Share prices of Jericho-based Getty Realty Corp., a gas station property owner, still have a long way to go to return to the year's high $30 level, but they made a start Wednesday after the company disclosed that its major tenant has paid the August rent.
Getty Realty Corp., with 1,170 properties nationwide, is the country's largest publicly-traded, gas station-focused real estate investment trust.
The rent-payment announcement came in a news release, and by mid-afternoon Wednesday the company's stock price rose 5 percent, past $18, up from Tuesday's opening of $16.91.
Getty "announced that yesterday it received the full monthly rental payment due for August 2011 from its largest tenant, Getty Petroleum Marketing Inc. (“Marketing”), under its Master Lease and other leases with Marketing (the “Marketing Leases”)."
Yet the road to share-price stability hasn't smoothed entirely, Getty said, because it "cannot provide assurance that marketing will meet its rental or other obligations under the marketing leases."