On March 1, 2011 Getty Realty Corp. was informed by management of Lukoil North America LLC that Lukoil transferred its interest in its wholly-owned subsidiary, Getty Petroleum Marketing Inc. (Marketing), Getty Realty’s largest tenant, to an unrelated party on Feb. 28, 2011.
Getty Realty has commenced a preliminary dialogue with the new management of Marketing. Getty Realty was informed today by the new management of Marketing that the monthly rental payment due under the Master Lease by close of business on March 1, 2011 will not be received when due, but that Marketing expects to make the monthly rental payment on or before March 7, 2011.
Getty Realty cannot provide any assurance that Marketing will meet its rental, environmental or other obligations under the Master Lease.
For more information on the risks associated with the Getty Realty’s relationship with Marketing, see the disclosure under the caption “Risk Factors” in the company’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2009, 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 U.S., specializing in ownership and leasing of convenience store/gas station properties and petroleum distribution terminals. As of Dec. 31, 2010, the company owned 907 properties and leased 145 properties.