Profile: Getty Realty Corp. (GTY)

Getty Realty Corp. is a real estate investment trust (REIT) in the United States specializing in the ownership and leasing of retail motor fuel and convenience store properties and petroleum distribution terminals. As of December 31, 2008, the Company owned 878 properties and leased 182 additional properties. Getty Realty's properties are located primarily in the Northeast and the Mid-Atlantic regions in the United States. The Company also owns or leases properties in Texas, North Carolina, Hawaii, California, Florida, Arkansas, Illinois, Ohio and North Dakota. A substantial portion of Getty Realty's revenues (75% as of December 31, 2008) are derived from leases (the Marketing Leases) with its primary tenant, Getty Petroleum Marketing Inc. (Marketing). Even though Marketing is wholly owned by a subsidiary of OAO LUKoil (Lukoil), an oil company, Lukoil is not a guarantor of the Marketing Leases and there can be no assurance that Lukoil will continue to provide credit enhancement or additional capital to Marketing in the future.

Nearly all of the Company’s properties are leased or sublet to distributors and retailers engaged in the sale of gasoline and other motor fuel products, convenience store products and automotive repair services who are responsible for the payment of taxes, maintenance, repair, insurance and other operating expenses and for managing the actual operations conducted at these properties. Getty Realty leased approximately 82% of its owned and leased properties on a long-term basis to Marketing. Marketing is wholly owned by a subsidiary of Lukoil, an oil company. Marketing operates the petroleum distribution terminals but typically does not itself directly operate the retail motor fuel and convenience store properties it leases from the Company. Rather, Marketing subleases Getty Realty's retail properties to distributors and retailers who are responsible for the actual operations at the locations and operate their convenience stores, automotive repair services or other businesses at its properties.

As of December 31, 2007, Getty Realty owned fee title to 861 retail motor fuel, convenience store and other retail properties and nine petroleum distribution terminals. The Company also leased 182 retail motor fuel, convenience store and other retail properties. Getty Realty's typical property is used as a retail motor fuel and/or convenience store, and is located on between one-half and three quarters of an acre of land in a metropolitan area. The Company's properties are located primarily in the Northeast and the Mid-Atlantic regions in the United States. The Company also owns or leases properties in Texas, North Carolina, Hawaii, California, Florida, Arkansas, Illinois and North Dakota. Approximately one-half of its retail motor fuel properties have repair bays (typically two or three bays per station) and nearly half have convenience stores, canopies or both.