Getty Petroleum Makes August Rent

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Getty Petroleum Makes August Rent


JERICHO, N.Y. -- Getty Realty Corp. announced this morning that it received the full monthly rental payment due from its largest tenant, Getty Petroleum Marketing Inc. Getty Realty had issued a press release on Aug. 8 stating that Getty Petroleum had not paid its rent bill for the month of August.

At that time, Getty Realty said in the release posted on its website: "In discussions with [Getty] Marketing, the company was informed today that based on [Getty] Marketing's distressed financial position, weakness in operating margins and cash flow deficiencies, it was unlikely to pay full rent for August. Although [Getty] Marketing described various contingencies which, if resolved favorably, may allow for payment of full or partial rent for August, the company can provide no assurances that [Getty] Marketing will meet its current or future rental or other obligations."

Given its recent payment, it appears Getty Petroleum, the operator of gas stations primarily in the Northeast, favorably resolved those issues so it could pay its full rent for August. However, that doesn't mean the mean the company is not still in a distressed financial position, as Getty Realty Corp. initially claimed.

Calls placed by CSNews Online to Getty Petroleum Marketing were not returned as of press time. Getty Realty Corp. is the largest publicly-traded real estate investment trust in the United States. It owns and leases about 1,170 properties nationwide.