Getty Realty reports lower revenue, profit for quarter

Getty Realty Corp., a real estate investment trust specializing in gas station and convenience store properties, reported a lower profit for the quarter ended Sept. 30 because of fewer property sales and the absence of a lawsuit-related gain a year earlier.

Third-quarter revenue for the Jericho-based company was $24.8 million, down from $28.5 million during the same period last year. In the year-earlier period, the company received $3.1 million in "other revenue" from the settlement of litigation with Russian oil company Lukoil.

Funds from operations, a measure commonly used to evaluate earnings at real estate trusts, fell to $12.4 million, or 37 cents per share, from $20.6 million or 62 cents per share a year ago.

Net earnings at Getty Realty were $10.2 million, down from $41.9 million during the 2013 quarter. The year-earlier quarterly profit was boosted by around $27 million from gains on disposition of real estate, and by a gain of $17.1 million from the Lukoil litigation settlement.

The company said in a news release that many of the gains reported in last year's quarter were related to funds received from the bankruptcy estate of Getty Petroleum Marketing Inc. and a settlement with Lukoil. Getty Petroleum is a former subsidiary of Lukoil and tenant of Getty Realty that filed for bankruptcy in 2011.