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JERICHO, N.Y. — Getty Realty Corp. will undergo a leadership transition at the end of 2015 when President and CEO David Driscoll retires after nearly six years with the company. Vice President, Chief Financial Officer and Treasurer Christopher Constant will succeed Driscoll in the role, Getty officials announced Thursday during the company's 2015 fiscal third-quarter earnings call.
Driscoll's retirement will be effective Dec. 31. Getty is currently searching for a new chief financial officer and treasurer to succeed Constant.
"Getty has successfully transformed itself under David's leadership over the nearly six years since he joined the company and we are proud of what has been accomplished," stated Leo Liebowitz, chairman of the board. "David led efforts that have resulted in our having a more diversified revenue base and a portfolio that is materially improved from a credit quality perspective, all while enduring the bankruptcy of a major tenant. Our board thanks David for his service and we are pleased the company is well positioned to continue to build on our progress in creating shareholder value."
Driscoll expressed thanks for the confidence and support he's received over the years and stated that Constant is "more than up to the task of leading the company."
The real estate investment trust had an "outstanding" third quarter, with the sale of 48 sites in southern New Jersey and Pennsylvania making up the bulk of its activity. In total, Getty acquired one Connecticut property for $1.4 million during Q3 2015 and sold 60 properties for $19 million.
Year to date, Getty has acquired 79 properties for $218.3 million and sold 72 properties for $22.2 million. The majority of these acquisitions came from a $214-million deal with Pacific Convenience and Fuels LLC that was announced in June, as CSNews Online previously reported.
The company's portfolio remains a stable base for growth, but there will always be ongoing leasing and disposition activities, Getty officials said.
Getty reported $7 million in net earnings for Q3 2015, down from $10.2 million during Q3 2014. Net earnings for the nine months that ended Sept. 30 were $17.5 million, compared to $26.5 million for the first nine months of 2014.
Total revenues from continuing operations were $30 million for the quarter, an increase from $24.9 million during the same quarter one year ago. Rental property expenses from continuing operations were $6.3 million, up from $5.6 million.
Getty also stated that during the nine months ended Sept. 30, it received a distribution from the Getty Petroleum Marketing Inc. bankruptcy estate of approximately $7.4 million on account of the company's general unsecured claims and due to the resolution of a dispute regarding the company's agreement to fund the lawsuit that was brought against Lukoil Americas Corp.
On Oct. 19, the U.S. Bankruptcy Court entered a final decree closing the bankruptcy case of the marketing estate, and on Nov. 3, Getty received a final distribution of approximately $10.8 million on account of its general unsecured claims. The company does not expect to receive any further distributions from the marketing estate.
Jericho-based Getty Realty currently has 865 convenience stores and gas stations in its portfolio.