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New master lease holder on 800 Getty Realty stations

Attendant Jarnial Singh pumps regular gasoline at a

Attendant Jarnial Singh pumps regular gasoline at a Getty station in Jersey City, N.J. Lukoil Americas Corp. said March 2, 2011 that it has sold its Getty Petroleum Marketing Inc. unit to Cambridge Petroleum Holding Inc. (Oct. 6, 2006) Photo Credit: AP

Jericho-based Getty Realty Corp. has received a full monthly March rental payment from the company that — in a surprise disclosure last week — acquired the master lease for more than 800 Getty gas station properties. 

The real estate investment trust also said it "met with and has commenced discussions with" the new lease owners, Cambridge Petroleum Holding Inc. of Manhattan. 

Last week Getty Realty's share prices were buffeted by news that Russian petroleum giant OAO Lukoil on March 2 had sold off its package of Getty property leases. 

The Lukoil package of stations represents more than 75 percent of Getty's tenant base. 

Getty Realty owns or leases about 1,100 gas stations and convenience stores and nine petroleum terminals in 21 states. It had revenues of $84.5 million in 2009, its most recently reported fiscal year. 

When it disclosed the transaction last week Getty said it "cannot provide any assurance that (the new leaseholder) will meet its rental, environmental or other obligations under the master lease with the company in the future." 

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