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    Getty 'Recycles' Slower Growth Properties

    Six locations sold during Q1 2016 as part of its ongoing strategy.

    By Angela Hanson, Convenience Store News

    JERICHO, N.Y. — Getty Realty Corp. considers the sale of six properties during the first quarter of 2016 to be part of an ongoing "recycling" process, through which it disposes of assets that don't meet the long-term growth criteria of its core portfolio, according to the company's May 5 first-quarter earnings call. The properties sold for $1.5 million in the aggregate.

    "Our performance ... reflects the ongoing successful execution of our strategic initiatives including selective accretive acquisitions, targeted recycling of slower growth properties, and focused cost controls," Getty Realty President and CEO Christopher J. Guest stated in the company's Q1 earnings release. "Furthermore, we believe that our stabilized operating model, along with our pipeline of redevelopment and potential acquisition opportunities, will further enhance the growth profile of the company."

    Getty reported net earnings of $7.7 million for the quarter, up from a net loss of $1.1 million during Q1 2015. The results for the quarter were impacted by $7.9 million of non-cash impairment changes, the company noted.

    Total revenues from continuing operations were $28.4 million for the quarter, up from $24.7 million one year ago. The increase was primarily due to approximately $4.4 million in revenue from properties acquired in the United Oil transaction, which closed in June 2015.

    Property costs from continuing operations were $5.3 million, compared to $6.2 million during the first quarter of 2015.

    Jericho-based Getty Realty currently has 842 convenience stores and gas stations in its portfolio nationwide.

    By Angela Hanson, Convenience Store News
    • About Angela Hanson Angela Hanson is associate editor for EnsembleIQ's Convenience Store News, where she is responsible for primary coverage of the candy, snacks and packaged beverages categories. Since joining CSNews as assistant editor in early 2011, she has played a key role in helping CSNews.com maintain its position as the No. 1 news source for the convenience store industry. Prior to joining CSNews, Hanson served as junior editor at Creative Homeowner book press and as managing editor of Anime Insider magazine. She has degrees in creative writing and visual communication technology from Bowling Green State University.

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