Getty Realty re-elects leadership
Jericho-based Getty Realty Corp. said April 1, 2011 it has bought 66 Shell gasoline station and convenience store properties in the Boston area and in southern New Hampshire. Credit: Newsday File
The board of Getty Realty Corp., of Jericho, has re-appointed several of its members including Milton Cooper. The board also voted to retain the company's top leadership including David D. Driscoll as chief executive.
The votes come after a fiscal year in which Getty faced a major challenge, in March, when its share price dropped nearly 18 percent in a single day on the New York Stock Exchange amid news of an abrupt change in its relationship with Russian petroleum giant Lukoil Oil Co. - one of Getty Realty's largest tenants. In a single day, shares fell $5.10 to close at $23.75.
Since that time Getty shares have recovered somewhat, closing Friday at $25.27.
Getty specializes in gas stations, with the Lukoil tenant network holding more than 75 percent of its lessees.
Getty Realty owns or leases about 1,100 gas stations and convenience stores and nine petroleum terminals in 21 states.
Milton Cooper, the newly re-elected board member, is the founder of another real estate investment trust, Kimco Corp., of New Hyde Park.
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