Getty Realty Corporation (GTY), a real estate investment trust, swung to a net loss for the quarter ended Dec. 31, 2014. The company has made a net loss of $3.09 million, or $ 0.10 a share in the quarter, against a net profit of $5.04 million, or $0.15 a share in the last year period. Revenue during the quarter dropped 4.07 percent to $25.40 million from $26.48 million in the previous year period.
Revenue from real estate activities during the quarter declined 3.94 percent or $1.01 million to $24.54 million.
Other income during the quarter was $0.86 million, down 7.74 percent or $0.07 million.
Cost of revenue dropped 17.83 percent or $1.35 million during the quarter to $6.22 million. Gross margin for the quarter was stable at $75.50 million, when compared with the previous year period.
Total expenses were $25.83 million for the quarter, up 13.58 percent or $3.09 million. Operating margin for the quarter stood at negative 1.70 percent as compared to a positive 14.10 percent for the previous year period.
Operating loss for the quarter was $0.43 million, compared with an operating income of $3.73 million in the previous year period.
"For the second consecutive year, we made progress on our ongoing transformation. This was evidenced by our solid Adjusted Funds from Operations per share growth, excluding payments from the Lukoil Settlement" stated David B. Driscoll, Getty’s chief executive officer. "We remained disciplined and judicious in our acquisition approach, which combined with the continued optimization of the portfolio resulted in improved performance throughout the year."
Net receivables were at $34.23 million as on Dec. 31, 2014, up 18.87 percent or $5.43 million.
Investments stood at $95.76 million as on Dec. 31, 2014, down 1.42 percent or $1.38 million.
Total assets stood at $687.50million as on Dec. 31, 2014. On the other hand, total liabilities were at $280.48 million as on Dec. 31, 2014.
Return on assets was at 0.10 percent in the quarter. At the same time, return on equity moved down 198 basis points to 0.76 percent in the quarter.
Total debt was at $125.34 million as on Dec. 31, 2014, down 20.67 percent or $32.66 million. Shareholders equity stood at $407.02 million as on Dec. 31, 2014, down 1.94 percent or $8.07 million. As a result, debt to equity ratio went down 7 basis points to 0.31 percent in the quarter.
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