Getty Realty Corp., a real estate investment trust that primarily owns gas station properties, reported higher sales and profit for its third quarter because of gains from rent and the sale of some portfolio properties, and a benefit due to a lawsuit settlement.
The Jericho-based company's revenue for the quarter ending Sept. 30 was $29.3 million, up from $22.3 million in the year-ago period.
Funds from operations, a measure commonly used to evaluate earnings in real estate trusts, grew from $6.8 million last year to $20.3 million, or 62 cents per share.
Profit at Getty Realty was $41.9 million, a large increase from a loss of $3.4 million in the 2012 quarter. The profit was boosted by a gain of $27 million from sales of noncore real estate in its portfolio.
The results, however, fell below analysts' expectations. The stock did not move in aftermarket trading.
Getty Realty discouraged comparisons between the 2013 and 2012 quarterly results in a news release because it is still incurring gains and expenses due to a settled lawsuit between Russian oil company Lukoil and Getty Petroleum Marketing Inc. Getty Petroleum is a former subsidiary of Lukoil and tenant of Getty Realty that filed for bankruptcy in 2011.
Getty Realty, which has a stock market value of around $631.5 million, owns or leases 990 gas station properties across the United States.