This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Getty Realty Corp. Announces That Getty Petroleum Marketing, Inc. Has Been Ordered To Meet Its Post-Bankruptcy Lease Obligations

Getty Realty Corp. (NYSE-GTY) (the “Company”) announced that the United States Bankruptcy Court (the “Court”) in the bankruptcy case of Getty Petroleum Marketing, Inc. (“Marketing”), the Company’s largest tenant, issued an order yesterday affirming the Company’s right to receive post-bankruptcy rent for December 2011 and January 2012 and rejecting an attempt by Marketing to “offset” the rent for such months. The Court ordered Marketing to comply with all of its post-bankruptcy obligations under the Master Lease, including the obligations to pay fixed rent and real estate taxes (the “Order”). The Order requires Marketing to pay $3 million towards these obligations by January 17 th and the remainder of the amounts due under the Master Lease on account of unpaid post-bankruptcy obligations, which includes more than $9 million of unpaid fixed rent, not later than February 5, 2012.

David B. Driscoll, President and CEO of the Company commented, “We welcome the decision of the Bankruptcy Court requiring Marketing to comply with its post-bankruptcy obligations under the Master Lease. The Company intends to continue to protect its interests with respect to the Master Lease and pursue all other rights and remedies available to it as appropriate. We remain confident of the long-term value in the portfolio subject to the Master Lease and optimistic about the future of our Company.”

The Company has previously disclosed that it had served Marketing with a formal notice of termination of the Master Lease as a result of Marketing’s nonpayment of November 2011 rent. As of November 30, 2011 Marketing leased approximately 800 properties under the Master Lease and the monthly fixed rent that was due to the Company under the Master Lease was approximately $4.9 million. Under the Master Lease, Marketing is responsible for the payment of taxes, maintenance, repair, insurance, environmental and other operating expenses. The Company believes that it is likely that Marketing has not paid some or all of the real estate taxes due and owing under the Master Lease in a timely manner.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,598.20 -91.66 -0.52%
S&P 500 2,098.04 -5.80 -0.28%
NASDAQ 5,115.3820 -12.8990 -0.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs