Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - GETTY REALTY CORP /MD/ | c65779e8vk.htm |
Exhibit 99.1
RELEASE: IMMEDIATE
GETTY REALTY CORP.
PROVIDES UPDATE REGARDING
GETTY PETROLEUM MARKETING INC.
PROVIDES UPDATE REGARDING
GETTY PETROLEUM MARKETING INC.
JERICHO, NY, August 8, 2011 — Getty Realty Corp. (NYSE-GTY) (the “Company”) announced today that
it has not received the monthly rental payment due for August 2011 from its largest tenant, Getty
Petroleum Marketing Inc. (“Marketing”), under its Master Lease and other leases with Marketing (the
“Marketing Leases”).
In discussions with Marketing, the Company was informed today that based on Marketing’s distressed
financial position, weakness in operating margins, and cash flow deficiencies, it was unlikely to
be able to pay full rent for August. Although Marketing described various contingencies which, if
resolved favorably, may allow for payment of full or partial rent for August, the Company can
provide no assurances that Marketing will meet its current or future rental or other obligations
under the Marketing Leases.
The Company has issued a contractual notice of default to Marketing as a result of its non-payment
of rent, and intends to continue discussions with Marketing while it evaluates its options
regarding this matter.
For more information on the risks associated with the Company’s relationship with Marketing and the
risks associated with this relationship, see the disclosure under the caption “Risk Factors” in the
Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010, the Company’s
subsequent Quarterly Reports on Form 10-Q and as updated by the Company’s subsequent filings under
the Securities Exchange Act of 1934, as amended and the Company’s other filings made with the
Securities and Exchange Commission.
Getty Realty Corp. is the largest publicly-traded real estate investment trust in the United States
specializing in ownership, leasing and financing of retail motor fuel and convenience store
properties and petroleum distribution terminals. The Company owns and leases approximately 1,170
properties nationwide.
Certain statements in this press release may constitute “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. When the words “believes,”
“expects,” “plans,” “projects,” “estimates” and similar expressions are used, they identify
forward-looking statements. These forward-looking statements are based on management’s current
beliefs and assumptions and information currently available to management and involve known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any future results, performance or
achievements expressed or implied by these forward-looking statements. Information concerning
factors that could cause our actual results to differ materially from these forward-looking
statements can be found in our periodic reports filed with the Securities and Exchange Commission.
We undertake no obligation to publicly release revisions to these forward-looking statements to
reflect future events or circumstances or reflect the occurrence of unanticipated events.