Getty Realty Corp. (NYSE:GTY) is a REIT based in Maryland, but does most of its business in New York. If you recognize the name, that is because it bears the name of great American industrialist J. Paul Getty who was named the richest living American by Fortune in 1957. Getty Oil was founded by J. Paul Getty in 1964 and the back story to Getty Realty is interesting.
What is now Getty Realty was founded in 1955 with one gas station, at that time it was called Power Test Corp. The rest of the story, although slightly confusing is very important to the future success of the company today. Here is the SparkNotes version.
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