Getty Realty Corp. Adds Two More Long-Term Triple-Net Leases
- Enters into Triple-Net Agreements for 15 Years with Global Partners (GLP) and Lehigh Gas -
- Company Has Now Leased 415 Properties in 2012 -
JERICHO, N.Y.--(BUSINESS WIRE)-- Getty Realty Corp. (Getty or the Company) announced the signing of two long-term triple-net leases today for 109 properties representing $9.1 million in annual triplenet GAAP revenue. The first lease is with a subsidiary of Global Partners LP. It comprises 84 properties located throughout the New York metropolitan area including New York City and Long Island. The annual triple-net GAAP revenue from this lease is anticipated to be approximately $7.7 million. The second lease is with a subsidiary of Lehigh Gas Partners LP (NYSE: LGP). It comprises 25 properties located mainly in northern New Jersey. The annual triple-net GAAP revenue from this lease is anticipated to be approximately $1.4 million. Both leases have 15 year initial terms with options for multiple renewal terms.
David Driscoll, Getty's President and Chief Executive Officer commented, We are excited to enter into a new long-term relationship with Global and expand our relationship with Lehigh. We have worked well with both companies in the past and look forward to a long and beneficial relationship on these proprieties in the coming years."
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 Companys Quarterly Report for the period ended June 30, 2012, and as updated by the Companys subsequent periodic reports filed under the Securities Exchange Act of 1934, as amended, and the Companys other filings made with the Securities and Exchange Commission.
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 MANAGEMENTS 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 COMPANYS PRESIDENT & CEO AND (B) RELATED TO THE REVENUE THE COMPANY EXPECTS TO RECEIVE FROM THE 109 PROPERTIES THAT ARE SUBJECT TO THE TWO NEW LONG-TERM TRIPLE-NET LEASE AGREEMENTS WITH GLOBAL PARTNERS AND LEHIGH GAS.
INFORMATION CONCERNING FACTORS THAT COULD CAUSE THE COMPANYS ACTUAL RESULTS TO DIFFER MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS CAN BE FOUND IN THE COMPANYS 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
Source: Getty Realty Corp.Copyright Business Wire 2012