Stock of Jericho-based Getty Realty dives

Share prices of Jericho-based Getty Realty Corp. dropped by nearly 18 percent on the New York Stock Exchange Wednesday after news of an abrupt change in its relationship with Russian petroleum giant Lukoil Oil Co. - one of Getty Realty's largest tenants.

It was not immediately clear whether Getty, a real estate investment trust specializing in gas stations, would lose its Lukoil tenant network - more than 75 percent of its lessees.

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. Shares fell $5.10 to close at $23.75 Wednesday.

JPMorgan Chase & Co. analysts downgraded the stock after Getty Realty issued an announcement titled "Lukoil Transfers Ownership of Getty Petroleum Marketing Inc."

The company said it was informed by Lukoil management that on Feb. 28 it had transferred its interest in Getty's wholly owned subsidiary, Getty Petroleum Marketing Inc., the company's largest tenant, to an unrelated party. Getty Realty said it has "commenced a preliminary dialogue with the new management."