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Getty Realty reports lower net income for 3rd quarter

Getty Realty Corp.'s Jericho-based office is seen in

Getty Realty Corp.'s Jericho-based office is seen in this undated photo. Photo Credit: Newsday, 2008 / Alejandra Villa

Getty Realty Corp., a real estate investment trust based in Jericho, reported higher revenue but lower net income for the quarter ended Sept. 30.

The company, which owns gas stations and convenience stores, said third quarter revenue was $30 million, up from $24.9 million during the same period last year.

Getty reported net income of $7 million, or 21 cents per share, for the quarter, down from $10.2 million, or 30 cents a share, during the year-earlier period. The decrease was due in part to higher gains made on the sale of real estate last year, and losses from discontinued properties during the most recent quarter.

Funds from operations, an industry measure used to evaluate real estate trust earnings, rose to $14.2 million, or 42 cents per share, from $12.4 million, or 37 cents a share, a year ago.

Real estate investment trusts, or REITs, must return most of their profit to investors. Some, like Getty, are publicly traded. The company reported earnings after the market closed Wednesday.

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