Getty Realty Announces LT Triple-Net Lease Deals with BP
Getty Realty Corp. (NYSE: GTY) announced it had agreed to long-term triple-net leases on 28 properties in New York and New Jersey with a subsidiary of BP, plc (NYSE: BP), BP Products North America Inc. Under the terms of the agreements, the aggregate annual triple-net GAAP revenue will be up to approximately $3.0 million. The leases with BP have initial 15 year terms with provisions for rent escalations and options for multiple renewal terms.
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