Getty Realty Sees Higher Net Income

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Getty Realty Sees Higher Net Income

11/01/2007
JERICHO, N.Y. -- Getty Realty Corp., a real estate investment trust that owns and leases approximately 1,100 properties in the U.S., saw net earnings for the third quarter increase $1.5 million to $12.8 million, compared to the year-ago quarter’s net income of $11.3 million, the company stated.

Third quarter results were also affected by an $84.6 million acquisition of convenience stores and gas station locations that were substantially completed by the end of the first quarter, according to the company.

Revenues from Getty's rental properties increased $2.3 million for the quarter, to $20.3 million, while rent received totaled $19.3 million compared to $17.3 million for the comparable quarter. The increase was attributed to rental income from property acquisitions and rent escalations, the company stated.

In addition, net earnings before discontinued operations for the quarter include higher expenses -- including environmental, general and administrative, depreciation and amortization and interest costs -- which were partially balanced by additional rental revenues from acquired properties, higher rents and other income and lower rental property expenses compared to previous comparable quarters, the company stated.