Getty Realty Corp., a Jericho-based real estate investment trust, reported higher net income for the quarter ended June 30 due to a distribution it received from the bankruptcy estate of a tenant.
Getty, which owns gas stations and convenience stores, said second-quarter revenue was $26.2 million, up from $25.1 million during the same period last year.
The company reported net income of $11.6 million, or 34 cents per share, for the quarter, up from $6.6 million -- 20 cents per share -- during the year-earlier period. The company said that the gains included a distribution of about $7.4 million from the bankruptcy estate of Getty Petroleum Marketing Inc. Getty Petroleum, which filed for bankruptcy in 2011, is a tenant of Getty Realty and former subsidiary of Russian oil company OAO Lukoil.
Funds from operations, an industry measure used to evaluate real estate trust earnings, nearly doubled to $18.5 million -- 55 cents per share -- from $9.8 million, or 29 cents a share, a year ago.
Real estate investment trusts, or REITs, must return most of their profit to investors, and some, like Getty, are publicly traded.
Shares of Getty closed at $16.60, up 6 cents, on the New York Stock Exchange, and were unchanged in after-hours trading. Getty reported earnings after the market close Monday.