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Getty Realty Corp. Acquires 66 Shell Branded Properties in the Greater Boston Region

^{Published on 2011-03-31 13:50:26 - Market Wire}
 

JERICHO, N.Y.--([ BUSINESS WIRE ])--Getty Realty Corp. (NYSE:GTY) announced today that it has acquired 66 Shell branded gasoline station and convenience store properties located in and around the Greater Boston and Southern New Hampshire area for approximately $86.1 million, in a sale/leaseback transaction with Nouria Energy Ventures I, LLC (aNouriaa), a subsidiary of Nouria Energy Group.

Commenting on the transaction, David Driscoll, Chief Executive Officer, stated, aWe are pleased to have been able to finance the acquisition of these Shell branded properties for Nouria Energy Group. The sites consist of proven high volume locations in mature neighborhoods. In addition, Nouria Energy Group currently operates 19 of the sites and has demonstrated considerable knowledge about the region generally and these properties specifically. The other 47 sites are also being supplied with fuel by Nouria Energy Group and are currently being operated by the existing independent dealers selling gas under the Shell brand. We are excited to have a first rate company like Nouria join our expanding list of tenants. Finally, we expect the acquisition to be immediately accretive to annual earnings and the acquisition is consistent with our strategy to grow and diversify our tenant base.a

The 66 properties were acquired in a simultaneous transaction among Motiva Enterprises LLC (aShella), Nouria and Getty Realty Corp. whereby Nouria acquired 66 gasoline station and convenience stores from Shell and simultaneously completed a sale/leaseback with Getty of the 66 properties under a long-term triple-net unitary lease having an initial term of 20 years plus renewal options. The Company expects to receive approximately $5.8 million of revenue from the investment during calendar year 2011.

About Getty Realty Corp:

Getty Realty Corp. is the largest publicly-traded real estate investment trust in the United States specializing in ownership and leasing of convenience store/gas station properties and petroleum distribution terminals. The Company owns and leases approximately 1,170 properties nationwide.

CERTAIN STATEMENTS IN THIS NEWS RELEASE MAY CONSTITUTE aFORWARD LOOKING STATEMENTSa WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. WHEN THE WORDS aBELIEVES,a aEXPECTS,a aPLANS,a aPROJECTS,a aESTIMATESa AND SIMILAR EXPRESSIONS ARE USED, THEY IDENTIFY FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON MANAGEMENTa™S CURRENT BELIEFS AND ASSUMPTIONS AND INFORMATION CURRENTLY AVAILABLE TO MANAGEMENT AND INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. EXAMPLES OF FORWARD LOOKING STATEMENTS INCLUDE THE COMPANYa™S EXPECTATION THAT IT WILL RECEIVE APPROXIMATELY $5.8 MILLION OF REVENUE FROM THE INVESTMENT DURING CALENDAR YEAR 2011 AND MR. DRISCOLLa™S STATEMENT THAT THE TRANSACTION SUBJECT OF THIS NEWS RELEASE WILL BE IMMEDIATELY ACCRETIVE TO ANNUAL EARNINGS. INFORMATION CONCERNING FACTORS THAT COULD CAUSE OUR ACTUAL RESULTS TO DIFFER MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS CAN BE FOUND IN OUR PERIODIC REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. WE UNDERTAKE NO OBLIGATION TO PUBLICLY RELEASE REVISIONS TO THESE FORWARD-LOOKING STATEMENTS TO REFLECT FUTURE EVENTS OR CIRCUMSTANCES OR REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.