Getty Realty (GTY) Tops Q3 EPS by 5c; CEO Driscoll to Retire

Getty Realty (NYSE: GTY) reported Q3 EPS of $0.38, $0.05 better than the analyst estimate of $0.33. Revenue for the quarter came in at $30 million versus the consensus estimate of $28 million.

Getty also announced today that David B. Driscoll, President and Chief Executive Officer of the Company, will be retiring effective December 31, 2015. Christopher J. Constant, Vice President, Chief Financial Officer and Treasurer, has been selected by the Board of Directors to succeed Mr. Driscoll as President and Chief Executive Officer at that time. The Company has also initiated a search for a new Chief Financial Officer and Treasurer to succeed Mr. Constant in those roles.

Leo Liebowitz, Chairman of the Board, stated, “Getty has successfully transformed itself under David’s leadership over the nearly six years since he joined the Company and we are proud of what has been accomplished. David led efforts that have resulted in our having a more diversified revenue base and a portfolio that is materially improved from a credit quality perspective, all while enduring the bankruptcy of a major tenant. Our Board thanks David for his service and we are pleased the Company is well positioned to continue to build on our progress in creating shareholder value.”

Mr. Constant has served Getty in a number of capacities since he joined the Company in November 2010 as Director of Planning and Corporate Development. He was appointed Chief Financial Officer in December 2013 after previously being named Getty’s Treasurer (May 2012) and, more recently, Vice President (May 2013). Mr. Constant joined Getty from Morgan Joseph & Co. Inc. where he served as Vice President in the corporate finance department.

Mr. Constant stated, “I want to thank the Board of Directors for this opportunity. Over the last five years, David and I have worked together to successfully navigate many challenges for the Company. As we move forward, I anticipate continuing to work with our team and build upon our achievements of the last five years to continue to grow our cash flow, extract additional value from our current portfolio and deliver value for our shareholders.”

Until his retirement, Mr. Driscoll will continue to serve as President and Chief Executive Officer and will work with Mr. Constant and the management team to effect an orderly transition of leadership. For a period of time thereafter, it is anticipated that Mr. Driscoll will provide advisory services as an employee of the Company. At the same time that Mr. Driscoll retires as President and Chief Executive Officer of the Company, Mr. Driscoll will also resign from service as a Director on the Company’s Board of Directors. At that time, the Board will appoint Mr. Constant to be a Director.

Mr. Driscoll, commented, “During my tenure, Getty has accomplished a meaningful transformation that included approximately $500 million of asset acquisitions and the repositioning of more than 50% of the Company’s assets. I will leave knowing that the Company is in capable hands. Chris knows the architecture of Getty intimately and has worked tirelessly with me to position Getty to benefit from the growth drivers our team has put in place. It’s been an honor and a privilege to work closely with the team in transforming Getty. The Company and team are well prepared to sustain our progress with the best years still to come.”

For earnings history and earnings-related data on Getty Realty (GTY) click here.

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