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JERICHO, N.Y. -- Getty Realty Corp., the real estate investment trust specializing in ownership and leasing of c-stores, gas stations and petroleum distribution terminals, acquired nine retail locations and paid $84.6 million for properties from FF-TSY Holding Co. in 2007, the company stated in its fiscal 2007 earnings report.
The $84.6 million acquisition of convenience stores and gas station properties from FF-TSY Holding Co. II LLC, the successor to the Trustreet Properties Inc., was almost complete by the end of the first quarter of 2007, the company stated. Also during the fiscal year, Getty Realty acquired nine properties and redeveloped one during the fiscal year, for a total cost of $6 million, according to the company.
Getty Realty, which owns and leases approximately 1,100 properties throughout the U.S., saw net earnings increase $1.7 million to $44.4 million for the fiscal year ended Dec. 31, 2007, compared to $42.7 million for the previous year, the company stated.
For the fourth quarter ended Dec. 31, 2007, net earnings jumped $1.3 million to $11.1 million, from the $9.8 million seen in the comparable quarter of last year, according to the company.
Funds from operations reached $12.9 million for the quarter, and fell to $48 million for the fiscal year, compared to $11.5 million and $49 million for the respective comparable time periods, the company stated.