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 tripleľnet 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.
News For GTY;GLP;LGP From The Last 14 Days
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Lehigh Gas price target raised to $42 from $35 at Oppenheimer Oppenheimer increased its price target on Leigh Gas (LGP) after meeting with the company's management, as the firm expects the stock to rise further as the market digests the company's growth prospects and trading liquidity improves. Oppenheimer thinks that Lehigh Gas' deal with CST Brands (CST) is likely to increase Lehigh's distribution growth next year. The firm keeps an Outperform rating on Lehigh Gas.