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Getty Realty signs long-term triple-net leases with Global Partners, Lehigh Gas

Getty Realty (GTY) announced the signing of two long-term triple-net leases for 109 properties representing $9.1M in annual triple–net GAAP revenue. The first lease is with a subsidiary of Global Partners LP (GLP) and comprises 84 properties located throughout the New York metropolitan area including New York City and Long Island. The annual triple-net GAAP revenue from this lease is anticipated to be approximately $7.7M. The second lease is with a subsidiary of Lehigh Gas Partners LP (LGP) and comprises 25 properties located mainly in northern New Jersey. The annual triple-net GAAP revenue from this lease is anticipated to be approximately $1.4M. Both leases have 15 year initial terms with options for multiple renewal terms.