Getty Realty Corp., a Jericho-based real estate investment trust specializing in gas station properties, reported higher quarterly earnings due to a benefit from a lawsuit settlement.
The company posted funds from operations for the three months ending June 30 of $11.44 million, or 34 cents a share, up from $7.19 million for the same period in 2012. Funds from operations is a measure typically used in place of profit to evaluate real estate trust earnings.
Revenue at Getty Realty also rose slightly to $25.10 million for the quarter compared to $25.06 million in the year-ago period.
Getty Realty discouraged comparisons between the 2013 and 2012 quarterly results in a news release because of both one-time gains and expenses incurred due to a lawsuit against Russian oil company Lukoil regarding Getty Petroleum Marketing Inc. Getty Petroleum is a former subsidiary of Lukoil and tenant of Getty Realty that filed for bankruptcy in 2011.