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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