Business Wire | Jan 25, 2022 08:30AM EST

GATX Corporation Reports 2021 Fourth-Quarter and Full-Year Results

Jan. 25, 2022

CHICAGO--(BUSINESS WIRE)--Jan. 25, 2022--GATX Corporation (NYSE:GATX) today reported 2021 fourth-quarter and full-year results. Results for the fourth quarter and full year ending Dec. 31 are summarized below:

Three Months Twelve Months Ended Ended December 31 December 31

Per Diluted Share 2021 2020 2021 2020

Income from Continuing Operations $ 1.69 $ 0.50 $ 3.98 $ 4.24

Income from Discontinued Operations - - - 0.03

Total $ 1.69 $ 0.50 $ 3.98 $ 4.27

2021 fourth-quarter net income from continuing operations was $61.0 million or $1.69 per diluted share, compared to net income from continuing operations of $17.8 million or $0.50 per diluted share in the fourth quarter of 2020. The 2021 fourth-quarter results include a net positive impact from Tax Adjustments and Other Items of $0.11 per diluted share. Details related to these items are provided in the attached Supplemental Information under Tax Adjustments and Other Items.

Net income from continuing operations for the full-year 2021 was $143.1 million or $3.98 per diluted share, compared to $150.2 million or $4.24 per diluted share in the prior year period. The 2021 and 2020 full-year results include net negative impacts from Tax Adjustments and Other Items of $1.08 per diluted share and $0.35 per diluted share, respectively.

"Our 2021 financial results were significantly better than we anticipated," said Brian A. Kenney, president and chief executive officer of GATX. "Rail North America's outperformance was driven by improving market conditions combined with exceptional execution by our commercial and operations teams. In addition to achieving higher fleet utilization and a higher renewal success rate, we have now experienced six consecutive quarters of sequential increases in absolute lease rates. Lower fleet churn as a result of this strong commercial performance, combined with efficiency improvements across our network, helped drive lower maintenance costs. We also further optimized our fleet by selectively selling railcars into a robust secondary market, generating strong remarketing income.

"Rail International also performed well, despite supply chain and COVID-related interruptions at railcar manufacturers that delayed new car deliveries. Demand for our railcars remained strong in Europe and India. Consequently, Rail International maintained high fleet utilization and continued to experience increases in renewal lease rates. In Portfolio Management, results were in line with our lower expectations given the ongoing negative impact of global travel restrictions on long-haul air travel.

"In 2021, we continued to execute on our strategy to invest in attractive leasing assets across our global businesses. For the second year in a row, our full-year investment volume exceeded $1.0 billion."

Mr. Kenney added, "In 2022, we anticipate the steady recovery in the North American railcar leasing market will continue. We expect market lease rates to increase above average expiring rates for railcars renewing during the year. Combined with higher asset disposition gains, Rail North America is expected to produce higher segment profit in 2022. Rail International's 2022 segment profit is also expected to increase as strong demand for new and existing railcars continues in Europe and India. In Portfolio Management, we currently project a decrease in our earnings from the Rolls-Royce and Partners Finance affiliates as the global aviation market continues to experience significant uncertainty. Finally, we anticipate higher Trifleet earnings in 2022 as demand for tank containers worldwide remains strong."

Mr. Kenney concluded, "We expect that continuing improvement in the North American railcar leasing market combined with the attractive investments made across our global businesses in recent years will continue to drive earnings growth at GATX. Based on this outlook, we currently expect 2022 earnings to be in the range of $5.50 to $5.80 per diluted share."

RAIL NORTH AMERICA

Rail North America reported segment profit of $75.6 million in the fourth quarter of 2021, compared to $49.5 million in the fourth quarter of 2020. Higher segment profit was primarily due to higher gains on asset dispositions in the quarter. Full-year 2021 Rail North America reported segment profit of $285.4 million, compared to $227.6 million in 2020. Higher segment profit in 2021 was primarily the result of higher gains on asset dispositions and lower maintenance expense, partially offset by lower lease revenue. The 2021 fourth-quarter and year-to-date segment profit include a net gain of $5.3 million from Tax Adjustments and Other Items.

At Dec. 31, 2021, Rail North America's wholly owned fleet was approximately 114,500 cars, including more than 12,900 boxcars. The following fleet statistics and performance discussion exclude the boxcar fleet.

Fleet utilization was 99.2% at the end of the fourth quarter, compared to 99.2% at the end of the prior quarter and 98.1% at 2020 year end. During the fourth quarter, the GATX Lease Price Index (LPI), a weighted-average lease renewal rate for a group of railcars representative of Rail North America's fleet, was negative 0.7%. This compares to negative 8.1% in the prior quarter and negative 22.6% in the fourth quarter of 2020. The average lease renewal term for railcars included in the LPI during the fourth quarter was 37 months, compared to 32 months in the prior quarter and 34 months in the fourth quarter of 2020. The fourth-quarter renewal success rate was 89.2%, compared to 84.0% in the prior quarter and 77.0% in the fourth quarter of 2020.

For full-year 2021, the renewal lease rate change of the LPI was negative 8.5% and the average renewal term was 32 months, compared to negative 23.5% and 31 months in 2020. The renewal success rate for 2021 was 82.7%, compared to 70.8% in 2020. Total investment volume was $574.4 million in 2021.

Additional fleet statistics, including information on the boxcar fleet, and macroeconomic data related to Rail North America's business are provided on the last page of this press release.

RAIL INTERNATIONAL

Rail International's segment profit was $28.9 million in the fourth quarter of 2021, compared to $25.6 million in the fourth quarter of 2020. Fourth-quarter segment profit increase was predominately driven by more railcars on lease and foreign exchange impacts, partially offset by higher maintenance expense. Rail International reported full-year segment profit of $105.0 million in 2021, compared to $83.5 million in 2020. Higher year-to-date segment profit was primarily driven by more railcars on lease.

At Dec. 31, 2021, GRE's fleet consisted of approximately 27,100 cars and utilization was 98.7%, compared to 98.1% at the end of the prior quarter and 98.1% at 2020 year end.

Additional fleet statistics for GRE are provided on the last page of this press release.

PORTFOLIO MANAGEMENT

Portfolio Management reported segment profit of $36.3 million in the fourth quarter of 2021, compared to segment loss of $5.7 million in the fourth quarter of 2020. Higher segment profit was driven by performance at the Rolls-Royce and Partners Finance (RRPF) affiliates and GATX Engine Leasing earnings. Full-year 2021 segment profit was $60.8 million, compared to $77.4 million in 2020. The decrease in year-to-date segment profit was primarily due to lower share of affiliates' earnings from the Rolls-Royce and Partners Finance affiliates.

DISCONTINUED OPERATIONS

In the second quarter of 2020, GATX completed the sale of American Steamship Company (ASC). The ASC business segment is accounted for as discontinued operations. The final gain on the sale of ASC, net of taxes, was $3.3 million. Results for discontinued operations are summarized below:

Three Months Ended Twelve Months Ended(Income per diluted share) December 31 December 31

Discontinued Operations 2021 2020 2021 2020

Operations, net of taxes $ - $ - $ - $ (0.06 )

Gain on sale of ASC, net of taxes - - - 0.09

Total Discontinued Operations $ - $ - $ - $ 0.03

COMPANY DESCRIPTION

GATX Corporation (NYSE:GATX) strives to be recognized as the finest railcar leasing company in the world by our customers, our shareholders, our employees and the communities where we operate. As the leading global railcar lessor, GATX has been providing quality railcars and services to its customers for over 120 years. GATX has been headquartered in Chicago, Illinois since its founding in 1898.

TELECONFERENCE INFORMATION

GATX Corporation will host a teleconference to discuss 2021 fourth-quarter and full-year results. Call details are as follows:

Tuesday, Jan. 25, 2022 11 a.m. Eastern TimeDomestic Dial-In: 1-800-289-0720 International Dial-In: 1-323-701-0160 Replay: 1-888-203-1112 or 1-719-457-0820 /Access Code: 1989871

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. A replay will be available on the same site starting at 2 p.m. (Eastern Time), Jan. 25, 2022.

AVAILABILITY OF INFORMATION ON GATX'S WEBSITE

Investors and others should note that GATX routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the GATX Investor Relations website. While not all of the information that the Company posts to the GATX Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in GATX to review the information that it shares on www.gatx.com under the "Investor Relations" tab.

FORWARD-LOOKING STATEMENTS

Statements in this Earnings Release not based on historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and, accordingly, involve known and unknown risks and uncertainties that are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those discussed. Forward-looking statements include statements as to our future expectations, beliefs, plans, strategies, objectives, events, conditions, financial performance, prospects, or future events. In some cases, forward-looking statements can be identified by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "outlook," "continue," "likely," "will," "would", and similar words and phrases. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the date they are made, and are not guarantees of future performance. We do not undertake any obligation to publicly update or revise these forward-looking statements.

The outcome of the events described in forward-looking statements is subject to risks, uncertainties, and other factors, in addition discussed in our other filings with the SEC, including our Form 10-K for the year ended December 31, 2020 and subsequent reports on Form 10-Q. The following is a summary of the principal risks we face that could cause actual results to differ materially from our current expectations expressed in forward-looking statements:

* inability to successfully consummate and manage ongoing acquisition and divestiture activities

* reliance on Rolls-Royce in connection with our aircraft spare engine leasing businesses, and the risks that certain factors that adversely * the duration and effects of the affect Rolls-Royce could have global COVID-19 pandemic and any an adverse effect on our mandated pandemic mitigation businesses requirements, including adverse impacts on our business, personnel, * fluctuations in foreign operations, commercial activity, exchange rates supply chain, the demand for our transportation assets, the value of * inflation or deflation our assets, our liquidity, and macroeconomic conditions * failure to successfully negotiate collective bargaining * exposure to damages, fines, criminal agreements with the unions and civil penalties, and reputational representing a substantial harm arising from a negative outcome portion of our employees in litigation, including claims arising from an accident involving * asset impairment charges we may transportation assets be required to recognize

* inability to maintain our * deterioration of conditions in transportation assets on lease at the capital markets, reductions satisfactory rates due to oversupply in our credit ratings, or of assets in the market or other increases in our financing changes in supply and demand costs

* a significant decline in customer * changes in banks' inter-lending demand for our transportation assets rate reporting practices and or services, including as a result the phasing out of LIBOR of: + weak macroeconomic conditions * competitive factors in our + weak market conditions in our primary markets, including customers' businesses competitors with significantly + adverse changes in the price of, lower costs of capital or demand for, commodities + changes in railroad operations, * risks related to our efficiency, pricing and service international operations and offerings, including those expansion into new geographic related to "precision scheduled markets, including laws, railroading" regulations, tariffs, taxes, + changes in, or disruptions to, treaties, sanctions, or trade supply chains barriers affecting our + availability of pipelines, activities in the countries trucks, and other alternative where we do business modes of transportation + changes in conditions affecting * changes in, or failure to the aviation industry, including comply with, laws, rules, and reduced demand for air travel, regulations geographic exposure and customer concentrations * U.S. and global political + other operational or commercial conditions needs or decisions of our customers * inability to obtain + customers' desire to buy, rather cost-effective insurance than lease, our transportation assets * environmental liabilities and remediation costs * higher costs associated with increased assignments of our * potential obsolescence of our transportation assets following assets non-renewal of leases, customer defaults, and compliance maintenance * inadequate allowances to cover programs or other maintenance credit losses in our portfolio initiatives * operational, functional and * events having an adverse impact on regulatory risks associated assets, customers, or regions where with severe weather events, we have a concentrated investment climate change and natural exposure disasters

* financial and operational risks * inability to maintain and associated with long-term purchase secure our information commitments for transportation assets technology infrastructure from cybersecurity threats and * reduced opportunities to generate related disruption of our asset remarketing income business

* changes in assumptions, increases in funding requirements or investment losses in our pension and post-retirement plans

* inability to maintain effective internal control over financial reporting and disclosure controls and procedures

GATX CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(In millions, except per share data)

Three Months Ended

December 31

Twelve Months Ended

December 31

2021

2020

2021

2020

Revenues

Lease revenue

$

288.4

$

274.2

$

1,140.5

$

1,087.5

Marine operating revenue

5.4

4.0

19.1

15.6

Other revenue

27.2

26.7

97.8

106.1

Total Revenues

321.0

304.9

1,257.4

1,209.2

Expenses

Maintenance expense

72.0

70.7

297.1

315.5

Marine operating expense

3.7

8.8

17.5

19.7

Depreciation expense

93.2

85.1

364.4

330.5

Operating lease expense

9.1

11.2

39.2

49.3

Other operating expense

12.7

9.3

44.0

35.3

Selling, general and administrative expense

57.5

46.2

198.3

172.0

Total Expenses

248.2

231.3

960.5

922.3

Other Income (Expense)

Net gain (loss) on asset dispositions

26.8

(0.6

)

105.9

41.7

Interest expense, net

(50.6

)

(48.8

)

(204.0

)

(190.3

)

Other income (expense)

6.0

(0.8

)

(3.7

)

(13.0

)

Income before Income Taxes and Share of Affiliates' Earnings

55.0

23.4

195.1

125.3

Income taxes

(16.8

)

(7.7

)

(53.2

)

(37.3

)

Share of affiliates' earnings, net of taxes

22.8

2.1

1.2

62.2

Net Income from Continuing Operations

$

61.0

$

17.8

$

143.1

$

150.2

Discontinued Operations, Net of Taxes

Net loss from discontinued operations, net of taxes

$

-

$

-

$

-

$

(2.2

)

Gain on sale of discontinued operations, net of taxes

-

-

-

3.3

Total Discontinued Operations, Net of Taxes

$

-

$

-

$

-

$

1.1

Net Income

$

61.0

$

17.8

$

143.1

$

151.3

Share Data

Basic earnings per share from continuing operations

1.72

$

0.51

4.04

$

4.30

Basic earnings per share from discontinued operations

-

-

-

0.03

Basic earnings per share from consolidated operations

$

1.72

$

0.51

$

4.04

$

4.33

Average number of common shares

35.5

35.0

35.4

35.0

Diluted earnings per share from continuing operations

1.69

$

0.50

3.98

$

4.24

Diluted earnings per share from discontinued operations

-

-

-

0.03

Diluted earnings per share from consolidated operations

$

1.69

$

0.50

$

3.98

$

4.27

Average number of common shares and common share equivalents

36.0

35.6

36.0

35.4

Dividends declared per common share

$

0.50

$

0.48

$

2.00

$

1.92

GATX CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(In millions, except per Three Months Ended Twelve Months Endedshare data) December 31 December 31

2021 2020 2021 2020

Revenues

Lease revenue $ 288.4 $ 274.2 $ 1,140.5 $ 1,087.5

Marine operating revenue 5.4 4.0 19.1 15.6

Other revenue 27.2 26.7 97.8 106.1

Total Revenues 321.0 304.9 1,257.4 1,209.2

Expenses

Maintenance expense 72.0 70.7 297.1 315.5

Marine operating expense 3.7 8.8 17.5 19.7

Depreciation expense 93.2 85.1 364.4 330.5

Operating lease expense 9.1 11.2 39.2 49.3

Other operating expense 12.7 9.3 44.0 35.3

Selling, general and 57.5 46.2 198.3 172.0 administrative expense

Total Expenses 248.2 231.3 960.5 922.3

Other Income (Expense)

Net gain (loss) on asset 26.8 (0.6 ) 105.9 41.7 dispositions

Interest expense, net (50.6 ) (48.8 ) (204.0 ) (190.3 )

Other income (expense) 6.0 (0.8 ) (3.7 ) (13.0 )

Income before Income Taxesand Share of Affiliates' 55.0 23.4 195.1 125.3 Earnings

Income taxes (16.8 ) (7.7 ) (53.2 ) (37.3 )

Share of affiliates' 22.8 2.1 1.2 62.2 earnings, net of taxes

Net Income from Continuing $ 61.0 $ 17.8 $ 143.1 $ 150.2 Operations



Discontinued Operations, Net of Taxes

Net loss from discontinued $ - $ - $ - $ (2.2 )operations, net of taxes

Gain on sale of discontinued - - - 3.3 operations, net of taxes

Total Discontinued $ - $ - $ - $ 1.1 Operations, Net of Taxes



Net Income $ 61.0 $ 17.8 $ 143.1 $ 151.3



Share Data

Basic earnings per share from 1.72 $ 0.51 4.04 $ 4.30 continuing operations

Basic earnings per share from - - - 0.03 discontinued operations

Basic earnings per share from $ 1.72 $ 0.51 $ 4.04 $ 4.33 consolidated operations

Average number of common 35.5 35.0 35.4 35.0 shares



Diluted earnings per share 1.69 $ 0.50 3.98 $ 4.24 from continuing operations

Diluted earnings per share - - - 0.03 from discontinued operations

Diluted earnings per share $ 1.69 $ 0.50 $ 3.98 $ 4.27 from consolidated operations

Average number of commonshares and common share 36.0 35.6 36.0 35.4 equivalents



Dividends declared per common $ 0.50 $ 0.48 $ 2.00 $ 1.92share

GATX CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In millions)

December 31

December 31

2021

2020

Assets

Cash and Cash Equivalents

$

344.3

$

292.2

Restricted Cash

0.2

0.4

Receivables

Rent and other receivables

69.8

74.7

Finance leases (as lessor)

100.2

74.0

Less: allowance for losses

(6.2

)

(6.5

)

163.8

142.2

Operating Assets and Facilities

11,163.6

10,484.0

Less: allowance for depreciation

(3,378.8

)

(3,313.3

)

7,784.8

7,170.7

Lease Assets (as lessee)

Right-of-use assets, net of accumulated depreciation

270.7

335.9

Finance leases, net of accumulated depreciation

1.5

37.5

272.2

373.4

Investments in Affiliated Companies

588.4

584.7

Goodwill

123.0

143.7

Other Assets

265.0

230.3

Total Assets

$

9,541.7

$

8,937.6

Liabilities and Shareholders' Equity

Accounts Payable and Accrued Expenses

215.8

$

147.3

Debt

Commercial paper and borrowings under bank credit facilities

18.1

23.6

Recourse

5,887.5

5,329.0

5,905.6

5,352.6

Lease Obligations (as lessee)

Operating leases

286.2

348.6

Finance leases

1.5

33.3

287.7

381.9

Deferred Income Taxes

1,001.0

962.8

Other Liabilities

112.4

135.6

Total Liabilities

7,522.5

6,980.2

Total Shareholders' Equity

2,019.2

1,957.4

Total Liabilities and Shareholders' Equity

$

9,541.7

$

8,937.6

GATX CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In millions)

December 31 December 31

2021 2020

Assets

Cash and Cash Equivalents $ 344.3 $ 292.2

Restricted Cash 0.2 0.4

Receivables

Rent and other receivables 69.8 74.7

Finance leases (as lessor) 100.2 74.0

Less: allowance for losses (6.2 ) (6.5 )

163.8 142.2



Operating Assets and Facilities 11,163.6 10,484.0

Less: allowance for depreciation (3,378.8 ) (3,313.3 )

7,784.8 7,170.7

Lease Assets (as lessee)

Right-of-use assets, net of accumulated depreciation 270.7 335.9

Finance leases, net of accumulated depreciation 1.5 37.5

272.2 373.4



Investments in Affiliated Companies 588.4 584.7

Goodwill 123.0 143.7

Other Assets 265.0 230.3

Total Assets $ 9,541.7 $ 8,937.6



Liabilities and Shareholders' Equity

Accounts Payable and Accrued Expenses 215.8 $ 147.3

Debt

Commercial paper and borrowings under bank credit 18.1 23.6 facilities

Recourse 5,887.5 5,329.0

5,905.6 5,352.6

Lease Obligations (as lessee)

Operating leases 286.2 348.6

Finance leases 1.5 33.3

287.7 381.9



Deferred Income Taxes 1,001.0 962.8

Other Liabilities 112.4 135.6

Total Liabilities 7,522.5 6,980.2

Total Shareholders' Equity 2,019.2 1,957.4

Total Liabilities and Shareholders' Equity $ 9,541.7 $ 8,937.6

GATX CORPORATION AND SUBSIDIARIES

SEGMENT DATA (UNAUDITED)

Three Months Ended December 31, 2021

(In millions)

Rail

North America

Rail International

Portfolio Management

Other

GATX Consolidated

Revenues

Lease revenue

$

203.1

$

68.2

$

8.3

$

8.8

$

288.4

Marine operating revenue

-

-

5.4

-

5.4

Other revenue

20.8

3.5

-

2.9

27.2

Total Revenues

223.9

71.7

13.7

11.7

321.0

Expenses

Maintenance expense

56.6

14.0

-

1.4

72.0

Marine operating expense

-

-

3.7

-

3.7

Depreciation expense

65.4

18.4

5.0

4.4

93.2

Operating lease expense

9.1

-

-

-

9.1

Other operating expense

7.7

3.5

0.5

1.0

12.7

Total Expenses

138.8

35.9

9.2

6.8

190.7

Other Income (Expense)

Net gain on asset dispositions

19.5

0.7

6.3

0.3

26.8

Interest expense, net

(33.7

)

(11.0

)

(4.6

)

(1.3

)

(50.6

)

Other income (expense)

4.5

3.4

-

(1.9

)

6.0

Share of affiliates' pre-tax income

0.2

-

30.1

-

30.3

Segment profit

$

75.6

$

28.9

$

36.3

$

2.0

$

142.8

Less:

Selling, general and administrative expense

57.5

Income taxes (includes $7.5 related to affiliates' earnings)

24.3

Net income from continuing operations

$

61.0

Discontinued operations, net of taxes

Net income from discontinuing operations, net of taxes

$

-

Loss on sale of discontinued operations, net of taxes

-

Total discontinued operations, net of taxes

$

-

Net income

$

61.0

Selected Data:

Investment volume

$

180.0

$

47.2

$

-

$

11.5

$

238.7

Net (Loss) Gain on Asset Dispositions

Asset Remarketing Income:

Net gains on disposition of owned assets

$

18.5

$

0.5

$

-

$

-

$

19.0

Residual sharing income

0.1

-

6.3

-

6.4

Non-remarketing net gains (1)

3.3

0.2

-

0.3

3.8

Asset impairments

(2.4

)

-

-

-

(2.4

)

$

19.5

$

0.7

$

6.3

$

0.3

$

26.8

(1) Includes net gains (losses) from scrapping of railcars.

GATX CORPORATION AND SUBSIDIARIES

SEGMENT DATA (UNAUDITED)

Three Months Ended December 31, 2021

(In millions)

Rail Rail Portfolio Other GATX North International Management Consolidated America

Revenues

Lease revenue $ 203.1 $ 68.2 $ 8.3 $ 8.8 $ 288.4

Marineoperating - - 5.4 - 5.4 revenue

Other revenue 20.8 3.5 - 2.9 27.2

Total Revenues 223.9 71.7 13.7 11.7 321.0

Expenses

Maintenance 56.6 14.0 - 1.4 72.0 expense

Marineoperating - - 3.7 - 3.7 expense

Depreciation 65.4 18.4 5.0 4.4 93.2 expense

Operating lease 9.1 - - - 9.1 expense

Other operating 7.7 3.5 0.5 1.0 12.7 expense

Total Expenses 138.8 35.9 9.2 6.8 190.7

Other Income (Expense)

Net gain onasset 19.5 0.7 6.3 0.3 26.8 dispositions

Interest (33.7 ) (11.0 ) (4.6 ) (1.3 ) (50.6 )expense, net

Other income 4.5 3.4 - (1.9 ) 6.0 (expense)

Share ofaffiliates' 0.2 - 30.1 - 30.3 pre-tax income

Segment profit $ 75.6 $ 28.9 $ 36.3 $ 2.0 $ 142.8

Less:

Selling, general and administrative expense 57.5

Income taxes (includes $7.5 related to affiliates' earnings) 24.3

Net income from continuing operations $ 61.0



Discontinued operations, net of taxes

Net income from discontinuing operations, net of taxes $ -

Loss on sale of discontinued operations, net of taxes -

Total discontinued operations, net of taxes $ -



Net income $ 61.0



Selected Data:

Investment $ 180.0 $ 47.2 $ - $ 11.5 $ 238.7 volume



Net (Loss) Gainon Asset Dispositions

AssetRemarketing Income:

Net gains ondisposition of $ 18.5 $ 0.5 $ - $ - $ 19.0 owned assets

Residual 0.1 - 6.3 - 6.4 sharing income

Non-remarketing 3.3 0.2 - 0.3 3.8 net gains (1)

Asset (2.4 ) - - - (2.4 )impairments

$ 19.5 $ 0.7 $ 6.3 $ 0.3 $ 26.8

(1) Includes net gains (losses) from scrapping of railcars.

GATX CORPORATION AND SUBSIDIARIES

SEGMENT DATA (UNAUDITED)

Three Months Ended December 31, 2020

(In millions)

Rail

North America

Rail International

Portfolio Management

Other

GATX Consolidated

Revenues

Lease revenue

$

207.5

$

66.5

$

0.2

$

-

$

274.2

Marine operating revenue

-

-

4.0

-

4.0

Other revenue

23.3

3.2

0.2

-

26.7

Total Revenues

230.8

69.7

4.4

-

304.9

Expenses

Maintenance expense

58.2

12.5

-

-

70.7

Marine operating expense

-

-

8.8

-

8.8

Depreciation expense

65.6

18.2

1.3

-

85.1

Operating lease expense

11.2

-

-

-

11.2

Other operating expense

6.5

2.6

0.2

-

9.3

Total Expenses

141.5

33.3

10.3

-

185.1

Other Income (Expense)

Net (loss) gain on asset dispositions

(1.6

)

0.4

0.6

-

(0.6

)

Interest (expense) income, net

(36.4

)

(11.9

)

(3.1

)

2.6

(48.8

)

Other (expense) income

(1.7

)

0.7

-

0.2

(0.8

)

Share of affiliates' pre-tax (loss) income

(0.1

)

-

2.7

-

2.6

Segment profit (loss)

$

49.5

$

25.6

$

(5.7

)

$

2.8

$

72.2

Less:

Selling, general and administrative expense

46.2

Income taxes (includes $0.5 related to affiliates' earnings)

8.2

Net income from continuing operations

$

17.8

Discontinued operations, net of taxes

Net income from discontinued operations, net of taxes

$

-

Gain on sale of discontinued operations, net of taxes

-

Total discontinued operations, net of taxes

$

-

Net income

$

17.8

Selected Data:

Investment volume

$

167.4

$

51.5

$

0.2

$

203.5

$

422.6

Net Gain (Loss) on Asset Dispositions

Asset Remarketing Income:

Net (loss) gains on disposition of owned assets

$

(0.3

)

$

0.3

$

-

$

-

$

-

Residual sharing income

0.1

-

0.6

-

0.7

Non-remarketing net (losses) gains (1)

(1.1

)

0.1

-

-

(1.0

)

Asset impairments

(0.3

)

-

-

-

(0.3

)

$

(1.6

)

$

0.4

$

0.6

$

-

$

(0.6

)

__________

(1) Includes net gains (losses) from scrapping of railcars.

GATX CORPORATION AND SUBSIDIARIES

SEGMENT DATA (UNAUDITED)

Three Months Ended December 31, 2020

(In millions)

Rail Rail Portfolio Other GATX North International Management Consolidated America

Revenues

Lease revenue $ 207.5 $ 66.5 $ 0.2 $ - $ 274.2

Marineoperating - - 4.0 - 4.0 revenue

Other revenue 23.3 3.2 0.2 - 26.7

Total Revenues 230.8 69.7 4.4 - 304.9

Expenses

Maintenance 58.2 12.5 - - 70.7 expense

Marineoperating - - 8.8 - 8.8 expense

Depreciation 65.6 18.2 1.3 - 85.1 expense

Operating lease 11.2 - - - 11.2 expense

Other operating 6.5 2.6 0.2 - 9.3 expense

Total Expenses 141.5 33.3 10.3 - 185.1

Other Income (Expense)

Net (loss) gainon asset (1.6 ) 0.4 0.6 - (0.6 )dispositions

Interest(expense) (36.4 ) (11.9 ) (3.1 ) 2.6 (48.8 )income, net

Other (expense) (1.7 ) 0.7 - 0.2 (0.8 )income

Share ofaffiliates' (0.1 ) - 2.7 - 2.6 pre-tax (loss)income

Segment profit $ 49.5 $ 25.6 $ (5.7 ) $ 2.8 $ 72.2 (loss)

Less:

Selling, general and administrative expense 46.2

Income taxes (includes $0.5 related to affiliates' earnings) 8.2

Net income from continuing operations $ 17.8



Discontinued operations, net of taxes

Net income from discontinued operations, net of taxes $ -

Gain on sale of discontinued operations, net of taxes -

Total discontinued operations, net of taxes $ -



Net income $ 17.8



Selected Data:

Investment $ 167.4 $ 51.5 $ 0.2 $ 203.5 $ 422.6 volume



Net Gain (Loss)on Asset Dispositions

AssetRemarketing Income:

Net (loss)gains on $ (0.3 ) $ 0.3 $ - $ - $ - disposition ofowned assets

Residual 0.1 - 0.6 - 0.7 sharing income

Non-remarketingnet (losses) (1.1 ) 0.1 - - (1.0 )gains (1)

Asset (0.3 ) - - - (0.3 )impairments

$ (1.6 ) $ 0.4 $ 0.6 $ - $ (0.6 )

__________

(1) Includes net gains (losses) from scrapping of railcars.

GATX CORPORATION AND SUBSIDIARIES

SEGMENT DATA (UNAUDITED)

Twelve Months Ended December 31, 2021

(In millions)

Rail

North America

Rail International

Portfolio Management

Other

GATX Consolidated

Revenues

Lease revenue

$

814.5

$

272.9

$

28.1

$

25.0

$

1,140.5

Marine operating revenue

-

-

19.1

-

19.1

Other revenue

77.2

11.4

0.5

8.7

97.8

Total Revenues

891.7

284.3

47.7

33.7

1,257.4

Expenses

Maintenance expense

235.4

57.6

-

4.1

297.1

Marine operating expense

-

-

17.5

-

17.5

Depreciation expense

261.1

73.6

17.6

12.1

364.4

Operating lease expense

39.2

-

-

-

39.2

Other operating expense

30.3

9.0

1.7

3.0

44.0

Total Expenses

566.0

140.2

36.8

19.2

762.2

Other Income (Expense)

Net gain on asset dispositions

94.3

2.7

8.0

0.9

105.9

Interest expense, net

(136.2

)

(45.2

)

(16.6

)

(6.0

)

(204.0

)

Other income (expense)

1.6

3.4

2.0

(10.7

)

(3.7

)

Share of affiliates' pre-tax income

-

-

56.5

-

56.5

Segment profit (loss)

$

285.4

$

105.0

$

60.8

$

(1.3

)

$

449.9

Less:

Selling, general and administrative expense

198.3

Income taxes (includes $55.3 related to affiliates' earnings)

108.5

Net income from continuing operations

$

143.1

Discontinued operations, net of taxes

Net income from discontinued operations, net of taxes

$

-

Gain on sale of discontinued operations, net of taxes

-

Total discontinued operations, net of taxes

$

-

Net income

$

143.1

Selected Data:

Investment volume

$

574.4

$

173.3

$

353.0

$

31.2

$

1,131.9

Net Gain (Loss) on Asset Dispositions

Asset Remarketing Income:

Net gains on disposition of owned assets

$

80.7

$

1.2

$

-

$

0.5

$

82.4

Residual sharing income

0.9

-

8.0

-

8.9

Non-remarketing net gains (1)

15.1

1.5

-

0.4

17.0

Asset impairments

(2.4

)

-

-

-

(2.4

)

$

94.3

$

2.7

$

8.0

$

0.9

$

105.9

__________

(1) Includes net gains (losses) from scrapping of railcars.

GATX CORPORATION AND SUBSIDIARIES

SEGMENT DATA (UNAUDITED)

Twelve Months Ended December 31, 2021

(In millions)

Rail Rail Portfolio Other GATX North International Management Consolidated America

Revenues

Lease revenue $ 814.5 $ 272.9 $ 28.1 $ 25.0 $ 1,140.5

Marineoperating - - 19.1 - 19.1 revenue

Other revenue 77.2 11.4 0.5 8.7 97.8

Total Revenues 891.7 284.3 47.7 33.7 1,257.4

Expenses

Maintenance 235.4 57.6 - 4.1 297.1 expense

Marineoperating - - 17.5 - 17.5 expense

Depreciation 261.1 73.6 17.6 12.1 364.4 expense

Operating lease 39.2 - - - 39.2 expense

Other operating 30.3 9.0 1.7 3.0 44.0 expense

Total Expenses 566.0 140.2 36.8 19.2 762.2

Other Income (Expense)

Net gain onasset 94.3 2.7 8.0 0.9 105.9 dispositions

Interest (136.2 ) (45.2 ) (16.6 ) (6.0 ) (204.0 )expense, net

Other income 1.6 3.4 2.0 (10.7 ) (3.7 )(expense)

Share ofaffiliates' - - 56.5 - 56.5 pre-tax income

Segment profit $ 285.4 $ 105.0 $ 60.8 $ (1.3 ) $ 449.9 (loss)

Less:

Selling, general and administrative expense 198.3

Income taxes (includes $55.3 related to affiliates' earnings) 108.5

Net income from continuing operations $ 143.1



Discontinued operations, net of taxes

Net income from discontinued operations, net of taxes $ -

Gain on sale of discontinued operations, net of taxes -

Total discontinued operations, net of taxes $ -



Net income $ 143.1



Selected Data:

Investment $ 574.4 $ 173.3 $ 353.0 $ 31.2 $ 1,131.9 volume



Net Gain (Loss)on Asset Dispositions

AssetRemarketing Income:

Net gains ondisposition of $ 80.7 $ 1.2 $ - $ 0.5 $ 82.4 owned assets

Residual 0.9 - 8.0 - 8.9 sharing income

Non-remarketing 15.1 1.5 - 0.4 17.0 net gains (1)

Asset (2.4 ) - - - (2.4 )impairments

$ 94.3 $ 2.7 $ 8.0 $ 0.9 $ 105.9

__________

(1) Includes net gains (losses) from scrapping of railcars.

GATX CORPORATION AND SUBSIDIARIES

SEGMENT DATA (UNAUDITED)

Twelve Months Ended December 31, 2020

(In millions)

Rail

North America

Rail International

Portfolio Management

Other

GATX Consolidated

Revenues

Lease revenue

$

838.3

$

248.4

$

0.8

$

-

$

1,087.5

Marine operating revenue

-

-

15.6

-

15.6

Other revenue

95.8

9.7

0.6

-

106.1

Total Revenues

934.1

258.1

17.0

-

1,209.2

Expenses

Maintenance expense

264.7

50.8

-

-

315.5

Marine operating expense

-

-

19.7

-

19.7

Depreciation expense

258.6

66.6

5.3

-

330.5

Operating lease expense

49.3

-

-

-

49.3

Other operating expense

27.3

7.5

0.5

-

35.3

Total Expenses

599.9

124.9

25.5

-

750.3

Other Income (Expense)

Net gain on asset dispositions

38.3

1.2

2.2

-

41.7

Interest (expense) income, net

(139.9

)

(45.9

)

(12.2

)

7.7

(190.3

)

Other expense

(4.9

)

(5.0

)

-

(3.1

)

(13.0

)

Share of affiliates' pre-tax (loss) income

(0.1

)

-

95.9

-

95.8

Segment profit

$

227.6

$

83.5

$

77.4

$

4.6

$

393.1

Less:

Selling, general and administrative expense

172.0

Income taxes (includes $33.6 related to affiliates' earnings)

70.9

Net income from continuing operations

$

150.2

Discontinued operations, net of taxes

Net loss from discontinued operations, net of taxes

$

(2.2

)

Gain on sale of discontinued operations, net of taxes

3.3

Total discontinued operations, net of taxes

$

1.1

Net income

$

151.3

Selected Data:

Investment volume

$

642.0

$

216.0

$

0.5

$

205.5

$

1,064.0

Net Gain (Loss) on Asset Dispositions

Asset Remarketing Income:

Net gains on disposition of owned assets

$

38.8

$

0.5

$

0.1

$

-

$

39.4

Residual sharing income

0.4

-

2.1

-

2.5

Non-remarketing net (losses) gains (1)

(0.6

)

0.7

-

-

0.1

Asset impairments

(0.3

)

-

-

-

(0.3

)

$

38.3

$

1.2

$

2.2

$

-

$

41.7

__________

(1) Includes net gains (losses) from scrapping of railcars.

GATX CORPORATION AND SUBSIDIARIES

SEGMENT DATA (UNAUDITED)

Twelve Months Ended December 31, 2020

(In millions)

Rail Rail Portfolio Other GATX North International Management Consolidated America

Revenues

Lease revenue $ 838.3 $ 248.4 $ 0.8 $ - $ 1,087.5

Marineoperating - - 15.6 - 15.6 revenue

Other revenue 95.8 9.7 0.6 - 106.1

Total Revenues 934.1 258.1 17.0 - 1,209.2

Expenses

Maintenance 264.7 50.8 - - 315.5 expense

Marineoperating - - 19.7 - 19.7 expense

Depreciation 258.6 66.6 5.3 - 330.5 expense

Operating lease 49.3 - - - 49.3 expense

Other operating 27.3 7.5 0.5 - 35.3 expense

Total Expenses 599.9 124.9 25.5 - 750.3

Other Income (Expense)

Net gain onasset 38.3 1.2 2.2 - 41.7 dispositions

Interest(expense) (139.9 ) (45.9 ) (12.2 ) 7.7 (190.3 )income, net

Other expense (4.9 ) (5.0 ) - (3.1 ) (13.0 )

Share ofaffiliates' (0.1 ) - 95.9 - 95.8 pre-tax (loss)income

Segment profit $ 227.6 $ 83.5 $ 77.4 $ 4.6 $ 393.1

Less:

Selling, general and administrative expense 172.0

Income taxes (includes $33.6 related to affiliates' earnings) 70.9

Net income from continuing operations $ 150.2



Discontinued operations, net of taxes

Net loss from discontinued operations, net of taxes $ (2.2 )

Gain on sale of discontinued operations, net of taxes 3.3

Total discontinued operations, net of taxes $ 1.1



Net income $ 151.3



Selected Data:

Investment $ 642.0 $ 216.0 $ 0.5 $ 205.5 $ 1,064.0 volume



Net Gain (Loss)on Asset Dispositions

AssetRemarketing Income:

Net gains ondisposition of $ 38.8 $ 0.5 $ 0.1 $ - $ 39.4 owned assets

Residual 0.4 - 2.1 - 2.5 sharing income

Non-remarketingnet (losses) (0.6 ) 0.7 - - 0.1 gains (1)

Asset (0.3 ) - - - (0.3 )impairments

$ 38.3 $ 1.2 $ 2.2 $ - $ 41.7

__________

(1) Includes net gains (losses) from scrapping of railcars.

GATX CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION (UNAUDITED)

(In millions, except per share data)

Impact of Tax Adjustments and Other Items on Net Income(1)

Three Months Ended

December 31

Twelve Months Ended

December 31

2021

2020

2021

2020

Net income (GAAP)

$

61.0

$

17.8

$

143.1

$

151.3

Less: Net income from discontinued operations (GAAP)

-

-

-

1.1

Net income from continuing operations (GAAP)

$

61.0

$

17.8

$

143.1

$

150.2

Adjustments attributable to pre-tax income from continuing operations:

Net insurance proceeds (2)

$

(5.3

)

$

-

$

(5.3

)

$

-

Debt extinguishment costs (3)

-

-

4.5

-

Total adjustments attributable to pre-tax income from continuing operations

$

(5.3

)

$

-

$

(0.8

)

$

-

Income taxes thereon, based on applicable effective tax rate

$

1.3

$

-

$

0.2

$

-

Adjustments attributable to affiliates' earnings, net of taxes:

Income tax rate changes (4)

-

-

39.7

12.3

Total adjustments attributable to affiliates' earnings, net of taxes

$

-

$

-

$

39.7

$

12.3

Net income from continuing operations, excluding tax adjustments and other items (non-GAAP)

$

57.0

$

17.8

$

182.2

$

162.5

Net income from discontinued operations, excluding tax adjustments and other items (non-GAAP)

-

-

-

1.1

Net income from consolidated operations, excluding tax adjustments and other items (non-GAAP)

$

57.0

$

17.8

$

182.2

$

163.6

GATX CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION (UNAUDITED)

(In millions, except per share data)

Impact of Tax Adjustments and OtherItems on Net Income^(1)

Three Months Twelve Months Ended Ended December 31 December 31

2021 2020 2021 2020

Net income (GAAP) $ 61.0 $ 17.8 $ 143.1 $ 151.3

Less: Net income from discontinued - - - 1.1operations (GAAP)

Net income from continuing operations $ 61.0 $ 17.8 $ 143.1 $ 150.2(GAAP)

Adjustments attributable to pre-tax income from continuing operations:

Net insurance proceeds (2) $ (5.3 ) $ - $ (5.3 ) $ -

Debt extinguishment costs (3) - - 4.5 -

Total adjustments attributable topre-tax income from continuing $ (5.3 ) $ - $ (0.8 ) $ -operations

Income taxes thereon, based on $ 1.3 $ - $ 0.2 $ -applicable effective tax rate

Adjustments attributable to affiliates' earnings, net of taxes:

Income tax rate changes (4) - - 39.7 12.3

Total adjustments attributable to $ - $ - $ 39.7 $ 12.3affiliates' earnings, net of taxes

Net income from continuing operations,excluding tax adjustments and other $ 57.0 $ 17.8 $ 182.2 $ 162.5items (non-GAAP)

Net income from discontinuedoperations, excluding tax adjustments - - - 1.1and other items (non-GAAP)

Net income from consolidatedoperations, excluding tax adjustments $ 57.0 $ 17.8 $ 182.2 $ 163.6and other items (non-GAAP)

Impact of Tax Adjustments and Other Items on Diluted Earnings per Share(1)

Three Months Ended

December 31

Twelve Months Ended

December 31

2021

2020

2021

2020

Diluted earnings per share from continuing operations (GAAP)

$

1.69

$

0.50

$

3.98

$

4.24

Diluted earnings per share from discontinued operations (GAAP)

-

-

-

0.03

Diluted earnings per share from consolidated operations (GAAP)

$

1.69

$

0.50

$

3.98

$

4.27

Diluted earnings per share from continuing operations, excluding tax adjustments and other items (non-GAAP)

$

1.58

$

0.50

$

5.06

$

4.59

Diluted earnings per share from discontinued operations, excluding tax adjustments and other items (non-GAAP)

-

-

-

0.03

Diluted earnings per share from consolidated operations, excluding tax adjustments and other items (non-GAAP)

$

1.58

$

0.50

$

5.06

$

4.62

Impact of Tax Adjustments and Other Items onDiluted Earnings per Share^(1)

Three Months Twelve Months Ended Ended

December 31 December 31

2021 2020 2021 2020

Diluted earnings per share from continuing $ 1.69 $ 0.50 $ 3.98 $ 4.24operations (GAAP)

Diluted earnings per share from discontinued - - - 0.03operations (GAAP)

Diluted earnings per share from consolidated $ 1.69 $ 0.50 $ 3.98 $ 4.27operations (GAAP)



Diluted earnings per share from continuingoperations, excluding tax adjustments and $ 1.58 $ 0.50 $ 5.06 $ 4.59other items (non-GAAP)

Diluted earnings per share from discontinuedoperations, excluding tax adjustments and - - - 0.03other items (non-GAAP)

Diluted earnings per share from consolidatedoperations, excluding tax adjustments and $ 1.58 $ 0.50 $ 5.06 $ 4.62other items (non-GAAP)

Impact of Tax Adjustments and Other Items on Return on Equity(1)

Twelve Months Ended

December 31

2021

2020

Return on Equity (GAAP)

7.2 %

8.0 %

Return on Equity, excluding tax adjustments and other items (non-GAAP) (5)

11.0 %

10.5 %

Impact of Tax Adjustments and Other Items on Return on Equity^(1)

Twelve Months Ended

December 31

2021 2020

Return on Equity (GAAP) 7.2 % 8.0 %

Return on Equity, excluding tax adjustments and other items 11.0 % 10.5 %(non-GAAP) ^(5)

_________

(1)

In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components. Specifically, we exclude the effects of certain tax adjustments and other items for purposes of presenting net income, diluted earnings per share, and return on equity because we believe these items are not attributable to our business operations. Management utilizes net income, excluding tax adjustments and other items, when analyzing financial performance because such amounts reflect the underlying operating results that are within management's ability to influence. Accordingly, we believe presenting this information provides investors and other users of our financial statements with meaningful supplemental information for purposes of analyzing year-to-year financial performance on a comparable basis and assessing trends.

(2)

Net gain from insurance recoveries for storm damage to a maintenance facility at Rail North America.

(3)

Write-off of unamortized deferred financing costs associated with the early redemption of our $150 million 5.625% Senior Notes due 2066.

(4)

Deferred income tax adjustments due to an enacted corporate income tax rate increase in the United Kingdom in 2021 and the elimination of a previously announced corporate income tax rate reduction in the United Kingdom in 2020.

(5)

Shareholders' equity used in this calculation excludes the increases resulting from the impact of the Tax Cuts and Jobs Act of 2017.

_________

In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components. Specifically, we exclude the effects of certain tax adjustments and other items for purposes of presenting net income, diluted earnings per share, and return on equity because we believe these items are not attributable to our business operations. Management utilizes net income, excluding tax(1) adjustments and other items, when analyzing financial performance because such amounts reflect the underlying operating results that are within management's ability to influence. Accordingly, we believe presenting this information provides investors and other users of our financial statements with meaningful supplemental information for purposes of analyzing year-to-year financial performance on a comparable basis and assessing trends.

(2) Net gain from insurance recoveries for storm damage to a maintenance facility at Rail North America.

(3) Write-off of unamortized deferred financing costs associated with the early redemption of our $150 million 5.625% Senior Notes due 2066.

Deferred income tax adjustments due to an enacted corporate income tax(4) rate increase in the United Kingdom in 2021 and the elimination of a previously announced corporate income tax rate reduction in the United Kingdom in 2020.

(5) Shareholders' equity used in this calculation excludes the increases resulting from the impact of the Tax Cuts and Jobs Act of 2017.

GATX CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION (UNAUDITED)

(In millions, except leverage)

12/31/2021

9/30/2021

6/30/2021

3/31/2021

12/31/2020

Total Assets, Excluding Cash, by Segment

Rail North America

$

6,101.6

$

5,976.8

$

5,916.3

$

5,896.5

$

5,887.5

Rail International

1,689.2

1,672.2

1,695.8

1,653.4

1,699.2

Portfolio Management

1,040.0

1,019.6

1,023.2

1,057.5

700.5

Other

366.4

351.5

347.1

348.8

357.8

Total Assets, excluding cash

$

9,197.2

$

9,020.1

$

8,982.4

$

8,956.2

$

8,645.0

Debt and Lease Obligations, Net of Unrestricted Cash

Unrestricted cash

$

(344.3

)

$

(566.0

)

$

(417.9

)

$

(958.9

)

$

(292.2

)

Commercial paper and bank credit facilities

18.1

20.7

17.9

19.6

23.6

Recourse debt

5,887.5

6,029.8

5,803.1

6,374.6

5,329.0

Operating lease obligations

286.2

292.1

298.7

328.0

348.6

Finance lease obligations

1.5

-

43.6

-

33.3

Total debt and lease obligations, net of unrestricted cash

5,849.0

5,776.6

5,745.4

5,763.3

5,442.3

Shareholders' Equity

$

2,019.2

$

1,976.9

$

1,971.4

$

1,690.0

$

1,957.4

Recourse Leverage (1)

2.9

2.9

2.9

2.9

2.8

_________

(1) Calculated as total recourse debt / shareholder's equity.

GATX CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION (UNAUDITED)

(In millions, except leverage)

12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020

Total Assets,Excluding Cash, bySegment

Rail North $ 6,101.6 $ 5,976.8 $ 5,916.3 $ 5,896.5 $ 5,887.5 America

Rail 1,689.2 1,672.2 1,695.8 1,653.4 1,699.2 International

Portfolio 1,040.0 1,019.6 1,023.2 1,057.5 700.5 Management

Other 366.4 351.5 347.1 348.8 357.8

Total Assets,excluding $ 9,197.2 $ 9,020.1 $ 8,982.4 $ 8,956.2 $ 8,645.0 cash

Debt and Lease Obligations, Net of Unrestricted Cash

Unrestricted $ (344.3 ) $ (566.0 ) $ (417.9 ) $ (958.9 ) $ (292.2 )cash

Commercialpaper and 18.1 20.7 17.9 19.6 23.6 bank creditfacilities

Recourse debt 5,887.5 6,029.8 5,803.1 6,374.6 5,329.0

Operatinglease 286.2 292.1 298.7 328.0 348.6 obligations

Finance lease 1.5 - 43.6 - 33.3 obligations

Total debtand leaseobligations, 5,849.0 5,776.6 5,745.4 5,763.3 5,442.3 net ofunrestrictedcash

Shareholders' $ 2,019.2 $ 1,976.9 $ 1,971.4 $ 1,690.0 $ 1,957.4 Equity

Recourse 2.9 2.9 2.9 2.9 2.8 Leverage (1)

_________

(1) Calculated as total recourse debt / shareholder's equity.

Reconciliation of Total Assets to Total Assets, Excluding Cash

Total Assets

$

9,541.7

$

9,586.3

$

9,400.5

$

9,915.3

$

8,937.6

Less: cash

(344.5

)

(566.2

)

(418.1

)

(959.1

)

(292.6

)

Total Assets, excluding cash

$

9,197.2

$

9,020.1

$

8,982.4

$

8,956.2

$

8,645.0

Reconciliation of Total Assets to Total Assets, Excluding Cash

Total $ 9,541.7 $ 9,586.3 $ 9,400.5 $ 9,915.3 $ 8,937.6 Assets

Less: (344.5 ) (566.2 ) (418.1 ) (959.1 ) (292.6 )cash

TotalAssets, $ 9,197.2 $ 9,020.1 $ 8,982.4 $ 8,956.2 $ 8,645.0 excludingcash

GATX CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION (UNAUDITED)

(Continued)

12/31/2021

9/30/2021

6/30/2021

3/31/2021

12/31/2020

Rail North America Statistics

Lease Price Index (LPI) (1)

Average renewal lease rate change

(0.7

) %

(8.1

) %

(6.7

) %

(18.1

) %

(22.6

) %

Average renewal term (months)

37

32

29

30

34

Fleet Rollforward (2)

Beginning balance

101,341

102,144

102,903

103,745

103,363

Cars added

959

742

693

977

1,015

Cars scrapped

(358

)

(947

)

(770

)

(1,002

)

(571

)

Cars sold

(372

)

(598

)

(682

)

(817

)

(62

)

Ending balance

101,570

101,341

102,144

102,903

103,745

Utilization

99.2

%

99.2

%

98.5

%

97.8

%

98.1

%

Average active railcars

100,658

100,467

100,722

101,099

101,723

Boxcar Fleet

Ending balance

12,946

12,809

12,659

13,880

14,315

Utilization

99.7

%

98.4

%

97.1

%

97.1

%

95.8

%

Rail Europe Statistics

Fleet Rollforward

Beginning balance

26,840

26,727

26,498

26,343

25,956

Cars added

333

213

359

226

446

Cars scrapped/sold

(64

)

(100

)

(130

)

(71

)

(59

)

Ending balance

27,109

26,840

26,727

26,498

26,343

Utilization

98.7

%

98.1

%

98.4

%

98.2

%

98.1

%

Average active railcars

26,562

26,310

26,156

25,917

25,669

Rail North America Industry Statistics

Manufacturing Capacity Utilization Index (3)

76.5

%

75.2

%

75.6

%

74.6

%

74.7

%

Year-over-year Change in U.S. Carloadings (excl. intermodal) (4)

6.6

%

7.9

%

9.4

%

(2.6

) %

(12.9

) %

Year-over-year Change in U.S. Carloadings (chemical) (4)

5.6

%

5.6

%

5.9

%

(3.8

) %

(3.4

) %

Year-over-year Change in U.S. Carloadings (petroleum) (4)

(4.5

) %

(3.6

) %

(4.3

) %

(14.4

) %

(14.0

) %

Production Backlog at Railcar Manufacturers (5)

n/a (6)

37,779

37,470

34,829

34,598

GATX CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION (UNAUDITED)

(Continued)

12/31/ 9/30/2021 6/30/2021 3/31/2021 12/31/ 2021 2020

Rail North America Statistics

Lease Price Index (LPI) (1)

Average renewal lease (0.7 ) (8.1 ) (6.7 ) (18.1 ) (22.6 )rate change % % % % %

Average renewal term 37 32 29 30 34 (months)

Fleet Rollforward (2)

Beginning balance 101,341 102,144 102,903 103,745 103,363

Cars added 959 742 693 977 1,015

Cars scrapped (358 ) (947 ) (770 ) (1,002 ) (571 )

Cars sold (372 ) (598 ) (682 ) (817 ) (62 )

Ending balance 101,570 101,341 102,144 102,903 103,745

Utilization 99.2 % 99.2 % 98.5 % 97.8 % 98.1 %

Average active 100,658 100,467 100,722 101,099 101,723 railcars

Boxcar Fleet

Ending balance 12,946 12,809 12,659 13,880 14,315

Utilization 99.7 % 98.4 % 97.1 % 97.1 % 95.8 %

Rail Europe Statistics

Fleet Rollforward

Beginning balance 26,840 26,727 26,498 26,343 25,956

Cars added 333 213 359 226 446

Cars scrapped/sold (64 ) (100 ) (130 ) (71 ) (59 )

Ending balance 27,109 26,840 26,727 26,498 26,343

Utilization 98.7 % 98.1 % 98.4 % 98.2 % 98.1 %

Average active 26,562 26,310 26,156 25,917 25,669 railcars

Rail North America Industry Statistics

ManufacturingCapacity Utilization 76.5 % 75.2 % 75.6 % 74.6 % 74.7 %Index (3)

Year-over-year Changein U.S. Carloadings 6.6 % 7.9 % 9.4 % (2.6 ) (12.9 )(excl. intermodal) % %(4)

Year-over-year Change ) )in U.S. Carloadings 5.6 % 5.6 % 5.9 % (3.8 % (3.4 %(chemical) (4)

Year-over-year Change ) ) ) ) )in U.S. Carloadings (4.5 % (3.6 % (4.3 % (14.4 % (14.0 %(petroleum) (4)

Production Backlog atRailcar Manufacturers n/a (6) 37,779 37,470 34,829 34,598 (5)

_________

(1)

GATX's Lease Price Index (LPI) is an internally-generated business indicator that measures lease rate pricing on renewals for our North American railcar fleet, excluding boxcars. GATX calculates the index using the weighted-average lease rate for a group of railcar types that GATX believes best represents its overall North American fleet, excluding boxcars. The average renewal lease rate change is reported as the percentage change between the average renewal lease rate and the average expiring lease rate, weighted by fleet composition. The average renewal lease term is reported in months and reflects the average renewal lease term of railcar types in the LPI, weighted by fleet composition.

(2)

Excludes boxcar fleet.

(3)

As reported and revised by the Federal Reserve.

(4)

As reported by the Association of American Railroads (AAR).

(5)

As reported by the Railway Supply Institute (RSI).

(6)

Not available, not published as of the date of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220125005519/en/

CONTACT: GATX Corporation Shari Hellerman Director, Investor Relations 312-621-4285 shari.hellerman@gatx.com