Supplemental Condensed Combining Financial Information (Tables)

6 Months Ended

Jun. 30, 2012

Supplemental Condensed Combining Financial Information [Abstract]

Supplemental Condensed Combining Balance Sheet

	Getty Petroleum Marketing			Other Tenants			Corporate			Consolidated
ASSETS:
Real Estate:
Land	$	131,077		$	214,396		$	—		$	345,473
Buildings and improvements		170,553			99,479			349			270,381
		301,630			313,875			349			615,854
Less — accumulated depreciation and amortization		(107,478	)		(29,448	)		(191	)		(137,117	)
Real estate, net		194,152			284,427			158			478,737
Net investment in direct financing leases		—			92,632			—			92,632
Deferred rent receivable, net		—			8,080			—			8,080
Cash and cash equivalents		—			—			7,698			7,698
Notes, mortgages and accounts receivable, net		5,743			28,262			2,078			36,083
Other assets		—			7,611			4,248			11,859
Total assets		199,895			421,012			14,182			635,089
LIABILITIES:
Borrowings under credit line		—			—			147,700			147,700
Term loan		—			—			22,810			22,810
Environmental remediation costs		57,416			284			—			57,700
Accounts payable and accrued liabilities		4,002			19,564			11,144			34,710
Total liabilities		61,418			19,848			181,654			262,920
Net assets (liabilities)	$	138,477		$	401,164		$	(167,472	)	$	372,169

Supplemental Condensed Combining Statement of Operations

	Getty Petroleum Marketing		Other Tenants			Corporate			Consolidated
Revenues from rental properties	$	13,990	$	12,903		$	—		$	26,893
Interest on notes and mortgages receivable		—		710			31			741
Total revenues		13,990		13,613			31			27,634
Operating expenses:
Rental property expenses		1,275		2,294			152			3,721
Impairment charges		—		1,263			—			1,263
Environmental expenses, net		1,294		31			—			1,325
General and administrative expenses		31		1,679			1,026			2,736
Depreciation and amortization expense		905		1,242			11			2,158
Total operating expenses		3,505		6,509			1,189			11,203
Operating income (loss)		10,485		7,104			(1,158	)		16,431
Other income (expense), net		20		—			(69	)		(49	)
Interest expense		—		—			(1,346	)		(1,346	)
Earnings (loss) from continuing operations		10,505		7,104			(2,573	)		15,036
Discontinued operations:
Income (loss) from operating activities		164		(229	)		—			(65	)
Gains on dispositions of real estate		231		—			—			231
Earnings (loss) from discontinued operations		395		(229	)		—			166
Net earnings (loss)	$	10,900	$	6,875		$	(2,573	)	$	15,202

	Getty Petroleum Marketing		Other Tenants			Corporate			Consolidated
Revenues:
Revenues from rental properties	$	28,619	$	23,066		$	—		$	51,685
Interest on notes and mortgages receivable		—		1,083			63			1,146
Total revenues		28,619		24,149			63			52,831
Operating expenses:
Rental property expenses		2,697		4,221			291			7,209
Impairment charges		994		1,263			—			2,257
Environmental expenses, net		2,396		56			—			2,452
General and administrative expenses		75		1,764			5,782			7,621
Depreciation and amortization expense		1,940		2,515			21			4,476
Total operating expenses		8,102		9,819			6,094			24,015
Operating income (loss)		20,517		14,330			(6,031	)		28,816
Other income (expense), net		20		—			(63	)		(43	)
Interest expense		—		—			(2,665	)		(2,665	)
Earnings (loss) from continuing operations		20,537		14,330			(8,759	)		26,108
Discontinued operations:
Earnings (loss) from operating activities		365		(184	)		—			181
Gains on dispositions of real estate		299		—			—			299
Earnings (loss) from discontinued operations		664		(184	)		—			480
Net earnings (loss)	$	21,201	$	14,146		$	(8,759	)	$	26,588

Supplemental Condensed Combining Statement of Cash Flows

	Getty Petroleum Marketing			Other Tenants			Corporate			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings (loss)	$	21,201		$	14,146		$	(8,759	)	$	26,588
Adjustments to reconcile net earnings (loss) to net cash flow provided by (used in) operating activities:
Depreciation and amortization expense		1,963			2,546			21			4,530
Impairment charges		994			1,513			—			2,507
Gain from dispositions of real estate		(319	)		—			—			(319	)
Deferred rental revenue		812			(996	)		—			(184	)
Allowance for deferred rent and accounts receivable		—			215			—			215
Amortization of above-market and below-market leases		—			(262	)		—			(262	)
Accretion expense		290			6			—			296
Stock-based employee compensation expense		—			—			311			311
Changes in assets and liabilities:
Net investment in direct financing leases		—			211			—			211
Accounts receivable, net		(236	)		86			—			(150	)
Other assets		—			(100	)		175			75
Environmental remediation costs		(108	)		(2	)		—			(110	)
Accounts payable and accrued liabilities		92			2,168			(644	)		1,616
Net cash flow provided by (used in) operating activities		24,689			19,531			(8,896	)		35,324
CASH FLOWS FROM INVESTING ACTIVITIES:
Property acquisitions and capital expenditures		—			(166,594	)		—			(166,594	)
Proceeds from dispositions of real estate		784			—			—			784
Decrease in cash held for property acquisitions		—			—			60			60
Collection of notes and mortgages receivable		—			187			120			307
Issuance of notes and mortgages receivable		—			(30,400	)		(240	)		(30,640	)
Net cash flow provided by (used in) investing activities		784			(196,807	)		(60	)		(196,083	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit agreement		—			—			231,253			231,253
Repayments under credit agreement		—			—			(122,553	)		(122,553	)
Repayments under term loan agreement		—			—			(390	)		(390	)
Cash dividends paid		—			—			(30,543	)		(30,543	)
Credit agreement origination costs		—			—			(175	)		(175	)
Net proceeds from issuance of common stock		—			—			91,986			91,986
Cash consolidation – Corporate		(25,473	)		177,276			(151,803	)		—
Net cash flow (used in) provided by financing activities		(25,473	)		177,276			17,775			169,578
Net increase in cash and cash equivalents		—			—			8,819			8,819
Cash and cash equivalents at beginning of period		—			—			6,122			6,122
Cash and cash equivalents at end of year	$	—		$	—		$	14,941		$	14,941