	32,154,000	32,015,000	33,072,000	34,244,000	32,502,000	32,366,000	31,672,000	32,411,000	32,529,000	32,737,000	33,311,000	33,335,000	47,618,000	48,455,000	48,446,000	34,242,000	34,171,000	34,226,000	32,901,000	31,876,000	31,084,000	28,793,000
cash and cash equivalents	5,190,000	7,489,000	6,292,000	9,484,000	4,013,000	4,723,000	10,666,000	3,307,000	5,496,000	8,867,000	22,067,000	8,713,000	11,449,000	20,062,000	56,983,000	7,280,000	19,025,000	31,831,000	58,338,000	25,111,000	35,924,000	35,639,000	25,563,000	19,145,000	18,563,000	18,208,000	18,013,000	19,992,000	18,040,000	14,447,000	18,056,000	12,523,000	10,187,000	6,811,000	8,112,000	3,942,000	3,756,000	9,786,000	6,640,000	3,111,000	8,396,000	7,701,000	7,922,000	12,035,000	4,670,000	6,779,000	18,726,000	16,876,000	16,387,000	18,492,000	16,087,000	14,941,000	23,422,000	6,122,000	3,587,000	10,091,000	3,141,000	3,050,000	5,934,000	2,595,000	2,574,000	2,178,000	6,968,000	2,479,000	271,000	2,071,000	1,504,000	1,844,000	1,430,000
restricted cash	4,419,000	4,097,000	4,097,000	4,133,000	3,009,000	2,360,000	2,265,000	1,979,000	1,366,000	1,368,000	1,448,000	2,536,000	1,669,000	1,672,000	1,708,000	1,764,000	1,791,000	1,979,000	2,014,000	2,009,000	2,008,000	1,942,000	1,942,000	1,938,000	1,442,000	1,179,000	1,114,000	821,000	820,000	825,000	771,000	671,000	215,000	8,000	381,000	409,000	409,000	409,000	409,000	713,000	463,000	1,463,000	1,463,000	1,000,000
deferred rent receivable	68,459,000	65,903,000	63,502,000	61,553,000	59,225,000	57,741,000	55,970,000	54,424,000	54,448,000	52,866,000	51,585,000	50,391,000	49,378,000	48,515,000	47,636,000	46,313,000	45,668,000	44,890,000	43,700,000	42,879,000	42,028,000	40,355,000	39,506,000	38,676,000	36,824,000	35,853,000	34,833,000	33,610,000	32,506,000	31,712,000	30,778,000	29,966,000	28,792,000	27,709,000	26,660,000		24,427,000	23,102,000	22,004,000	21,049,000	20,605,000	19,439,000	18,282,000	16,893,000	17,565,000	15,105,000	15,028,000	12,448,000	10,938,000	9,459,000	8,587,000	27,569,000	27,345,000	27,385,000	27,679,000	27,640,000	27,619,000	27,481,000	27,158,000	26,887,000	26,530,000	26,718,000	26,200,000	25,715,000	25,354,000	24,915,000	34,219,000	33,648,000	32,779,000	31,632,000
accounts receivable	1,966,000	2,555,000	1,990,000	2,509,000	2,411,000	4,400,000	2,764,000	5,012,000	6,648,000	4,343,000	4,189,000	4,247,000	4,357,000	3,679,000	2,797,000	4,340,000	3,303,000	2,539,000	4,281,000	3,945,000	1,520,000	2,879,000	2,548,000	1,522,000	2,925,000	2,989,000	1,110,000	3,712,000	2,780,000	3,122,000	1,742,000	4,118,000	2,741,000	3,714,000	1,754,000	2,975,000	4,043,000	4,405,000	4,823,000	4,395,000	4,446,000	3,705,000	3,173,000	5,106,000
right-of-use assets - operating	10,804,000	11,327,000	11,840,000	12,368,000	12,832,000	13,426,000	14,000,000	14,571,000	15,135,000	15,730,000	17,316,000	18,193,000	18,848,000	19,773,000	20,431,000	21,769,000	22,907,000	23,462,000	17,215,000	17,953,000	19,341,000	22,724,000	23,871,000	24,649,000
right-of-use assets - finance	72,000	84,000	96,000	107,000	119,000	131,000	149,000	174,000	200,000	225,000	251,000	277,000	302,000	328,000	353,000	405,000	660,000	707,000	819,000	875,000	931,000	1,043,000	1,099,000	1,156,000
prepaid expenses and other assets	19,706,000	14,644,000	22,358,000	17,215,000	13,244,000	11,293,000	13,101,000	18,066,000	105,004,000	92,970,000	93,011,000	96,555,000	82,495,000	84,103,000	91,867,000	76,607,000	73,353,000	69,896,000	65,865,000	64,064,000	64,773,000	58,653,000	57,856,000	57,339,000	58,606,000	57,358,000	54,329,000	55,055,000	51,738,000	49,047,000	40,936,000	43,604,000	41,816,000	43,823,000	44,599,000	47,937,000	49,980,000	48,614,000	31,918,000	32,974,000	36,776,000	35,435,000	45,774,000	54,605,000	45,072,000	39,869,000	48,836,000	31,940,000				13,771,000	21,233,000	6,965,000	7,456,000	7,559,000	8,816,000	9,696,000	10,302,000	11,850,000	8,192,000	8,916,000	8,528,000	10,324,000	10,587,000	12,011,000	6,412,000	6,744,000	8,346,000	1,005,000
total assets	2,055,875,000	2,015,148,000	1,969,635,000	1,973,680,000	1,901,863,000	1,891,876,000	1,849,552,000	1,822,305,000	1,778,707,000	1,637,154,000	1,615,124,000	1,562,295,000	1,489,267,000	1,495,681,000	1,501,234,000	1,402,207,000	1,364,438,000	1,342,472,000	1,323,538,000	1,264,800,000	1,269,471,000	1,193,564,000	1,177,350,000	1,147,492,000	1,130,247,000	1,115,281,000	1,061,393,000	1,072,754,000	1,004,785,000	887,439,000	876,174,000	877,306,000	871,071,000	873,691,000	893,389,000	899,129,000	906,881,000	916,590,000	682,780,000	687,501,000	651,167,000	654,234,000	664,035,000	682,402,000	689,113,000	704,266,000	650,955,000	640,581,000	639,533,000	647,926,000	643,585,000	636,842,000	650,552,000	427,144,000	428,108,000	437,268,000	431,492,000	432,872,000	438,194,000	387,354,000	388,395,000	387,813,000	395,204,000	393,346,000	393,574,000	396,911,000	404,664,000	405,088,000	392,617,000	311,604,000
liabilities and stockholders’ equity:
credit facility	190,000,000	175,000,000	157,500,000	82,500,000
term loan				148,951,000	148,636,000	148,321,000	73,007,000	72,692,000																																100,000,000	100,000,000	100,000,000		100,000,000				22,030,000	22,225,000	22,420,000	22,615,000	23,200,000	23,395,000	23,590,000	23,785,000	23,980,000	24,175,000	24,370,000	24,500,000
senior unsecured notes	748,405,000	748,328,000	748,287,000	673,511,000	673,594,000	673,531,000	673,469,000	673,406,000	673,343,000	673,281,000	673,218,000	623,492,000	623,435,000	623,374,000	623,313,000	523,946,000	523,907,000	523,868,000	449,187,000	449,146,000	449,105,000	449,024,000	324,466,000	324,438,000	324,380,000	324,351,000	224,624,000	224,656,000	224,637,000	224,619,000	224,627,000	174,743,000	174,730,000	174,716,000	174,703,000	175,000,000
environmental remediation obligations	16,469,000	20,616,000	20,593,000	20,942,000	20,812,000	20,958,000	21,663,000	22,369,000	22,717,000	22,917,000	23,020,000	23,155,000	29,217,000	29,549,000	46,957,000	47,767,000	47,932,000	48,722,000	49,024,000	49,273,000	50,358,000	58,849,000	58,760,000	59,250,000	60,905,000	61,828,000	63,364,000	63,565,000	64,862,000	64,645,000	68,824,000	74,516,000	78,525,000	81,091,000	82,740,000	84,345,000	91,252,000	93,057,000	94,945,000	91,566,000	42,320,000	41,256,000	41,952,000	43,472,000	45,169,000	45,210,000	45,728,000	46,150,000
dividends payable	27,934,000	27,393,000	26,853,000	26,541,000	25,422,000	25,047,000	24,952,000	24,850,000	23,209,000	22,262,000	20,969,000	20,576,000	19,619,000	19,619,000	19,618,000	18,043,000	17,785,000	17,690,000	16,111,000	15,768,000	15,632,000	14,662,000	14,628,000	14,555,000	13,145,000	13,025,000	12,890,000	12,846,000	11,165,000	9,835,000	9,827,000	9,742,000	8,568,000	8,542,000	8,534,000	15,897,000	8,117,000	7,442,000	7,442,000	12,150,000	6,750,000	6,750,000	6,752,000	8,423,000	6,738,000	6,739,000	6,738,000	4,202,000	4,202,000	4,202,000		16,111,000	16,111,000	14,432,000	14,429,000	14,278,000	11,783,000	11,805,000	11,805,000	11,680,000	11,680,000	11,669,000	11,669,000	11,545,000	11,545,000	11,534,000	11,538,000	11,538,000	11,290,000	11,277,000
lease liability - operating	11,960,000	12,515,000	13,057,000	13,612,000	14,170,000	14,791,000	15,424,000	16,051,000	16,665,000	17,307,000	19,024,000	19,959,000	20,654,000	21,622,000	22,313,000	23,467,000	24,046,000	24,391,000	17,893,000	18,614,000	19,982,000	23,351,000	24,463,000	25,201,000
lease liability - finance	206,000	237,000	268,000	330,000	403,000	472,000	536,000	595,000	649,000	728,000	1,439,000	1,518,000	1,650,000	1,774,000	1,893,000	2,143,000	3,195,000	3,367,000	3,714,000	3,879,000	4,039,000	4,335,000	4,474,000	4,606,000
accounts payable and accrued liabilities	48,544,000	48,637,000	41,957,000	45,210,000	42,935,000	40,222,000	40,349,000	46,790,000	41,218,000	40,573,000	41,246,000	43,745,000	42,765,000	42,676,000	42,323,000	42,117,000	44,307,000	43,891,000	59,823,000	58,612,000	58,880,000	58,422,000	53,408,000	53,774,000	62,604,000	62,545,000	62,028,000	63,490,000	61,950,000	62,173,000	64,331,000	63,586,000	65,787,000	65,521,000	70,482,000	73,023,000	73,958,000	71,600,000	49,834,000	51,417,000	52,746,000	53,959,000	54,112,000	57,416,000	55,463,000	48,438,000	49,928,000	45,160,000	38,148,000	38,891,000	31,433,000	29,780,000
total liabilities	1,043,518,000	1,032,726,000	1,008,515,000	1,011,597,000	938,472,000	940,842,000	899,400,000	866,753,000	852,801,000	777,068,000	778,916,000	802,445,000	737,340,000	738,614,000	756,417,000	699,983,000	678,672,000	661,929,000	705,752,000	670,292,000	682,996,000	608,643,000	592,839,000	569,257,000	558,055,000	548,612,000	509,875,000	519,059,000	456,941,000	445,424,000	441,585,000	446,388,000	451,236,000	457,629,000	483,040,000	492,568,000	504,628,000	513,448,000	284,067,000	280,477,000	229,157,000	235,965,000	245,816,000	267,311,000	270,870,000	321,387,000	274,294,000	267,832,000	268,575,000	269,476,000	264,754,000	234,091,000	247,641,000	112,209,000	111,932,000	120,549,000	223,329,000	225,203,000	230,580,000	180,252,000	183,869,000	181,916,000	184,905,000	181,877,000	182,946,000	184,733,000	180,361,000	181,128,000	168,026,000	84,722,000
commitments and contingencies
stockholders’ equity:
preferred stock, 0.01 par value...
common stock, 0.01 par value...	577,000	566,000	554,000	550,000	550,000	542,000	540,000	540,000	527,000	505,000	495,000	467,000	467,000	467,000	467,000	453,000	447,000	444,000	427,000	418,000	414,000	412,000	411,000	409,000	405,000	403,000	397,000	397,000	395,000	347,000	346,000	344,000	339,000	337,000	337,000	334,000
accumulated other comprehensive income	-1,806,000	-2,054,000	-2,237,000	-1,864,000	-3,974,000	-1,051,000	-1,573,000	-4,021,000
additional paid-in capital	1,168,611,000	1,134,349,000	1,099,862,000	1,088,390,000	1,087,562,000	1,062,204,000	1,053,510,000	1,053,129,000	1,011,137,000	938,163,000	905,557,000	822,340,000	821,153,000	819,976,000	818,787,000	773,904,000	753,420,000	743,305,000	697,301,000	669,805,000	656,981,000	649,762,000	646,581,000	638,877,000	627,905,000	620,183,000	605,553,000	604,872,000	599,212,000	491,606,000	489,451,000	485,659,000	473,168,000	469,633,000	468,954,000
dividends paid in excess of earnings	-155,025,000	-150,439,000	-137,059,000	-124,993,000	-120,747,000	-110,661,000	-102,325,000	-94,096,000	-85,758,000	-78,582,000	-69,844,000	-62,957,000	-69,693,000	-63,376,000	-74,437,000	-72,133,000	-68,101,000	-63,206,000	-79,942,000	-75,715,000	-70,920,000	-65,253,000	-62,481,000	-61,051,000	-56,118,000	-53,917,000	-54,432,000	-51,574,000	-51,763,000	-49,938,000	-55,208,000	-55,085,000	-53,672,000	-53,908,000	-58,942,000	-58,111,000	-62,107,000	-61,026,000	-65,203,000	-56,624,000	-41,382,000	-44,867,000	-44,754,000	-47,640,000	-44,261,000	-79,399,000	-85,399,000	-89,011,000	-90,610,000	-82,943,000	-82,367,000	-57,938,000	-57,029,000	-52,304,000	-50,357,000	-49,279,000	-48,960,000	-49,045,000	-48,571,000	-48,951,000	-50,876,000	-49,124,000	-46,769,000	-45,588,000	-44,679,000	-44,505,000	-33,558,000	-34,866,000		-31,021,000
total stockholders’ equity	1,012,357,000	982,422,000	961,120,000	962,083,000	963,391,000	951,034,000	950,152,000	955,552,000	925,906,000	860,086,000	836,208,000	759,850,000	751,927,000	757,067,000	744,817,000	702,224,000	685,766,000	680,543,000	617,786,000	594,508,000	586,475,000	584,921,000	584,511,000	578,235,000	572,192,000
total liabilities and stockholders’ equity	2,055,875,000	2,015,148,000	1,969,635,000	1,973,680,000	1,901,863,000	1,891,876,000	1,849,552,000	1,822,305,000	1,778,707,000	1,637,154,000	1,615,124,000	1,562,295,000	1,489,267,000	1,495,681,000	1,501,234,000	1,402,207,000	1,364,438,000	1,342,472,000	1,323,538,000	1,264,800,000	1,269,471,000	1,193,564,000	1,177,350,000	1,147,492,000	1,130,247,000
assets
liabilities and stockholders’ equity
liabilities:
borrowings under revolving credit facility					12,500,000	17,500,000	50,000,000	10,000,000	75,000,000
borrowings under credit agreement												70,000,000				42,500,000	17,500,000		110,000,000	75,000,000	85,000,000		112,640,000	87,433,000	97,021,000	86,863,000	146,969,000	154,502,000	94,327,000	84,152,000	73,976,000	123,801,000	123,626,000	127,450,000	146,275,000	144,000,000
real estate: - sum																1,360,527,000	1,301,953,000	1,265,566,000	1,206,926,000	1,174,021,000			1,067,286,000	1,039,488,000	1,036,835,000				907,320,000	791,282,000	781,731,000	781,521,000	777,913,000	778,027,000	779,853,000	781,633,000	783,805,000	801,569,000	584,789,000												616,886,000										475,159,000	473,567,000	474,877,000	475,775,000	475,969,000	474,254,000	474,094,000	473,217,000	460,356,000	384,263,000
liabilities and shareholders’ equity:
shareholders’ equity:
total shareholders’ equity																										566,669,000	551,518,000	553,695,000	547,844,000	442,015,000	434,589,000	430,918,000	419,835,000	416,062,000	410,349,000	406,561,000	402,253,000	403,142,000	398,713,000	407,024,000	422,010,000	418,269,000	418,219,000	415,091,000	418,243,000	382,879,000	376,661,000	372,749,000	370,958,000	378,450,000	378,831,000	402,751,000	402,911,000	314,935,000	316,176,000	316,719,000	208,163,000	207,669,000				205,897,000				212,178,000
total liabilities and shareholders’ equity																										1,115,281,000	1,061,393,000	1,072,754,000	1,004,785,000	887,439,000	876,174,000	877,306,000	871,071,000	873,691,000	893,389,000	899,129,000	906,881,000	916,590,000	682,780,000	687,501,000	651,167,000	654,234,000	664,035,000	682,402,000	689,113,000	704,266,000	650,955,000	640,581,000	639,533,000	647,926,000	643,585,000	636,842,000	650,552,000	427,144,000	428,108,000	437,268,000	431,492,000	432,872,000				387,813,000				396,911,000
mortgage payable																																		309,000	306,000	303,000	301,000	349,000	346,000	344,000	341,000
net investment in direct financing leases																																			93,635,000	94,098,000	94,549,000	94,968,000	95,380,000	95,764,000	96,143,000	96,492,000	96,835,000	97,147,000	97,436,000	97,701,000	91,685,000	91,904,000	92,110,000	92,290,000	92,471,000	90,231,000	77,251,000
deferred rent receivable, net of allowance of 0 and 7,009, respectively																																				25,450,000
paid-in capital																																				464,338,000	464,026,000	463,834,000	463,582,000	463,314,000	463,058,000	462,802,000	462,639,000	462,397,000	462,170,000	461,944,000	461,726,000	461,426,000	461,234,000	461,059,000	460,864,000	460,355,000	460,190,000	368,093,000	367,965,000	367,844,000	259,565,000	259,459,000	259,362,000	259,266,000	259,163,000	259,069,000	258,984,000	258,897,000	258,809,000	258,734,000	258,837,000	258,769,000	258,701,000	258,550,000
less — accumulated depreciation and amortization																																					-103,839,000	-103,072,000	-100,284,000	-99,510,000		-98,899,000	-97,425,000	-95,712,000	-98,809,000	-97,067,000	-98,313,000	-106,931,000	-114,678,000	-129,838,000	-140,354,000	-147,075,000	-146,046,000	-144,217,000	-142,103,000	-140,502,000	-138,608,000	-136,669,000				-129,322,000				-122,465,000
borrowings under credit lines																																					156,000,000	166,000,000	31,500,000		27,000,000	34,000,000	43,000,000		63,500,000	121,000,000	71,900,000
term loans																																					175,000,000	175,000,000	100,000,000				100,000,000		100,000,000	100,000,000	100,000,000
common stock																																					334,000	334,000	334,000	334,000	334,000	334,000	334,000	334,000	334,000	334,000	334,000	334,000	334,000	334,000	334,000	334,000	334,000	299,000	299,000	299,000	248,000	248,000				248,000				248,000
borrowings under credit line																																								25,000,000				58,000,000				150,290,000	151,700,000	151,700,000	151,700,000	150,000,000	160,000,000	41,300,000	38,700,000	45,000,000	149,200,000	151,200,000	154,800,000
less—accumulated depreciation and amortization																																									-99,547,000
notes, mortgages and accounts receivable																																													38,945,000	53,084,000		41,865,000				31,996,000
notes, mortgages and accounts receivable,																																															44,173,000		35,919,000	34,303,000	32,627,000
other assets																																																	30,328,000	26,969,000	17,281,000
environmental remediation costs																																																	52,300,000	52,263,000	59,006,000	15,000,000	14,712,000	14,874,000	16,953,000	17,317,000	17,008,000	16,527,000	18,664,000	17,978,000	18,603,000	17,660,000	17,827,000	18,004,000	18,001,000	18,523,000	19,581,000	18,392,000	17,028,000	17,242,000
other receivables																																																				4,210,000
accumulated other comprehensive loss																																																					-584,000	-1,153,000	-1,731,000	-2,145,000	-2,690,000	-2,993,000	-3,425,000	-3,461,000	-4,009,000	-4,296,000	-2,164,000	-2,088,000	-3,750,000	-2,299,000	-1,224,000	-191,000		-894,000
recoveries from state underground storage tank funds																																																					3,982,000	3,966,000	4,136,000	4,390,000	4,205,000	3,882,000	4,089,000	4,344,000	4,462,000	4,223,000	4,570,000	4,497,000	4,639,000	4,652,000	4,409,000	4,147,000	3,929,000	4,058,000
note, mortgages and accounts receivable																																																					32,168,000
accounts payable and accrued expenses																																																					33,423,000	18,013,000	18,065,000	19,974,000	21,163,000	21,301,000	20,811,000	21,094,000	22,586,000	22,337,000	20,659,000	21,078,000	23,650,000	22,176,000	20,422,000	19,520,000	13,022,000	9,502,000
net investment in direct financing lease																																																						20,540,000	20,464,000	20,373,000	19,229,000	19,156,000	17,454,000
mortgages and accounts receivable																																																						1,796,000	2,111,000	2,174,000	2,431,000	2,402,000	2,351,000	2,672,000	3,092,000	1,533,000	1,526,000	1,363,000	1,451,000	1,473,000	4,612,000	4,317,000	2,791,000	4,213,000
less – accumulated depreciation and amortization																																																											-134,709,000	-132,622,000	-131,614,000		-127,465,000	-126,807,000	-124,697,000		-120,586,000	-118,829,000
liabilities and shareholders' equity:
shareholders' equity:
50,000,000 shares; issued 24,766,216 at september 30, 2009 and 24,766,166 at december 31, 2008																																																											248,000
total shareholders' equity																																																											207,614,000	207,102,000	204,526,000		210,299,000	211,469,000	210,628,000		224,303,000	223,960,000	224,591,000	226,882,000
total liabilities and shareholders' equity																																																											438,194,000	387,354,000	388,395,000		395,204,000	393,346,000	393,574,000		404,664,000	405,088,000	392,617,000	311,604,000
debt																																																												129,500,000	131,000,000	130,250,000	134,750,000	131,250,000	129,750,000	132,500,000	128,820,000	131,678,000	126,686,000	46,701,000
50,000,000 shares; issued 24,766,216 at june 30, 2009 and 24,766,166 at december 31, 2008																																																												248,000
50,000,000 shares; issued 24,766,216 at march 31, 2009 and 24,766,166 at december 31, 2008																																																													248,000
the accompanying notes are an integral part of these consolidated financial statements.
50,000,000 shares; issued 24,765,685 at september 30, 2008 and 24,765,065 at december 31, 2007																																																															248,000
50,000,000 shares; issued 24,765,685 at june 30, 2008 and 24,765,065 at december 31, 2007																																																																248,000
50,000,000 shares; issued 24,765,615 at march 31, 2008 and 24,765,065 at december 31, 2007																																																																	248,000
commitments and contingencies (notes 2, 3, 5 and 6) shareholders’ equity:
50,000,000 shares; issued 24,764,875 at september 30, 2007 and 24,764,765 at december 31, 2006																																																																			248,000
50,000,000 shares; issued 24,764,875 at june 30, 2007and 24,764,765 at december 31, 2006																																																																				248,000
less - accumulated depreciation and amortization																																																																						-114,520,000
50,000,000 shares; issued 24,764,815 at march 31, 2007 and 24,764,765 at december 31, 2006																																																																					248,000
cash and equivalents																																																																						953,000
2006 and 24,716,614 at december 31, 2005																																																																						247,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31

cash flows from operating activities:
net earnings	23,348,000	14,014,000	14,786,000	22,295,000	15,335,000	16,711,000	16,723,000	16,512,000	16,033,000	13,524,000	14,082,000	27,312,000	13,302,000	30,680,000	18,749,000	14,011,000	12,890,000	17,927,000	11,884,000	10,973,000	12,700,000	11,890,000	13,198,000	10,927,000	10,944,000	13,540,000	10,032,000	9,340,000	15,106,000	9,704,000	8,328,000	8,804,000	13,576,000	7,703,000	19,893,000	7,035,000	11,619,000	-1,137,000	-3,092,000	10,235,000	6,637,000	9,638,000	5,045,000	41,877,000	12,739,000	10,350,000	5,801,000	-3,465,000	3,626,000	6,485,000	15,202,000	11,386,000	12,485,000	13,351,000	13,959,000	11,905,000	11,331,000	9,928,000	9,315,000	10,488,000	10,636,000	11,371,000	587,000	12,846,000	10,024,000	10,437,000
adjustments to reconcile net earnings to net cash flow from operating activities:
depreciation and amortization expense	15,040,000	14,917,000	16,041,000	15,000,000	13,960,000	13,372,000	12,652,000	12,716,000	11,288,000	10,864,000	10,428,000	10,388,000	9,962,000	9,924,000	9,628,000	8,895,000	8,648,000	8,437,000	7,635,000	7,325,000	7,097,000	6,321,000	6,151,000	6,099,000	6,068,000	5,907,000	5,594,000	4,678,000	4,395,000	4,392,000	4,521,000	5,411,000	4,616,000	4,622,000		4,629,000	3,978,000	3,585,000			2,339,000	2,323,000	2,429,000	2,446,000	2,409,000	2,643,000	2,734,000	3,492,000	3,487,000	3,987,000	2,205,000	2,325,000	2,528,000	2,406,000	2,409,000	2,395,000	2,978,000	2,593,000	3,237,000	2,875,000	2,950,000	2,813,000	2,608,000	2,614,000	2,707,000	1,865,000
impairments	647,000	455,000	1,169,000
losses on dispositions of real estate
deferred rent receivable	-2,556,000	-2,401,000	-1,949,000	-2,328,000	-1,484,000	-1,771,000	-1,546,000	24,000	-1,582,000	-1,281,000	-1,194,000	-1,013,000	-863,000	-878,000	-704,000	-644,000	-778,000	-736,000	-820,000	-851,000	-777,000	-849,000	-830,000	-955,000	-971,000	-1,020,000	-1,223,000
recovery for credit loss direct financing leases
amortization of intangible market lease assets and liabilities and lease incentives	151,000	119,000	121,000		24,000
amortization of investment in direct financing leases	1,190,000	1,153,000	1,093,000	1,061,000	1,239,000	1,674,000	1,606,000	1,560,000	1,521,000	1,497,000	1,426,000	1,428,000	1,366,000	1,327,000	1,271,000	1,233,000	1,198,000	1,145,000	1,068,000	1,039,000	982,000	892,000	868,000	827,000	762,000	743,000	705,000	636,000	621,000	579,000	539,000	505,000	494,000	463,000	451,000	419,000	412,000	384,000	378,000			312,000
amortization of debt issuance costs	363,000	363,000	1,405,000	563,000	563,000	564,000	563,000	459,000	249,000	248,000	255,000	240,000	238,000	239,000	229,000	260,000	259,000	259,000	260,000	261,000	260,000	240,000	235,000	235,000
accretion expense	74,000	67,000	97,000	108,000	91,000	84,000	124,000	163,000	144,000	120,000	158,000	222,000	215,000	378,000	444,000	407,000	402,000	461,000	453,000	456,000	466,000	475,000	494,000	538,000	529,000	617,000	691,000	826,000	762,000	1,033,000	1,087,000	1,056,000	1,011,000	953,000	1,310,000	1,121,000	1,229,000	1,169,000									924,000	666,000	810,000	774,000	160,000	136,000	216,000	214,000	180,000	165,000	253,000	177,000	355,000	245,000	190,000	166,000	326,000	264,000	217,000	167,000
stock-based compensation expense	1,789,000	1,790,000	1,613,000
changes in assets and liabilities:
accounts receivable	589,000	-565,000	519,000	-98,000	1,989,000	-1,636,000	2,248,000	1,321,000	-2,305,000	-160,000	46,000	92,000	-696,000	-900,000	720,000	-1,091,000	-824,000	1,215,000	-407,000	-2,506,000	1,461,000	-556,000	-1,038,000	1,257,000	-486,000	-2,096,000	2,190,000	-89,000	-1,663,000	1,685,000	-2,110,000	428,000	-1,473,000	773,000	482,000	-673,000	-281,000	-1,074,000	-392,000	-907,000	-610,000	1,179,000	-1,337,000	20,672,000	165,000	1,347,000	-880,000	-92,000	-7,479,000	-7,397,000	125,000	-60,000	269,000	23,000	219,000	-63,000
prepaid expenses and other assets	-4,996,000	267,000	-1,744,000	-21,000	1,024,000	-16,000	506,000	659,000	-580,000	-766,000	-1,598,000	-817,000	-101,000	-452,000	-595,000	122,000	-345,000	-477,000	173,000	-727,000	-188,000	313,000	153,000	-765,000	-244,000	96,000	-235,000	3,611,000	-3,945,000	257,000	-181,000	141,000	193,000	292,000	63,000	489,000	-433,000	-308,000	368,000	70,000	349,000	3,147,000	-303,000	256,000	-52,000	-102,000					-165,000	240,000	-216,000	56,000	30,000	-353,000	294,000	-15,000	85,000	155,000	238,000	-55,000	-453,000	79,000	52,000	192,000
environmental remediation obligations	-4,932,000	-715,000	-1,049,000	-786,000	-1,011,000	-1,598,000	-1,361,000	-2,240,000	-1,719,000	-1,225,000	-973,000	-7,002,000	-1,219,000	-18,077,000	-1,790,000	-1,517,000	-2,111,000	-921,000	-2,249,000	-2,489,000	-2,113,000	-1,704,000	-2,558,000	-1,873,000	-2,363,000	-3,141,000	-2,012,000	-2,513,000	-4,966,000	-8,273,000	-10,988,000	-4,331,000	-4,714,000	-4,607,000	-11,149,000	-4,913,000	-4,430,000	-2,993,000	-6,415,000	-2,413,000	-3,107,000	-4,433,000	-5,253,000	-4,332,000	-4,060,000	-1,966,000
accounts payable and accrued liabilities	166,000	6,829,000	-3,097,000	3,630,000	-598,000	321,000	-2,790,000	235,000	1,060,000	-278,000	-1,488,000	541,000	573,000	-136,000	-3,100,000	-3,170,000	-244,000	-2,308,000	776,000	318,000	-2,800,000	6,175,000	444,000	-2,017,000	614,000	1,025,000	-426,000	569,000	-679,000	375,000	-983,000	1,081,000	-99,000	-1,581,000	13,000	1,520,000	2,644,000	-664,000	-1,012,000	-712,000	-695,000	-2,588,000	2,084,000	7,227,000	-561,000	1,339,000	200,000	-774,000	469,000	-2,949,000
net cash flow from operating activities	30,535,000	34,735,000	28,677,000		34,633,000	29,729,000	29,951,000	30,821,000	25,951,000	26,106,000	22,420,000	25,215,000	24,462,000	22,579,000	20,830,000	18,684,000	20,597,000	19,407,000	20,815,000	14,915,000	17,874,000	26,434,000	16,905,000	14,655,000	15,737,000	13,451,000	17,299,000	18,415,000	8,836,000	12,948,000	3,923,000	13,933,000	9,577,000	9,441,000	15,333,000	10,762,000	17,271,000	6,322,000	6,836,000	8,580,000	5,853,000	7,968,000	4,877,000							8,257,000								12,208,000		11,999,000	11,435,000	12,610,000	10,874,000	11,688,000	10,901,000	11,053,000
cash flows from investing activities:
property acquisitions	-52,753,000	-77,216,000	-10,012,000	-85,582,000	-53,551,000	-65,611,000	-85,326,000	-55,084,000	-119,728,000	-25,165,000	-48,095,000	-73,987,000	-9,090,000	-47,161,000	-7,037,000	-63,341,000	-41,452,000	-21,852,000	-36,138,000	-11,350,000	-57,321,000	-13,624,000			-19,406,000			-126,085,000	-11,646,000	-6,154,000
capital expenditures
free cash flows
addition to construction in progress	4,000	-16,000	14,000	6,000	-184,000	-482,000	-430,000	-145,000	-75,000	-30,000	-99,000	-7,000	-16,000	-20,000	-13,000	-37,000	-24,000	-127,000	-206,000	-103,000	7,000	72,000	-279,000	-151,000	-958,000	-826,000	-266,000	-145,000	-498,000	-196,000	-160,000	-38,000	-183,000	-25,000	-445,000
proceeds from dispositions of real estate	1,718,000	3,124,000	249,000	7,378,000	4,376,000	143,000	1,089,000	6,854,000	1,713,000	-5,000	2,639,000	12,594,000	912,000	329,000	10,369,000	2,278,000	284,000	8,497,000	219,000	330,000	851,000	0	515,000	77,000	65,000	971,000	605,000															6,154,000	15,073,000	30,356,000	5,459,000	15,461,000	3,973,000	869,000	4,389,000	624,000	668,000	116,000	69,000	50,000	2,100,000	639,000	1,058,000	398,000	1,023,000	1,369,000	1,412,000	1,491,000	1,282,000	5,489,000	1,501,000	148,000
deposits for property acquisitions	-900,000	7,028,000	-150,000	-5,182,000	-2,196,000	1,124,000	3,231,000	-2,508,000	-1,237,000	-155,000	7,830,000				-10,170,000	332,000	1,233,000	1,733,000	-10,000	250,000	690,000	278,000	-23,000	50,000	-20,000	-130,000	-150,000	2,322,000	-2,798,000	2,187,000	-2,060,000
issuance of notes and mortgages receivable	-930,000	-5,359,000	-1,078,000	-1,837,000	-2,155,000	-6,432,000	-12,713,000	-30,652,000	-47,016,000	-25,017,000	-16,583,000	-8,955,000	-5,532,000	-3,152,000	-1,673,000	-1,192,000
collection of notes and mortgages receivable	249,000	15,461,000	239,000	11,073,000	25,556,000	10,577,000	57,537,000	23,851,000	12,870,000	876,000	4,565,000	483,000	444,000	113,000	608,000	4,448,000	376,000	535,000	3,801,000	1,144,000	2,691,000	1,423,000	898,000	1,905,000	1,278,000	926,000	651,000	740,000	480,000	278,000	574,000	279,000	15,063,000	1,616,000	1,417,000	903,000	400,000	927,000	1,040,000	740,000	439,000	564,000	10,022,000	8,295,000	782,000	1,726,000	534,000	241,000	295,000	633,000
net cash flow used in investing activities	-52,722,000	-57,156,000	-10,788,000	-74,464,000	-28,362,000	-60,849,000	-36,794,000	-57,808,000	-153,517,000	-49,496,000	-49,884,000	-78,137,000	-13,282,000	-39,721,000	-7,916,000	-57,569,000																																										-893,000				-134,000	-2,042,000	2,368,000
cash flows from financing activities:
borrowings from credit facility	85,000,000	75,000,000	300,000,000
repayments of credit facility	-70,000,000	-57,500,000	-225,000,000
proceeds from senior unsecured notes	0	0	125,000,000					0	0	0	125,000,000	0	0	0	100,000,000										0			0	0	50,000,000
repayment of term loan	0	0	-150,000,000
repayments of senior unsecured notes	0	0	-50,000,000
proceeds from term loan				0	0
payments of finance lease liability	-31,000	-31,000	-62,000
payments of cash dividends	-27,378,000	-26,837,000	-26,524,000	-25,406,000	-25,032,000	-24,937,000	-24,834,000	-23,196,000	-22,251,000	-20,955,000	-20,562,000	-19,604,000	-19,605,000	-19,604,000	-19,451,000	-17,762,000	-17,672,000	-17,314,000	-15,752,000	-15,616,000	-15,163,000	-14,264,000	-14,194,000	-14,138,000	-12,700,000	-12,514,000	-12,467,000	-9,516,000	-9,512,000	-9,429,000	-8,290,000	-8,216,000	-8,340,000	-11,385,000	-8,115,000	-7,443,000	-7,442,000	-12,150,000	-6,750,000	-6,750,000	-6,752,000	-8,423,000	-6,739,000	-6,740,000	-6,738,000	-4,202,000	-4,202,000
payments of debt issuance costs	0	-42,000	-4,337,000
security deposits received	152,000	335,000	-41,000	1,124,000	-23,000													-160,000	-9,000	-12,000	63,000	0	-29,000	-242,000																											3,000	2,010,000
payments in settlement of restricted stock units	0	0	-1,165,000	-252,000	0	-140,000	-890,000	-1,000	-1,000	0	-1,002,000	0	0	0	-496,000	0	-244,000	-484,000	0	0	-244,000	0	0	-115,000				-2,000
proceeds from issuance of common stock, net - equity offering	32,510,000	32,765,000	-2,000
proceeds from issuance of common stock, net - atm program	-43,000	-72,000	11,014,000	-139,000	23,892,000	7,271,000	-66,000			31,158,000	82,958,000	-60,000
net cash flow from financing activities	20,210,000	23,618,000	-21,117,000		-6,332,000	25,272,000	14,488,000	25,411,000	124,193,000	10,110,000	39,730,000	51,053,000	-19,796,000	-19,815,000	19,316,000	27,113,000	8,718,000	-22,866,000	45,695,000	-13,844,000	49,476,000	-2,805,000			4,072,000						3,632,000	-9,707,000			-20,079,000	-17,947,000														163,000									-16,170,000	-8,045,000	-10,045,000	-14,275,000	-8,265,000	-14,396,000	-6,315,000	69,364,000
change in cash, cash equivalents and restricted cash	-1,977,000	1,197,000	-3,228,000	6,595,000	-61,000	-5,848,000	7,645,000	-1,576,000	-3,373,000	-13,280,000	12,266,000	-1,869,000	-8,616,000	-36,957,000	32,230,000	-11,772,000	-12,994,000	-23,244,000	33,232,000	-10,812,000	14,268,000	10,076,000	6,421,000	-27,658,000	618,000	260,000	-1,686,000	3,588,000	-3,555,000	5,633,000
cash, cash equivalents and restricted cash at beginning of period	0	0	13,617,000		0	0	5,286,000		0	0	11,249,000		0	0	26,461,000	0	0	57,054,000	0	0	23,664,000	0	0	48,742,000	0	0	20,813,000	0	0	13,194,000
cash, cash equivalents and restricted cash at end of period	-1,977,000	1,197,000	10,389,000		-61,000	-5,848,000	12,931,000		-3,373,000	-13,280,000	23,515,000		-8,616,000	-36,957,000	58,691,000	-11,772,000	-12,994,000	33,810,000	33,232,000	-10,812,000	37,932,000	10,076,000	6,421,000	21,084,000	618,000	260,000	19,127,000	3,588,000	-3,555,000	18,827,000
gains on dispositions of real estate		-1,558,000	-328,000																																						-1,217,000	-3,153,000		-26,975,000	-4,174,000	-8,432,000														-490,000				-3,948,000
adjustments to reconcile net earnings to net cash flow provided by operating activities:
impairment charges				1,499,000	675,000	512,000	1,280,000	1,273,000	986,000	2,462,000	522,000	1,318,000	798,000	391,000	1,038,000	1,198,000	756,000	776,000	1,325,000	507,000	1,031,000	928,000	701,000	771,000	831,000	1,160,000	2,817,000	2,393,000	914,000	3,737,000	6,027,000	1,991,000	2,487,000	2,309,000		4,460,000	2,883,000	7,913,000	14,951,000	2,906,000	2,014,000	1,663,000	5,708,000	3,265,000	468,000	3,984,000	3,390,000	7,406,000	2,783,000	363,000	1,513,000	994,000					66,000
loss on extinguishment of debt								0	0	0	43,000
(recovery) allowance for credit loss on notes and mortgages receivable and direct financing leases
amortization of intangible market lease assets and liabilities
net cash flow provided by operating activities																																													3,446,000	6,599,000	3,635,000	1,814,000			18,379,000	14,932,000	14,018,000	14,246,000	14,828,000	13,831,000	12,999,000
net cash flow provided by financing activities																																													42,312,000	-7,399,000	-5,427,000	-4,740,000			-26,306,000	197,897,000					-15,535,000
cash, cash equivalents and restricted cash at beginning of year
cash, cash equivalents and restricted cash at end of year
loss on dispositions of real estate																		-7,219,000	-82,000	-187,000	-869,000	0	-427,000	51,000	29,000	-3,016,000	-649,000
recovery for credit loss on direct financing leases
stock-based compensation					1,561,000	1,561,000	1,369,000		1,443,000	1,444,000	1,275,000		1,227,000	1,232,000	1,084,000	1,037,000	1,032,000	905,000	867,000	868,000	732,000	664,000	665,000	474,000	461,000	463,000	385,000
borrowings under revolving credit facility					57,500,000	22,500,000	60,000,000
repayments under revolving credit facility					-62,500,000	-55,000,000	-20,000,000
repayments under senior unsecured notes									0	0	-75,043,000
payment of debt issuance costs									0	0	-414,000		1,000	0	-588,000
payment of finance lease obligations					-68,000	-64,000	-59,000		-79,000	-85,000	-79,000		-125,000	-118,000	-112,000	-160,000	-173,000	-174,000	-166,000	-159,000	-153,000	-139,000	-132,000	-127,000
proceeds from issuance of common stock, net - common stock offerings
supplemental disclosures of cash flow information
cash paid during the period for:
interest					9,576,000	9,094,000	9,621,000		7,824,000	6,874,000	7,371,000		6,723,000	6,739,000	6,074,000	5,976,000	5,939,000	5,814,000	6,460,000	6,407,000	6,347,000	5,794,000	5,816,000	5,759,000	5,449,000	4,785,000	5,126,000	4,094,000	4,062,000	3,678,000		3,842,000																				1,343,000	1,079,000	1,021,000	1,322,000	1,441,000	1,298,000	1,489,000	1,423,000	1,580,000	1,653,000	2,072,000	3,060,000	2,214,000	168,000	1,579,000
income taxes					0	-68,000	368,000		41,000	159,000	404,000		22,000			47,000	68,000	284,000	25,000	39,000	251,000	26,000	25,000	222,000	-22,000	2,000	244,000	-57,000	-153,000	246,000		-1,000	262,000	110,000	2,000	131,000	185,000	23,000	-54,000	97,000	97,000	176,000										65,000	84,000	29,000	178,000	74,000	10,000	134,000	176,000	185,000	148,000	199,000	-2,000	161,000	155,000	174,000
non-cash transactions:
dividends declared but not yet paid					375,000	95,000	24,952,000		947,000	1,293,000	20,969,000		0	1,000	19,618,000	258,000	95,000	17,690,000	343,000	136,000	15,632,000	34,000	73,000	14,555,000	120,000	135,000	12,890,000
gain on dispositions of real estate						-141,000	-1,044,000		-583,000	-316,000	-587,000		-344,000	-1,149,000	-6,153,000	-2,072,000																																														-547,000
proceeds from issuance of common stock, net - february 2023 forward offering						-10,000	-48,000
amortization of above and below-market leases and lease incentives							-379,000
security deposits refunded							385,000	607,000	-18,000	-8,000	-1,128,000	873,000	-3,000	-36,000	-11,000
allowance for credit loss on notes and mortgages receivable and direct financing leases
amortization of above-market and below-market leases								47,000	-4,000	-27,000	25,000	1,000	4,000	0	9,000	15,000	-27,000	-57,000	-68,000	-72,000	-108,000	-152,000	-170,000	-172,000	-265,000																						-40,000	-34,000	-69,000	-142,000	-127,000	-135,000	-754,000	-163,000	-170,000	-173,000	-647,000	-190,000	-190,000	-198,000	-201,000	-201,000
borrowings from revolving credit facility
repayments of revolving credit facility
proceeds from issuance of common stock, net - 2021 atm program
issuance of notes and mortgages receivable related to property dispositions													0						0	0	792,000	0			0	2,525,000	788,000	0	362,000	70,000
borrowings under credit agreement										23,500,000	20,000,000		5,000,000	0	15,000,000	40,000,000			50,000,000	0	65,000,000	0	30,000,000	5,000,000	20,000,000			45,000,000	15,000,000	5,000,000																	0	0	0	4,000,000										3,500,000	1,500,000	-2,750,000	3,850,000	-2,850,000	5,000,000	81,500,000
repayments under credit agreement										-23,500,000	-90,000,000		-5,000,000	0	-75,000,000	-15,000,000	-12,500,000	-25,000,000	-15,000,000			-115,000,000	-5,000,000	-35,000,000	-10,000,000	-110,000,000	-5,000,000	-35,000,000	-5,000,000	-55,000,000
borrowings under credit agreements																															0	0	0	8,000,000										8,400,000	49,100,000	71,900,000
repayments under credit agreements																															0	-4,000,000	-19,000,000	-4,000,000										-65,900,000	0	-150,290,000
payment for extinguishment of debt
proceeds from issuance of common stock, net - atm														-57,000	-26,000	19,430,000	9,312,000	20,266,000	26,622,000	11,943,000	-27,000	2,154,000	6,680,000	-17,000	6,938,000	13,797,000	-83,000
security deposits (refunded) received																605,000
(issuance) of notes and mortgages receivable																		-8,395,000	-801,000			6,000	-88,000	-382,000	-102,000
net cash flow (used in) investing activities																		-19,785,000	-33,278,000			-13,553,000			-19,191,000
net cash flow from investing activities																					-53,082,000			2,326,000			1,479,000	-122,341,000	-13,234,000	-2,001,000	-5,219,000	-850,000	16,382,000	2,405,000	4,932,000	1,155,000	-213,707,000	2,896,000	-3,383,000	5,872,000	9,627,000	11,389,000	14,710,000							-31,000									-160,000	535,000
allowance for doubtful accounts																						102,000
allowance for uncollectible accounts																								85,000			126,000			132,000
net cash flow (used in) financing activities																								-44,639,000			-20,464,000							-7,676,000				-5,689,000				-23,470,000
amortization of loan origination costs																									233,000
payment of loan origination costs																									-46,000
other																									-120,000	-284,000	9,000	418,000	424,000	387,000		557,000	454,000	444,000		18,000	794,000	622,000		1,341,000	1,157,000	884,000		891,000	1,653,000	1,847,000
allowance (recoveries) for uncollectible accounts																												139,000
payment of credit agreement origination costs																											-2,759,000
(gains) loss on dispositions of real estate
continuing operations																												-163,000	-507,000	331,000	-1,042,000	-11,000	-4,721,000	-644,000					2,515,000
discontinued operations																															27,000	21,000	0	157,000
deferred rent receivable, net of allowance																												-794,000	-934,000	-812,000	-1,174,000	-1,083,000	-1,049,000	-1,210,000	-1,023,000	-1,325,000	-1,098,000	-955,000	-444,000	-1,166,000	-1,157,000	-1,389,000	672,000	-2,460,000	-77,000	-2,580,000
proceeds from issuance of common stock																												106,997,000	1,580,000	4,280,000	11,946,000	2,819,000
loss (gains) on dispositions of real estate
net cash flow used in financing activities																														-5,314,000																									-7,973,000	-14,037,000		-10,919,000
(recoveries) allowance for uncollectible accounts																															158,000	-132,000
amortization of credit agreement and senior unsecured notes origination costs
stock-based employee compensation expense																																															210,000	175,000	195,000	177,000	168,000	143,000	128,000	121,000	125,000	106,000	97,000	94,000	85,000	87,000	88,000	66,000	304,000	68,000	66,000	54,000
change in restricted cash																															-456,000	-207,000	373,000	28,000	0	0	0	304,000	-250,000	1,000,000	0	-463,000
borrowings under senior unsecured notes
payments of capital lease obligations
repayment of mortgage payable																															0
payments of loan origination costs																																											0	-73,000	0	-2,769,000	-100,000	-343,000	-59,000	-3,642,000
cash paid in settlement of restricted stock units																															-1,000	0	-22,000	-267,000
change in cash and cash equivalents																															2,336,000	3,376,000	-1,301,000	4,170,000	186,000	-6,030,000	3,146,000	3,529,000	-5,285,000	695,000	-221,000	-4,113,000
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
property acquisitions and capital expenditures																																-1,862,000	-1,000	-292,000	-908,000	-1,700,000			-10,801,000	-3,579,000	-2,849,000	-9,000	6,179,000	-651,000	-72,505,000	-197,000	-1,654,000	-29,000	-1,749,000	-716,000	-1,201,000	-165,393,000	-56,000	-7,000	-3,162,000	-1,500,000	-1,283,000	-1,950,000	-629,000	-2,207,000	-625,000	-3,118,000	-1,282,000	-3,153,000
cash and cash equivalents at beginning of period																																0	0	3,942,000		0	0	3,111,000		0	0	12,035,000		0	0	16,876,000		0	0	7,698,000	0	6,122,000	0	0	0	3,050,000	0	2,178,000		0	0	2,071,000		0	0	1,195,000
cash and cash equivalents at end of period																																3,376,000	-1,301,000	8,112,000		-6,030,000	3,146,000	6,640,000		695,000	-221,000	7,922,000		-2,109,000	-11,947,000	18,726,000		-2,105,000	2,405,000	16,087,000	-8,481,000	23,422,000		-6,504,000	6,950,000	3,141,000		2,574,000		4,489,000	2,207,000	272,000		-340,000	414,000	1,430,000
issuance of mortgages receivable related to property dispositions																																255,000	780,000	779,000		15,107,000	471,000	872,000		1,658,000	1,338,000	2,855,000
change in cash held for property acquisitions																																	-317,000	10,000	3,220,000	-2,565,000	1,654,000	535,000	3,270,000	-1,964,000	10,089,000	4,831,000
credit agreement origination costs																																				0																-175,000											0	0
bad debt expense																																		230,000	369,000	324,000	358,000	38,000	438,000	0	143,000	697,000
interest paid																																		3,993,000	4,015,000	4,182,000	2,332,000	2,114,000			1,938,000	2,622,000	2,371,000	2,911,000	2,626,000	1,655,000	1,743,000	1,820,000	1,692,000	1,038,000
investment in direct financing leases
issuance of notes, mortgages and other receivables																																													-3,335,000	-1,773,000
borrowings under prior credit agreement																																			0	0
repayments under prior credit agreement
borrowings under new credit agreement
repayments under new credit agreement																																			-18,000,000
repayments under term loan
principal payments of mortgage notes
non-cash transactions
mortgage payable, net related to property acquisition																																							0
accrued construction in progress
gains on dispositions of real estate - discontinued operations																																				-228,000
gains on dispositions of real estate - continuing operations
proceeds from dispositions of real estate - discontinued operations																																				522,000
proceeds from dispositions of real estate - continuing operations																																				3,818,000
repayment under prior credit agreement																																				0
borrowing under new credit agreement																																				0
borrowing under term loan
loss on dispositions of real estate - continuing operations
borrowing under term loan agreement
gains on dispositions of real estate—discontinued operations																																						-92,000
loss on dispositions of real estate—continuing operations																																						218,000
proceeds from dispositions of real estate—discontinued operations																																						621,000
proceeds from dispositions of real estate—continuing operations																																						125,000
borrowings under credit line																																						12,500,000	0	0	0	3,000,000
repayments under credit line																																						-6,000,000	-2,000,000	-7,000,000	-9,000,000	-18,000,000
amortization of credit line and term loan origination costs
borrowings under term loan
issuance of notes and mortgage receivables related to property dispositions
depreciation and amortization expense:
gains on dispositions of real estate:
proceeds from dispositions of real estate:
issuance of notes and mortgages receivables
proceeds from direct financing leases and dispositions of real estate
gains on dispositions/acquisition of real estate
allowance for accounts receivable
net proceeds from issuance of common stock																																																			-3,000	91,989,000	0	0
issuance of mortgages related to property dispositions																																											3,791,000	1,687,000	1,459,000	1,777,000	2,007,000
allowance (credit) for accounts receivable																																												-14,111,000
increase in cash held for property acquisitions																																												-6,207,000	12,113,000	-12,786,000	1,672,000	-1,271,000									142,000
borrowings under term loan agreement																																												0	0	100,000,000											-130,000
repayments under term loan agreement																																												0	0	-22,030,000	-195,000	-195,000	-195,000	-195,000					-195,000	-195,000
net increase in cash and cash equivalents																																												-2,109,000	-11,947,000	1,850,000	489,000	-2,105,000	2,405,000	8,389,000	-8,481,000	17,300,000	2,535,000	-6,504,000	6,950,000	91,000	-2,884,000	396,000		4,489,000	2,207,000	-1,799,000	567,000	-340,000	414,000	235,000
cash paid (refunded) during the period for:
income taxes paid																																												124,000	29,000	297,000		239,000	107,000	71,000
net cash flow provided by investing activities																																													-57,705,000	2,650,000	2,281,000	821,000			-554,000	-195,529,000	541,000	23,000	95,000	297,000	-348,000
allowance (credit) for deferred rent and accounts receivable																																														-1,831,000
allowance for deferred rent and accounts receivable																																															-621,000	-215,000	6,519,000	10,220,000
amortization of credit agreement origination costs
amortization of (accretion in) investment in direct financing leases
gains from dispositions of real estate																																																-578,000	-2,708,000	-533,000	-251,000	-68,000		-15,000	-1,328,000	-310,000		-269,000
deferred rental revenue, net of allowance																																																-1,479,000	-872,000	-507,000	-224,000	40,000	294,000	-39,000	-21,000	-138,000	-323,000
net investment in direct financing leases																																																181,000	181,000	161,000
other assets																																																-2,111,000	-1,879,000	-1,455,000
environmental remediation costs																																																-1,358,000	-2,884,000	-927,000	47,000	-377,000	-2,410,000	-659,000	31,000	235,000	-2,509,000	680,000	-630,000	-532,000	-279,000	-776,000	-1,535,000	816,000	-727,000	1,366,000
issuance of notes receivable
decrease in cash held for property acquisitions																																																		-572,000	0	60,000				1,124,000		628,000		1,612,000	-90,000	1,459,000
other receivables
amortization of investment in direct financing lease																																																				89,000	-75,000	-91,000	-84,000	-73,000
recoveries from state underground storage tank funds																																																				63,000	285,000	335,000	-87,000	-242,000	326,000	-153,000	455,000	37,000	234,000	101,000	-92,000	-153,000
accounts payable and accrued expenses																																																				156,000	1,320,000	-1,293,000	-435,000	377,000	1,608,000	765,000	-225,000	-259,000	-670,000	123,000	-723,000	388,000
(issuance) collection of note and mortgages receivable																																																				-30,312,000
borrowings (repayments) under credit agreement																																																				118,700,000					-3,600,000	750,000
(repayments) under term loan agreement																																																				-195,000
cash dividends paid																																																				-14,432,000	-14,429,000	-14,278,000	-11,783,000	-11,842,000	-11,805,000	-11,669,000	-11,670,000	-11,545,000	-11,545,000	-11,534,000	-11,538,000	-11,538,000
gain from dispositions of real estate
collection of mortgages receivable																																																					46,000	40,000	38,000	34,000		31,000		-239,000	120,000	34,000			34,000	164,000
(repayments) borrowings under credit agreement																																																					2,600,000			-2,000,000
(repayments) borrowings under term loan agreement																																																					-195,000
cash paid (refunded)during the year for:
adjustments to reconcile net earnings to
net cash flow provided by operating activities:
decrease (increase) in cash held for property acquisitions																																																						-60,000
the accompanying notes are an integral part of these consolidated financial statements.
allowance for deferred rent receivable
mortgages and accounts receivable																																																									214,000	-1,590,000	-37,000	76,000	-32,000	-12,000	1,446,000	-327,000	-1,560,000	485,000
collection (issuance) of mortgages receivable
repayment of mortgages payable																																																															-170,000	-8,000
proceeds from stock options exercised																																																												0	0	9,000		0
cash paid (refunded) during the year for:
collection (issuance) of mortgages receivable net
net cash flow from operating activities:
deferred rental revenue																																																										188,000	-518,000	-485,000	-361,000	-439,000		-571,000
accrued income taxes
(increase) decrease in cash held for property acquisitions
proceeds from exercise of stock options
net increase (decrease) in cash and cash equivalents
supplemental disclosures of cash flow information cash paid (refunded) during the year for:
net amortization of above-market and below-market leases																																																																-388,000
net cash from operating activities:
net cash from operating activities
net cash from investing activities
proceeds from stock issued
net cash from financing activities
net decrease in cash and equivalents
cash and equivalents at beginning of period
cash and equivalents at end of period
the accompanying notes are an integral part of these financial statements.

Getty Realty Corp(NYSE:GTY)

Getty Realty Corp
(NYSE:GTY)