Getty Realty Corp., a Jericho-based real estate investment trust, reported higher revenue and net income for the quarter ended June 30 due to higher rental property revenues.
Getty, an owner and financer of gas stations and convenience stores, said total revenue for the second quarter was $28.6 million, up from $26.2 million during the same quarter last year. The company, which owns 842 properties in 23 states, said net income rose to $13.6 million from $11.6 million in the year earlier period.
Getty’s funds from operations, a measure of real estate trust earnings that excludes gains or losses from the sale of properties, fell to $16 million, or 47 cents per share, from $18.5 million, or 55 cents per share, last year.
Real estate investment trusts, or REITs, are required to return at least 90 percent of profits to investors. Some REITs, like Getty, are publicly traded. The company reported earnings after the market closed on Thursday. Its shares were unchanged at $22.33 in after-hours trading.