Getty Realty Corp., a real estate investment trust based in Jericho, reported lower profit and revenue for the quarter ended Dec. 31 due to lower gains from property sales and a noncash impairment charge due in part to environmental contamination at properties it owns.
The company, which owns gas stations and convenience stores, said fourth-quarter revenue was $25.4 million, down from $26.5 million during the same period last year.
Getty reported a $3.1 million net loss for the quarter, down from earnings of $5 million for the year earlier period. The company said fourth quarter results were hurt by "$15 million of noncash impairment charges," mostly related to increases in the company's environmental liabilities.
Funds from operations, a measure commonly used to evaluate earnings at real estate trusts, rose to $12.7 million, or 38 cents per share, from $7.3 million or 22 cents per share a year ago, as a result of increased rental revenue.
REITs must return most of their profit to investors. Some, like Getty, are publicly traded.
Shares of Getty closed down 3 cents to $17.93 on the New York Stock Exchange. The earnings report was released after the market close.