Rental property expenses included in continuing operations, which are primarily comprised of rent, real estate taxes and maintenance, were $8.3 million and $22.0 million for the quarter and nine months ended September 30, 2012, respectively, as compared to $2.9 million and $10.1 million for the respective prior year periods. Certain of these increased expenses are reimbursable by the Company’s tenants and are related to properties and leasehold interests acquired in 2011. The remaining increase results from real estate taxes and maintenance expenses historically paid by Marketing directly, which the Company began paying in the first quarter of 2012. Any reimbursement of such expenses from the Company’s tenants is included in revenues from rental properties in the Company’s consolidated statement of operations.Depreciation and amortization expense included in continuing operations was $3.3 million and $10.2 million for the quarter and nine months ended September 30, 2012, respectively, as compared to $2.7 million and $7.0 million for the quarter and nine months ended September 30, 2011, respectively. The increase was primarily due to depreciation charges related to capitalized asset retirement costs associated with environmental obligations assumed from Marketing after the rejection of the Master Lease and properties acquired in 2011, partially offset by the effect of certain assets becoming fully depreciated, lease terminations and dispositions of real estate.
Getty Realty Corp. Announces Financial Results For Quarter Ended September 30, 2012
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