Company: GTY
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000950170-25-019976
Chunk: 65

Company: GETTY REALTY CORP /MD/
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 65
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 14,859

    23,789

    (8,930
    )

    Impairments

    3,966

    5,243

    (1,277
    )

    Environmental

    585

    1,261

    (676
    )

    General and administrative

    25,265

    23,735

    1,530

    Depreciation and amortization

    54,984

    45,296

    9,688

    Other items:

    Gains on dispositions of real estate

    6,038

    4,625

    1,413

    Interest expense

    39,272

    31,527

    7,745

Revenues from Rental Properties

The following table presents the results for revenues from rental properties for the year ended December 31, 2024, as compared to the year ended December 31, 2023 (in thousands):

    Year ended December 31,

    2024

    2023

    $ Change

    Rental income
     
    $
    186,124

    $
    162,978

    $
    23,146

    Revenue recognition adjustments

    1,692

    (2,012
    )

    3,704

    Tenant reimbursement income

    10,853

    19,522

    (8,669
    )

    Total revenues from rental properties

    198,669

    180,488

    18,181

Rental income includes base rental income and additional rental income, if any, based on the aggregate volume of fuel sold at certain properties. The increase in rental income was primarily due to additional base rental income from properties acquired during the years ended December 31, 2024 and 2023, as well as rent commencements from completed redevelopments and contractual rent increases for certain in-place leases, partially offset by dispositions of real estate during the same period.

In accordance with GAAP, we recognize revenues from rental properties in amounts which vary from the amount of rent contractually due during the periods presented. As a result, revenues from rental properties include revenue recognition adjustments comprised of (i) non-cash adjustments recorded for deferred rental revenue due to the recognition of rental income on a straight-line basis over the current lease term, (ii) the net amortization of