Getty Realty repossesses 787 gas stations

In an effort to restore the regular flow of rental payments from its properties, Jericho-based Getty Realty Corp., landlord to more than 1,100 Getty and Mobil gas stations nationwide, on Tuesday repossessed 787 gas stations from its prime tenant.

The tenant, Getty Petroleum Marketing Inc. -- referred to in court papers as Marketing --  is in U.S. Bankruptcy Court for the Southern District of New York, where proceedings on Tuesday led to a rejection of Marketing's lease, Getty Petroleum said. "As a result of this action, Getty is repossessing its portfolio of properties immediately," the real estate investment trust said.

“We are pleased to be able to regain full control of this portfolio in accordance with our expectations and the public statements we made in March," David Driscoll, Getty Realty's president and chief executive, said in a news release.

Problems at the Jericho realty company, whose gas station properties also include numerous convenience stores, accelerated last February after an abrupt change in its relationship with Russian petroleum giant Lukoil Oil Co., which sold off its network of gasoline stations. Further details are available in more than a dozen previous Newsday business blog stories on the subject.

Getty Realty stock closed at $15.98 Tuesday, on the lower end of its 52-week range of $12.22 — $26.47. With about 22 employees, the company had income of $11.36 million on revenue of $112.8 million during the four most recent quarters.

Driscoll said the company is taking steps to ensure restoration of the flow of rent payments from its properties. He said, "the pace is already accelerating, evidenced by interim supply arrangements and new long-term triple-net leases with distributors, along with our ongoing process of selling noncore assets."

The company has described itself as "the largest publicly traded real estate investment trust in the United States specializing in ownership and leasing of convenience store/gas station properties and petroleum distribution terminals."

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