Getty Realty Corp. Announces Long-Term Triple-Net Lease Agreements with BP
- Leases 28 Properties Located in New York and New Jersey -
- Company Reaches Milestone Having Leased 443 Properties in 2012 -
JERICHO, N.Y. -- December 05, 2012
Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced it had
agreed to long-term triple-net leases on 28 properties in New York and New
Jersey with a subsidiary of BP, plc (NYSE: BP), BP Products North America Inc.
Under the terms of the agreements, the aggregate annual triple-net GAAP
revenue will be up to approximately $3.0 million. The leases with BP have
initial 15 year terms with provisions for rent escalations and options for
multiple renewal terms.
“With this new long-term agreement with BP, we have reached a critical
milestone in this Company’s history. We have now virtually completed our
efforts to reposition the portfolio previously leased to Getty Petroleum
Marketing, Inc. (“Marketing”), our former largest tenant, that filed for
bankruptcy protection one year ago today,” stated David Driscoll, Getty's
President and Chief Executive Officer. “At this point, we have now entered
into long-term triple-net leases for 443 of those locations. While we also
anticipate we may enter into additional leases on smaller portfolios, we will
also continue to rationalize our portfolio through the disposition of
underperforming properties. As we look ahead, we now believe we are well
positioned to begin refocusing our efforts on reinvesting proceeds from asset
sales and making accretive acquisitions, as we seek to create value for our
Getty Realty Corp. is the leading publicly-traded real estate investment trust
in the United States specializing in ownership, leasing and financing of
convenience store/gas station properties and petroleum distribution terminals.
The Company owns and leases approximately 1,110 properties nationwide.
For more information on the risks associated with the Company see the
disclosure under the caption “Risk Factors” in the Company’s Quarterly Report
for the period ended June 30, 2012, and as updated by the Company’s subsequent
periodic reports filed under the Securities Exchange Act of 1934, as amended,
and the Company’s other filings made with the Securities and Exchange
Forward Looking Statements:
CERTAIN STATEMENTS CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING
STATEMENTS” WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995. WHEN THE WORDS “BELIEVES,” “EXPECTS,” “PLANS,” “PROJECTS,”
“ESTIMATES”, “ANTICIPATES” AND SIMILAR EXPRESSIONS ARE USED, THEY IDENTIFY
FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON
MANAGEMENT’S CURRENT BELIEFS AND ASSUMPTIONS AND INFORMATION CURRENTLY
AVAILABLE TO MANAGEMENT AND INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND
OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS
OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE
OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS.
STATEMENTS IN THIS ANNOUNCEMENT THAT ARE FORWARD-LOOKING INCLUDE, BUT ARE NOT
LIMITED TO, STATEMENTS (A) MADE BY DAVID B. DRISCOLL, THE COMPANY’S PRESIDENT
& CEO AND (B) RELATED TO THE REVENUE THE COMPANY EXPECTS TO RECOGNIZE PURSUANT
TO GAAP FROM THE 28 PROPERTIES THAT ARE SUBJECT TO THE LONG-TERM TRIPLE-NET
LEASES WITH BP.
INFORMATION CONCERNING FACTORS THAT COULD CAUSE THE COMPANY’S ACTUAL RESULTS
TO DIFFER MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS CAN BE FOUND IN THE
COMPANY’S PERIODIC REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY RELEASE REVISIONS TO THESE
FORWARD-LOOKING STATEMENTS TO REFLECT FUTURE EVENTS OR CIRCUMSTANCES OR
REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.
Getty Realty Corp.
Thomas J. Stirnweis, 516-478-5403
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