"This will reduce our rent expense and increase our adjusted funds from operations for the current year by $877,000 or by $1.3 million on an annual basis," says Leo Liebowitz, president and CEO of Getty Realty. "In subsequent years additional savings will be realized as a result of this acquisition due to the elimination of scheduled rent escalations."
Forty of the properties, which average about 30,000 sf, are currently being subleased to Getty Petroleum Marketing Inc. under a master lease through at least 2015. The remaining property is being leased to an individual operator.
Getty Realty Corp. is a REIT specialized in gas service stations, convenience stores and petroleum marketing terminals. It currently owns and leases approximately 1,100 properties in the Eastern US.
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