Getty Realty continues to explore options regarding Getty Petroleum Marketing’s obligations given its financial difficulties.
Getty Realty Corp., which owns and leases about 1,170 c-store and retail motor fuel properties nationwide, announced it has now received the full monthly rental payment due for August 2011 from its largest tenant, Getty Petroleum Marketing Inc., under its Master Lease and other leases with Marketing.
On Aug. 8, Getty Realty had reported that it had not received the monthly rental payment due for August 2011 from Getty Petroleum Marketing and that in discussions with Marketing, Getty Realty had been informed 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.
Getty Realty is continuing to review issues pertaining to the Marketing Leases and is thoroughly exploring its options regarding Marketing’s obligations to the company. Getty Realty said it cannot provide assurance that Marketing will meet its rental or other obligations under the Marketing Leases.