Getty Realty’s quarterly income rises as revenue dips
The Getty Realty Corp. office in Jericho on March 18, 2008. Credit: Newsday / Alejandra Villa
Getty Realty Corp., a Jericho-based real estate investment trust, reported higher net income and slightly lower revenue for the quarter ended Sept. 30.
Getty, an owner of convenience stores and gas stations, said revenue for the quarter dipped slightly to $28.5 million from about $30 million during the same period last year. The company reported net income of $8.8 million, or 26 cents per share, up from $7 million, or 21 cents per share, in the third quarter last year.
Funds from operations, a measure of real estate trust earnings that excludes gains or losses from the sale of properties, rose to $16.2 million, or 47 cents per share, from $14.2 million, or 42 cents per share, during the same period last year.
Real estate investment trusts, or REITs, are required to return at least 90 percent of their profits to investors. Some REITs, like Getty, are publicly traded. The company reported earnings after the market closed on Wednesday. Its shares were down 24 cents to $22.27 in Thursday afternoon trading.
Getty owns and leases 835 gas stations and convenience stores in the United States.
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