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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 COMMISSION FILE NUMBER 001-13777
 GETTY REALTY CORP.
  Maryland
    
    11-3412575(State or other jurisdiction of incorporation or organization)
    
    (I.R.S. employer identification no.)125 Jericho Turnpike, Suite 103, Jericho, New York
    
    11753(Address of principal executive offices)
    
    (Zip Code)
   TITLE OF EACH CLASS
    
    NAME OF EACH EXCHANGE ON WHICH REGISTEREDCommon Stock, $0.01 par value
    
    New York Stock Exchange
  (Title of Class)
  o o
  o þ
  o þ
  þ o
 o
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
  o þ
    DOCUMENT
    
    PART OF FORM 10-KSelected Portions of Definitive Proxy Statement for the
2010 Annual Meeting of Stockholders (the Proxy
Statement), which will be filed by the registrant on or
prior to 120 days following the end of the registrants
year ended December 31, 2010 pursuant to Regulation 14A.
    
    III




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TABLE OF CONTENTS
 Item
    
    
    Description
    
    PageCautionary Note Regarding Forward-Looking Statements
    
    
    2PART I1
    
    
    Business
    
    
    31A
    
    
    Risk Factors
    
    
    71B
    
    
    Unresolved Staff Comments
    
    
    212
    
    
    Properties
    
    
    223
    
    
    Legal Proceedings
    
    
    24PART II5
    
    
    Market for Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
    
    
    286
    
    
    Selected Financial Data
    
    
    307
    
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    327A
    
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    
    508
    
    
    Financial Statements and Supplementary Data
    
    
    529
    
    
    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    839A
    
    
    Controls and Procedures
    
    
    839B
    
    
    Other Information
    
    
    83PART III10
    
    
    Directors, Executive Officers and Corporate Governance
    
    
    8411
    
    
    Executive Compensation
    
    
    8512
    
    
    Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
    
    
    8513
    
    
    Certain Relationships and Related Transactions, and Director Independence
    
    
    8514
    
    
    Principal Accountant Fees and Services
    
    
    85PART IV15
    
    
    Exhibits and Financial Statement Schedules
    
    
    86Signatures
    
    
    108Exhibit Index
    
    
    109EX-21EX-23EX-31.I.1EX-31.I.2EX-32.1EX-32.2
  ii




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Cautionary Note Regarding Forward-Looking Statements
     2




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PART I
 
 Item 1. Business
 Recent Developments
 Transfer of Ownership Interest in Marketing
  Acquisition
  Public Stock Offering
  The History of Our Company
  ® ®
  3




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Company Operations
      4




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Acquisition Strategy and Activity
   5




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Trademarks
 ® ®
 Regulation
    6




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Personnel
  Access to our filings with the Securities and Exchange Commission and Corporate Governance
Documents
  
 Item 1A. Risk Factors
  7




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Our financial results are materially dependent on the performance of Marketing. In the event that
Marketing does not perform its rental, environmental or other obligations under the Marketing
Leases, our business, financial condition, revenues, operating expenses, results of operations,
liquidity, ability to pay dividends or stock price could be materially adversely affected. The
financial performance of Marketing has deteriorated in recent years.
     Lukoil transferred its ownership interest in Marketing. We cannot predict what impact such transfer
will have on Marketings ability or willingness to perform its rental, environmental and other
obligations under the Master Lease and on our business.
  8




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We cannot predict what impact Marketings restructuring, dispute with Bionol and other changes in
its business model will have on us.
    If it becomes probable that Marketing will not pay its environmental obligations, or if we change
our assumptions for environmental liabilities related to the Marketing Leases we would be in
default of our Credit Agreement or Term Loan Agreement, our business, financial condition, revenues, operating expenses,
results of operations, liquidity, ability to pay dividends or stock price could be materially
adversely affected.
  9




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If the Marketing Leases are modified significantly or terminated, our business, financial
condition, revenues, operating expenses, results of operations, liquidity, ability to pay dividends
or stock price could be materially adversely affected.
   10




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Although we periodically receive and review the unaudited financial statements and other financial
information from Marketing, this information is not publicly available to investors. You will not
have access to financial information about Marketing provided to us by Marketing to allow you to
independently assess Marketings financial condition or its ability to satisfy its rental,
environmental and other obligations under the Marketing Leases.
  Our accounting policies and methods are fundamental to how we record and report our financial
position and results of operations, and they require management to make estimates, judgments and
assumptions about matters that are inherently uncertain.
   11




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We may acquire or develop new properties, and this may create risks.
  While we seek to grow through accretive acquisitions, acquisitions of properties may be dilutive
and may not produce the returns that we expect and we may not be able to successfully integrate
acquired properties into our portfolio or manage our growth effectively, which could have a
material adverse effect on our results of operations, financial condition and growth prospects.
  We are subject to risks inherent in owning and leasing real estate.
  12




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
    
    our liability as a lessee for long-term lease obligations regardless of our revenues,
    
    deterioration in national, regional and local economic and real estate market conditions,
    
    potential changes in supply of, or demand for, rental properties similar to ours,
    
    competition for tenants and declining rental rates,
    
    difficulty in selling or re-letting properties on favorable terms or at all,
    
    impairments in our ability to collect rent payments when due,
    
    increases in interest rates and adverse changes in the availability, cost and terms of
financing,
    
    the potential for uninsured casualty and other losses due to natural disasters or other
causes,
    
    the impact of present or future environmental legislation and compliance with environmental
laws,
    
    adverse changes in zoning laws and other regulations, and
    
    acts of terrorism and war.
  Adverse developments in general business, economic, or political conditions could have a material
adverse effect on us.
  Substantially all of our tenants depend on the same industry for their revenues.
  13




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Our future cash flow is dependent on the performance of our tenants of their lease obligations,
renewal of existing leases and either re-letting or selling our vacant properties.
    Property taxes on our properties may increase without notice.
  We incur significant operating costs as a result of environmental laws and regulations which costs
could significantly rise and reduce our profitability.
  14




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We are defending pending lawsuits and claims and are subject to material losses.
  A significant portion of our properties are concentrated in the Northeast and Mid-Atlantic regions
of the United States, and adverse conditions in those regions, in particular, could negatively
impact our operations.
  We are in a competitive business.
  16




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We are exposed to counterparty credit risk and there can be no assurances that we will effectively
manage or mitigate this risk .
  We are subject to losses that may not be covered by insurance.
  Failure to qualify as a REIT under the federal income tax laws would have adverse consequences to
our shareholders.
  17




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We are dependent on external sources of capital which may not be available on favorable terms, or
at all.
    The downturn in the credit markets has increased the cost of borrowing and has made financing
difficult to obtain, which may negatively impact our business, and may have a material adverse
effect on us. Lenders may require us to enter into more restrictive covenants relating to our
operations.
  18




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Our business operations may not generate sufficient cash for distributions or debt service.
  We are exposed to interest rate risk and there can be no assurances that we will manage or mitigate
this risk effectively.
  We may be unable to pay dividends.
  19




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We may change the dividend policy of our common stock in the future
  Changes in market conditions could adversely affect the market price of our publicly traded common
stock.
  
    
    our financial condition and performance and that of our significant tenants,
including Marketing (for additional information regarding Marketing and the Marketing
Leases, see Item 7. Managements Discussion and Analysis of Financial Condition and
Results of Operations  General  Marketing and the Marketing Leases.);
    
    the markets perception of our growth potential and potential future earnings;
    
    the reputation of REITs generally and the reputation of REITs with portfolios similar
to us;
    
    the attractiveness of the securities of REITs in comparison to securities issued by
other entities (including securities issued by other real estate companies);
    
    an increase in market interest rates, which may lead prospective investors to demand
a higher distribution rate in relation to the price paid for publicly traded securities;
    
    the extent of institutional investor interest in us; and
    
    general economic and financial market conditions.
 In order to preserve our REIT status, our charter limits the number of shares a person may own,
which may discourage a takeover that could result in a premium price for our common stock or
otherwise benefit our stockholders.
  Maryland law may discourage a third party from acquiring us.
  20




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Inflation may adversely affect our financial condition and results of operations.
  The loss of certain members of our management team could adversely affect our business.
  Amendments to the Accounting Standards Codification made by the Financial Accounting Standards
Board (the FASB) or changes in accounting standards issued by other standard-setting bodies may
adversely affect our reported revenues, profitability or financial position.
  Terrorist attacks and other acts of violence or war may affect the market on which our common stock
trades, the markets in which we operate, our operations and our results of operations.
  
 Item 1B.
    
    Unresolved Staff Comments
  21




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Item 2. Properties
   OWNED BY GETTY REALTY
    
    
    LEASED BY GETTY REALTY
    
    
    TOTAL
    
    
    PERCENTMARKETING
    
    
    OTHER
    
    
    MARKETING
    
    
    OTHER
    
    
    PROPERTIES
    
    
    OF TOTALAS TENANT (1)
    
    
    TENANTS
    
    
    AS TENANT
    
    
    TENANTS
    
    
    BY STATE
    
    
    PROPERTIESNew York (2)
    
    
    233
    
    
    
    33
    
    
    
    55
    
    
    
    6
    
    
    
    327
    
    
    
    31.0
    %Massachusetts
    
    
    127
    
    
    
    1
    
    
    
    17
    
    
    
    
    
    
    
    145
    
    
    
    13.8New Jersey
    
    
    106
    
    
    
    6
    
    
    
    18
    
    
    
    6
    
    
    
    136
    
    
    
    12.9Pennsylvania
    
    
    103
    
    
    
    7
    
    
    
    1
    
    
    
    4
    
    
    
    115
    
    
    
    10.9Connecticut
    
    
    60
    
    
    
    27
    
    
    
    12
    
    
    
    11
    
    
    
    110
    
    
    
    10.4Maryland
    
    
    4
    
    
    
    40
    
    
    
    
    
    
    
    2
    
    
    
    46
    
    
    
    4.4New Hampshire
    
    
    25
    
    
    
    3
    
    
    
    3
    
    
    
    
    
    
    
    31
    
    
    
    2.9Virginia
    
    
    3
    
    
    
    24
    
    
    
    3
    
    
    
    1
    
    
    
    31
    
    
    
    2.9Maine
    
    
    18
    
    
    
    1
    
    
    
    2
    
    
    
    
    
    
    
    21
    
    
    
    2.0Rhode Island
    
    
    15
    
    
    
    1
    
    
    
    2
    
    
    
    
    
    
    
    18
    
    
    
    1.7Texas
    
    
    
    
    
    
    17
    
    
    
    
    
    
    
    
    
    
    
    17
    
    
    
    1.6Hawaii
    
    
    
    
    
    
    10
    
    
    
    
    
    
    
    
    
    
    
    10
    
    
    
    1.0North Carolina
    
    
    
    
    
    
    10
    
    
    
    
    
    
    
    
    
    
    
    10
    
    
    
    1.0California
    
    
    
    
    
    
    8
    
    
    
    
    
    
    
    1
    
    
    
    9
    
    
    
    0.9Delaware
    
    
    8
    
    
    
    
    
    
    
    1
    
    
    
    
    
    
    
    9
    
    
    
    0.9Florida
    
    
    
    
    
    
    6
    
    
    
    
    
    
    
    
    
    
    
    6
    
    
    
    0.6Ohio
    
    
    
    
    
    
    4
    
    
    
    
    
    
    
    
    
    
    
    4
    
    
    
    0.4Arkansas
    
    
    
    
    
    
    3
    
    
    
    
    
    
    
    
    
    
    
    3
    
    
    
    0.3Illinois
    
    
    
    
    
    
    2
    
    
    
    
    
    
    
    
    
    
    
    2
    
    
    
    0.2North Dakota
    
    
    
    
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    1
    
    
    
    0.1Vermont
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1
    
    
    
    0.1Total
    
    
    703
    
    
    
    204
    
    
    
    114
    
    
    
    31
    
    
    
    1,052
    
    
    
    100.0
    %
 
 (1)
    
    Includes nine terminal properties owned in New York, New Jersey, Connecticut and
Rhode Island.(2)
    
    Excludes 45 fee owned and 14 leased properties acquired in January 2011 which are leased
to a single tenant. 22




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PERCENTNUMBER OF
    
    
    OF TOTAL
    
    
    PERCENTLEASES
    
    
    LEASED
    
    
    OF TOTALCALENDAR YEAR
    
    EXPIRING
    
    
    PROPERTIES
    
    
    PROPERTIES2011
    
    
    9
    
    
    
    6.21
    %
    
    
    0.86
    %2012
    
    
    13
    
    
    
    8.96
    
    
    
    1.242013
    
    
    4
    
    
    
    2.76
    
    
    
    0.382014
    
    
    3
    
    
    
    2.07
    
    
    
    0.282015
    
    
    7
    
    
    
    4.83
    
    
    
    0.66Subtotal
    
    
    36
    
    
    
    24.83
    
    
    
    3.42Thereafter
    
    
    109
    
    
    
    75.17
    
    
    
    10.36Total
    
    
    145
    
    
    
    100.00
    %
    
    
    13.78
    %
    ANNUALIZED CONTRACTUAL RENT (a)NUMBER OF
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    PERCENTAGERENTAL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    OF TOTALUNITS
    
    
    
    
    
    
    OTHER
    
    
    
    
    
    
    ANNUALIZEDCALENDAR YEAR
    
    EXPIRING (b)
    
    
    MARKETING
    
    
    TENANTS
    
    
    TOTAL
    
    
    RENT2011
    
    
    23
    
    
    $
    929
    
    
    $
    289
    
    
    $
    1,218
    
    
    
    1.42
    %2012
    
    
    35
    
    
    
    1,723
    
    
    
    575
    
    
    
    2,298
    
    
    
    2.672013
    
    
    16
    
    
    
    640
    
    
    
    904
    
    
    
    1,544
    
    
    
    1.802014
    
    
    22
    
    
    
    729
    
    
    
    1,440
    
    
    
    2,169
    
    
    
    2.522015
    
    
    776
    
    
    
    56,174
    
    
    
    281
    
    
    
    56,455
    
    
    
    65.652016
    
    
    4
    
    
    
    
    
    
    
    332
    
    
    
    332
    
    
    
    0.392017
    
    
    4
    
    
    
    
    
    
    
    452
    
    
    
    452
    
    
    
    0.532018
    
    
    9
    
    
    
    
    
    
    
    1,156
    
    
    
    1,156
    
    
    
    1.342019
    
    
    56
    
    
    
    
    
    
    
    5,287
    
    
    
    5,287
    
    
    
    6.152020
    
    
    32
    
    
    
    
    
    
    
    3,810
    
    
    
    3,810
    
    
    
    4.43Thereafter
    
    
    81
    
    
    
    
    
    
    
    11,269
    
    
    
    11,269
    
    
    
    13.10Total
    
    
    1,058
    
    
    $
    60,195
    
    
    $
    25,795
    
    
    $
    85,990
    
    
    
    100.00
    %
 
 (a)
    
    Represents the monthly contractual rent due from tenants under existing leases as
of December 31, 2010 multiplied by 12. This amount excludes real estate tax
reimbursements which are billed to the tenant when paid.(b)
    
    Rental units include properties subdivided into multiple premises with
separate tenants. Rental units also include individual properties comprising a single
premises as such term is defined under a unitary master lease related to such
properties. With respect to a unitary master lease that includes properties that we
lease from third parties, the expiration dates for rental units refers to the dates
that the leases with the third parties expire and upon which date our tenant must
vacate those properties, not the expiration date of the unitary master lease itself.  23




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Item 3. Legal Proceedings
   24




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MTBE Litigation
  25




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Matters related to our Newark, New Jersey Terminal and the Lower Passaic River
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PART II
 
 Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
 Capital Stock
  CASHPRICE RANGE
    
    DIVIDENDSQUARTER ENDED
    
    HIGH
    
    LOW
    
    PER SHAREMarch 31, 2009
    
    $
    21.87
    
    
    $
    13.25
    
    
    $
    .4700June 30, 2009
    
    
    20.99
    
    
    
    16.36
    
    
    
    .4700September 30, 2009
    
    
    26.32
    
    
    
    18.61
    
    
    
    .4750December 31, 2009
    
    
    25.63
    
    
    
    21.50
    
    
    
    .4750March 31, 2010
    
    
    24.68
    
    
    
    20.76
    
    
    
    .4750June 30, 2010
    
    
    25.59
    
    
    
    15.52
    
    
    
    .4750September 30, 2010
    
    
    27.27
    
    
    
    21.30
    
    
    
    .4800December 31, 2010
    
    
    32.20
    
    
    
    26.33
    
    
    
    .4800
  Issuer Purchases of Equity Securities
  Sales of Unregistered Securities
  28




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Stock Performance Graph
   
 12/31/2005
    
    
    12/31/2006
    
    
    12/31/2007
    
    
    12/31/2008
    
    
    12/31/2009
    
    
    12/31/2010Getty Realty Corp.
    
    
    100.00
    
    
    
    125.09
    
    
    
    115.51
    
    
    
    101.05
    
    
    
    123.96
    
    
    
    173.66Standard &Poors 500
    
    
    100.00
    
    
    
    113.62
    
    
    
    117.63
    
    
    
    72.36
    
    
    
    89.33
    
    
    
    100.75Peer Group
    
    
    100.00
    
    
    
    131.83
    
    
    
    117.33
    
    
    
    88.18
    
    
    
    118.17
    
    
    
    152.56
  
 *
    
    Cumulative total return assumes reinvestment of dividends. 29




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Item 6. Selected Financial Data
 GETTY REALTY CORP. AND SUBSIDIARIES
SELECTED FINANCIAL DATA
(in thousands, except per share amounts and number of properties)
 FOR THE YEARS ENDED DECEMBER 31,2010
    
    
    2009(a)
    
    
    2008
    
    
    2007 (b)
    
    
    2006OPERATING DATA:Revenues from rental properties
    
    $
    88,332
    
    
    $
    84,416
    
    
    $
    82,654
    
    
    $
    78,852
    
    
    $
    72,126Earnings before income taxes and discontinued
operations
    
    
    50,107
    
    
    
    41,653
    
    
    
    38,716
    
    
    
    27,500
    (c)
    
    
    40,642Income tax benefit (d)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    700Earnings from continuing operations
    
    
    50,107
    
    
    
    41,653
    
    
    
    38,716
    
    
    
    27,500
    
    
    
    41,342Earnings from discontinued operations
    
    
    1,593
    
    
    
    5,396
    
    
    
    3,094
    
    
    
    6,394
    (c)
    
    
    1,383Net earnings
    
    
    51,700
    
    
    
    47,049
    
    
    
    41,810
    
    
    
    33,894
    
    
    
    42,725Diluted earnings per common share:Earnings from continuing operations
    
    
    1.79
    
    
    
    1.68
    
    
    
    1.56
    
    
    
    1.11
    
    
    
    1.67Net earnings
    
    
    1.85
    
    
    
    1.90
    
    
    
    1.69
    
    
    
    1.37
    
    
    
    1.73Diluted weighted-average common shares outstanding
    
    
    27,953
    
    
    
    24,767
    
    
    
    24,767
    
    
    
    24,769
    
    
    
    24,752Cash dividends declared per share
    
    
    1.91
    
    
    
    1.89
    
    
    
    1.87
    
    
    
    1.85
    
    
    
    1.82FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM
OPERATION (e):Net earnings
    
    
    51,700
    
    
    
    47,049
    
    
    
    41,810
    
    
    
    33,894
    
    
    
    42,725Depreciation and amortization of real estate assets
    
    
    9,738
    
    
    
    11,027
    
    
    
    11,875
    
    
    
    9,794
    
    
    
    7,883Gains on dispositions of real estate
    
    
    (1,705
    )
    
    
    (5,467
    )
    
    
    (2,787
    )
    
    
    (6,179
    )
    
    
    (1,581
    )Funds from operations
    
    
    59,733
    
    
    
    52,609
    
    
    
    50,898
    
    
    
    37,509
    
    
    
    49,027Revenue Recognition Adjustments
    
    
    (1,487
    )
    
    
    (2,065
    )
    
    
    (2,593
    )
    
    
    (4,159
    )
    
    
    (3,010
    )Allowance for deferred rental revenue
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,494
    
    
    
    Impairment charges
    
    
    
    
    
    
    1,135
    
    
    
    
    
    
    
    
    
    
    
    Income tax benefit (d)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (700
    )Adjusted funds from operations
    
    
    58,246
    
    
    
    51,679
    
    
    
    48,305
    
    
    
    43,844
    
    
    
    45,317BALANCE SHEET DATA (AT END OF YEAR):Real estate before accumulated depreciation and
amortization
    
    $
    504,587
    
    
    $
    503,874
    
    
    $
    473,567
    
    
    $
    474,254
    
    
    $
    383,558Total assets
    
    
    427,144
    
    
    
    432,872
    
    
    
    387,813
    
    
    
    396,911
    
    
    
    310,922Debt
    
    
    64,890
    
    
    
    175,570
    
    
    
    130,250
    
    
    
    132,500
    
    
    
    45,194Shareholders equity
    
    
    314,935
    
    
    
    207,669
    
    
    
    205,897
    
    
    
    212,178
    
    
    
    225,575NUMBER OF PROPERTIES:Owned
    
    
    907
    
    
    
    910
    
    
    
    878
    
    
    
    880
    
    
    
    836Leased
    
    
    145
    
    
    
    161
    
    
    
    182
    
    
    
    203
    
    
    
    216Total properties
    
    
    1,052
    
    
    
    1,071
    
    
    
    1,060
    
    
    
    1,083
    
    
    
    1,052
 
 (a)
    
    Includes (from the date of the acquisition) the effect of the $49.0 million acquisition of
the real estate assets and improvements of 36 convenience store properties from White Oak
Petroleum LLC which were acquired on September 25, 2009.(b)
    
    Includes (from the date of the acquisition) the effect of the $84.5 million acquisition of
convenience stores and gas station properties from FF-TSY Holding Company II LLC (successor to
Trustreet Properties, Inc.) which was substantially completed by the end of the first quarter
of 2007.(c)
    
    Includes the effect of a $10.5 million non-cash deferred rent receivable reserve, $10.2
million of which is included in earnings from continuing operations and $0.3 million of which
is included in earnings from discontinued operations, based on the deferred rent receivable
related to certain properties under leases with our primary tenant, Getty Petroleum Marketing,
Inc. (For additional information regarding Marketing and the Marketing Leases, see Item 7.
Managements 30




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Discussion and Analysis of Financial Condition and Results of Operations  General  Marketing
and the Marketing Leases.)(d)
    
    The year ended 2006 includes an income tax benefit recognized due to the elimination of, or
reduction in, amounts accrued for uncertain tax positions related to being taxed as a C-corp.
prior to our election to be taxed as a real estate investment trust (REIT) under the federal
income tax laws in 2001. Income taxes have not had a significant impact on our earnings since
we first elected to be treated as a REIT.(e)
    
    In addition to measurements defined by accounting principles generally accepted in the United
States of America (GAAP), our management also focuses on funds from operations (FFO) and
adjusted funds from operations (AFFO) to measure our performance. FFO is generally
considered to be an appropriate supplemental non-GAAP measure of the performance of real
estate investment trusts (REITs). FFO is defined by the National Association of Real Estate
Investment Trusts as net earnings before depreciation and amortization of real estate assets,
gains or losses on dispositions of real estate (including such non-FFO items reported in
discontinued operations), extraordinary items, and cumulative effect of accounting change.
Other REITs may use definitions of FFO and/or AFFO that are different than ours and;
accordingly, may not be comparable.We believe that FFO and AFFO are helpful to investors in measuring our performance because
both FFO and AFFO exclude various items included in GAAP net earnings that do not relate to,
or are not indicative of, our fundamental operating performance. FFO excludes various items
such as gains or losses from property dispositions and depreciation and amortization of real
estate assets. In our case, however, GAAP net earnings and FFO typically include the impact
of deferred rental revenue (straight-line rental revenue), the net amortization of
above-market and below-market leases and income recognized from direct financing leases on
its recognition of revenue from rental properties (collectively the Revenue Recognition
Adjustments), as offset by the impact of related collection reserves. GAAP net earnings and
FFO from time to time may also include impairment charges and/or income tax benefits.
Deferred rental revenue results primarily from fixed rental increases scheduled under
certain leases with our tenants. In accordance with GAAP, the aggregate minimum rent due
over the current term of these leases are recognized on a straight-line (or an average)
basis rather than when the payment is contractually due. The present value of the difference
between the fair market rent and the contractual rent for in-place leases at the time
properties are acquired is amortized into revenue from rental properties over the remaining
lives of the in-place leases. Income from direct financing leases is recognized over the
lease term using the effective interest method which produces a constant periodic rate of
return on the net investment in the leased property. Impairment of long-lived assets
represents charges taken to write-down real estate assets to fair value estimated when
events or changes in circumstances indicate that the carrying amount of the property may not
be recoverable. In prior periods, income tax benefits have been recognized due to the
elimination of, or a net reduction in, amounts accrued for uncertain tax positions related
to being taxed as a C-corp., rather than as a REIT, prior to 2001 (see note (d) above).Management pays particular attention to AFFO, a supplemental non-GAAP performance measure that we
define as FFO less Revenue Recognition Adjustments, impairment charges and income tax
benefit. In managements view, AFFO provides a more accurate depiction than FFO of our
fundamental operating performance related to: (i) the impact of scheduled rent increases
from operating leases; (ii) the rental revenue from acquired in-place leases; (iii) the
impact of rent due from direct financing leases; (iv) our rental operating expenses
(exclusive of impairment charges); and (v) our election to be treated as a REIT under the
federal income tax laws beginning in 2001. Neither FFO nor AFFO represent cash generated
from operating activities calculated in accordance with GAAP and therefore these measures
should not be considered an alternative for GAAP net earnings or as a measure of liquidity. 31




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Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
  GENERAL
 Real Estate Investment Trust
  Retail Petroleum Marketing Business
  Marketing and the Marketing Leases
    32




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Supplemental Non-GAAP Measures
  36




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Non-adjusted
    
    
    Reserve
    
    
    As AdjustedNet earnings
    
    $
    33,894
    
    
    $
    10,494
    
    
    $
    44,388Earnings from continuing operations
    
    
    27,500
    
    
    
    10,153
    
    
    
    37,653Funds from operations
    
    
    37,509
    
    
    
    10,494
    
    
    
    48,003
 37




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2010 and 2009 Acquisitions
   1 2
  RESULTS OF OPERATIONS
 Year ended December 31, 2010 compared to year ended December 31, 2009
     38




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Year ended December 31, 2009 compared to year ended December 31, 2008
        40




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LIQUIDITY AND CAPITAL RESOURCES
       42




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CONTRACTUAL OBLIGATIONS
  THREE
    
    
    MORELESS
    
    
    ONE-TO
    
    
    TO
    
    
    THANTHAN-
    
    
    THREE
    
    
    FIVE
    
    
    FIVETOTAL
    
    
    ONE YEAR
    
    
    YEARS
    
    
    YEARS
    
    
    YEARSOperating leases
    
    $
    20,373
    
    
    $
    6,193
    
    
    $
    7,984
    
    
    $
    3,863
    
    
    $
    2,333Borrowing under the Credit Agreement (a)
    
    
    41,300
    
    
    
    
    
    
    
    41,300
    
    
    
    
    
    
    
    Borrowings under the Term Loan Agreement (a)
    
    
    23,590
    
    
    
    780
    
    
    
    22,810
    
    
    
    
    
    
    
    Estimated environmental remediation expenditures (b)
    
    
    14,874
    
    
    
    4,980
    
    
    
    5,812
    
    
    
    2,068
    
    
    
    2,014Estimated recoveries from state underground storage
tank funds (b)
    
    
    (3,966
    )
    
    
    (1,393
    )
    
    
    (1,508
    )
    
    
    (718
    )
    
    
    (347
    )Estimated net environmental remediation expenditures (b)
    
    
    10,908
    
    
    
    3,587
    
    
    
    4,304
    
    
    
    1,350
    
    
    
    1,667Total
    
    $
    96,171
    
    
    $
    10,560
    
    
    $
    76,398
    
    
    $
    5,213
    
    
    $
    4,000
 
 (a)
    
    Excludes related interest payments. (See  Liquidity and Capital Resources above and
Item 7A. Quantitative and Qualitative Disclosures About Market Risk for additional
information.)(b)
    
    Estimated environmental remediation expenditures and estimated recoveries from state UST
funds have been adjusted for inflation and discounted to present value.   CRITICAL ACCOUNTING POLICIES AND ESTIMATES
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ENVIRONMENTAL MATTERS
 General
       47




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Environmental litigation
  The Lower Passaic River
  49




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MTBE Litigation
   
 Item 7A. Quantitative and Qualitative Disclosures about Market Risk
   50




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Item 8. Financial Statements and Supplementary Data
 GETTY REALTY CORP. INDEX TO FINANCIAL STATEMENTS AND
SUPPLEMENTARY DATA
 (PAGES)Consolidated Statements of Operations for the years ended December 31, 2010, 2009 and 2008
    
    
    53Consolidated Statements of Comprehensive Income for the years ended December 31, 2010,
2009 and 2008
    
    
    53Consolidated Balance Sheets as of December 31, 2010 and 2009
    
    
    54Consolidated Statements of Cash Flows for the years ended December 31, 2010, 2009 and 2008
    
    
    55Notes to Consolidated Financial Statements (including the supplementary financial
information contained in Note 9 Quarterly Financial Data)
    
    
    56Report of Independent Registered Public Accounting Firm
    
    
    82
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GETTY REALTY CORP. AND SUBSIDIARIES
 
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (in thousands, except per share amounts)
 YEAR ENDED DECEMBER 31,2010
    
    
    2009
    
    
    2008Revenues from rental properties
    
    $
    88,332
    
    
    $
    84,416
    
    
    $
    82,654Operating expenses:Rental property expenses
    
    
    10,128
    
    
    
    10,689
    
    
    
    11,443Impairment charges
    
    
    
    
    
    
    1,135
    
    
    
    Environmental expenses, net
    
    
    5,427
    
    
    
    8,811
    
    
    
    7,306General and administrative expenses
    
    
    8,178
    
    
    
    6,849
    
    
    
    6,831Depreciation and amortization expense
    
    
    9,731
    
    
    
    10,773
    
    
    
    11,727Total operating expenses
    
    
    33,464
    
    
    
    38,257
    
    
    
    37,307Operating income
    
    
    54,868
    
    
    
    46,159
    
    
    
    45,347Other income, net
    
    
    289
    
    
    
    585
    
    
    
    403Interest expense
    
    
    (5,050
    )
    
    
    (5,091
    )
    
    
    (7,034
    )Earnings from continuing operations
    
    
    50,107
    
    
    
    41,653
    
    
    
    38,716Discontinued operations:Earnings
(loss) from operating activities
    
    
    (112
    )
    
    
    70
    
    
    
    696Gains on dispositions of real estate
    
    
    1,705
    
    
    
    5,326
    
    
    
    2,398Earnings from discontinued operations
    
    
    1,593
    
    
    
    5,396
    
    
    
    3,094Net earnings
    
    $
    51,700
    
    
    $
    47,049
    
    
    $
    41,810Basic and diluted earnings per common share:Earnings from continuing operations
    
    $
    1.79
    
    
    $
    1.68
    
    
    $
    1.56Earnings from discontinued operations
    
    $
    .06
    
    
    $
    .22
    
    
    $
    .12Net earnings
    
    $
    1.85
    
    
    $
    1.90
    
    
    $
    1.69Weighted average shares outstanding:Basic
    
    
    27,950
    
    
    
    24,766
    
    
    
    24,766Stock options
    
    
    3
    
    
    
    1
    
    
    
    1Diluted
    
    
    27,953
    
    
    
    24,767
    
    
    
    24,767
  GETTY REALTY CORP. AND SUBSIDIARIES
 
 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 (in thousands)
 YEAR ENDED DECEMBER 31,2010
    
    
    2009
    
    
    2008Net earnings
    
    $
    51,700
    
    
    $
    47,049
    
    
    $
    41,810Other
comprehensive gain (loss):Net unrealized gain (loss) on interest rate swap
    
    
    1,840
    
    
    
    1,303
    
    
    
    (1,997
    )Comprehensive Income
    
    $
    53,540
    
    
    $
    48,352
    
    
    $
    39,813
  53




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GETTY REALTY CORP. AND SUBSIDIARIES
 
 CONSOLIDATED BALANCE SHEETS
 (in thousands, except share data)
 DECEMBER 31,2010
    
    
    2009ASSETS:Real Estate:Land
    
    $
    253,413
    
    
    $
    252,083Buildings and improvements
    
    
    251,174
    
    
    
    251,791504,587
    
    
    
    503,874Less  accumulated depreciation and amortization
    
    
    (144,217
    )
    
    
    (136,669
    )Real estate, net
    
    
    360,370
    
    
    
    367,205Net investment in direct financing lease
    
    
    20,540
    
    
    
    19,156Deferred rent receivable (net of allowance of $8,170 at
December 31, 2010 and $9,389 at December 31, 2009)
    
    
    27,385
    
    
    
    27,481Cash and cash equivalents
    
    
    6,122
    
    
    
    3,050Recoveries from state underground storage tank funds, net
    
    
    3,966
    
    
    
    3,882Mortgages and accounts receivable, net
    
    
    1,796
    
    
    
    2,402Prepaid expenses and other assets
    
    
    6,965
    
    
    
    9,696Total assets
    
    $
    427,144
    
    
    $
    432,872LIABILITIES AND SHAREHOLDERS EQUITY:Borrowings under credit line
    
    $
    41,300
    
    
    $
    151,200Term loan
    
    
    23,590
    
    
    
    24,370Environmental remediation costs
    
    
    14,874
    
    
    
    16,527Dividends payable
    
    
    14,432
    
    
    
    11,805Accounts payable and accrued expenses
    
    
    18,013
    
    
    
    21,301Total liabilities
    
    
    112,209
    
    
    
    225,203Commitments and contingencies (notes 2, 3, 5 and 6)
    
    
    
    
    
    
    Shareholders equity:Common stock, par value $.01 per share; authorized
50,000,000 shares; issued 29,944,155 at December 31,
2010 and 24,766,376 at December 31, 2009
    
    
    299
    
    
    
    248Paid-in capital
    
    
    368,093
    
    
    
    259,459Dividends paid in excess of earnings
    
    
    (52,304
    )
    
    
    (49,045
    )Accumulated other comprehensive loss
    
    
    (1,153
    )
    
    
    (2,993
    )Total shareholders equity
    
    
    314,935
    
    
    
    207,669Total liabilities and shareholders equity
    
    $
    427,144
    
    
    $
    432,872
  54




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GETTY REALTY CORP. AND SUBSIDIARIES
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (in thousands)
 YEAR ENDED DECEMBER 31,2010
    
    
    2009
    
    
    2008CASH FLOWS FROM OPERATING ACTIVITIES:Net earnings
    
    $
    51,700
    
    
    $
    47,049
    
    
    $
    41,810Adjustments to reconcile net earnings to net cash flow provided by operating activities:Depreciation and amortization expense
    
    
    9,738
    
    
    
    11,027
    
    
    
    11,875Impairment charges
    
    
    
    
    
    
    1,135
    
    
    
    Gain from dispositions of real estate
    
    
    (1,705
    )
    
    
    (5,467
    )
    
    
    (2,787
    )Deferred rental revenue, net of allowance
    
    
    96
    
    
    
    (763
    )
    
    
    (1,803
    )Amortization of above-market and below-market leases
    
    
    (1,260
    )
    
    
    (1,217
    )
    
    
    (790
    )Amortization of investment in direct financing lease
    
    
    (323
    )
    
    
    (85
    )
    
    
    Accretion expense
    
    
    775
    
    
    
    884
    
    
    
    956Stock-based employee compensation expense
    
    
    480
    
    
    
    390
    
    
    
    326Changes in assets and liabilities:Recoveries from state underground storage tank funds, net
    
    
    291
    
    
    
    724
    
    
    
    827Accounts receivable
    
    
    448
    
    
    
    (724
    )
    
    
    (5
    )Prepaid expenses and other assets
    
    
    (483
    )
    
    
    339
    
    
    
    423Environmental remediation costs
    
    
    (2,803
    )
    
    
    (2,400
    )
    
    
    (2,217
    )Accounts payable and accrued expenses
    
    
    (31
    )
    
    
    1,640
    
    
    
    (1,031
    )Net cash flow provided by operating activities
    
    
    56,923
    
    
    
    52,532
    
    
    
    47,584CASH FLOWS FROM INVESTING ACTIVITIES:Property acquisitions and capital expenditures
    
    
    (4,725
    )
    
    
    (55,317
    )
    
    
    (6,579
    )Proceeds from dispositions of real estate
    
    
    2,858
    
    
    
    6,939
    
    
    
    5,295(Increase) decrease in cash held for property acquisitions
    
    
    2,665
    
    
    
    (1,623
    )
    
    
    2,397Collection of mortgages receivable, net
    
    
    158
    
    
    
    (145
    )
    
    
    (55
    )Net cash flow provided by (used in) investing activities
    
    
    956
    
    
    
    (50,146
    )
    
    
    1,058CASH FLOWS FROM FINANCING ACTIVITIES:(Repayments) borrowings under credit agreement, net
    
    
    (109,900
    )
    
    
    20,950
    
    
    
    (2,250
    )(Repayments) borrowings under term loan agreement, net
    
    
    (780
    )
    
    
    24,370
    
    
    
    Cash dividends paid
    
    
    (52,332
    )
    
    
    (46,834
    )
    
    
    (46,294
    )Net proceeds from issuance of common stock
    
    
    108,205
    
    
    
    
    
    
    
    9Net cash flow used in financing activities
    
    
    (54,807
    )
    
    
    (1,514
    )
    
    
    (48,535
    )Net increase in cash and cash equivalents
    
    
    3,072
    
    
    
    872
    
    
    
    107Cash and cash equivalents at beginning of period
    
    
    3,050
    
    
    
    2,178
    
    
    
    2,071Cash and cash equivalents at end of year
    
    $
    6,122
    
    
    $
    3,050
    
    
    $
    2,178Supplemental disclosures of cash flow informationCash paid (refunded)during the year for:Interest
    
    $
    4,863
    
    
    $
    5,046
    
    
    $
    6,728Income taxes, net
    
    
    365
    
    
    
    467
    
    
    
    708Recoveries from state underground storage tank funds
    
    
    (1,250
    )
    
    
    (1,411
    )
    
    
    (1,511
    )Environmental remediation costs
    
    
    5,917
    
    
    
    6,154
    
    
    
    6,542
  55




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GETTY REALTY CORP. AND SUBSIDIARIES
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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Year ended December 31,2010
    
    
    2009
    
    
    2008Earnings from continuing operations
    
    $
    50,107
    
    
    $
    41,653
    
    
    $
    38,716Less dividend equivalents attributable to
restricted stock units outstanding
    
    
    (228
    )
    
    
    (162
    )
    
    
    (117
    )Earnings from continuing operations attributable to
common shareholders used for basic earnings per
share calculation
    
    
    49,879
    
    
    
    41,491
    
    
    
    38,599Discontinued operations
    
    
    1,593
    
    
    
    5,396
    
    
    
    3,094Net earnings attributable to common shareholders used
for basic earnings per share calculation
    
    $
    51,472
    
    
    $
    46,887
    
    
    $
    41,693Weighted-average number of common shares outstanding:Basic
    
    
    27,950
    
    
    
    24,766
    
    
    
    24,766Stock options
    
    
    3
    
    
    
    1
    
    
    
    1Diluted
    
    
    27,953
    
    
    
    24,767
    
    
    
    24,767Restricted stock units outstanding at the end of the
period
    
    
    123
    
    
    
    86
    
    
    
    62
    58




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2. LEASES
     59




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DIRECTYEAR ENDING
    
    OPERATING LEASES
    
    
    FINANCINGDECEMBER 31,
    
    MARKETING
    
    
    OTHER TENANTS
    
    
    SUBTOTAL
    
    
    LEASE
    
    
    TOTAL(a)2011
    
    $
    59,680
    
    
    $
    22,679
    
    
    $
    82,359
    
    
    $
    3,308
    
    
    $
    85,6672012
    
    
    59,587
    
    
    
    22,742
    
    
    
    82,329
    
    
    
    3,391
    
    
    
    85,7202013
    
    
    59,643
    
    
    
    22,264
    
    
    
    81,907
    
    
    
    3,478
    
    
    
    85,3852014
    
    
    60,279
    
    
    
    21,497
    
    
    
    81,776
    
    
    
    3,566
    
    
    
    85,3422015
    
    
    56,698
    
    
    
    20,788
    
    
    
    77,486
    
    
    
    3,655
    
    
    
    81,141Thereafter
    
    
    
    
    
    
    146,054
    
    
    
    146,054
    
    
    
    60,573
    
    
    
    206,627
 
    3. COMMITMENTS AND CONTINGENCIES
    60




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4. CREDIT AGREEMENT, TERM LOAN AGREEMENT AND INTEREST RATE SWAP AGREEMENT
      66




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5. ENVIRONMENTAL EXPENSES
     67




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6. INCOME TAXES
    69




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7. SHAREHOLDERS EQUITY
  DIVIDEND
    
    
    ACCUMULATEDPAID
    
    
    OTHERCOMMON STOCK
    
    
    PAID-IN
    
    
    IN EXCESS
    
    
    COMPREHENSIVESHARES
    
    
    AMOUNT
    
    
    CAPITAL
    
    
    OF EARNINGS
    
    
    LOSS
    
    
    TOTALBALANCE, DECEMBER 31, 2007
    
    
    24,765
    
    
    $
    248
    
    
    $
    258,734
    
    
    $
    (44,505
    )
    
    $
    (2,299
    )
    
    $
    212,178Net earnings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    41,810
    
    
    
    
    
    
    
    41,810Dividends  $1.87 per share
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (46,429
    )
    
    
    
    
    
    
    (46,429
    )Stock-based compensation
    
    
    1
    
    
    
    
    
    
    
    326
    
    
    
    
    
    
    
    
    
    
    
    326Stock options exercised
    
    
    
    
    
    
    
    
    
    
    9
    
    
    
    
    
    
    
    
    
    
    
    9Net unrealized loss on interest rate swap
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,997
    )
    
    
    (1,997
    )BALANCE, DECEMBER 31, 2008
    
    
    24,766
    
    
    
    248
    
    
    
    259,069
    
    
    
    (49,124
    )
    
    
    (4,296
    )
    
    
    205,897Net earnings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    47,049
    
    
    
    
    
    
    
    47,049Dividends  $1.89 per share
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (46,970
    )
    
    
    
    
    
    
    (46,970
    )Stock-based compensation
    
    
    
    
    
    
    
    
    
    
    390
    
    
    
    
    
    
    
    
    
    
    
    390Net unrealized gain on interest rate swap
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,303
    
    
    
    1,303BALANCE, DECEMBER 31, 2009
    
    
    24,766
    
    
    
    248
    
    
    
    259,459
    
    
    
    (49,045
    )
    
    
    (2,993
    )
    
    
    207,669Net earnings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    51,700
    
    
    
    
    
    
    
    51,700Dividends  $1.91 per share
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (54,959
    )
    
    
    
    
    
    
    (54,959
    )Stock-based compensation
    
    
    1
    
    
    
    
    
    
    
    480
    
    
    
    
    
    
    
    
    
    
    
    480Stock options exercised
    
    
    2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Proceeds from issuance of common stock
    
    
    5,175
    
    
    
    51
    
    
    
    108,154
    
    
    
    
    
    
    
    
    
    
    
    108,205Net unrealized gain on interest rate swap
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,840
    
    
    
    1,840BALANCE, DECEMBER 31, 2010
    
    
    29,944
    
    
    $
    299
    
    
    $
    368,093
    
    
    
    ($52,304
    )
    
    $
    (1,153
    )
    
    $
    314,935
    8. EMPLOYEE BENEFIT PLANS
   70




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##### Table of Contents



NUMBER OF
    
    
    FAIR VALUERSUs
    
    
    
    
    
    
    AVERAGEOUTSTANDING
    
    
    AMOUNT
    
    
    PER RSURSUs OUTSTANDING AT DECEMBER 31, 2007
    
    
    39,200Granted
    
    
    23,800
    
    
    $
    639,000
    
    
    $
    26.86Settled (a)
    
    
    (400
    )Cancelled
    
    
    (600
    )RSUs OUTSTANDING AT DECEMBER, 2008
    
    
    62,000Granted
    
    
    23,600
    
    
    $
    393,000
    
    
    $
    16.64RSUs OUTSTANDING AT DECEMBER 31, 2009
    
    
    85,600Granted
    
    
    37,600
    
    
    $
    864,000
    
    
    $
    22.97RSUs OUTSTANDING AT DECEMBER 31, 2010
    
    
    123,200
 
 (a)
    
    The intrinsic value of the 400 RSUs settled in 2008 was $7,000.   NUMBEROF RSUs
    
    
    FAIRVESTED
    
    
    VALUERSUs VESTED AT DECEMBER 31, 2007
    
    
    9,960Vested
    
    
    7,840
    
    
    $
    213,000Settled
    
    
    (400
    )RSUs VESTED AT DECEMBER 31, 2008
    
    
    17,400Vested
    
    
    12,400
    
    
    $
    335,000RSUs VESTED AT DECEMBER 31, 2009
    
    
    29,800Vested
    
    
    15,600
    
    
    $
    379,000RSUs VESTED AT DECEMBER 31, 2010
    
    
    45,400
  71




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##### Table of Contents



9. QUARTERLY FINANCIAL DATA
  THREE MONTHS ENDED
    
    
    YEAR ENDEDYEAR ENDED DECEMBER 31, 2010
    
    MARCH 31,
    
    
    JUNE 30,
    
    
    SEPTEMBER 30,
    
    
    DECEMBER 31,
    
    
    DECEMBER 31,Revenues from rental properties
    
    $
    22,449
    
    
    $
    21,734
    
    
    $
    21,981
    
    
    $
    22,168
    
    
    $
    88,332Earnings from continuing operations
    
    
    11,575
    
    
    
    12,590
    
    
    
    13,532
    
    
    
    12,410
    
    
    
    50,107Net earnings
    
    
    11,905
    
    
    
    13,959
    
    
    
    13,351
    
    
    
    12,485
    
    
    
    51,700Diluted earnings per common share:Earnings from continuing operations
    
    
    .47
    
    
    
    .46
    
    
    
    .45
    
    
    
    .41
    
    
    
    1.79Net earnings
    
    
    .48
    
    
    
    .51
    
    
    
    .45
    
    
    
    .41
    
    
    
    1.85
 THREE MONTHS ENDED
    
    
    YEAR ENDEDYEAR ENDED DECEMBER 31, 2009 (a)
    
    MARCH 31,
    
    
    JUNE 30,
    
    
    SEPTEMBER 30,
    
    
    DECEMBER 31,
    
    
    DECEMBER 31,Revenues from rental properties
    
    $
    20,622
    
    
    $
    20,529
    
    
    $
    20,754
    
    
    $
    22,511
    
    
    $
    84,416Earnings from continuing operations
    
    
    9,597
    
    
    
    10,547
    
    
    
    10,668
    
    
    
    10,841
    
    
    
    41,653Net earnings
    
    
    9,928
    
    
    
    13,605
    
    
    
    12,185
    
    
    
    11,331
    
    
    
    47,049Diluted earnings per common share:Earnings from continuing operations
    
    
    .39
    
    
    
    .43
    
    
    
    .43
    
    
    
    .44
    
    
    
    1.68Net earnings
    
    
    .40
    
    
    
    .55
    
    
    
    .49
    
    
    
    .46
    
    
    
    1.90
 
 (a)
    
    Includes the effect of the $49.0 million acquisition of gasoline stations and convenience
store properties from White Oak Petroleum LLC from its inception on September 25, 2009 through December 31, 2009. 10. PROPERTY ACQUISITIONS
  Acquisition of thirty-six properties from White Oak
  1 2
 72




---



##### Table of Contents



Year Ended December 31,(in thousands)
    

    2009
    
    
    2008Revenue from rental properties
    
    $
    89,372
    
    
    $
    89,370Net earnings
    
    $
    50,930
    
    
    $
    45,885Basic and diluted net earnings
per common share
    
    $
    2.06
    
    
    $
    1.85
  Year / Period Ended December 31,2010
    
    
    2009(a)(in thousands)Operating Data (for the year / period ended December 31):Gross sales
    
    $
    169,237
    
    
    $
    44,198Gross profit
    
    
    5,971
    
    
    
    1,082Net loss
    
    
    (383
    )
    
    
    (1,382
    )Balance Sheet Data (at December 31):Current assets
    
    
    5,398
    
    
    
    4,251Noncurrent assets
    
    
    53,559
    
    
    
    54,841Current liabilities
    
    
    5,776
    
    
    
    7,442Noncurrent liabilities
    
    
    53,883
    
    
    
    51,968
 
 (a)
    
    Operating data from its inception on September 26, 2009 through December 31, 2009. 11. SUPPLEMENTAL CONDENSED COMBINING FINANCIAL INFORMATION
  73




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74




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##### Table of Contents



GettyPetroleum
    
    
    OtherMarketing
    
    
    Tenants
    
    
    Corporate
    
    
    ConsolidatedRevenues from rental properties
    
    $
    58,656
    
    
    $
    29,676
    
    
    $
    
    
    
    $
    88,332Operating expenses:Rental property expenses
    
    
    (7,046
    )
    
    
    (2,604
    )
    
    
    (478
    )
    
    
    (10,128
    )Environmental expenses, net
    
    
    (5,300
    )
    
    
    (127
    )
    
    
    
    
    
    
    (5,427
    )General and administrative expenses
    
    
    (146
    )
    
    
    (135
    )
    
    
    (7,897
    )
    
    
    (8,178
    )Depreciation and amortization expense
    
    
    (4,223
    )
    
    
    (5,471
    )
    
    
    (37
    )
    
    
    (9,731
    )Total operating expenses
    
    
    (16,715
    )
    
    
    (8,337
    )
    
    
    (8,412
    )
    
    
    (33,464
    )Operating income (loss)
    
    
    41,941
    
    
    
    21,339
    
    
    
    (8,412
    )
    
    
    54,868Other income, net
    
    
    
    
    
    
    
    
    
    
    289
    
    
    
    289Interest expense
    
    
    
    
    
    
    
    
    
    
    (5,050
    )
    
    
    (5,050
    )Earnings (loss) from continuing operations
    
    
    41,941
    
    
    
    21,339
    
    
    
    (13,173
    )
    
    
    50,107Discontinued operations:Loss from operating activities
    
    
    (106
    )
    
    
    (6
    )
    
    
    
    
    
    
    (112
    )Gains on dispositions of real estate
    
    
    1,685
    
    
    
    20
    
    
    
    
    
    
    
    1,705Earnings from discontinued operations
    
    
    1,579
    
    
    
    14
    
    
    
    
    
    
    
    1,593Net earnings (loss)
    
    $
    43,520
    
    
    $
    21,353
    
    
    $
    (13,173
    )
    
    $
    51,700
  GettyPetroleum
    
    
    OtherMarketing
    
    
    Tenants
    
    
    Corporate
    
    
    ConsolidatedRevenues from rental properties
    
    $
    60,476
    
    
    $
    23,940
    
    
    $
    
    
    
    $
    84,416Operating expenses:Rental property expenses
    
    
    (6,925
    )
    
    
    (3,204
    )
    
    
    (560
    )
    
    
    (10,689
    )Impairment Charges
    
    
    (1,135
    )
    
    
    
    
    
    
    
    
    
    
    (1,135
    )Environmental expenses, net
    
    
    (8,610
    )
    
    
    (201
    )
    
    
    
    
    
    
    (8,811
    )General and administrative expenses
    
    
    (280
    )
    
    
    (231
    )
    
    
    (6,338
    )
    
    
    (6,849
    )Depreciation and amortization expense
    
    
    (5,554
    )
    
    
    (5,148
    )
    
    
    (71
    )
    
    
    (10,773
    )Total operating expenses
    
    
    (22,504
    )
    
    
    (8,784
    )
    
    
    (6,969
    )
    
    
    (38,257
    )Operating income (loss)
    
    
    37,972
    
    
    
    15,156
    
    
    
    (6,969
    )
    
    
    46,159Other income, net
    
    
    153
    
    
    
    (12
    )
    
    
    444
    
    
    
    585Interest expense
    
    
    
    
    
    
    
    
    
    
    (5,091
    )
    
    
    (5,091
    )Earnings (loss) from continuing operations
    
    
    38,125
    
    
    
    15,144
    
    
    
    (11,616
    )
    
    
    41,653Discontinued operations:Earnings (loss) from operating activities
    
    
    181
    
    
    
    (111
    )
    
    
    
    
    
    
    70Gains on dispositions of real estate
    
    
    4,591
    
    
    
    735
    
    
    
    
    
    
    
    5,326Earnings from discontinued operations
    
    
    4,772
    
    
    
    624
    
    
    
    
    
    
    
    5,396Net earnings (loss)
    
    $
    42,897
    
    
    $
    15,768
    
    
    $
    (11,616
    )
    
    $
    47,049
 75




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##### Table of Contents



GettyPetroleum
    
    
    OtherMarketing
    
    
    Tenants
    
    
    Corporate
    
    
    ConsolidatedRevenues from rental properties
    
    $
    60,526
    
    
    $
    22,128
    
    
    $
    
    
    
    $
    82,654Operating expenses:Rental property expenses
    
    
    (6,938
    )
    
    
    (3,904
    )
    
    
    (601
    )
    
    
    (11,443
    )Environmental expenses, net
    
    
    (7,126
    )
    
    
    (180
    )
    
    
    
    
    
    
    (7,306
    )General and administrative expenses
    
    
    (686
    )
    
    
    (193
    )
    
    
    (5,952
    )
    
    
    (6,831
    )Depreciation and amortization expense
    
    
    (6,749
    )
    
    
    (4,939
    )
    
    
    (39
    )
    
    
    (11,727
    )Total operating expenses
    
    
    (21,499
    )
    
    
    (9,216
    )
    
    
    (6,592
    )
    
    
    (37,307
    )Operating income (loss)
    
    
    39,027
    
    
    
    12,912
    
    
    
    (6,592
    )
    
    
    45,347Other income, net
    
    
    599
    
    
    
    (210
    )
    
    
    14
    
    
    
    403Interest expense
    
    
    
    
    
    
    
    
    
    
    (7,034
    )
    
    
    (7,034
    )Earnings (loss) from continuing operations
    
    
    39,626
    
    
    
    12,702
    
    
    
    (13,612
    )
    
    
    38,716Discontinued operations:Earnings from operating activities
    
    
    527
    
    
    
    169
    
    
    
    
    
    
    
    696Gains on dispositions of real estate
    
    
    697
    
    
    
    1,701
    
    
    
    
    
    
    
    2,398Earnings from discontinued operations
    
    
    1,224
    
    
    
    1,870
    
    
    
    
    
    
    
    3,094Net earnings (loss)
    
    $
    40,850
    
    
    $
    14,572
    
    
    $
    (13,612
    )
    
    $
    41,810
  GettyPetroleum
    
    
    OtherMarketing
    
    
    Tenants
    
    
    Corporate
    
    
    ConsolidatedASSETS:Real Estate:Land
    
    $
    137,151
    
    
    $
    116,262
    
    
    $
    
    
    
    $
    253,413Buildings and improvements
    
    
    152,570
    
    
    
    98,233
    
    
    
    371
    
    
    
    251,174289,721
    
    
    
    214,495
    
    
    
    371
    
    
    
    504,587Less  accumulated depreciation and
amortization
    
    
    (118,784
    )
    
    
    (25,241
    )
    
    
    (192
    )
    
    
    (144,217
    )Real estate, net
    
    
    170,937
    
    
    
    189,254
    
    
    
    179
    
    
    
    360,370Net investment in direct financing lease
    
    
    
    
    
    
    20,540
    
    
    
    
    
    
    
    20,540Deferred rent receivable, net
    
    
    21,221
    
    
    
    6,164
    
    
    
    
    
    
    
    27,385Cash and cash equivalents
    
    
    
    
    
    
    
    
    
    
    6,122
    
    
    
    6,122Recoveries from state underground
storage tank funds, net
    
    
    3,874
    
    
    
    92
    
    
    
    
    
    
    
    3,966Mortgages and accounts receivable, net
    
    
    13
    
    
    
    509
    
    
    
    1,274
    
    
    
    1,796Prepaid expenses and other assets
    
    
    
    
    
    
    3,444
    
    
    
    3,521
    
    
    
    6,965Total assets
    
    
    196,045
    
    
    
    220,003
    
    
    
    11,096
    
    
    
    427,144LIABILITIES:Borrowings under credit line
    
    
    
    
    
    
    
    
    
    
    41,300
    
    
    
    41,300Term loan
    
    
    
    
    
    
    
    
    
    
    23,590
    
    
    
    23,590Environmental remediation costs
    
    
    13,841
    
    
    
    1,033
    
    
    
    
    
    
    
    14,874Dividends payable
    
    
    
    
    
    
    
    
    
    
    14,432
    
    
    
    14,432Accounts payable and accrued expenses
    
    
    962
    
    
    
    6,953
    
    
    
    10,098
    
    
    
    18,013Total liabilities
    
    
    14,803
    
    
    
    7,986
    
    
    
    89,420
    
    
    
    112,209Net assets (liabilities)
    
    $
    181,242
    
    
    $
    212,017
    
    
    $
    (78,324
    )
    
    $
    314,935
 76




---



##### Table of Contents



GettyPetroleum
    
    
    OtherMarketing
    
    
    Tenants
    
    
    Corporate
    
    
    ConsolidatedASSETS:Real Estate:Land
    
    $
    137,887
    
    
    $
    114,196
    
    
    $
    
    
    
    $
    252,083Buildings and improvements
    
    
    154,345
    
    
    
    97,171
    
    
    
    275
    
    
    
    251,791292,232
    
    
    
    211,367
    
    
    
    275
    
    
    
    503,874Less  accumulated depreciation and
amortization
    
    
    (116,128
    )
    
    
    (20,386
    )
    
    
    (155
    )
    
    
    (136,669
    )Real estate, net
    
    
    176,104
    
    
    
    190,981
    
    
    
    120
    
    
    
    367,205Net investment in direct financing lease
    
    
    
    
    
    
    19,156
    
    
    
    
    
    
    
    19,156Deferred rent receivable, net
    
    
    22,801
    
    
    
    4,680
    
    
    
    
    
    
    
    27,481Cash and cash equivalents
    
    
    
    
    
    
    
    
    
    
    3,050
    
    
    
    3,050Recoveries from state underground
storage tank funds, net
    
    
    3,784
    
    
    
    98
    
    
    
    
    
    
    
    3,882Mortgages and accounts receivable, net
    
    
    
    
    
    
    970
    
    
    
    1,432
    
    
    
    2,402Prepaid expenses and other assets
    
    
    
    
    
    
    4,052
    
    
    
    5,644
    
    
    
    9,696Total assets
    
    
    202,689
    
    
    
    219,937
    
    
    
    10,246
    
    
    
    432,872LIABILITIES:Borrowings under credit line
    
    
    
    
    
    
    
    
    
    
    151,200
    
    
    
    151,200Term loan
    
    
    
    
    
    
    
    
    
    
    24,370
    
    
    
    24,370Environmental remediation costs
    
    
    16,055
    
    
    
    472
    
    
    
    
    
    
    
    16,527Dividends payable
    
    
    
    
    
    
    
    
    
    
    11,805
    
    
    
    11,805Accounts payable and accrued expenses
    
    
    920
    
    
    
    8,643
    
    
    
    11,738
    
    
    
    21,301Total liabilities
    
    
    16,975
    
    
    
    9,115
    
    
    
    199,113
    
    
    
    225,203Net assets (liabilities)
    
    $
    185,714
    
    
    $
    210,822
    
    
    $
    (188,867
    )
    
    $
    207,669
 77




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##### Table of Contents



GettyPetroleum
    
    
    OtherMarketing
    
    
    Tenants
    
    
    Corporate
    
    
    ConsolidatedCASH FLOWS FROM OPERATING ACTIVITIES:Net earnings (loss)
    
    $
    43,520
    
    
    $
    21,353
    
    
    $
    (13,173
    )
    
    $
    51,700Adjustments to reconcile net earnings (loss) to net cash flow
provided by operating activities:Depreciation and amortization expense
    
    
    4,229
    
    
    
    5,472
    
    
    
    37
    
    
    
    9,738Impairment charges
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Gain from dispositions of real estate
    
    
    (1,685
    )
    
    
    (20
    )
    
    
    
    
    
    
    (1,705
    )Deferred rental revenue
    
    
    1,580
    
    
    
    (1,484
    )
    
    
    
    
    
    
    96Amortization of above-market and below-market leases
    
    
    
    
    
    
    (1,260
    )
    
    
    
    
    
    
    (1,260
    )Amortization of investment in direct financing lease
    
    
    
    
    
    
    (323
    )
    
    
    
    
    
    
    (323
    )Accretion expense
    
    
    758
    
    
    
    17
    
    
    
    
    
    
    
    775Stock-based employee compensation expense
    
    
    
    
    
    
    
    
    
    
    480
    
    
    
    480Changes in assets and liabilities:Recoveries from state underground storage tank funds, net
    
    
    276
    
    
    
    15
    
    
    
    
    
    
    
    291Mortgages and accounts receivable, net
    
    
    (13
    )
    
    
    461
    
    
    
    
    
    
    
    448Prepaid expenses and other assets
    
    
    
    
    
    
    59
    
    
    
    (542
    )
    
    
    (483
    )Environmental remediation costs
    
    
    (3,338
    )
    
    
    535
    
    
    
    
    
    
    
    (2,803
    )Accounts payable and accrued expenses
    
    
    42
    
    
    
    (273
    )
    
    
    200
    
    
    
    (31
    )Net cash flow provided by (used in) operating activities
    
    
    45,369
    
    
    
    24,552
    
    
    
    (12,998
    )
    
    
    56,923CASH FLOWS FROM INVESTING ACTIVITIES:Property acquisitions and capital expenditures
    
    
    
    
    
    
    (4,629
    )
    
    
    (96
    )
    
    
    (4,725
    )Proceeds from dispositions of real estate
    
    
    2,623
    
    
    
    235
    
    
    
    
    
    
    
    2,858Decrease in cash held for property acquisitions
    
    
    
    
    
    
    
    
    
    
    2,665
    
    
    
    2,665Collection (issuance) of mortgages receivable, net
    
    
    
    
    
    
    
    
    
    
    158
    
    
    
    158Net cash flow provided by (used in) investing activities
    
    
    2,623
    
    
    
    (4,394
    )
    
    
    2,727
    
    
    
    956CASH FLOWS FROM FINANCING ACTIVITIES:Borrowings (repayments) under credit agreement, net
    
    
    
    
    
    
    
    
    
    
    (109,900
    )
    
    
    (109,900
    )Repayments under term loan agreement, net
    
    
    
    
    
    
    
    
    
    
    (780
    )
    
    
    (780
    )Cash dividends paid
    
    
    
    
    
    
    
    
    
    
    (52,332
    )
    
    
    (52,332
    )Net proceeds from issuance of common stock
    
    
    
    
    
    
    
    
    
    
    108,205
    
    
    
    108,205Cash consolidation- Corporate
    
    
    (47,992
    )
    
    
    (20,158
    )
    
    
    68,150
    
    
    
    Net cash flow (used in) provided by financing activities
    
    
    (47,992
    )
    
    
    (20,158
    )
    
    
    13,343
    
    
    
    (54,807
    )Net increase in cash and cash equivalents
    
    
    
    
    
    
    
    
    
    
    3,072
    
    
    
    3,072Cash and cash equivalents at beginning of period
    
    
    
    
    
    
    
    
    
    
    3,050
    
    
    
    3,050Cash and cash equivalents at end of year
    
    $
    
    
    
    $
    
    
    
    $
    6,122
    
    
    $
    6,122
 78




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##### Table of Contents



GettyPetroleum
    
    
    OtherMarketing
    
    
    Tenants
    
    
    Corporate
    
    
    ConsolidatedCASH FLOWS FROM OPERATING ACTIVITIES:Net earnings (loss)
    
    $
    42,897
    
    
    $
    15,768
    
    
    $
    (11,616
    )
    
    $
    47,049Adjustments to reconcile net earnings (loss) to net cash flow
provided by operating activities:Depreciation and amortization expense
    
    
    5,605
    
    
    
    5,351
    
    
    
    71
    
    
    
    11,027Impairment charges
    
    
    1,135
    
    
    
    
    
    
    
    
    
    
    
    1,135Gain from dispositions of real estate
    
    
    (4,744
    )
    
    
    (723
    )
    
    
    
    
    
    
    (5,467
    )Deferred rental revenue
    
    
    99
    
    
    
    (862
    )
    
    
    
    
    
    
    (763
    )Amortization of above-market and below-market leases
    
    
    
    
    
    
    (1,217
    )
    
    
    
    
    
    
    (1,217
    )Amortization of investment in direct financing lease
    
    
    
    
    
    
    (85
    )
    
    
    
    
    
    
    (85
    )Accretion expense
    
    
    864
    
    
    
    20
    
    
    
    
    
    
    
    884Stock-based employee compensation expense
    
    
    
    
    
    
    
    
    
    
    390
    
    
    
    390Changes in assets and liabilities:Recoveries from state underground storage tank funds, net
    
    
    650
    
    
    
    74
    
    
    
    
    
    
    
    724Mortgages and accounts receivable, net
    
    
    7
    
    
    
    (731
    )
    
    
    
    
    
    
    (724
    )Prepaid expenses and other assets
    
    
    
    
    
    
    (47
    )
    
    
    386
    
    
    
    339Environmental remediation costs
    
    
    (2,384
    )
    
    
    (16
    )
    
    
    
    
    
    
    (2,400
    )Accounts payable and accrued expenses
    
    
    (232
    )
    
    
    305
    
    
    
    1,567
    
    
    
    1,640Net cash flow provided by (used in) operating activities
    
    
    43,897
    
    
    
    17,837
    
    
    
    (9,202
    )
    
    
    52,532CASH FLOWS FROM INVESTING ACTIVITIES:Property acquisitions and capital expenditures
    
    
    (483
    )
    
    
    (54,785
    )
    
    
    (49
    )
    
    
    (55,317
    )Proceeds from dispositions of real estate
    
    
    5,701
    
    
    
    1,238
    
    
    
    
    
    
    
    6,939Increase in cash held for property acquisitions
    
    
    
    
    
    
    
    
    
    
    (1,623
    )
    
    
    (1,623
    )Collection (issuance) of mortgages receivable, net
    
    
    
    
    
    
    
    
    
    
    (145
    )
    
    
    (145
    )Net cash flow provided by (used in) investing activities
    
    
    5,218
    
    
    
    (53,547
    )
    
    
    (1,817
    )
    
    
    (50,146
    )CASH FLOWS FROM FINANCING ACTIVITIES:Borrowings (repayments) under credit agreement, net
    
    
    
    
    
    
    
    
    
    
    20,950
    
    
    
    20,950Borrowings under term loan agreement, net
    
    
    
    
    
    
    
    
    
    
    24,370
    
    
    
    24,370Cash dividends paid
    
    
    
    
    
    
    
    
    
    
    (46,834
    )
    
    
    (46,834
    )Cash consolidation  Corporate
    
    
    (49,115
    )
    
    
    35,710
    
    
    
    13,405
    
    
    
    Net cash flow (used in) provided by financing activities
    
    
    (49,115
    )
    
    
    35,710
    
    
    
    11,891
    
    
    
    (1,514
    )Net increase in cash and cash equivalents
    
    
    
    
    
    
    
    
    
    
    872
    
    
    
    872Cash and cash equivalents at beginning of period
    
    
    
    
    
    
    
    
    
    
    2,178
    
    
    
    2,178Cash and cash equivalents at end of year
    
    $
    
    
    
    $
    
    
    
    $
    3,050
    
    
    $
    3,050
 79




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##### Table of Contents



GettyPetroleum
    
    
    OtherMarketing
    
    
    Tenants
    
    
    Corporate
    
    
    ConsolidatedCASH FLOWS FROM OPERATING ACTIVITIES:Net earnings (loss)
    
    $
    40,850
    
    
    $
    14,572
    
    
    $
    (13,612
    )
    
    $
    41,810Adjustments to reconcile net earnings (loss) to net cash flow
provided by operating activities:Depreciation and amortization expense
    
    
    6,839
    
    
    
    4,997
    
    
    
    39
    
    
    
    11,875Gain from dispositions of real estate
    
    
    (1,296
    )
    
    
    (1,491
    )
    
    
    
    
    
    
    (2,787
    )Deferred rental revenue
    
    
    (539
    )
    
    
    (1,264
    )
    
    
    
    
    
    
    (1,803
    )Amortization of above-market and below-market leases
    
    
    
    
    
    
    (790
    )
    
    
    
    
    
    
    (790
    )Accretion expense
    
    
    934
    
    
    
    22
    
    
    
    
    
    
    
    956Stock-based employee compensation expense
    
    
    
    
    
    
    
    
    
    
    326
    
    
    
    326Changes in assets and liabilities:Recoveries from state underground storage tank funds, net
    
    
    691
    
    
    
    136
    
    
    
    
    
    
    
    827Mortgages and accounts receivable, net
    
    
    8
    
    
    
    (13
    )
    
    
    
    
    
    
    (5
    )Prepaid expenses and other assets
    
    
    
    
    
    
    12
    
    
    
    411
    
    
    
    423Environmental remediation costs
    
    
    (1,945
    )
    
    
    (272
    )
    
    
    
    
    
    
    (2,217
    )Accounts payable and accrued expenses
    
    
    (222
    )
    
    
    382
    
    
    
    (1,191
    )
    
    
    (1,031
    )Net cash flow provided by (used in) operating activities
    
    
    45,320
    
    
    
    16,291
    
    
    
    (14,027
    )
    
    
    47,584CASH FLOWS FROM INVESTING ACTIVITIES:Property acquisitions and capital expenditures
    
    
    (1,233
    )
    
    
    (5,346
    )
    
    
    
    
    
    
    (6,579
    )Proceeds from dispositions of real estate
    
    
    3,268
    
    
    
    2,027
    
    
    
    
    
    
    
    5,295Increase  in cash held for property acquisitions
    
    
    
    
    
    
    
    
    
    
    2,397
    
    
    
    2,397Collection (issuance) of mortgages receivable, net
    
    
    
    
    
    
    
    
    
    
    (55
    )
    
    
    (55
    )Net cash flow (used in) provided by investing activities
    
    
    2,035
    
    
    
    (3,319
    )
    
    
    2,342
    
    
    
    1,058CASH FLOWS FROM FINANCING ACTIVITIES:Borrowings (repayments) under credit agreement, net
    
    
    
    
    
    
    
    
    
    
    (2,250
    )
    
    
    (2,250
    )Cash dividends paid
    
    
    
    
    
    
    
    
    
    
    (46,294
    )
    
    
    (46,294
    )Cash paid in settlement of restricted stock units
    
    
    
    
    
    
    
    
    
    
    9
    
    
    
    9Cash consolidation  Corporate
    
    
    (47,355
    )
    
    
    (12,972
    )
    
    
    60,327
    
    
    
    Net cash flow (used in) provided by financing activities
    
    
    (47,355
    )
    
    
    (12,972
    )
    
    
    11,792
    
    
    
    (48,535
    )Net increase in cash and cash equivalents
    
    
    
    
    
    
    
    
    
    
    107
    
    
    
    107Cash and cash equivalents at beginning of period
    
    
    
    
    
    
    
    
    
    
    2,071
    
    
    
    2,071Cash and cash equivalents at end of year
    
    $
    
    
    
    $
    
    
    
    $
    2,178
    
    
    $
    2,178
 12. SUBSEQUENT EVENTS
   80




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81




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##### Table of Contents



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
  Internal Control  Integrated Framework
   
 82




---



##### Table of Contents



Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
  
 Item 9A. Controls and Procedures
 Disclosure Controls and Procedures
   Managements Report on Internal Control Over Financial Reporting
    
 Item 9B. Other Information
  83




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##### Table of Contents



PART III
 
 Item 10. Directors, Executive Officers and Corporate Governance
  NAME
    
    AGE
    
    POSITION
    
    OFFICER SINCEDavid B. Driscoll
    
    
    56
    
    
    President, Chief Executive Officer and Director
    
    
    2010Leo Liebowitz
    
    
    83
    
    
    Director and Chairman of the Board
    
    
    1971Joshua Dicker
    
    
    50
    
    
    Vice President, General Counsel and Secretary
    
    
    2008Kevin C. Shea
    
    
    51
    
    
    Executive Vice President
    
    
    2001Thomas J. Stirnweis
    
    
    52
    
    
    Vice President, Treasurer and Chief Financial
Officer
    
    
    2001
        84




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##### Table of Contents



Item 11. Executive Compensation
  
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters
  
 Item 13. Certain Relationships and Related Transactions, and Director Independence
   
 Item 14. Principal Accountant Fees and Services
  85




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##### Table of Contents



PART IV
 
 Item 15. Exhibits and Financial Statement Schedules
 (a)(1) Financial Statements
  (a)(2) Financial Statement Schedules
 GETTY REALTY CORP.
INDEX TO FINANCIAL STATEMENT SCHEDULES
Item 15(a)(2)
 PAGESReport of Independent Registered Public Accounting Firm on Financial Statement Schedules
    
    
    87Schedule II  Valuation and Qualifying Accounts and Reserves for the years ended
December 31, 2010, 2009 and 2008
    
    
    87Schedule III  Real Estate and Accumulated Depreciation and Amortization as of December
31, 2010
    
    
    88
 (a)(3) Exhibits
  86




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##### Table of Contents



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ON FINANCIAL STATEMENT SCHEDULES
    
 GETTY REALTY CORP. and SUBSIDIARIES
 
 SCHEDULE II  VALUATION and QUALIFYING ACCOUNTS and RESERVES
 for the years ended December 31, 2010, 2009 and 2008
 (in thousands)
 BALANCE AT
    
    
    
    
    
    
    
    
    
    
    BALANCEBEGINNING
    
    
    
    
    
    
    
    
    
    
    AT ENDOF YEAR
    
    
    ADDITIONS
    
    
    DEDUCTIONS
    
    
    OF YEARDecember 31, 2010:Allowance for deferred rent receivable
    
    $
    9,389
    
    
    $
    
    
    
    $
    1,219
    
    
    $
    8,170Allowance for mortgages and accounts receivable
    
    $
    135
    
    
    $
    226
    
    
    $
    
    
    
    $
    361Allowance for deposits held in escrow
    
    $
    377
    
    
    $
    
    
    
    $
    
    
    
    $
    377Allowance for recoveries from state underground storage tank funds
    
    $
    650
    
    
    $
    
    
    
    $
    
    
    
    $
    650December 31, 2009:Allowance for deferred rent receivable
    
    $
    10,029
    
    
    $
    
    
    
    $
    640
    
    
    $
    9,389Allowance for mortgages and accounts receivable
    
    $
    100
    
    
    $
    120
    
    
    $
    85
    
    
    $
    135Allowance for deposits held in escrow
    
    $
    377
    
    
    $
    
    
    
    $
    
    
    
    $
    377Allowance for recoveries from state underground storage tank funds
    
    $
    650
    
    
    $
    
    
    
    $
    
    
    
    $
    650December 31, 2008:Allowance for deferred rent receivable
    
    $
    10,494
    
    
    $
    
    
    
    $
    465
    
    
    $
    10,029Allowance for mortgages and accounts receivable
    
    $
    100
    
    
    $
    71
    
    
    $
    71
    
    
    $
    100Allowance for deposits held in escrow
    
    $
    
    
    
    $
    377
    
    
    $
    
    
    
    $
    377Allowance for recoveries from state underground storage tank funds
    
    $
    650
    
    
    $
    
    
    
    $
    
    
    
    $
    650
 87




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##### Table of Contents



GETTY REALTY CORP. and SUBSIDIARIES
 
 SCHEDULE III  REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION
 As of December 31, 2010
 (in thousands)
  2010
    
    
    2009
    
    
    2008Investment in real estate:Balance at beginning of year
    
    $
    503,874
    
    
    $
    473,567
    
    
    $
    474,254Acquisitions and capital expenditures
    
    
    3,664
    
    
    
    36,246
    
    
    
    6,540Impairment
    
    
    
    
    
    
    (1,135
    )
    
    
    Sales and condemnations
    
    
    (1,819
    )
    
    
    (3,298
    )
    
    
    (3,939
    )Lease expirations
    
    
    (1,132
    )
    
    
    (1,506
    )
    
    
    (3,288
    )Balance at end of year
    
    $
    504,587
    
    
    $
    503,874
    
    
    $
    473,567Accumulated depreciation and amortization:Balance at beginning of year
    
    $
    136,669
    
    
    $
    129,322
    
    
    $
    122,465Depreciation and amortization expense
    
    
    9,346
    
    
    
    10,679
    
    
    
    11,576Sales and condemnations
    
    
    (666
    )
    
    
    (1,826
    )
    
    
    (1,431
    )Lease expirations
    
    
    (1,132
    )
    
    
    (1,506
    )
    
    
    (3,288
    )Balance at end of year
    
    $
    144,217
    
    
    $
    136,669
    
    
    $
    129,322
  88




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##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)BROOKLYN, NY
    
    $
    282,104
    
    
    $
    301,052
    
    
    $
    176,292
    
    
    $
    406,864
    
    
    $
    583,156
    
    
    $
    380,561
    
    
    
    1967JAMAICA, NY
    
    
    12,000
    
    
    
    295,750
    
    
    
    12,000
    
    
    
    295,750
    
    
    
    307,750
    
    
    
    236,475
    
    
    
    1970REGO PARK, NY
    
    
    33,745
    
    
    
    281,380
    
    
    
    23,000
    
    
    
    292,125
    
    
    
    315,125
    
    
    
    261,199
    
    
    
    1974BROOKLYN, NY
    
    
    74,808
    
    
    
    125,120
    
    
    
    30,694
    
    
    
    169,234
    
    
    
    199,928
    
    
    
    166,113
    
    
    
    1967BRONX, NY
    
    
    60,000
    
    
    
    353,955
    
    
    
    60,800
    
    
    
    353,155
    
    
    
    413,955
    
    
    
    305,133
    
    
    
    1965CORONA, NY
    
    
    114,247
    
    
    
    300,172
    
    
    
    112,800
    
    
    
    301,619
    
    
    
    414,419
    
    
    
    245,295
    
    
    
    1965OCEANSIDE, NY
    
    
    40,378
    
    
    
    169,929
    
    
    
    40,000
    
    
    
    170,307
    
    
    
    210,307
    
    
    
    144,868
    
    
    
    1970BLUEPOINT, NY
    
    
    96,163
    
    
    
    118,524
    
    
    
    96,068
    
    
    
    118,619
    
    
    
    214,687
    
    
    
    118,158
    
    
    
    1972BRENTWOOD, NY
    
    
    253,058
    
    
    
    84,485
    
    
    
    125,000
    
    
    
    212,543
    
    
    
    337,543
    
    
    
    211,813
    
    
    
    1968BAY SHORE, NY
    
    
    47,685
    
    
    
    289,972
    
    
    
    
    
    
    
    337,657
    
    
    
    337,657
    
    
    
    337,657
    
    
    
    1969WHITE PLAINS, NY
    
    
    
    
    
    
    527,925
    
    
    
    302,607
    
    
    
    225,318
    
    
    
    527,925
    
    
    
    135,248
    
    
    
    1972PELHAM MANOR, NY
    
    
    127,304
    
    
    
    85,087
    
    
    
    75,800
    
    
    
    136,591
    
    
    
    212,391
    
    
    
    134,071
    
    
    
    1972BRONX, NY
    
    
    
    
    
    
    309,235
    
    
    
    176,558
    
    
    
    132,677
    
    
    
    309,235
    
    
    
    92,746
    
    
    
    1971BRONX, NY
    
    
    
    
    
    
    293,507
    
    
    
    
    
    
    
    293,507
    
    
    
    293,507
    
    
    
    293,507
    
    
    
    1972BROOKLYN, NY
    
    
    
    
    
    
    365,767
    
    
    
    
    
    
    
    365,767
    
    
    
    365,767
    
    
    
    365,767
    
    
    
    1970POUGHKEEPSIE, NY
    
    
    32,885
    
    
    
    168,354
    
    
    
    35,904
    
    
    
    165,335
    
    
    
    201,239
    
    
    
    162,305
    
    
    
    1971WAPPINGERS FALLS, NY
    
    
    114,185
    
    
    
    159,162
    
    
    
    111,785
    
    
    
    161,562
    
    
    
    273,347
    
    
    
    158,741
    
    
    
    1971STONY POINT, NY
    
    
    59,329
    
    
    
    203,448
    
    
    
    55,800
    
    
    
    206,977
    
    
    
    262,777
    
    
    
    206,977
    
    
    
    1971KINGSTON, NY
    
    
    29,010
    
    
    
    159,986
    
    
    
    12,721
    
    
    
    176,275
    
    
    
    188,996
    
    
    
    175,375
    
    
    
    1972LAGRANGEVILLE, NY
    
    
    129,133
    
    
    
    101,140
    
    
    
    64,626
    
    
    
    165,647
    
    
    
    230,273
    
    
    
    165,049
    
    
    
    1972BRONX, NY
    
    
    128,419
    
    
    
    221,197
    
    
    
    100,681
    
    
    
    248,935
    
    
    
    349,616
    
    
    
    218,546
    
    
    
    1972STATEN ISLAND, NY
    
    
    40,598
    
    
    
    256,262
    
    
    
    26,050
    
    
    
    270,810
    
    
    
    296,860
    
    
    
    226,359
    
    
    
    1973BRONX, NY
    
    
    141,322
    
    
    
    141,909
    
    
    
    86,800
    
    
    
    196,431
    
    
    
    283,231
    
    
    
    192,721
    
    
    
    1972NEW YORK, NY
    
    
    125,923
    
    
    
    168,772
    
    
    
    78,125
    
    
    
    216,570
    
    
    
    294,695
    
    
    
    215,406
    
    
    
    1972MIDDLE VILLAGE, NY
    
    
    130,684
    
    
    
    73,741
    
    
    
    89,960
    
    
    
    114,465
    
    
    
    204,425
    
    
    
    112,103
    
    
    
    1972BROOKLYN, NY
    
    
    100,000
    
    
    
    254,503
    
    
    
    66,890
    
    
    
    287,613
    
    
    
    354,503
    
    
    
    261,144
    
    
    
    1972BROOKLYN, NY
    
    
    135,693
    
    
    
    91,946
    
    
    
    100,035
    
    
    
    127,604
    
    
    
    227,639
    
    
    
    114,148
    
    
    
    1972BROOKLYN, NY
    
    
    147,795
    
    
    
    228,379
    
    
    
    103,815
    
    
    
    272,359
    
    
    
    376,174
    
    
    
    249,080
    
    
    
    1972STATEN ISLAND, NY
    
    
    101,033
    
    
    
    371,591
    
    
    
    75,650
    
    
    
    396,974
    
    
    
    472,624
    
    
    
    324,405
    
    
    
    1972STATEN ISLAND, NY
    
    
    25,000
    
    
    
    325,918
    
    
    
    
    
    
    
    350,918
    
    
    
    350,918
    
    
    
    350,918
    
    
    
    1972BRONX, NY
    
    
    543,833
    
    
    
    693,438
    
    
    
    473,695
    
    
    
    763,576
    
    
    
    1,237,271
    
    
    
    761,876
    
    
    
    1970BRONX, NY
    
    
    90,176
    
    
    
    183,197
    
    
    
    40,176
    
    
    
    233,197
    
    
    
    273,373
    
    
    
    213,494
    
    
    
    1976BRONX, NY
    
    
    45,044
    
    
    
    196,956
    
    
    
    10,044
    
    
    
    231,956
    
    
    
    242,000
    
    
    
    215,941
    
    
    
    1976BRONX, NY
    
    
    128,049
    
    
    
    315,917
    
    
    
    83,849
    
    
    
    360,117
    
    
    
    443,966
    
    
    
    298,182
    
    
    
    1972BRONX, NY
    
    
    130,396
    
    
    
    184,222
    
    
    
    90,396
    
    
    
    224,222
    
    
    
    314,618
    
    
    
    220,666
    
    
    
    1972BRONX, NY
    
    
    118,025
    
    
    
    290,298
    
    
    
    73,025
    
    
    
    335,298
    
    
    
    408,323
    
    
    
    306,680
    
    
    
    1972BRONX, NY
    
    
    70,132
    
    
    
    322,265
    
    
    
    30,132
    
    
    
    362,265
    
    
    
    392,397
    
    
    
    303,186
    
    
    
    1972BRONX, NY
    
    
    78,168
    
    
    
    450,267
    
    
    
    65,680
    
    
    
    462,755
    
    
    
    528,435
    
    
    
    401,874
    
    
    
    1972BRONX, NY
    
    
    69,150
    
    
    
    300,279
    
    
    
    34,150
    
    
    
    335,279
    
    
    
    369,429
    
    
    
    289,006
    
    
    
    1972YONKERS, NY
    
    
    291,348
    
    
    
    170,478
    
    
    
    216,348
    
    
    
    245,478
    
    
    
    461,826
    
    
    
    236,480
    
    
    
    1972SLEEPY HOLLOW, NY
    
    
    280,825
    
    
    
    102,486
    
    
    
    129,744
    
    
    
    253,567
    
    
    
    383,311
    
    
    
    249,725
    
    
    
    1969OLD BRIDGE, NJ
    
    
    85,617
    
    
    
    109,980
    
    
    
    56,190
    
    
    
    139,407
    
    
    
    195,597
    
    
    
    139,407
    
    
    
    1972BREWSTER, NY
    
    
    117,603
    
    
    
    78,076
    
    
    
    72,403
    
    
    
    123,276
    
    
    
    195,679
    
    
    
    120,392
    
    
    
    1972FLUSHING, NY
    
    
    118,309
    
    
    
    280,435
    
    
    
    78,309
    
    
    
    320,435
    
    
    
    398,744
    
    
    
    263,591
    
    
    
    1973
 89




---



##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)BRONX, NY
    
    
    
    
    
    
    278,517
    
    
    
    
    
    
    
    278,517
    
    
    
    278,517
    
    
    
    261,528
    
    
    
    1976STATEN ISLAND, NY
    
    
    173,667
    
    
    
    133,198
    
    
    
    113,369
    
    
    
    193,496
    
    
    
    306,865
    
    
    
    186,432
    
    
    
    1976BRIARCLIFF MANOR, NY
    
    
    652,213
    
    
    
    103,753
    
    
    
    501,687
    
    
    
    254,279
    
    
    
    755,966
    
    
    
    252,578
    
    
    
    1976BRONX, NY
    
    
    95,328
    
    
    
    102,639
    
    
    
    73,750
    
    
    
    124,217
    
    
    
    197,967
    
    
    
    122,885
    
    
    
    1976BRONX, NY
    
    
    88,865
    
    
    
    193,679
    
    
    
    63,315
    
    
    
    219,229
    
    
    
    282,544
    
    
    
    218,914
    
    
    
    1976NEW YORK, NY
    
    
    106,363
    
    
    
    103,035
    
    
    
    79,275
    
    
    
    130,123
    
    
    
    209,398
    
    
    
    128,858
    
    
    
    1976NEW YORK, NY
    
    
    146,159
    
    
    
    407,286
    
    
    
    43,461
    
    
    
    509,984
    
    
    
    553,445
    
    
    
    431,343
    
    
    
    1976GLENDALE, NY
    
    
    124,438
    
    
    
    287,907
    
    
    
    86,160
    
    
    
    326,185
    
    
    
    412,345
    
    
    
    291,970
    
    
    
    1976OZONE PARK, NY
    
    
    57,289
    
    
    
    331,799
    
    
    
    44,715
    
    
    
    344,373
    
    
    
    389,088
    
    
    
    310,408
    
    
    
    1976LONG ISLAND CITY, NY
    
    
    106,592
    
    
    
    151,819
    
    
    
    73,260
    
    
    
    185,151
    
    
    
    258,411
    
    
    
    184,526
    
    
    
    1976RIDGE, NY
    
    
    276,942
    
    
    
    73,821
    
    
    
    200,000
    
    
    
    150,763
    
    
    
    350,763
    
    
    
    138,113
    
    
    
    1977NEW CITY, NY
    
    
    180,979
    
    
    
    100,597
    
    
    
    109,025
    
    
    
    172,551
    
    
    
    281,576
    
    
    
    172,386
    
    
    
    1978W. HAVERSTRAW, NY
    
    
    194,181
    
    
    
    38,141
    
    
    
    140,000
    
    
    
    92,322
    
    
    
    232,322
    
    
    
    90,798
    
    
    
    1978BROOKLYN, NY
    
    
    74,928
    
    
    
    250,382
    
    
    
    44,957
    
    
    
    280,353
    
    
    
    325,310
    
    
    
    235,518
    
    
    
    1978RONKONKOMA, NY
    
    
    76,478
    
    
    
    208,121
    
    
    
    46,057
    
    
    
    238,542
    
    
    
    284,599
    
    
    
    236,284
    
    
    
    1978STONY BROOK, NY
    
    
    175,921
    
    
    
    44,529
    
    
    
    105,000
    
    
    
    115,450
    
    
    
    220,450
    
    
    
    115,157
    
    
    
    1978MILLER PLACE, NY
    
    
    110,000
    
    
    
    103,160
    
    
    
    66,000
    
    
    
    147,160
    
    
    
    213,160
    
    
    
    146,858
    
    
    
    1978LAKE RONKONKOMA, NY
    
    
    87,097
    
    
    
    156,576
    
    
    
    51,000
    
    
    
    192,673
    
    
    
    243,673
    
    
    
    191,794
    
    
    
    1978E. PATCHOGUE, NY
    
    
    57,049
    
    
    
    210,390
    
    
    
    34,213
    
    
    
    233,226
    
    
    
    267,439
    
    
    
    233,226
    
    
    
    1978AMITYVILLE, NY
    
    
    70,246
    
    
    
    139,953
    
    
    
    42,148
    
    
    
    168,051
    
    
    
    210,199
    
    
    
    168,051
    
    
    
    1978BETHPAGE, NY
    
    
    210,990
    
    
    
    38,356
    
    
    
    126,000
    
    
    
    123,346
    
    
    
    249,346
    
    
    
    123,213
    
    
    
    1978HUNTINGTON STATION, NY
    
    
    140,735
    
    
    
    52,045
    
    
    
    84,000
    
    
    
    108,780
    
    
    
    192,780
    
    
    
    108,780
    
    
    
    1978BALDWIN, NY
    
    
    101,952
    
    
    
    106,328
    
    
    
    61,552
    
    
    
    146,728
    
    
    
    208,280
    
    
    
    127,618
    
    
    
    1978ELMONT, NY
    
    
    388,848
    
    
    
    114,933
    
    
    
    231,000
    
    
    
    272,781
    
    
    
    503,781
    
    
    
    246,521
    
    
    
    1978NORTH BABYLON, NY
    
    
    91,888
    
    
    
    117,066
    
    
    
    59,059
    
    
    
    149,895
    
    
    
    208,954
    
    
    
    149,029
    
    
    
    1978CENTRAL ISLIP, NY
    
    
    103,183
    
    
    
    151,449
    
    
    
    61,435
    
    
    
    193,197
    
    
    
    254,632
    
    
    
    193,197
    
    
    
    1978WHITE PLAINS, NY
    
    
    120,393
    
    
    
    67,315
    
    
    
    
    
    
    
    187,708
    
    
    
    187,708
    
    
    
    187,708
    
    
    
    1979STATEN ISLAND, NY
    
    
    
    
    
    
    222,525
    
    
    
    
    
    
    
    222,525
    
    
    
    222,525
    
    
    
    222,525
    
    
    
    1981BROOKLYN, NY
    
    
    116,328
    
    
    
    232,254
    
    
    
    75,000
    
    
    
    273,582
    
    
    
    348,582
    
    
    
    269,208
    
    
    
    1980LONG ISLAND CITY, NY
    
    
    191,420
    
    
    
    390,783
    
    
    
    116,554
    
    
    
    465,649
    
    
    
    582,203
    
    
    
    374,139
    
    
    
    1981BAY SHORE, NY
    
    
    156,382
    
    
    
    123,032
    
    
    
    85,854
    
    
    
    193,560
    
    
    
    279,414
    
    
    
    192,923
    
    
    
    1981BRISTOL, CT
    
    
    108,808
    
    
    
    81,684
    
    
    
    44,000
    
    
    
    146,492
    
    
    
    190,492
    
    
    
    145,631
    
    
    
    1982CROMWELL, CT
    
    
    70,017
    
    
    
    183,119
    
    
    
    24,000
    
    
    
    229,136
    
    
    
    253,136
    
    
    
    229,136
    
    
    
    1982EAST HARTFORD, CT
    
    
    208,004
    
    
    
    60,493
    
    
    
    84,000
    
    
    
    184,497
    
    
    
    268,497
    
    
    
    184,497
    
    
    
    1982FRANKLIN, CT
    
    
    50,904
    
    
    
    168,470
    
    
    
    20,232
    
    
    
    199,142
    
    
    
    219,374
    
    
    
    198,997
    
    
    
    1982MANCHESTER, CT
    
    
    65,590
    
    
    
    156,628
    
    
    
    64,750
    
    
    
    157,468
    
    
    
    222,218
    
    
    
    157,331
    
    
    
    1982MERIDEN, CT
    
    
    207,873
    
    
    
    39,829
    
    
    
    84,000
    
    
    
    163,702
    
    
    
    247,702
    
    
    
    163,646
    
    
    
    1982NEW MILFORD, CT
    
    
    113,947
    
    
    
    121,174
    
    
    
    
    
    
    
    235,121
    
    
    
    235,121
    
    
    
    235,121
    
    
    
    1982NORWALK, CT
    
    
    257,308
    
    
    
    128,940
    
    
    
    104,000
    
    
    
    282,248
    
    
    
    386,248
    
    
    
    281,997
    
    
    
    1982SOUTHINGTON, CT
    
    
    115,750
    
    
    
    158,561
    
    
    
    70,750
    
    
    
    203,561
    
    
    
    274,311
    
    
    
    203,189
    
    
    
    1982TERRYVILLE, CT
    
    
    182,308
    
    
    
    98,911
    
    
    
    74,000
    
    
    
    207,219
    
    
    
    281,219
    
    
    
    207,179
    
    
    
    1982TOLLAND, CT
    
    
    107,902
    
    
    
    100,178
    
    
    
    44,000
    
    
    
    164,080
    
    
    
    208,080
    
    
    
    163,042
    
    
    
    1982WATERFORD, CT
    
    
    76,981
    
    
    
    133,059
    
    
    
    
    
    
    
    210,040
    
    
    
    210,040
    
    
    
    208,789
    
    
    
    1982WEST HAVEN, CT
    
    
    185,138
    
    
    
    48,619
    
    
    
    74,000
    
    
    
    159,757
    
    
    
    233,757
    
    
    
    158,911
    
    
    
    1982
 90




---



##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)GRANBY, MA
    
    
    58,804
    
    
    
    232,477
    
    
    
    24,000
    
    
    
    267,281
    
    
    
    291,281
    
    
    
    228,899
    
    
    
    1982HADLEY, MA
    
    
    119,276
    
    
    
    68,748
    
    
    
    36,080
    
    
    
    151,944
    
    
    
    188,024
    
    
    
    149,726
    
    
    
    1982PITTSFIELD, MA
    
    
    123,167
    
    
    
    118,273
    
    
    
    50,000
    
    
    
    191,440
    
    
    
    241,440
    
    
    
    191,114
    
    
    
    1982SOUTH HADLEY, MA
    
    
    232,445
    
    
    
    54,351
    
    
    
    90,000
    
    
    
    196,796
    
    
    
    286,796
    
    
    
    194,200
    
    
    
    1982SPRINGFIELD, MA
    
    
    139,373
    
    
    
    239,713
    
    
    
    50,000
    
    
    
    329,086
    
    
    
    379,086
    
    
    
    273,794
    
    
    
    1983SPRINGFIELD, MA
    
    
    
    
    
    
    239,087
    
    
    
    
    
    
    
    239,087
    
    
    
    239,087
    
    
    
    204,303
    
    
    
    1984WESTFIELD, MA
    
    
    123,323
    
    
    
    96,093
    
    
    
    50,000
    
    
    
    169,416
    
    
    
    219,416
    
    
    
    167,631
    
    
    
    1982OSSINING, NY
    
    
    140,992
    
    
    
    104,761
    
    
    
    97,527
    
    
    
    148,226
    
    
    
    245,753
    
    
    
    145,058
    
    
    
    1982FREEHOLD, NJ
    
    
    494,275
    
    
    
    68,507
    
    
    
    402,834
    
    
    
    159,948
    
    
    
    562,782
    
    
    
    98,772
    
    
    
    1978LAKEWOOD, NJ
    
    
    130,148
    
    
    
    77,265
    
    
    
    70,148
    
    
    
    137,265
    
    
    
    207,413
    
    
    
    137,014
    
    
    
    1978NORTH PLAINFIELD, NJ
    
    
    227,190
    
    
    
    239,709
    
    
    
    175,000
    
    
    
    291,899
    
    
    
    466,899
    
    
    
    287,519
    
    
    
    1978SOUTH AMBOY, NJ
    
    
    299,678
    
    
    
    94,088
    
    
    
    178,950
    
    
    
    214,816
    
    
    
    393,766
    
    
    
    214,228
    
    
    
    1978GLEN HEAD, NY
    
    
    234,395
    
    
    
    192,295
    
    
    
    102,645
    
    
    
    324,045
    
    
    
    426,690
    
    
    
    324,045
    
    
    
    1982NEW ROCHELLE, NY
    
    
    188,932
    
    
    
    34,649
    
    
    
    103,932
    
    
    
    119,649
    
    
    
    223,581
    
    
    
    119,562
    
    
    
    1982ELMONT, NY
    
    
    108,348
    
    
    
    85,793
    
    
    
    64,290
    
    
    
    129,851
    
    
    
    194,141
    
    
    
    103,941
    
    
    
    1982MERIDEN, CT
    
    
    126,188
    
    
    
    106,805
    
    
    
    72,344
    
    
    
    160,649
    
    
    
    232,993
    
    
    
    160,649
    
    
    
    1982PLAINVILLE, CT
    
    
    80,000
    
    
    
    290,433
    
    
    
    
    
    
    
    370,433
    
    
    
    370,433
    
    
    
    354,114
    
    
    
    1983FRANKLIN SQUARE, NY
    
    
    152,572
    
    
    
    121,756
    
    
    
    137,315
    
    
    
    137,013
    
    
    
    274,328
    
    
    
    102,543
    
    
    
    1978SEAFORD, NY
    
    
    32,000
    
    
    
    157,665
    
    
    
    
    
    
    
    189,665
    
    
    
    189,665
    
    
    
    181,736
    
    
    
    1978BROOKLYN, NY
    
    
    276,831
    
    
    
    376,706
    
    
    
    168,423
    
    
    
    485,114
    
    
    
    653,537
    
    
    
    396,802
    
    
    
    1978NEW HAVEN, CT
    
    
    1,412,860
    
    
    
    56,420
    
    
    
    898,470
    
    
    
    570,810
    
    
    
    1,469,280
    
    
    
    322,933
    
    
    
    1985BRISTOL, CT
    
    
    359,906
    
    
    
    
    
    
    
    
    
    
    
    359,906
    
    
    
    359,906
    
    
    
    221,945
    
    
    
    2004BRISTOL, CT
    
    
    1,594,129
    
    
    
    
    
    
    
    1,036,184
    
    
    
    557,945
    
    
    
    1,594,129
    
    
    
    137,628
    
    
    
    2004BRISTOL, CT
    
    
    253,639
    
    
    
    
    
    
    
    149,553
    
    
    
    104,086
    
    
    
    253,639
    
    
    
    25,672
    
    
    
    2004BRISTOL, CT
    
    
    365,028
    
    
    
    
    
    
    
    237,268
    
    
    
    127,760
    
    
    
    365,028
    
    
    
    31,512
    
    
    
    2004COBALT, CT
    
    
    395,683
    
    
    
    
    
    
    
    
    
    
    
    395,683
    
    
    
    395,683
    
    
    
    244,003
    
    
    
    2004DURHAM, CT
    
    
    993,909
    
    
    
    
    
    
    
    
    
    
    
    993,909
    
    
    
    993,909
    
    
    
    612,911
    
    
    
    2004ELLINGTON, CT
    
    
    1,294,889
    
    
    
    
    
    
    
    841,678
    
    
    
    453,211
    
    
    
    1,294,889
    
    
    
    111,789
    
    
    
    2004ENFIELD, CT
    
    
    259,881
    
    
    
    
    
    
    
    
    
    
    
    259,881
    
    
    
    259,881
    
    
    
    188,540
    
    
    
    2004FARMINGTON, CT
    
    
    466,271
    
    
    
    
    
    
    
    303,076
    
    
    
    163,195
    
    
    
    466,271
    
    
    
    40,256
    
    
    
    2004HARTFORD, CT
    
    
    664,966
    
    
    
    
    
    
    
    432,228
    
    
    
    232,738
    
    
    
    664,966
    
    
    
    57,412
    
    
    
    2004HARTFORD, CT
    
    
    570,898
    
    
    
    
    
    
    
    371,084
    
    
    
    199,814
    
    
    
    570,898
    
    
    
    49,290
    
    
    
    2004MERIDEN, CT
    
    
    1,531,772
    
    
    
    
    
    
    
    989,165
    
    
    
    542,607
    
    
    
    1,531,772
    
    
    
    137,535
    
    
    
    2004MIDDLETOWN, CT
    
    
    1,038,592
    
    
    
    
    
    
    
    675,085
    
    
    
    363,507
    
    
    
    1,038,592
    
    
    
    89,663
    
    
    
    2004NEW BRITAIN, CT
    
    
    390,497
    
    
    
    
    
    
    
    253,823
    
    
    
    136,674
    
    
    
    390,497
    
    
    
    33,713
    
    
    
    2004NEWINGTON, CT
    
    
    953,512
    
    
    
    
    
    
    
    619,783
    
    
    
    333,729
    
    
    
    953,512
    
    
    
    82,319
    
    
    
    2004NORTH HAVEN, CT
    
    
    405,389
    
    
    
    
    
    
    
    251,985
    
    
    
    153,404
    
    
    
    405,389
    
    
    
    48,039
    
    
    
    2004PLAINVILLE, CT
    
    
    544,503
    
    
    
    
    
    
    
    353,927
    
    
    
    190,576
    
    
    
    544,503
    
    
    
    47,009
    
    
    
    2004PLYMOUTH, CT
    
    
    930,885
    
    
    
    
    
    
    
    605,075
    
    
    
    325,810
    
    
    
    930,885
    
    
    
    80,364
    
    
    
    2004SOUTH WINDHAM, CT
    
    
    644,141
    
    
    
    1,397,938
    
    
    
    598,394
    
    
    
    1,443,685
    
    
    
    2,042,079
    
    
    
    201,798
    
    
    
    2004SOUTH WINDSOR, CT
    
    
    544,857
    
    
    
    
    
    
    
    336,737
    
    
    
    208,120
    
    
    
    544,857
    
    
    
    71,527
    
    
    
    2004SUFFIELD, CT
    
    
    237,401
    
    
    
    602,635
    
    
    
    200,878
    
    
    
    639,158
    
    
    
    840,036
    
    
    
    277,652
    
    
    
    2004VERNON, CT
    
    
    1,434,223
    
    
    
    
    
    
    
    
    
    
    
    1,434,223
    
    
    
    1,434,223
    
    
    
    884,436
    
    
    
    2004WALLINGFORD, CT
    
    
    550,553
    
    
    
    
    
    
    
    334,901
    
    
    
    215,652
    
    
    
    550,553
    
    
    
    66,261
    
    
    
    2004
 91




---



##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)WATERBURY, CT
    
    
    804,040
    
    
    
    
    
    
    
    516,387
    
    
    
    287,653
    
    
    
    804,040
    
    
    
    77,694
    
    
    
    2004WATERBURY, CT
    
    
    515,172
    
    
    
    
    
    
    
    334,862
    
    
    
    180,310
    
    
    
    515,172
    
    
    
    44,474
    
    
    
    2004WATERBURY, CT
    
    
    468,469
    
    
    
    
    
    
    
    304,505
    
    
    
    163,964
    
    
    
    468,469
    
    
    
    40,447
    
    
    
    2004WATERTOWN, CT
    
    
    924,586
    
    
    
    
    
    
    
    566,986
    
    
    
    357,600
    
    
    
    924,586
    
    
    
    127,607
    
    
    
    2004WETHERSFIELD, CT
    
    
    446,610
    
    
    
    
    
    
    
    
    
    
    
    446,610
    
    
    
    446,610
    
    
    
    430,749
    
    
    
    2004WEST HAVEN, CT
    
    
    1,214,831
    
    
    
    
    
    
    
    789,640
    
    
    
    425,191
    
    
    
    1,214,831
    
    
    
    104,883
    
    
    
    2004WESTBROOK, CT
    
    
    344,881
    
    
    
    
    
    
    
    
    
    
    
    344,881
    
    
    
    344,881
    
    
    
    212,676
    
    
    
    2004WILLIMANTIC, CT
    
    
    716,782
    
    
    
    
    
    
    
    465,908
    
    
    
    250,874
    
    
    
    716,782
    
    
    
    61,883
    
    
    
    2004WINDSOR, CT
    
    
    1,042,081
    
    
    
    
    
    
    
    669,804
    
    
    
    372,277
    
    
    
    1,042,081
    
    
    
    302,484
    
    
    
    2004WINDSOR LOCKS, CT
    
    
    1,433,330
    
    
    
    
    
    
    
    
    
    
    
    1,433,330
    
    
    
    1,433,330
    
    
    
    883,887
    
    
    
    2004WINDSOR LOCKS, CT
    
    
    360,664
    
    
    
    
    
    
    
    
    
    
    
    360,664
    
    
    
    360,664
    
    
    
    88,967
    
    
    
    2004BLOOMFIELD, CT
    
    
    141,452
    
    
    
    54,786
    
    
    
    90,000
    
    
    
    106,238
    
    
    
    196,238
    
    
    
    105,206
    
    
    
    1986SIMSBURY, CT
    
    
    317,704
    
    
    
    144,637
    
    
    
    206,700
    
    
    
    255,641
    
    
    
    462,341
    
    
    
    201,142
    
    
    
    1985RIDGEFIELD, CT
    
    
    535,140
    
    
    
    33,590
    
    
    
    347,900
    
    
    
    220,830
    
    
    
    568,730
    
    
    
    130,129
    
    
    
    1985BRIDGEPORT, CT
    
    
    349,500
    
    
    
    56,209
    
    
    
    227,600
    
    
    
    178,109
    
    
    
    405,709
    
    
    
    118,789
    
    
    
    1985NORWALK, CT
    
    
    510,760
    
    
    
    209,820
    
    
    
    332,200
    
    
    
    388,380
    
    
    
    720,580
    
    
    
    276,668
    
    
    
    1985BRIDGEPORT, CT
    
    
    313,400
    
    
    
    20,303
    
    
    
    204,100
    
    
    
    129,603
    
    
    
    333,703
    
    
    
    76,623
    
    
    
    1985STAMFORD, CT
    
    
    506,860
    
    
    
    15,635
    
    
    
    329,700
    
    
    
    192,795
    
    
    
    522,495
    
    
    
    107,322
    
    
    
    1985BRIDGEPORT, CT
    
    
    245,100
    
    
    
    20,652
    
    
    
    159,600
    
    
    
    106,152
    
    
    
    265,752
    
    
    
    64,538
    
    
    
    1985BRIDGEPORT, CT
    
    
    313,400
    
    
    
    24,314
    
    
    
    204,100
    
    
    
    133,614
    
    
    
    337,714
    
    
    
    80,572
    
    
    
    1985BRIDGEPORT, CT
    
    
    377,600
    
    
    
    83,549
    
    
    
    245,900
    
    
    
    215,249
    
    
    
    461,149
    
    
    
    151,595
    
    
    
    1985BRIDGEPORT, CT
    
    
    526,775
    
    
    
    63,505
    
    
    
    342,700
    
    
    
    247,580
    
    
    
    590,280
    
    
    
    158,841
    
    
    
    1985BRIDGEPORT, CT
    
    
    338,415
    
    
    
    27,786
    
    
    
    219,800
    
    
    
    146,401
    
    
    
    366,201
    
    
    
    88,196
    
    
    
    1985NEW HAVEN, CT
    
    
    538,400
    
    
    
    176,230
    
    
    
    350,600
    
    
    
    364,030
    
    
    
    714,630
    
    
    
    273,261
    
    
    
    1985DARIEN, CT
    
    
    667,180
    
    
    
    26,061
    
    
    
    434,300
    
    
    
    258,941
    
    
    
    693,241
    
    
    
    146,164
    
    
    
    1985WESTPORT, CT
    
    
    603,260
    
    
    
    23,070
    
    
    
    392,500
    
    
    
    233,830
    
    
    
    626,330
    
    
    
    129,223
    
    
    
    1985STAMFORD, CT
    
    
    603,260
    
    
    
    112,305
    
    
    
    392,500
    
    
    
    323,065
    
    
    
    715,565
    
    
    
    220,035
    
    
    
    1985STAMFORD, CT
    
    
    506,580
    
    
    
    40,429
    
    
    
    329,700
    
    
    
    217,309
    
    
    
    547,009
    
    
    
    131,260
    
    
    
    1985STRATFORD, CT
    
    
    301,300
    
    
    
    70,735
    
    
    
    196,200
    
    
    
    175,835
    
    
    
    372,035
    
    
    
    124,931
    
    
    
    1985STRATFORD, CT
    
    
    285,200
    
    
    
    14,728
    
    
    
    185,700
    
    
    
    114,228
    
    
    
    299,928
    
    
    
    65,990
    
    
    
    1985CHESHIRE, CT
    
    
    490,200
    
    
    
    19,050
    
    
    
    319,200
    
    
    
    190,050
    
    
    
    509,250
    
    
    
    107,401
    
    
    
    1985MILFORD, CT
    
    
    293,512
    
    
    
    43,846
    
    
    
    191,000
    
    
    
    146,358
    
    
    
    337,358
    
    
    
    95,466
    
    
    
    1985FAIRFIELD, CT
    
    
    430,000
    
    
    
    13,631
    
    
    
    280,000
    
    
    
    163,631
    
    
    
    443,631
    
    
    
    90,266
    
    
    
    1985NORWALK, CT
    
    
    
    
    
    
    619,018
    
    
    
    401,996
    
    
    
    217,022
    
    
    
    619,018
    
    
    
    47,799
    
    
    
    1988HARTFORD, CT
    
    
    233,000
    
    
    
    32,563
    
    
    
    151,700
    
    
    
    113,863
    
    
    
    265,563
    
    
    
    74,228
    
    
    
    1985NEW HAVEN, CT
    
    
    217,000
    
    
    
    23,889
    
    
    
    141,300
    
    
    
    99,589
    
    
    
    240,889
    
    
    
    62,572
    
    
    
    1985RIDGEFIELD, CT
    
    
    401,630
    
    
    
    47,610
    
    
    
    166,861
    
    
    
    282,379
    
    
    
    449,240
    
    
    
    278,895
    
    
    
    1985BRIDGEPORT, CT
    
    
    346,442
    
    
    
    16,990
    
    
    
    230,000
    
    
    
    133,432
    
    
    
    363,432
    
    
    
    132,588
    
    
    
    1985WILTON, CT
    
    
    518,881
    
    
    
    71,425
    
    
    
    337,500
    
    
    
    252,806
    
    
    
    590,306
    
    
    
    163,498
    
    
    
    1985MIDDLETOWN, CT
    
    
    133,022
    
    
    
    86,915
    
    
    
    131,312
    
    
    
    88,625
    
    
    
    219,937
    
    
    
    88,625
    
    
    
    1987EAST HARTFORD, CT
    
    
    555,826
    
    
    
    13,797
    
    
    
    301,322
    
    
    
    268,301
    
    
    
    569,623
    
    
    
    105,964
    
    
    
    1991WATERTOWN, CT
    
    
    351,771
    
    
    
    58,812
    
    
    
    204,027
    
    
    
    206,556
    
    
    
    410,583
    
    
    
    125,188
    
    
    
    1992AVON, CT
    
    
    730,886
    
    
    
    
    
    
    
    402,949
    
    
    
    327,937
    
    
    
    730,886
    
    
    
    126,360
    
    
    
    2002WILMINGTON, DE
    
    
    309,300
    
    
    
    67,834
    
    
    
    201,400
    
    
    
    175,734
    
    
    
    377,134
    
    
    
    123,451
    
    
    
    1985
 92




---



##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)ST. GEORGES, DE
    
    
    442,014
    
    
    
    218,906
    
    
    
    324,725
    
    
    
    336,195
    
    
    
    660,920
    
    
    
    306,132
    
    
    
    1985WILMINGTON, DE
    
    
    313,400
    
    
    
    103,748
    
    
    
    204,100
    
    
    
    213,048
    
    
    
    417,148
    
    
    
    153,604
    
    
    
    1985WILMINGTON, DE
    
    
    381,700
    
    
    
    156,704
    
    
    
    248,600
    
    
    
    289,804
    
    
    
    538,404
    
    
    
    225,473
    
    
    
    1985CLAYMONT, DE
    
    
    237,200
    
    
    
    30,878
    
    
    
    151,700
    
    
    
    116,378
    
    
    
    268,078
    
    
    
    76,928
    
    
    
    1985NEWARK, DE
    
    
    405,800
    
    
    
    35,844
    
    
    
    264,300
    
    
    
    177,344
    
    
    
    441,644
    
    
    
    108,557
    
    
    
    1985WILMINGTON, DE
    
    
    446,000
    
    
    
    33,323
    
    
    
    290,400
    
    
    
    188,923
    
    
    
    479,323
    
    
    
    113,717
    
    
    
    1985WILMINGTON, DE
    
    
    337,500
    
    
    
    21,971
    
    
    
    219,800
    
    
    
    139,671
    
    
    
    359,471
    
    
    
    82,617
    
    
    
    1985LEWISTON, ME
    
    
    341,900
    
    
    
    89,500
    
    
    
    222,400
    
    
    
    209,000
    
    
    
    431,400
    
    
    
    151,436
    
    
    
    1985PORTLAND, ME
    
    
    325,400
    
    
    
    42,652
    
    
    
    211,900
    
    
    
    156,152
    
    
    
    368,052
    
    
    
    101,295
    
    
    
    1985BIDDEFORD, ME
    
    
    618,100
    
    
    
    8,009
    
    
    
    235,000
    
    
    
    391,109
    
    
    
    626,109
    
    
    
    391,109
    
    
    
    1985SACO, ME
    
    
    204,006
    
    
    
    37,173
    
    
    
    150,694
    
    
    
    90,485
    
    
    
    241,179
    
    
    
    90,485
    
    
    
    1986SANFORD, ME
    
    
    265,523
    
    
    
    9,178
    
    
    
    201,316
    
    
    
    73,385
    
    
    
    274,701
    
    
    
    73,385
    
    
    
    1986WESTBROOK, ME
    
    
    93,345
    
    
    
    193,654
    
    
    
    50,431
    
    
    
    236,568
    
    
    
    286,999
    
    
    
    212,186
    
    
    
    1986WISCASSET, ME
    
    
    156,587
    
    
    
    33,455
    
    
    
    90,837
    
    
    
    99,205
    
    
    
    190,042
    
    
    
    99,205
    
    
    
    1986SOUTH PORTLAND, ME
    
    
    180,689
    
    
    
    84,980
    
    
    
    110,689
    
    
    
    154,980
    
    
    
    265,669
    
    
    
    154,980
    
    
    
    1986LEWISTON, ME
    
    
    180,338
    
    
    
    62,629
    
    
    
    101,338
    
    
    
    141,629
    
    
    
    242,967
    
    
    
    140,452
    
    
    
    1986N. WINDHAM, ME
    
    
    161,365
    
    
    
    53,923
    
    
    
    86,365
    
    
    
    128,923
    
    
    
    215,288
    
    
    
    128,923
    
    
    
    1986AUGUSTA, ME
    
    
    482,859
    
    
    
    68,242
    
    
    
    276,678
    
    
    
    274,423
    
    
    
    551,101
    
    
    
    82,491
    
    
    
    1991BELTSVILLE, MD
    
    
    1,130,024
    
    
    
    
    
    
    
    1,130,024
    
    
    
    
    
    
    
    1,130,024
    
    
    
    
    
    
    
    2009BELTSVILLE, MD
    
    
    730,521
    
    
    
    
    
    
    
    730,521
    
    
    
    
    
    
    
    730,521
    
    
    
    
    
    
    
    2009BELTSVILLE, MD
    
    
    525,062
    
    
    
    
    
    
    
    525,062
    
    
    
    
    
    
    
    525,062
    
    
    
    
    
    
    
    2009BELTSVILLE, MD
    
    
    1,050,123
    
    
    
    
    
    
    
    1,050,123
    
    
    
    
    
    
    
    1,050,123
    
    
    
    
    
    
    
    2009BLADENSBURG, MD
    
    
    570,719
    
    
    
    
    
    
    
    570,719
    
    
    
    
    
    
    
    570,719
    
    
    
    
    
    
    
    2009BOWIE, MD
    
    
    1,084,367
    
    
    
    
    
    
    
    1,084,367
    
    
    
    
    
    
    
    1,084,367
    
    
    
    
    
    
    
    2009CAPITOL HEIGHTS, MD
    
    
    627,791
    
    
    
    
    
    
    
    627,791
    
    
    
    
    
    
    
    627,791
    
    
    
    
    
    
    
    2009CLINTON, MD
    
    
    650,620
    
    
    
    
    
    
    
    650,620
    
    
    
    
    
    
    
    650,620
    
    
    
    
    
    
    
    2009COLLEGE PARK, MD
    
    
    536,476
    
    
    
    
    
    
    
    536,476
    
    
    
    
    
    
    
    536,476
    
    
    
    
    
    
    
    2009COLLEGE PARK, MD
    
    
    445,161
    
    
    
    
    
    
    
    445,161
    
    
    
    
    
    
    
    445,161
    
    
    
    
    
    
    
    2009DISTRICT HEIGHTS, MD
    
    
    479,404
    
    
    
    
    
    
    
    479,404
    
    
    
    
    
    
    
    479,404
    
    
    
    
    
    
    
    2009DISTRICT HEIGHTS, MD
    
    
    388,089
    
    
    
    
    
    
    
    388,089
    
    
    
    
    
    
    
    388,089
    
    
    
    
    
    
    
    2009FORESTVILLE, MD
    
    
    1,038,709
    
    
    
    
    
    
    
    1,038,709
    
    
    
    
    
    
    
    1,038,709
    
    
    
    
    
    
    
    2009FORT WASHINGTON, MD
    
    
    422,332
    
    
    
    
    
    
    
    422,332
    
    
    
    
    
    
    
    422,332
    
    
    
    
    
    
    
    2009GREENBELT, MD
    
    
    1,152,853
    
    
    
    
    
    
    
    1,152,853
    
    
    
    
    
    
    
    1,152,853
    
    
    
    
    
    
    
    2009HYATTSVILLE, MD
    
    
    490,819
    
    
    
    
    
    
    
    490,819
    
    
    
    
    
    
    
    490,819
    
    
    
    
    
    
    
    2009HYATTSVILLE, MD
    
    
    593,548
    
    
    
    
    
    
    
    593,548
    
    
    
    
    
    
    
    593,548
    
    
    
    
    
    
    
    2009LANDOVER, MD
    
    
    753,349
    
    
    
    
    
    
    
    753,349
    
    
    
    
    
    
    
    753,349
    
    
    
    
    
    
    
    2009LANDOVER, MD
    
    
    662,034
    
    
    
    
    
    
    
    662,034
    
    
    
    
    
    
    
    662,034
    
    
    
    
    
    
    
    2009LANDOVER HILLS, MD
    
    
    1,358,312
    
    
    
    
    
    
    
    1,358,312
    
    
    
    
    
    
    
    1,358,312
    
    
    
    
    
    
    
    2009LANDOVER HILLS, MD
    
    
    456,575
    
    
    
    
    
    
    
    456,575
    
    
    
    
    
    
    
    456,575
    
    
    
    
    
    
    
    2009LANHAM, MD
    
    
    821,836
    
    
    
    
    
    
    
    821,836
    
    
    
    
    
    
    
    821,836
    
    
    
    
    
    
    
    2009LAUREL, MD
    
    
    2,522,579
    
    
    
    
    
    
    
    2,522,579
    
    
    
    
    
    
    
    2,522,579
    
    
    
    
    
    
    
    2009LAUREL, MD
    
    
    1,415,384
    
    
    
    
    
    
    
    1,415,384
    
    
    
    
    
    
    
    1,415,384
    
    
    
    
    
    
    
    2009LAUREL, MD
    
    
    1,529,528
    
    
    
    
    
    
    
    1,529,528
    
    
    
    
    
    
    
    1,529,528
    
    
    
    
    
    
    
    2009LAUREL, MD
    
    
    1,266,997
    
    
    
    
    
    
    
    1,266,997
    
    
    
    
    
    
    
    1,266,997
    
    
    
    
    
    
    
    2009
 93




---



##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)LAUREL, MD
    
    
    1,209,925
    
    
    
    
    
    
    
    1,209,925
    
    
    
    
    
    
    
    1,209,925
    
    
    
    
    
    
    
    2009LAUREL, MD
    
    
    696,278
    
    
    
    
    
    
    
    696,278
    
    
    
    
    
    
    
    696,278
    
    
    
    
    
    
    
    2009OXON HILL, MD
    
    
    1,255,582
    
    
    
    
    
    
    
    1,255,582
    
    
    
    
    
    
    
    1,255,582
    
    
    
    
    
    
    
    2009RIVERDALE, MD
    
    
    787,593
    
    
    
    
    
    
    
    787,593
    
    
    
    
    
    
    
    787,593
    
    
    
    
    
    
    
    2009RIVERDALE, MD
    
    
    582,134
    
    
    
    
    
    
    
    582,134
    
    
    
    
    
    
    
    582,134
    
    
    
    
    
    
    
    2009SEAT PLEASANT, MD
    
    
    467,990
    
    
    
    
    
    
    
    467,990
    
    
    
    
    
    
    
    467,990
    
    
    
    
    
    
    
    2009SUITLAND, MD
    
    
    376,675
    
    
    
    
    
    
    
    376,675
    
    
    
    
    
    
    
    376,675
    
    
    
    
    
    
    
    2009SUITLAND, MD
    
    
    673,449
    
    
    
    
    
    
    
    673,449
    
    
    
    
    
    
    
    673,449
    
    
    
    
    
    
    
    2009TEMPLE HILLS, MD
    
    
    331,017
    
    
    
    
    
    
    
    331,017
    
    
    
    
    
    
    
    331,017
    
    
    
    
    
    
    
    2009UPPER MARLBORO, MD
    
    
    844,665
    
    
    
    
    
    
    
    844,665
    
    
    
    
    
    
    
    844,665
    
    
    
    
    
    
    
    2009ACCOKEEK, MD
    
    
    691,527
    
    
    
    
    
    
    
    691,527
    
    
    
    
    
    
    
    691,527
    
    
    
    
    
    
    
    2010BALTIMORE, MD
    
    
    429,100
    
    
    
    139,393
    
    
    
    308,700
    
    
    
    259,793
    
    
    
    568,493
    
    
    
    223,053
    
    
    
    1985RANDALLSTOWN, MD
    
    
    590,600
    
    
    
    33,594
    
    
    
    384,600
    
    
    
    239,594
    
    
    
    624,194
    
    
    
    140,028
    
    
    
    1985EMMITSBURG, MD
    
    
    146,949
    
    
    
    73,613
    
    
    
    101,949
    
    
    
    118,613
    
    
    
    220,562
    
    
    
    118,518
    
    
    
    1986MILFORD, MA
    
    
    
    
    
    
    214,331
    
    
    
    
    
    
    
    214,331
    
    
    
    214,331
    
    
    
    211,608
    
    
    
    1985AGAWAM, MA
    
    
    209,555
    
    
    
    63,621
    
    
    
    136,000
    
    
    
    137,176
    
    
    
    273,176
    
    
    
    101,789
    
    
    
    1985WESTFIELD, MA
    
    
    289,580
    
    
    
    38,615
    
    
    
    188,400
    
    
    
    139,795
    
    
    
    328,195
    
    
    
    90,908
    
    
    
    1985WEST ROXBURY, MA
    
    
    490,200
    
    
    
    23,134
    
    
    
    319,200
    
    
    
    194,134
    
    
    
    513,334
    
    
    
    109,483
    
    
    
    1985MAYNARD, MA
    
    
    735,200
    
    
    
    12,714
    
    
    
    478,800
    
    
    
    269,114
    
    
    
    747,914
    
    
    
    144,179
    
    
    
    1985GARDNER, MA
    
    
    1,008,400
    
    
    
    73,740
    
    
    
    656,700
    
    
    
    425,440
    
    
    
    1,082,140
    
    
    
    251,287
    
    
    
    1985STOUGHTON, MA
    
    
    775,300
    
    
    
    34,554
    
    
    
    504,900
    
    
    
    304,954
    
    
    
    809,854
    
    
    
    172,207
    
    
    
    1985ARLINGTON, MA
    
    
    518,300
    
    
    
    27,906
    
    
    
    337,500
    
    
    
    208,706
    
    
    
    546,206
    
    
    
    121,254
    
    
    
    1985METHUEN, MA
    
    
    379,664
    
    
    
    64,941
    
    
    
    245,900
    
    
    
    198,705
    
    
    
    444,605
    
    
    
    134,803
    
    
    
    1985BELMONT, MA
    
    
    301,300
    
    
    
    27,938
    
    
    
    196,200
    
    
    
    133,038
    
    
    
    329,238
    
    
    
    81,135
    
    
    
    1985RANDOLPH, MA
    
    
    743,200
    
    
    
    25,069
    
    
    
    484,000
    
    
    
    284,269
    
    
    
    768,269
    
    
    
    158,133
    
    
    
    1985ROCKLAND, MA
    
    
    534,300
    
    
    
    23,616
    
    
    
    347,900
    
    
    
    210,016
    
    
    
    557,916
    
    
    
    119,586
    
    
    
    1985WATERTOWN, MA
    
    
    357,500
    
    
    
    296,588
    
    
    
    321,030
    
    
    
    333,058
    
    
    
    654,088
    
    
    
    245,613
    
    
    
    1985WEYMOUTH, MA
    
    
    643,297
    
    
    
    36,516
    
    
    
    418,600
    
    
    
    261,213
    
    
    
    679,813
    
    
    
    149,559
    
    
    
    1985DEDHAM, MA
    
    
    225,824
    
    
    
    19,150
    
    
    
    125,824
    
    
    
    119,150
    
    
    
    244,974
    
    
    
    118,949
    
    
    
    1987HINGHAM, MA
    
    
    352,606
    
    
    
    22,484
    
    
    
    242,520
    
    
    
    132,570
    
    
    
    375,090
    
    
    
    132,196
    
    
    
    1989ASHLAND, MA
    
    
    606,700
    
    
    
    17,424
    
    
    
    395,100
    
    
    
    229,024
    
    
    
    624,124
    
    
    
    124,548
    
    
    
    1985WOBURN, MA
    
    
    507,600
    
    
    
    294,303
    
    
    
    507,600
    
    
    
    294,303
    
    
    
    801,903
    
    
    
    162,837
    
    
    
    1985BELMONT, MA
    
    
    389,700
    
    
    
    28,871
    
    
    
    253,800
    
    
    
    164,771
    
    
    
    418,571
    
    
    
    99,087
    
    
    
    1985HYDE PARK, MA
    
    
    499,175
    
    
    
    29,673
    
    
    
    321,800
    
    
    
    207,048
    
    
    
    528,848
    
    
    
    123,187
    
    
    
    1985EVERETT, MA
    
    
    269,500
    
    
    
    190,931
    
    
    
    269,500
    
    
    
    190,931
    
    
    
    460,431
    
    
    
    121,187
    
    
    
    1985PITTSFIELD, MA
    
    
    281,200
    
    
    
    51,100
    
    
    
    183,100
    
    
    
    149,200
    
    
    
    332,300
    
    
    
    149,200
    
    
    
    1985NORTH ATTLEBORO, MA
    
    
    662,900
    
    
    
    16,549
    
    
    
    431,700
    
    
    
    247,749
    
    
    
    679,449
    
    
    
    135,865
    
    
    
    1985WORCESTER, MA
    
    
    497,642
    
    
    
    67,806
    
    
    
    321,800
    
    
    
    243,648
    
    
    
    565,448
    
    
    
    160,113
    
    
    
    1985NEW BEDFORD, MA
    
    
    522,300
    
    
    
    18,274
    
    
    
    340,100
    
    
    
    200,474
    
    
    
    540,574
    
    
    
    112,299
    
    
    
    1985FALL RIVER, MA
    
    
    859,800
    
    
    
    24,423
    
    
    
    559,900
    
    
    
    324,323
    
    
    
    884,223
    
    
    
    178,845
    
    
    
    1985WORCESTER, MA
    
    
    385,600
    
    
    
    21,339
    
    
    
    251,100
    
    
    
    155,839
    
    
    
    406,939
    
    
    
    90,124
    
    
    
    1985WEBSTER, MA
    
    
    1,012,400
    
    
    
    67,645
    
    
    
    659,300
    
    
    
    420,745
    
    
    
    1,080,045
    
    
    
    247,877
    
    
    
    1985CLINTON, MA
    
    
    586,600
    
    
    
    52,725
    
    
    
    382,000
    
    
    
    257,325
    
    
    
    639,325
    
    
    
    157,073
    
    
    
    1985FOXBOROUGH, MA
    
    
    426,593
    
    
    
    34,403
    
    
    
    325,000
    
    
    
    135,996
    
    
    
    460,996
    
    
    
    133,026
    
    
    
    1990
 94




---



##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)CLINTON, MA
    
    
    385,600
    
    
    
    95,698
    
    
    
    251,100
    
    
    
    230,198
    
    
    
    481,298
    
    
    
    163,560
    
    
    
    1985HYANNIS, MA
    
    
    650,800
    
    
    
    42,552
    
    
    
    423,800
    
    
    
    269,552
    
    
    
    693,352
    
    
    
    159,836
    
    
    
    1985HOLYOKE, MA
    
    
    329,500
    
    
    
    38,345
    
    
    
    214,600
    
    
    
    153,245
    
    
    
    367,845
    
    
    
    153,245
    
    
    
    1985NEWTON, MA
    
    
    691,000
    
    
    
    42,832
    
    
    
    450,000
    
    
    
    283,832
    
    
    
    733,832
    
    
    
    163,795
    
    
    
    1985FALMOUTH, MA
    
    
    519,382
    
    
    
    43,841
    
    
    
    458,461
    
    
    
    104,762
    
    
    
    563,223
    
    
    
    104,547
    
    
    
    1988METHUEN, MA
    
    
    490,200
    
    
    
    16,282
    
    
    
    319,200
    
    
    
    187,282
    
    
    
    506,482
    
    
    
    104,633
    
    
    
    1985ROCKLAND, MA
    
    
    578,600
    
    
    
    185,285
    
    
    
    376,800
    
    
    
    387,085
    
    
    
    763,885
    
    
    
    269,682
    
    
    
    1985FAIRHAVEN, MA
    
    
    725,500
    
    
    
    46,752
    
    
    
    470,900
    
    
    
    301,352
    
    
    
    772,252
    
    
    
    179,456
    
    
    
    1985BELLINGHAM, MA
    
    
    734,189
    
    
    
    132,725
    
    
    
    476,200
    
    
    
    390,714
    
    
    
    866,914
    
    
    
    267,465
    
    
    
    1985NEW BEDFORD, MA
    
    
    482,275
    
    
    
    95,553
    
    
    
    293,000
    
    
    
    284,828
    
    
    
    577,828
    
    
    
    206,338
    
    
    
    1985SEEKONK, MA
    
    
    1,072,700
    
    
    
    29,112
    
    
    
    698,500
    
    
    
    403,312
    
    
    
    1,101,812
    
    
    
    219,857
    
    
    
    1985WALPOLE, MA
    
    
    449,900
    
    
    
    20,586
    
    
    
    293,000
    
    
    
    177,486
    
    
    
    470,486
    
    
    
    99,914
    
    
    
    1985NORTH ANDOVER, MA
    
    
    393,700
    
    
    
    220,132
    
    
    
    256,400
    
    
    
    357,432
    
    
    
    613,832
    
    
    
    256,332
    
    
    
    1985LOWELL, MA
    
    
    360,949
    
    
    
    83,674
    
    
    
    200,949
    
    
    
    243,674
    
    
    
    444,623
    
    
    
    243,556
    
    
    
    1985AUBURN, MA
    
    
    175,048
    
    
    
    30,890
    
    
    
    125,048
    
    
    
    80,890
    
    
    
    205,938
    
    
    
    80,890
    
    
    
    1986METHUEN, MA
    
    
    147,330
    
    
    
    188,059
    
    
    
    50,731
    
    
    
    284,658
    
    
    
    335,389
    
    
    
    259,864
    
    
    
    1986BEVERLY, MA
    
    
    275,000
    
    
    
    150,741
    
    
    
    175,000
    
    
    
    250,741
    
    
    
    425,741
    
    
    
    230,400
    
    
    
    1986BILLERICA, MA
    
    
    400,000
    
    
    
    135,809
    
    
    
    250,000
    
    
    
    285,809
    
    
    
    535,809
    
    
    
    279,594
    
    
    
    1986HAVERHILL, MA
    
    
    400,000
    
    
    
    17,182
    
    
    
    225,000
    
    
    
    192,182
    
    
    
    417,182
    
    
    
    192,182
    
    
    
    1986CHATHAM, MA
    
    
    275,000
    
    
    
    197,302
    
    
    
    175,000
    
    
    
    297,302
    
    
    
    472,302
    
    
    
    260,714
    
    
    
    1986HARWICH, MA
    
    
    225,000
    
    
    
    12,044
    
    
    
    150,000
    
    
    
    87,044
    
    
    
    237,044
    
    
    
    85,248
    
    
    
    1986IPSWICH, MA
    
    
    275,000
    
    
    
    19,161
    
    
    
    150,000
    
    
    
    144,161
    
    
    
    294,161
    
    
    
    143,015
    
    
    
    1986LEOMINSTER, MA
    
    
    185,040
    
    
    
    49,592
    
    
    
    85,040
    
    
    
    149,592
    
    
    
    234,632
    
    
    
    147,990
    
    
    
    1986LOWELL, MA
    
    
    375,000
    
    
    
    175,969
    
    
    
    250,000
    
    
    
    300,969
    
    
    
    550,969
    
    
    
    265,105
    
    
    
    1986METHUEN, MA
    
    
    300,000
    
    
    
    50,861
    
    
    
    150,000
    
    
    
    200,861
    
    
    
    350,861
    
    
    
    200,219
    
    
    
    1986ORLEANS, MA
    
    
    260,000
    
    
    
    37,637
    
    
    
    185,000
    
    
    
    112,637
    
    
    
    297,637
    
    
    
    110,423
    
    
    
    1986PEABODY, MA
    
    
    400,000
    
    
    
    200,363
    
    
    
    275,000
    
    
    
    325,363
    
    
    
    600,363
    
    
    
    302,790
    
    
    
    1986QUINCY, MA
    
    
    200,000
    
    
    
    36,112
    
    
    
    125,000
    
    
    
    111,112
    
    
    
    236,112
    
    
    
    109,994
    
    
    
    1986REVERE, MA
    
    
    250,000
    
    
    
    193,854
    
    
    
    150,000
    
    
    
    293,854
    
    
    
    443,854
    
    
    
    293,788
    
    
    
    1986SALEM, MA
    
    
    275,000
    
    
    
    25,393
    
    
    
    175,000
    
    
    
    125,393
    
    
    
    300,393
    
    
    
    125,072
    
    
    
    1986TEWKSBURY, MA
    
    
    125,000
    
    
    
    90,338
    
    
    
    75,000
    
    
    
    140,338
    
    
    
    215,338
    
    
    
    140,338
    
    
    
    1986FALMOUTH, MA
    
    
    150,000
    
    
    
    322,942
    
    
    
    75,000
    
    
    
    397,942
    
    
    
    472,942
    
    
    
    349,290
    
    
    
    1986WEST YARMOUTH, MA
    
    
    225,000
    
    
    
    33,165
    
    
    
    125,000
    
    
    
    133,165
    
    
    
    258,165
    
    
    
    132,732
    
    
    
    1986WESTFORD, MA
    
    
    275,000
    
    
    
    196,493
    
    
    
    175,000
    
    
    
    296,493
    
    
    
    471,493
    
    
    
    261,089
    
    
    
    1986WOBURN, MA
    
    
    350,000
    
    
    
    45,681
    
    
    
    200,000
    
    
    
    195,681
    
    
    
    395,681
    
    
    
    195,167
    
    
    
    1986YARMOUTHPORT, MA
    
    
    300,000
    
    
    
    26,940
    
    
    
    150,000
    
    
    
    176,940
    
    
    
    326,940
    
    
    
    176,940
    
    
    
    1986BRIDGEWATER, MA
    
    
    190,360
    
    
    
    36,762
    
    
    
    140,000
    
    
    
    87,122
    
    
    
    227,122
    
    
    
    84,778
    
    
    
    1987WORCESTER, MA
    
    
    476,102
    
    
    
    174,233
    
    
    
    309,466
    
    
    
    340,869
    
    
    
    650,335
    
    
    
    340,869
    
    
    
    1991AUBURN, MA
    
    
    369,306
    
    
    
    27,792
    
    
    
    240,049
    
    
    
    157,049
    
    
    
    397,098
    
    
    
    66,103
    
    
    
    1991BARRE, MA
    
    
    535,614
    
    
    
    163,028
    
    
    
    348,149
    
    
    
    350,493
    
    
    
    698,642
    
    
    
    195,438
    
    
    
    1991WORCESTER, MA
    
    
    275,866
    
    
    
    11,674
    
    
    
    179,313
    
    
    
    108,227
    
    
    
    287,540
    
    
    
    41,283
    
    
    
    1992BROCKTON, MA
    
    
    275,866
    
    
    
    194,619
    
    
    
    179,313
    
    
    
    291,172
    
    
    
    470,485
    
    
    
    224,004
    
    
    
    1991CLINTON, MA
    
    
    177,978
    
    
    
    29,790
    
    
    
    115,686
    
    
    
    92,082
    
    
    
    207,768
    
    
    
    48,895
    
    
    
    1992WORCESTER, MA
    
    
    167,745
    
    
    
    275,852
    
    
    
    167,745
    
    
    
    275,852
    
    
    
    443,597
    
    
    
    186,315
    
    
    
    1991
 95




---



##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)DUDLEY, MA
    
    
    302,563
    
    
    
    141,993
    
    
    
    196,666
    
    
    
    247,890
    
    
    
    444,556
    
    
    
    137,343
    
    
    
    1991FITCHBURG, MA
    
    
    247,330
    
    
    
    16,384
    
    
    
    202,675
    
    
    
    61,039
    
    
    
    263,714
    
    
    
    47,270
    
    
    
    1991FRANKLIN, MA
    
    
    253,619
    
    
    
    18,437
    
    
    
    164,852
    
    
    
    107,204
    
    
    
    272,056
    
    
    
    45,310
    
    
    
    1988WORCESTER, MA
    
    
    342,608
    
    
    
    11,101
    
    
    
    222,695
    
    
    
    131,014
    
    
    
    353,709
    
    
    
    47,300
    
    
    
    1991HYANNIS, MA
    
    
    222,472
    
    
    
    7,282
    
    
    
    144,607
    
    
    
    85,147
    
    
    
    229,754
    
    
    
    31,164
    
    
    
    1991LEOMINSTER, MA
    
    
    195,776
    
    
    
    177,454
    
    
    
    127,254
    
    
    
    245,976
    
    
    
    373,230
    
    
    
    174,654
    
    
    
    1991WORCESTER, MA
    
    
    231,372
    
    
    
    157,356
    
    
    
    150,392
    
    
    
    238,336
    
    
    
    388,728
    
    
    
    161,779
    
    
    
    1991NORTHBOROUGH, MA
    
    
    404,900
    
    
    
    18,353
    
    
    
    263,185
    
    
    
    160,068
    
    
    
    423,253
    
    
    
    60,769
    
    
    
    1993WEST BOYLSTON, MA
    
    
    311,808
    
    
    
    28,937
    
    
    
    202,675
    
    
    
    138,070
    
    
    
    340,745
    
    
    
    62,402
    
    
    
    1991WORCESTER, MA
    
    
    186,877
    
    
    
    33,510
    
    
    
    121,470
    
    
    
    98,917
    
    
    
    220,387
    
    
    
    53,533
    
    
    
    1993SOUTH YARMOUTH, MA
    
    
    275,866
    
    
    
    49,961
    
    
    
    179,313
    
    
    
    146,514
    
    
    
    325,827
    
    
    
    76,764
    
    
    
    1991STERLING, MA
    
    
    476,102
    
    
    
    165,998
    
    
    
    309,466
    
    
    
    332,634
    
    
    
    642,100
    
    
    
    190,655
    
    
    
    1991SUTTON, MA
    
    
    714,159
    
    
    
    187,355
    
    
    
    464,203
    
    
    
    437,311
    
    
    
    901,514
    
    
    
    240,378
    
    
    
    1993WORCESTER, MA
    
    
    275,866
    
    
    
    150,472
    
    
    
    179,313
    
    
    
    247,025
    
    
    
    426,338
    
    
    
    159,951
    
    
    
    1991FRAMINGHAM, MA
    
    
    297,568
    
    
    
    203,147
    
    
    
    193,419
    
    
    
    307,296
    
    
    
    500,715
    
    
    
    208,544
    
    
    
    1992UPTON, MA
    
    
    428,498
    
    
    
    24,611
    
    
    
    278,524
    
    
    
    174,585
    
    
    
    453,109
    
    
    
    70,293
    
    
    
    1991WESTBOROUGH, MA
    
    
    311,808
    
    
    
    205,994
    
    
    
    202,675
    
    
    
    315,127
    
    
    
    517,802
    
    
    
    212,800
    
    
    
    1991HARWICHPORT, MA
    
    
    382,653
    
    
    
    173,989
    
    
    
    248,724
    
    
    
    307,918
    
    
    
    556,642
    
    
    
    189,205
    
    
    
    1991WORCESTER, MA
    
    
    547,283
    
    
    
    205,733
    
    
    
    355,734
    
    
    
    397,282
    
    
    
    753,016
    
    
    
    235,235
    
    
    
    1991WORCESTER, MA
    
    
    978,880
    
    
    
    191,413
    
    
    
    636,272
    
    
    
    534,021
    
    
    
    1,170,293
    
    
    
    267,944
    
    
    
    1991FITCHBURG, MA
    
    
    390,276
    
    
    
    216,589
    
    
    
    253,679
    
    
    
    353,186
    
    
    
    606,865
    
    
    
    223,470
    
    
    
    1992WORCESTER, MA
    
    
    146,832
    
    
    
    140,589
    
    
    
    95,441
    
    
    
    191,980
    
    
    
    287,421
    
    
    
    136,050
    
    
    
    1991LEICESTER, MA
    
    
    266,968
    
    
    
    197,898
    
    
    
    173,529
    
    
    
    291,337
    
    
    
    464,866
    
    
    
    190,280
    
    
    
    1991NORTH GRAFTON, MA
    
    
    244,720
    
    
    
    35,136
    
    
    
    159,068
    
    
    
    120,788
    
    
    
    279,856
    
    
    
    60,870
    
    
    
    1991SOUTHBRIDGE, MA
    
    
    249,169
    
    
    
    62,205
    
    
    
    161,960
    
    
    
    149,414
    
    
    
    311,374
    
    
    
    88,122
    
    
    
    1993OXFORD, MA
    
    
    293,664
    
    
    
    9,098
    
    
    
    190,882
    
    
    
    111,880
    
    
    
    302,762
    
    
    
    40,616
    
    
    
    1993WORCESTER, MA
    
    
    284,765
    
    
    
    45,285
    
    
    
    185,097
    
    
    
    144,953
    
    
    
    330,050
    
    
    
    75,852
    
    
    
    1991ATHOL, MA
    
    
    164,629
    
    
    
    22,016
    
    
    
    107,009
    
    
    
    79,636
    
    
    
    186,645
    
    
    
    39,378
    
    
    
    1991FITCHBURG, MA
    
    
    142,383
    
    
    
    194,291
    
    
    
    92,549
    
    
    
    244,125
    
    
    
    336,674
    
    
    
    170,832
    
    
    
    1992WORCESTER, MA
    
    
    271,417
    
    
    
    183,331
    
    
    
    176,421
    
    
    
    278,327
    
    
    
    454,748
    
    
    
    186,099
    
    
    
    1991ORANGE, MA
    
    
    301,102
    
    
    
    4,015
    
    
    
    75,000
    
    
    
    230,117
    
    
    
    305,117
    
    
    
    230,117
    
    
    
    1991FRAMINGHAM, MA
    
    
    400,449
    
    
    
    22,280
    
    
    
    260,294
    
    
    
    162,435
    
    
    
    422,729
    
    
    
    65,226
    
    
    
    1991MILFORD, MA
    
    
    
    
    
    
    262,436
    
    
    
    
    
    
    
    262,436
    
    
    
    262,436
    
    
    
    240,508
    
    
    
    1991JONESBORO, AR
    
    
    2,985,267
    
    
    
    
    
    
    
    330,322
    
    
    
    2,654,945
    
    
    
    2,985,267
    
    
    
    413,179
    
    
    
    2007BELLFLOWER, CA
    
    
    1,369,511
    
    
    
    
    
    
    
    910,252
    
    
    
    459,259
    
    
    
    1,369,511
    
    
    
    92,374
    
    
    
    2007BENICIA, CA
    
    
    2,223,362
    
    
    
    
    
    
    
    1,057,519
    
    
    
    1,165,843
    
    
    
    2,223,362
    
    
    
    244,901
    
    
    
    2007COACHELLA, CA
    
    
    2,234,957
    
    
    
    
    
    
    
    1,216,646
    
    
    
    1,018,312
    
    
    
    2,234,957
    
    
    
    199,462
    
    
    
    2007EL CAJON, CA
    
    
    1,292,114
    
    
    
    
    
    
    
    779,828
    
    
    
    512,286
    
    
    
    1,292,114
    
    
    
    91,012
    
    
    
    2007FILLMORE, CA
    
    
    1,354,113
    
    
    
    
    
    
    
    950,061
    
    
    
    404,052
    
    
    
    1,354,113
    
    
    
    80,970
    
    
    
    2007HESPERIA, CA
    
    
    1,643,449
    
    
    
    
    
    
    
    849,352
    
    
    
    794,097
    
    
    
    1,643,449
    
    
    
    147,128
    
    
    
    2007LA PALMA, CA
    
    
    1,971,592
    
    
    
    
    
    
    
    1,389,383
    
    
    
    582,210
    
    
    
    1,971,592
    
    
    
    114,847
    
    
    
    2007POWAY, CA
    
    
    1,439,021
    
    
    
    
    
    
    
    
    
    
    
    1,439,021
    
    
    
    1,439,021
    
    
    
    245,287
    
    
    
    2007SAN DIMAS, CA
    
    
    1,941,008
    
    
    
    
    
    
    
    749,066
    
    
    
    1,191,942
    
    
    
    1,941,008
    
    
    
    202,594
    
    
    
    2007HALEIWA, HI
    
    
    1,521,648
    
    
    
    
    
    
    
    1,058,124
    
    
    
    463,524
    
    
    
    1,521,648
    
    
    
    114,903
    
    
    
    2007
 96




---



##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)HONOLULU, HI
    
    
    1,538,997
    
    
    
    
    
    
    
    1,219,217
    
    
    
    319,780
    
    
    
    1,538,997
    
    
    
    62,047
    
    
    
    2007HONOLULU, HI
    
    
    1,768,878
    
    
    
    
    
    
    
    1,192,216
    
    
    
    576,662
    
    
    
    1,768,878
    
    
    
    103,024
    
    
    
    2007HONOLULU, HI
    
    
    1,070,141
    
    
    
    
    
    
    
    980,680
    
    
    
    89,460
    
    
    
    1,070,141
    
    
    
    27,064
    
    
    
    2007HONOLULU, HI
    
    
    9,210,707
    
    
    
    
    
    
    
    8,193,984
    
    
    
    1,016,724
    
    
    
    9,210,707
    
    
    
    187,852
    
    
    
    2007KANEOHE, HI
    
    
    1,977,671
    
    
    
    
    
    
    
    1,473,275
    
    
    
    504,396
    
    
    
    1,977,671
    
    
    
    101,249
    
    
    
    2007KANEOHE, HI
    
    
    1,363,901
    
    
    
    
    
    
    
    821,691
    
    
    
    542,210
    
    
    
    1,363,901
    
    
    
    112,830
    
    
    
    2007WAIANAE, HI
    
    
    1,996,811
    
    
    
    
    
    
    
    870,775
    
    
    
    1,126,036
    
    
    
    1,996,811
    
    
    
    202,249
    
    
    
    2007WAIANAE, HI
    
    
    1,520,144
    
    
    
    
    
    
    
    648,273
    
    
    
    871,871
    
    
    
    1,520,144
    
    
    
    155,798
    
    
    
    2007WAIPAHU, HI
    
    
    2,458,592
    
    
    
    
    
    
    
    945,327
    
    
    
    1,513,264
    
    
    
    2,458,592
    
    
    
    259,471
    
    
    
    2007COTTAGE HILLS, IL
    
    
    249,419
    
    
    
    
    
    
    
    26,199
    
    
    
    223,220
    
    
    
    249,419
    
    
    
    51,494
    
    
    
    2007FAIRVIEW HEIGHTS, IL
    
    
    516,564
    
    
    
    
    
    
    
    78,440
    
    
    
    438,124
    
    
    
    516,564
    
    
    
    87,153
    
    
    
    2007BALTIMORE, MD
    
    
    2,258,897
    
    
    
    
    
    
    
    721,876
    
    
    
    1,537,022
    
    
    
    2,258,897
    
    
    
    269,077
    
    
    
    2007BALTIMORE, MD
    
    
    802,414
    
    
    
    
    
    
    
    
    
    
    
    802,414
    
    
    
    802,414
    
    
    
    150,454
    
    
    
    2007ELLICOTT CITY, MD
    
    
    895,049
    
    
    
    
    
    
    
    
    
    
    
    895,049
    
    
    
    895,049
    
    
    
    176,655
    
    
    
    2007KERNERSVILLE, NC
    
    
    296,770
    
    
    
    
    
    
    
    72,777
    
    
    
    223,994
    
    
    
    296,770
    
    
    
    42,986
    
    
    
    2007KERNERSVILLE, NC
    
    
    638,633
    
    
    
    
    
    
    
    338,386
    
    
    
    300,247
    
    
    
    638,633
    
    
    
    67,365
    
    
    
    2007KERNERSVILLE, NC
    
    
    608,441
    
    
    
    
    
    
    
    250,505
    
    
    
    357,936
    
    
    
    608,441
    
    
    
    76,631
    
    
    
    2007LEXINGTON, NC
    
    
    204,139
    
    
    
    
    
    
    
    43,311
    
    
    
    160,828
    
    
    
    204,139
    
    
    
    37,718
    
    
    
    2007MADISON, NC
    
    
    420,878
    
    
    
    
    
    
    
    45,705
    
    
    
    375,174
    
    
    
    420,878
    
    
    
    74,708
    
    
    
    2007NEW BERN, NC
    
    
    349,946
    
    
    
    
    
    
    
    190,389
    
    
    
    159,557
    
    
    
    349,946
    
    
    
    41,764
    
    
    
    2007WALKERTOWN, NC
    
    
    844,749
    
    
    
    
    
    
    
    488,239
    
    
    
    356,509
    
    
    
    844,749
    
    
    
    84,776
    
    
    
    2007WALNUT COVE, NC
    
    
    1,140,945
    
    
    
    
    
    
    
    513,565
    
    
    
    627,380
    
    
    
    1,140,945
    
    
    
    148,530
    
    
    
    2007WINSTON SALEM, NC
    
    
    696,397
    
    
    
    
    
    
    
    251,987
    
    
    
    444,410
    
    
    
    696,397
    
    
    
    104,310
    
    
    
    2007BELFIELD, ND
    
    
    1,232,010
    
    
    
    
    
    
    
    381,909
    
    
    
    850,101
    
    
    
    1,232,010
    
    
    
    277,436
    
    
    
    2007ALLENSTOWN, NH
    
    
    1,787,116
    
    
    
    
    
    
    
    466,994
    
    
    
    1,320,122
    
    
    
    1,787,116
    
    
    
    256,634
    
    
    
    2007BEDFORD, NH
    
    
    2,301,297
    
    
    
    
    
    
    
    1,271,171
    
    
    
    1,030,126
    
    
    
    2,301,297
    
    
    
    220,549
    
    
    
    2007HOOKSETT, NH
    
    
    1,561,628
    
    
    
    
    
    
    
    823,915
    
    
    
    737,712
    
    
    
    1,561,628
    
    
    
    248,366
    
    
    
    2007AUSTIN, TX
    
    
    2,368,425
    
    
    
    
    
    
    
    738,210
    
    
    
    1,630,215
    
    
    
    2,368,425
    
    
    
    280,208
    
    
    
    2007AUSTIN, TX
    
    
    462,233
    
    
    
    
    
    
    
    274,300
    
    
    
    187,933
    
    
    
    462,233
    
    
    
    45,644
    
    
    
    2007AUSTIN, TX
    
    
    3,510,062
    
    
    
    
    
    
    
    1,594,536
    
    
    
    1,915,526
    
    
    
    3,510,062
    
    
    
    333,068
    
    
    
    2007BEDFORD, TX
    
    
    353,047
    
    
    
    
    
    
    
    112,953
    
    
    
    240,094
    
    
    
    353,047
    
    
    
    62,571
    
    
    
    2007FT WORTH, TX
    
    
    2,114,924
    
    
    
    
    
    
    
    866,062
    
    
    
    1,248,863
    
    
    
    2,114,924
    
    
    
    242,103
    
    
    
    2007HARKER HEIGHTS, TX
    
    
    2,051,704
    
    
    
    
    
    
    
    588,320
    
    
    
    1,463,384
    
    
    
    2,051,704
    
    
    
    413,175
    
    
    
    2007HOUSTON, TX
    
    
    1,688,904
    
    
    
    
    
    
    
    223,664
    
    
    
    1,465,240
    
    
    
    1,688,904
    
    
    
    238,945
    
    
    
    2007KELLER, TX
    
    
    2,506,573
    
    
    
    
    
    
    
    996,029
    
    
    
    1,510,544
    
    
    
    2,506,573
    
    
    
    275,854
    
    
    
    2007LEWISVILLE, TX
    
    
    493,734
    
    
    
    
    
    
    
    109,925
    
    
    
    383,809
    
    
    
    493,734
    
    
    
    65,585
    
    
    
    2008MIDLOTHIAN, TX
    
    
    429,142
    
    
    
    
    
    
    
    71,970
    
    
    
    357,172
    
    
    
    429,142
    
    
    
    79,501
    
    
    
    2007N RICHLAND HILLS, TX
    
    
    314,246
    
    
    
    
    
    
    
    125,745
    
    
    
    188,501
    
    
    
    314,246
    
    
    
    38,156
    
    
    
    2007SAN MARCOS, TX
    
    
    1,953,653
    
    
    
    
    
    
    
    250,739
    
    
    
    1,702,914
    
    
    
    1,953,653
    
    
    
    286,027
    
    
    
    2007TEMPLE, TX
    
    
    2,405,953
    
    
    
    
    
    
    
    1,215,488
    
    
    
    1,190,465
    
    
    
    2,405,953
    
    
    
    222,409
    
    
    
    2007THE COLONY, TX
    
    
    4,395,696
    
    
    
    
    
    
    
    337,083
    
    
    
    4,058,613
    
    
    
    4,395,696
    
    
    
    643,154
    
    
    
    2007WACO, TX
    
    
    3,884,407
    
    
    
    
    
    
    
    894,356
    
    
    
    2,990,051
    
    
    
    3,884,407
    
    
    
    561,577
    
    
    
    2007BROOKLAND, AR
    
    
    1,467,809
    
    
    
    
    
    
    
    149,218
    
    
    
    1,318,591
    
    
    
    1,467,809
    
    
    
    169,326
    
    
    
    2007JONESBORO, AR
    
    
    868,501
    
    
    
    
    
    
    
    173,096
    
    
    
    695,405
    
    
    
    868,501
    
    
    
    93,852
    
    
    
    2007
 97




---



##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)MANCHESTER, NH
    
    
    261,100
    
    
    
    36,404
    
    
    
    170,000
    
    
    
    127,504
    
    
    
    297,504
    
    
    
    83,285
    
    
    
    1985DERRY, NH
    
    
    417,988
    
    
    
    16,295
    
    
    
    157,988
    
    
    
    276,295
    
    
    
    434,283
    
    
    
    276,295
    
    
    
    1987PLAISTOW, NH
    
    
    300,406
    
    
    
    110,031
    
    
    
    244,694
    
    
    
    165,743
    
    
    
    410,437
    
    
    
    165,743
    
    
    
    1987SOMERSWORTH, NH
    
    
    180,800
    
    
    
    60,497
    
    
    
    117,700
    
    
    
    123,597
    
    
    
    241,297
    
    
    
    84,514
    
    
    
    1985SALEM, NH
    
    
    743,200
    
    
    
    19,847
    
    
    
    484,000
    
    
    
    279,047
    
    
    
    763,047
    
    
    
    152,965
    
    
    
    1985LONDONDERRY, NH
    
    
    703,100
    
    
    
    31,092
    
    
    
    457,900
    
    
    
    276,292
    
    
    
    734,192
    
    
    
    156,895
    
    
    
    1985ROCHESTER, NH
    
    
    939,100
    
    
    
    12,337
    
    
    
    600,000
    
    
    
    351,437
    
    
    
    951,437
    
    
    
    187,540
    
    
    
    1985HAMPTON, NH
    
    
    193,103
    
    
    
    26,449
    
    
    
    135,598
    
    
    
    83,954
    
    
    
    219,552
    
    
    
    83,924
    
    
    
    1986MERRIMACK, NH
    
    
    151,993
    
    
    
    205,823
    
    
    
    100,598
    
    
    
    257,218
    
    
    
    357,816
    
    
    
    219,477
    
    
    
    1986NASHUA, NH
    
    
    197,142
    
    
    
    219,639
    
    
    
    155,837
    
    
    
    260,944
    
    
    
    416,781
    
    
    
    222,451
    
    
    
    1986PELHAM, NH
    
    
    169,182
    
    
    
    53,497
    
    
    
    136,077
    
    
    
    86,602
    
    
    
    222,679
    
    
    
    83,773
    
    
    
    1986PEMBROKE, NH
    
    
    138,492
    
    
    
    174,777
    
    
    
    100,837
    
    
    
    212,432
    
    
    
    313,269
    
    
    
    176,893
    
    
    
    1986ROCHESTER, NH
    
    
    175,188
    
    
    
    208,103
    
    
    
    95,471
    
    
    
    287,820
    
    
    
    383,291
    
    
    
    254,593
    
    
    
    1986SOMERSWORTH, NH
    
    
    210,805
    
    
    
    15,012
    
    
    
    157,520
    
    
    
    68,297
    
    
    
    225,817
    
    
    
    68,297
    
    
    
    1986EXETER, NH
    
    
    113,285
    
    
    
    149,265
    
    
    
    65,000
    
    
    
    197,550
    
    
    
    262,550
    
    
    
    195,490
    
    
    
    1986CANDIA, NH
    
    
    130,000
    
    
    
    184,004
    
    
    
    80,000
    
    
    
    234,004
    
    
    
    314,004
    
    
    
    232,911
    
    
    
    1986EPPING, NH
    
    
    170,000
    
    
    
    131,403
    
    
    
    120,000
    
    
    
    181,403
    
    
    
    301,403
    
    
    
    172,220
    
    
    
    1986EPSOM, NH
    
    
    220,000
    
    
    
    96,022
    
    
    
    155,000
    
    
    
    161,022
    
    
    
    316,022
    
    
    
    152,350
    
    
    
    1986MILFORD, NH
    
    
    190,000
    
    
    
    41,689
    
    
    
    115,000
    
    
    
    116,689
    
    
    
    231,689
    
    
    
    115,342
    
    
    
    1986PORTSMOUTH, NH
    
    
    235,000
    
    
    
    20,257
    
    
    
    150,000
    
    
    
    105,257
    
    
    
    255,257
    
    
    
    105,238
    
    
    
    1986PORTSMOUTH, NH
    
    
    225,000
    
    
    
    228,704
    
    
    
    125,000
    
    
    
    328,704
    
    
    
    453,704
    
    
    
    290,841
    
    
    
    1986SALEM, NH
    
    
    450,000
    
    
    
    47,484
    
    
    
    350,000
    
    
    
    147,484
    
    
    
    497,484
    
    
    
    145,562
    
    
    
    1986SEABROOK, NH
    
    
    199,780
    
    
    
    19,102
    
    
    
    124,780
    
    
    
    94,102
    
    
    
    218,882
    
    
    
    93,990
    
    
    
    1986MCAFEE, NJ
    
    
    670,900
    
    
    
    15,711
    
    
    
    436,900
    
    
    
    249,711
    
    
    
    686,611
    
    
    
    135,961
    
    
    
    1985HAMBURG, NJ
    
    
    598,600
    
    
    
    22,121
    
    
    
    389,800
    
    
    
    230,921
    
    
    
    620,721
    
    
    
    129,831
    
    
    
    1985WEST MILFORD, NJ
    
    
    502,200
    
    
    
    31,918
    
    
    
    327,000
    
    
    
    207,118
    
    
    
    534,118
    
    
    
    122,406
    
    
    
    1985LIVINGSTON, NJ
    
    
    871,800
    
    
    
    30,003
    
    
    
    567,700
    
    
    
    334,103
    
    
    
    901,803
    
    
    
    186,868
    
    
    
    1985TRENTON, NJ
    
    
    373,600
    
    
    
    9,572
    
    
    
    243,300
    
    
    
    139,872
    
    
    
    383,172
    
    
    
    76,895
    
    
    
    1985WILLINGBORO, NJ
    
    
    425,800
    
    
    
    29,928
    
    
    
    277,300
    
    
    
    178,428
    
    
    
    455,728
    
    
    
    106,654
    
    
    
    1985BAYONNE, NJ
    
    
    341,500
    
    
    
    18,947
    
    
    
    222,400
    
    
    
    138,047
    
    
    
    360,447
    
    
    
    80,483
    
    
    
    1985CRANFORD, NJ
    
    
    342,666
    
    
    
    29,222
    
    
    
    222,400
    
    
    
    149,488
    
    
    
    371,888
    
    
    
    91,652
    
    
    
    1985NUTLEY, NJ
    
    
    
    
    
    
    512504.22
    
    
    
    329248
    
    
    
    183256.22
    
    
    
    512504.22
    
    
    
    53582
    
    
    
    1986TRENTON, NJ
    
    
    466,100
    
    
    
    13,987
    
    
    
    303,500
    
    
    
    176,587
    
    
    
    480,087
    
    
    
    97,841
    
    
    
    1985WALL TOWNSHIP, NJ
    
    
    336,441
    
    
    
    55,709
    
    
    
    121,441
    
    
    
    270,709
    
    
    
    392,150
    
    
    
    270,185
    
    
    
    1986UNION, NJ
    
    
    490,200
    
    
    
    41,361
    
    
    
    319,200
    
    
    
    212,361
    
    
    
    531,561
    
    
    
    127,829
    
    
    
    1985CRANBURY, NJ
    
    
    606,700
    
    
    
    31,467
    
    
    
    395,100
    
    
    
    243,067
    
    
    
    638,167
    
    
    
    140,795
    
    
    
    1985HILLSIDE, NJ
    
    
    225,000
    
    
    
    31,552
    
    
    
    150,000
    
    
    
    106,552
    
    
    
    256,552
    
    
    
    106,151
    
    
    
    1987SPOTSWOOD, NJ
    
    
    466,675
    
    
    
    69,036
    
    
    
    303,500
    
    
    
    232,211
    
    
    
    535,711
    
    
    
    153,595
    
    
    
    1985LONG BRANCH, NJ
    
    
    514,300
    
    
    
    22,951
    
    
    
    334,900
    
    
    
    202,351
    
    
    
    537,251
    
    
    
    115,642
    
    
    
    1985ELIZABETH, NJ
    
    
    405,800
    
    
    
    18,881
    
    
    
    264,300
    
    
    
    160,381
    
    
    
    424,681
    
    
    
    91,505
    
    
    
    1985BELLEVILLE, NJ
    
    
    397,700
    
    
    
    39,410
    
    
    
    259,000
    
    
    
    178,110
    
    
    
    437,110
    
    
    
    110,971
    
    
    
    1985NEPTUNE CITY, NJ
    
    
    269,600
    
    
    
    
    
    
    
    175,600
    
    
    
    94,000
    
    
    
    269,600
    
    
    
    48,568
    
    
    
    1985BASKING RIDGE, NJ
    
    
    362,172
    
    
    
    32,960
    
    
    
    200,000
    
    
    
    195,132
    
    
    
    395,132
    
    
    
    145,492
    
    
    
    1986DEPTFORD, NJ
    
    
    281,200
    
    
    
    24,745
    
    
    
    183,100
    
    
    
    122,845
    
    
    
    305,945
    
    
    
    74,864
    
    
    
    1985
 98




---



##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)CHERRY HILL, NJ
    
    
    357,500
    
    
    
    13,879
    
    
    
    232,800
    
    
    
    138,579
    
    
    
    371,379
    
    
    
    78,139
    
    
    
    1985SEWELL, NJ
    
    
    551,912
    
    
    
    48,485
    
    
    
    355,712
    
    
    
    244,685
    
    
    
    600,397
    
    
    
    149,856
    
    
    
    1985FLEMINGTON, NJ
    
    
    546,742
    
    
    
    17,494
    
    
    
    346,342
    
    
    
    217,894
    
    
    
    564,236
    
    
    
    120,714
    
    
    
    1985BLACKWOOD, NJ
    
    
    401,700
    
    
    
    36,736
    
    
    
    261,600
    
    
    
    176,836
    
    
    
    438,436
    
    
    
    109,122
    
    
    
    1985TRENTON, NJ
    
    
    684,650
    
    
    
    33,275
    
    
    
    444,800
    
    
    
    273,125
    
    
    
    717,925
    
    
    
    157,690
    
    
    
    1985LODI, NJ
    
    
    
    
    
    
    1,037,440
    
    
    
    587,823
    
    
    
    449,617
    
    
    
    1,037,440
    
    
    
    189,201
    
    
    
    1988EAST ORANGE, NJ
    
    
    421,508
    
    
    
    37,977
    
    
    
    272,100
    
    
    
    187,385
    
    
    
    459,485
    
    
    
    116,558
    
    
    
    1985BELMAR, NJ
    
    
    566,375
    
    
    
    24,371
    
    
    
    410,800
    
    
    
    179,946
    
    
    
    590,746
    
    
    
    133,422
    
    
    
    1985MOORESTOWN, NJ
    
    
    470,100
    
    
    
    27,064
    
    
    
    306,100
    
    
    
    191,064
    
    
    
    497,164
    
    
    
    111,798
    
    
    
    1985SPRING LAKE, NJ
    
    
    345,500
    
    
    
    42,194
    
    
    
    225,000
    
    
    
    162,694
    
    
    
    387,694
    
    
    
    103,601
    
    
    
    1985HILLTOP, NJ
    
    
    329,500
    
    
    
    16,758
    
    
    
    214,600
    
    
    
    131,658
    
    
    
    346,258
    
    
    
    75,680
    
    
    
    1985CLIFTON, NJ
    
    
    301,518
    
    
    
    6,413
    
    
    
    150,000
    
    
    
    157,931
    
    
    
    307,931
    
    
    
    116,359
    
    
    
    1987FRANKLIN TWP., NJ
    
    
    683,000
    
    
    
    30,257
    
    
    
    444,800
    
    
    
    268,457
    
    
    
    713,257
    
    
    
    153,286
    
    
    
    1985FLEMINGTON, NJ
    
    
    708,160
    
    
    
    33,072
    
    
    
    460,500
    
    
    
    280,732
    
    
    
    741,232
    
    
    
    159,969
    
    
    
    1985CLEMENTON, NJ
    
    
    562,500
    
    
    
    27,581
    
    
    
    366,300
    
    
    
    223,781
    
    
    
    590,081
    
    
    
    128,831
    
    
    
    1985ASBURY PARK, NJ
    
    
    418,966
    
    
    
    18,038
    
    
    
    272,100
    
    
    
    164,904
    
    
    
    437,004
    
    
    
    94,483
    
    
    
    1985MIDLAND PARK, NJ
    
    
    201,012
    
    
    
    4,080
    
    
    
    150,000
    
    
    
    55,092
    
    
    
    205,092
    
    
    
    55,006
    
    
    
    1989PATERSON, NJ
    
    
    619,548
    
    
    
    16,765
    
    
    
    402,900
    
    
    
    233,413
    
    
    
    636,313
    
    
    
    129,035
    
    
    
    1985OCEAN CITY, NJ
    
    
    843,700
    
    
    
    113,162
    
    
    
    549,400
    
    
    
    407,462
    
    
    
    956,862
    
    
    
    265,218
    
    
    
    1985WHITING, NJ
    
    
    447,199
    
    
    
    3,519
    
    
    
    167,090
    
    
    
    283,628
    
    
    
    450,718
    
    
    
    283,281
    
    
    
    1989HILLSBOROUGH, NJ
    
    
    237,122
    
    
    
    7,729
    
    
    
    100,000
    
    
    
    144,851
    
    
    
    244,851
    
    
    
    78,578
    
    
    
    1985PRINCETON, NJ
    
    
    703,100
    
    
    
    40,615
    
    
    
    457,900
    
    
    
    285,815
    
    
    
    743,715
    
    
    
    167,303
    
    
    
    1985NEPTUNE, NJ
    
    
    455,726
    
    
    
    39,090
    
    
    
    293,000
    
    
    
    201,816
    
    
    
    494,816
    
    
    
    123,492
    
    
    
    1985NEWARK, NJ
    
    
    3,086,592
    
    
    
    164,432
    
    
    
    2,005,800
    
    
    
    1,245,224
    
    
    
    3,251,024
    
    
    
    725,441
    
    
    
    1985OAKHURST, NJ
    
    
    225,608
    
    
    
    46,405
    
    
    
    100,608
    
    
    
    171,405
    
    
    
    272,013
    
    
    
    171,405
    
    
    
    1985BELLEVILLE, NJ
    
    
    215,468
    
    
    
    38,163
    
    
    
    149,237
    
    
    
    104,394
    
    
    
    253,631
    
    
    
    103,845
    
    
    
    1986PINE HILL, NJ
    
    
    190,568
    
    
    
    39,918
    
    
    
    115,568
    
    
    
    114,918
    
    
    
    230,486
    
    
    
    114,918
    
    
    
    1986TUCKERTON, NJ
    
    
    224,387
    
    
    
    132,864
    
    
    
    131,018
    
    
    
    226,233
    
    
    
    357,251
    
    
    
    225,019
    
    
    
    1987WEST DEPTFORD, NJ
    
    
    245,450
    
    
    
    50,295
    
    
    
    151,053
    
    
    
    144,692
    
    
    
    295,745
    
    
    
    144,150
    
    
    
    1987ATCO, NJ
    
    
    153,159
    
    
    
    85,853
    
    
    
    131,766
    
    
    
    107,246
    
    
    
    239,012
    
    
    
    107,246
    
    
    
    1987SOMERVILLE, NJ
    
    
    252,717
    
    
    
    254,230
    
    
    
    200,500
    
    
    
    306,447
    
    
    
    506,947
    
    
    
    235,132
    
    
    
    1987CINNAMINSON, NJ
    
    
    326,501
    
    
    
    24,931
    
    
    
    176,501
    
    
    
    174,931
    
    
    
    351,432
    
    
    
    174,567
    
    
    
    1987RIDGEFIELD PARK, NJ
    
    
    273,549
    
    
    
    
    
    
    
    150,000
    
    
    
    123,549
    
    
    
    273,549
    
    
    
    103,603
    
    
    
    1997BRICK, NJ
    
    
    1,507,684
    
    
    
    
    
    
    
    1,000,000
    
    
    
    507,684
    
    
    
    1,507,684
    
    
    
    290,351
    
    
    
    2000LAKE HOPATCONG, NJ
    
    
    1,305,034
    
    
    
    
    
    
    
    800,000
    
    
    
    505,034
    
    
    
    1,305,034
    
    
    
    339,295
    
    
    
    2000BERGENFIELD, NJ
    
    
    381,590
    
    
    
    36,271
    
    
    
    300,000
    
    
    
    117,861
    
    
    
    417,861
    
    
    
    117,348
    
    
    
    1990ORANGE, NJ
    
    
    281,200
    
    
    
    24,573
    
    
    
    183,100
    
    
    
    122,673
    
    
    
    305,773
    
    
    
    75,156
    
    
    
    1985BLOOMFIELD, NJ
    
    
    695,000
    
    
    
    21,021
    
    
    
    371,400
    
    
    
    344,621
    
    
    
    716,021
    
    
    
    344,621
    
    
    
    1985UNION, NJ
    
    
    287,800
    
    
    
    
    
    
    
    287,800
    
    
    
    
    
    
    
    287,800
    
    
    
    
    
    
    
    1985SCOTCH PLAINS, NJ
    
    
    331,063
    
    
    
    14,455
    
    
    
    214,600
    
    
    
    130,918
    
    
    
    345,518
    
    
    
    75,384
    
    
    
    1985NUTLEY, NJ
    
    
    433,800
    
    
    
    48,677
    
    
    
    282,500
    
    
    
    199,977
    
    
    
    482,477
    
    
    
    126,850
    
    
    
    1985PLAINFIELD, NJ
    
    
    470,100
    
    
    
    29,975
    
    
    
    306,100
    
    
    
    193,975
    
    
    
    500,075
    
    
    
    114,568
    
    
    
    1985MOUNTAINSIDE, NJ
    
    
    664,100
    
    
    
    31,620
    
    
    
    431,700
    
    
    
    264,020
    
    
    
    695,720
    
    
    
    151,362
    
    
    
    1985WATCHUNG, NJ
    
    
    449,900
    
    
    
    20,339
    
    
    
    293,000
    
    
    
    177,239
    
    
    
    470,239
    
    
    
    101,024
    
    
    
    1985
 99




---



##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)GREEN VILLAGE, NJ
    
    
    277,900
    
    
    
    44,471
    
    
    
    127,900
    
    
    
    194,471
    
    
    
    322,371
    
    
    
    193,783
    
    
    
    1985IRVINGTON, NJ
    
    
    409,700
    
    
    
    54,841
    
    
    
    266,800
    
    
    
    197,741
    
    
    
    464,541
    
    
    
    128,674
    
    
    
    1985JERSEY CITY, NJ
    
    
    438,000
    
    
    
    51,856
    
    
    
    285,200
    
    
    
    204,656
    
    
    
    489,856
    
    
    
    130,804
    
    
    
    1985BLOOMFIELD, NJ
    
    
    441,900
    
    
    
    32,951
    
    
    
    287,800
    
    
    
    187,051
    
    
    
    474,851
    
    
    
    112,463
    
    
    
    1985DOVER, NJ
    
    
    606,700
    
    
    
    30,153
    
    
    
    395,100
    
    
    
    241,753
    
    
    
    636,853
    
    
    
    139,238
    
    
    
    1985PARLIN, NJ
    
    
    418,046
    
    
    
    29,075
    
    
    
    263,946
    
    
    
    183,175
    
    
    
    447,121
    
    
    
    108,694
    
    
    
    1985UNION CITY, NJ
    
    
    799,500
    
    
    
    3,440
    
    
    
    520,600
    
    
    
    282,340
    
    
    
    802,940
    
    
    
    147,539
    
    
    
    1985COLONIA, NJ
    
    
    253,100
    
    
    
    3,395
    
    
    
    164,800
    
    
    
    91,695
    
    
    
    256,495
    
    
    
    49,018
    
    
    
    1985NORTH BERGEN, NJ
    
    
    629,527
    
    
    
    81,006
    
    
    
    409,527
    
    
    
    301,006
    
    
    
    710,533
    
    
    
    194,437
    
    
    
    1985WAYNE, NJ
    
    
    490,200
    
    
    
    21,766
    
    
    
    319,200
    
    
    
    192,766
    
    
    
    511,966
    
    
    
    110,117
    
    
    
    1985HASBROUCK HEIGHTS, NJ
    
    
    639,648
    
    
    
    19,648
    
    
    
    416,000
    
    
    
    243,296
    
    
    
    659,296
    
    
    
    135,297
    
    
    
    1985COLONIA, NJ
    
    
    952,200
    
    
    
    74,451
    
    
    
    620,100
    
    
    
    406,551
    
    
    
    1,026,651
    
    
    
    245,557
    
    
    
    1985OLD BRIDGE, NJ
    
    
    319,521
    
    
    
    24,445
    
    
    
    204,621
    
    
    
    139,345
    
    
    
    343,966
    
    
    
    83,712
    
    
    
    1985RIDGEWOOD, NJ
    
    
    703,100
    
    
    
    36,959
    
    
    
    457,900
    
    
    
    282,159
    
    
    
    740,059
    
    
    
    162,009
    
    
    
    1985HAWTHORNE, NJ
    
    
    245,100
    
    
    
    10,967
    
    
    
    159,600
    
    
    
    96,467
    
    
    
    256,067
    
    
    
    55,143
    
    
    
    1985WAYNE, NJ
    
    
    474,100
    
    
    
    42,926
    
    
    
    308,700
    
    
    
    208,326
    
    
    
    517,026
    
    
    
    128,307
    
    
    
    1985WASHINGTON TOWNSHIP,
NJ
    
    
    912,000
    
    
    
    21,261
    
    
    
    593,900
    
    
    
    339,361
    
    
    
    933,261
    
    
    
    185,446
    
    
    
    1985PARAMUS, NJ
    
    
    381,700
    
    
    
    42,394
    
    
    
    248,600
    
    
    
    175,494
    
    
    
    424,094
    
    
    
    111,163
    
    
    
    1985JERSEY CITY, NJ
    
    
    401,700
    
    
    
    43,808
    
    
    
    261,600
    
    
    
    183,908
    
    
    
    445,508
    
    
    
    116,194
    
    
    
    1985FORT LEE, NJ
    
    
    1,245,500
    
    
    
    39,408
    
    
    
    811,100
    
    
    
    473,808
    
    
    
    1,284,908
    
    
    
    263,681
    
    
    
    1985AUDUBON, NJ
    
    
    421,800
    
    
    
    12,949
    
    
    
    274,700
    
    
    
    160,049
    
    
    
    434,749
    
    
    
    88,939
    
    
    
    1985TRENTON, NJ
    
    
    337,500
    
    
    
    69,461
    
    
    
    219,800
    
    
    
    187,161
    
    
    
    406,961
    
    
    
    130,142
    
    
    
    1985MAGNOLIA, NJ
    
    
    329,500
    
    
    
    26,488
    
    
    
    214,600
    
    
    
    141,388
    
    
    
    355,988
    
    
    
    85,854
    
    
    
    1985BEVERLY, NJ
    
    
    470,100
    
    
    
    24,003
    
    
    
    306,100
    
    
    
    188,003
    
    
    
    494,103
    
    
    
    108,434
    
    
    
    1985PISCATAWAY, NJ
    
    
    269,200
    
    
    
    28,232
    
    
    
    175,300
    
    
    
    122,132
    
    
    
    297,432
    
    
    
    76,748
    
    
    
    1985WEST ORANGE, NJ
    
    
    799,500
    
    
    
    34,733
    
    
    
    520,600
    
    
    
    313,633
    
    
    
    834,233
    
    
    
    178,832
    
    
    
    1985ROCKVILLE CENTRE, NY
    
    
    350,325
    
    
    
    315,779
    
    
    
    201,400
    
    
    
    464,704
    
    
    
    666,104
    
    
    
    383,398
    
    
    
    1985GLENDALE, NY
    
    
    368,625
    
    
    
    159,763
    
    
    
    235,500
    
    
    
    292,888
    
    
    
    528,388
    
    
    
    208,216
    
    
    
    1985BELLAIRE, NY
    
    
    329,500
    
    
    
    73,358
    
    
    
    214,600
    
    
    
    188,258
    
    
    
    402,858
    
    
    
    126,112
    
    
    
    1985BAYSIDE, NY
    
    
    245,100
    
    
    
    202,833
    
    
    
    159,600
    
    
    
    288,333
    
    
    
    447,933
    
    
    
    212,772
    
    
    
    1985YONKERS, NY
    
    
    153,184
    
    
    
    67,266
    
    
    
    76,592
    
    
    
    143,858
    
    
    
    220,450
    
    
    
    86,396
    
    
    
    1987DOBBS FERRY, NY
    
    
    670,575
    
    
    
    33,706
    
    
    
    434,300
    
    
    
    269,981
    
    
    
    704,281
    
    
    
    155,595
    
    
    
    1985NORTH MERRICK, NY
    
    
    510,350
    
    
    
    141,506
    
    
    
    332,200
    
    
    
    319,656
    
    
    
    651,856
    
    
    
    206,795
    
    
    
    1985GREAT NECK, NY
    
    
    500,000
    
    
    
    24,468
    
    
    
    450,000
    
    
    
    74,468
    
    
    
    524,468
    
    
    
    74,468
    
    
    
    1985GLEN HEAD, NY
    
    
    462,468
    
    
    
    45,355
    
    
    
    300,900
    
    
    
    206,923
    
    
    
    507,823
    
    
    
    128,859
    
    
    
    1985GARDEN CITY, NY
    
    
    361,600
    
    
    
    33,774
    
    
    
    235,500
    
    
    
    159,874
    
    
    
    395,374
    
    
    
    97,897
    
    
    
    1985HEWLETT, NY
    
    
    490,200
    
    
    
    85,618
    
    
    
    319,200
    
    
    
    256,618
    
    
    
    575,818
    
    
    
    147,430
    
    
    
    1985EAST HILLS, NY
    
    
    241,613
    
    
    
    21,070
    
    
    
    241,613
    
    
    
    21,070
    
    
    
    262,683
    
    
    
    20,738
    
    
    
    1986YONKERS, NY
    
    
    111,300
    
    
    
    80,000
    
    
    
    65,000
    
    
    
    126,300
    
    
    
    191,300
    
    
    
    126,033
    
    
    
    1988LEVITTOWN, NY
    
    
    502,757
    
    
    
    42,113
    
    
    
    327,000
    
    
    
    217,870
    
    
    
    544,870
    
    
    
    132,359
    
    
    
    1985LEVITTOWN, NY
    
    
    546,400
    
    
    
    113,057
    
    
    
    355,800
    
    
    
    303,657
    
    
    
    659,457
    
    
    
    192,181
    
    
    
    1985ST. ALBANS, NY
    
    
    329,500
    
    
    
    87,250
    
    
    
    214,600
    
    
    
    202,150
    
    
    
    416,750
    
    
    
    141,515
    
    
    
    1985RIDGEWOOD, NY
    
    
    278,372
    
    
    
    38,578
    
    
    
    250,000
    
    
    
    66,950
    
    
    
    316,950
    
    
    
    35,600
    
    
    
    1986BROOKLYN, NY
    
    
    626,700
    
    
    
    282,677
    
    
    
    408,100
    
    
    
    501,277
    
    
    
    909,377
    
    
    
    359,490
    
    
    
    1985
 100




---



##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)BROOKLYN, NY
    
    
    476,816
    
    
    
    272,765
    
    
    
    306,100
    
    
    
    443,481
    
    
    
    749,581
    
    
    
    357,699
    
    
    
    1985SEAFORD, NY
    
    
    325,400
    
    
    
    83,257
    
    
    
    211,900
    
    
    
    196,757
    
    
    
    408,657
    
    
    
    115,664
    
    
    
    1985BAYSIDE, NY
    
    
    470,100
    
    
    
    246,576
    
    
    
    306,100
    
    
    
    410,576
    
    
    
    716,676
    
    
    
    285,770
    
    
    
    1985BAY SHORE, NY
    
    
    188,900
    
    
    
    26,286
    
    
    
    123,000
    
    
    
    92,186
    
    
    
    215,186
    
    
    
    59,981
    
    
    
    1985ELMONT, NY
    
    
    360,056
    
    
    
    90,633
    
    
    
    224,156
    
    
    
    226,533
    
    
    
    450,689
    
    
    
    134,712
    
    
    
    1985WHITE PLAINS, NY
    
    
    258,600
    
    
    
    60,120
    
    
    
    164,800
    
    
    
    153,920
    
    
    
    318,720
    
    
    
    106,702
    
    
    
    1985SCARSDALE, NY
    
    
    257,100
    
    
    
    102,632
    
    
    
    167,400
    
    
    
    192,332
    
    
    
    359,732
    
    
    
    138,883
    
    
    
    1985EASTCHESTER, NY
    
    
    614,700
    
    
    
    34,500
    
    
    
    400,300
    
    
    
    248,900
    
    
    
    649,200
    
    
    
    144,911
    
    
    
    1985NEW ROCHELLE, NY
    
    
    337,500
    
    
    
    51,741
    
    
    
    219,800
    
    
    
    169,441
    
    
    
    389,241
    
    
    
    108,677
    
    
    
    1985BROOKLYN, NY
    
    
    421,800
    
    
    
    270,436
    
    
    
    274,700
    
    
    
    417,536
    
    
    
    692,236
    
    
    
    301,985
    
    
    
    1985COMMACK, NY
    
    
    321,400
    
    
    
    25,659
    
    
    
    209,300
    
    
    
    137,759
    
    
    
    347,059
    
    
    
    83,578
    
    
    
    1985SAG HARBOR, NY
    
    
    703,600
    
    
    
    36,012
    
    
    
    458,200
    
    
    
    281,412
    
    
    
    739,612
    
    
    
    162,770
    
    
    
    1985EAST HAMPTON, NY
    
    
    659,127
    
    
    
    39,313
    
    
    
    427,827
    
    
    
    270,613
    
    
    
    698,440
    
    
    
    158,240
    
    
    
    1985MASTIC, NY
    
    
    313,400
    
    
    
    110,180
    
    
    
    204,100
    
    
    
    219,480
    
    
    
    423,580
    
    
    
    166,653
    
    
    
    1985BRONX, NY
    
    
    390,200
    
    
    
    329,357
    
    
    
    251,100
    
    
    
    468,457
    
    
    
    719,557
    
    
    
    345,618
    
    
    
    1985YONKERS, NY
    
    
    1,020,400
    
    
    
    61,875
    
    
    
    664,500
    
    
    
    417,775
    
    
    
    1,082,275
    
    
    
    243,822
    
    
    
    1985GLENVILLE, NY
    
    
    343,723
    
    
    
    98,299
    
    
    
    219,800
    
    
    
    222,222
    
    
    
    442,022
    
    
    
    158,348
    
    
    
    1985YONKERS, NY
    
    
    202,826
    
    
    
    42,877
    
    
    
    144,000
    
    
    
    101,703
    
    
    
    245,703
    
    
    
    95,422
    
    
    
    1986MINEOLA, NY
    
    
    341,500
    
    
    
    34,411
    
    
    
    222,400
    
    
    
    153,511
    
    
    
    375,911
    
    
    
    95,375
    
    
    
    1985ALBANY, NY
    
    
    404,888
    
    
    
    104,378
    
    
    
    261,600
    
    
    
    247,666
    
    
    
    509,266
    
    
    
    177,376
    
    
    
    1985LONG ISLAND CITY, NY
    
    
    1,646,307
    
    
    
    259,443
    
    
    
    1,071,500
    
    
    
    834,250
    
    
    
    1,905,750
    
    
    
    556,087
    
    
    
    1985RENSSELAER, NY
    
    
    1,653,500
    
    
    
    514,444
    
    
    
    1,076,800
    
    
    
    1,091,144
    
    
    
    2,167,944
    
    
    
    812,407
    
    
    
    1985RENSSELAER, NY
    
    
    683,781
    
    
    
    
    
    
    
    286,504
    
    
    
    397,277
    
    
    
    683,781
    
    
    
    130,117
    
    
    
    2004PORT JEFFERSON, NY
    
    
    387,478
    
    
    
    63,743
    
    
    
    245,753
    
    
    
    205,468
    
    
    
    451,221
    
    
    
    137,488
    
    
    
    1985SALT POINT, NY
    
    
    
    
    
    
    554,243
    
    
    
    301,775
    
    
    
    252,468
    
    
    
    554,243
    
    
    
    113,008
    
    
    
    1987ROTTERDAM, NY
    
    
    140,600
    
    
    
    100,399
    
    
    
    91,600
    
    
    
    149,399
    
    
    
    240,999
    
    
    
    119,988
    
    
    
    1985OSSINING, NY
    
    
    231,100
    
    
    
    44,049
    
    
    
    149,200
    
    
    
    125,949
    
    
    
    275,149
    
    
    
    84,276
    
    
    
    1985ELLENVILLE, NY
    
    
    233,000
    
    
    
    53,690
    
    
    
    151,700
    
    
    
    134,990
    
    
    
    286,690
    
    
    
    93,725
    
    
    
    1985CHATHAM, NY
    
    
    349,133
    
    
    
    131,805
    
    
    
    225,000
    
    
    
    255,938
    
    
    
    480,938
    
    
    
    189,458
    
    
    
    1985HYDE PARK, NY
    
    
    253,100
    
    
    
    12,015
    
    
    
    139,100
    
    
    
    126,015
    
    
    
    265,115
    
    
    
    126,015
    
    
    
    1985SHRUB OAK, NY
    
    
    1,060,700
    
    
    
    81,807
    
    
    
    690,700
    
    
    
    451,807
    
    
    
    1,142,507
    
    
    
    271,174
    
    
    
    1985NEW YORK, NY
    
    
    
    
    
    
    229,435
    
    
    
    
    
    
    
    229,435
    
    
    
    229,435
    
    
    
    229,435
    
    
    
    1985BROOKLYN, NY
    
    
    237,100
    
    
    
    125,067
    
    
    
    154,400
    
    
    
    207,767
    
    
    
    362,167
    
    
    
    145,648
    
    
    
    1985STATEN ISLAND, NY
    
    
    301,300
    
    
    
    288,603
    
    
    
    196,200
    
    
    
    393,703
    
    
    
    589,903
    
    
    
    301,485
    
    
    
    1985STATEN ISLAND, NY
    
    
    357,904
    
    
    
    39,588
    
    
    
    230,300
    
    
    
    167,192
    
    
    
    397,492
    
    
    
    106,724
    
    
    
    1985STATEN ISLAND, NY
    
    
    349,500
    
    
    
    176,590
    
    
    
    227,600
    
    
    
    298,490
    
    
    
    526,090
    
    
    
    215,579
    
    
    
    1985BRONX, NY
    
    
    93,817
    
    
    
    120,396
    
    
    
    67,200
    
    
    
    147,013
    
    
    
    214,213
    
    
    
    136,005
    
    
    
    1985BRONX, NY
    
    
    104,130
    
    
    
    360,410
    
    
    
    90,000
    
    
    
    374,540
    
    
    
    464,540
    
    
    
    341,940
    
    
    
    1985PELHAM MANOR, NY
    
    
    136,791
    
    
    
    78,987
    
    
    
    75,000
    
    
    
    140,778
    
    
    
    215,778
    
    
    
    139,349
    
    
    
    1985EAST MEADOW, NY
    
    
    425,000
    
    
    
    86,005
    
    
    
    325,000
    
    
    
    186,005
    
    
    
    511,005
    
    
    
    158,379
    
    
    
    1986STATEN ISLAND, NY
    
    
    389,700
    
    
    
    88,922
    
    
    
    253,800
    
    
    
    224,822
    
    
    
    478,622
    
    
    
    158,486
    
    
    
    1985MERRICK, NY
    
    
    477,498
    
    
    
    77,925
    
    
    
    240,764
    
    
    
    314,659
    
    
    
    555,423
    
    
    
    170,863
    
    
    
    1987MASSAPEQUA, NY
    
    
    333,400
    
    
    
    53,696
    
    
    
    217,100
    
    
    
    169,996
    
    
    
    387,096
    
    
    
    113,785
    
    
    
    1985TROY, NY
    
    
    225,000
    
    
    
    60,569
    
    
    
    146,500
    
    
    
    139,069
    
    
    
    285,569
    
    
    
    100,992
    
    
    
    1985
 101




---



##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)BALDWIN, NY
    
    
    290,923
    
    
    
    5,007
    
    
    
    151,280
    
    
    
    144,650
    
    
    
    295,930
    
    
    
    89,771
    
    
    
    1986NEW YORK, NY
    
    
    
    
    
    
    541,637
    
    
    
    
    
    
    
    541,637
    
    
    
    541,637
    
    
    
    498,986
    
    
    
    1986MIDDLETOWN, NY
    
    
    751,200
    
    
    
    166,411
    
    
    
    489,200
    
    
    
    428,411
    
    
    
    917,611
    
    
    
    263,349
    
    
    
    1985OCEANSIDE, NY
    
    
    313,400
    
    
    
    88,863
    
    
    
    204,100
    
    
    
    198,163
    
    
    
    402,263
    
    
    
    119,273
    
    
    
    1985WANTAGH, NY
    
    
    261,814
    
    
    
    85,758
    
    
    
    175,000
    
    
    
    172,572
    
    
    
    347,572
    
    
    
    144,520
    
    
    
    1985NORTHPORT, NY
    
    
    241,100
    
    
    
    33,036
    
    
    
    157,000
    
    
    
    117,136
    
    
    
    274,136
    
    
    
    76,489
    
    
    
    1985BALLSTON, NY
    
    
    160,000
    
    
    
    134,021
    
    
    
    110,000
    
    
    
    184,021
    
    
    
    294,021
    
    
    
    181,975
    
    
    
    1986BALLSTON SPA, NY
    
    
    210,000
    
    
    
    105,073
    
    
    
    100,000
    
    
    
    215,073
    
    
    
    315,073
    
    
    
    212,669
    
    
    
    1986COLONIE, NY
    
    
    245,150
    
    
    
    28,322
    
    
    
    120,150
    
    
    
    153,322
    
    
    
    273,472
    
    
    
    151,166
    
    
    
    1986DELMAR, NY
    
    
    150,000
    
    
    
    42,478
    
    
    
    70,000
    
    
    
    122,478
    
    
    
    192,478
    
    
    
    120,044
    
    
    
    1986FORT EDWARD, NY
    
    
    225,000
    
    
    
    65,739
    
    
    
    150,000
    
    
    
    140,739
    
    
    
    290,739
    
    
    
    140,653
    
    
    
    1986QUEENSBURY, NY
    
    
    225,000
    
    
    
    105,592
    
    
    
    165,000
    
    
    
    165,592
    
    
    
    330,592
    
    
    
    165,210
    
    
    
    1986HALFMOON, NY
    
    
    415,000
    
    
    
    205,598
    
    
    
    228,100
    
    
    
    392,498
    
    
    
    620,598
    
    
    
    388,370
    
    
    
    1986HANCOCK, NY
    
    
    100,000
    
    
    
    109,470
    
    
    
    50,000
    
    
    
    159,470
    
    
    
    209,470
    
    
    
    157,398
    
    
    
    1986HYDE PARK, NY
    
    
    300,000
    
    
    
    59,198
    
    
    
    175,000
    
    
    
    184,198
    
    
    
    359,198
    
    
    
    184,012
    
    
    
    1986LATHAM, NY
    
    
    275,000
    
    
    
    68,160
    
    
    
    150,000
    
    
    
    193,160
    
    
    
    343,160
    
    
    
    189,717
    
    
    
    1986MALTA, NY
    
    
    190,000
    
    
    
    91,726
    
    
    
    65,000
    
    
    
    216,726
    
    
    
    281,726
    
    
    
    212,923
    
    
    
    1986MILLERTON, NY
    
    
    175,000
    
    
    
    123,063
    
    
    
    100,000
    
    
    
    198,063
    
    
    
    298,063
    
    
    
    197,525
    
    
    
    1986NEW WINDSOR, NY
    
    
    150,000
    
    
    
    94,791
    
    
    
    75,000
    
    
    
    169,791
    
    
    
    244,791
    
    
    
    164,520
    
    
    
    1986NISKAYUNA, NY
    
    
    425,000
    
    
    
    35,421
    
    
    
    275,000
    
    
    
    185,421
    
    
    
    460,421
    
    
    
    184,910
    
    
    
    1986PLEASANT VALLEY, NY
    
    
    398,497
    
    
    
    115,129
    
    
    
    240,000
    
    
    
    273,626
    
    
    
    513,626
    
    
    
    229,071
    
    
    
    1986QUEENSBURY, NY
    
    
    215,255
    
    
    
    65,245
    
    
    
    140,255
    
    
    
    140,245
    
    
    
    280,500
    
    
    
    136,775
    
    
    
    1986ROTTERDAM, NY
    
    
    132,287
    
    
    
    166,077
    
    
    
    1
    
    
    
    298,363
    
    
    
    298,364
    
    
    
    269,449
    
    
    
    1995SCHENECTADY, NY
    
    
    225,000
    
    
    
    298,103
    
    
    
    150,000
    
    
    
    373,103
    
    
    
    523,103
    
    
    
    370,244
    
    
    
    1986S. GLENS FALLS, NY
    
    
    325,000
    
    
    
    58,892
    
    
    
    188,700
    
    
    
    195,192
    
    
    
    383,892
    
    
    
    195,192
    
    
    
    1986ALBANY, NY
    
    
    206,620
    
    
    
    87,949
    
    
    
    81,620
    
    
    
    212,949
    
    
    
    294,569
    
    
    
    212,352
    
    
    
    1986NEWBURGH, NY
    
    
    430,766
    
    
    
    25,850
    
    
    
    150,000
    
    
    
    306,616
    
    
    
    456,616
    
    
    
    300,696
    
    
    
    1989JERICHO, NY
    
    
    
    
    
    
    371,039
    
    
    
    
    
    
    
    371,039
    
    
    
    371,039
    
    
    
    192,233
    
    
    
    1998RHINEBECK, NY
    
    
    203,658
    
    
    
    
    
    
    
    101,829
    
    
    
    101,829
    
    
    
    203,658
    
    
    
    23,763
    
    
    
    2007PORT EWEN, NY
    
    
    657,147
    
    
    
    
    
    
    
    176,924
    
    
    
    480,223
    
    
    
    657,147
    
    
    
    119,633
    
    
    
    2007CATSKILL, NY
    
    
    404,988
    
    
    
    
    
    
    
    354,365
    
    
    
    50,623
    
    
    
    404,988
    
    
    
    8,100
    
    
    
    2007HUDSON, NY
    
    
    303,741
    
    
    
    126,379
    
    
    
    151,871
    
    
    
    278,249
    
    
    
    430,120
    
    
    
    147,575
    
    
    
    1989SAUGERTIES, NY
    
    
    328,668
    
    
    
    63,983
    
    
    
    328,668
    
    
    
    63,983
    
    
    
    392,651
    
    
    
    63,930
    
    
    
    1988QUARRYVILLE, NY
    
    
    35,917
    
    
    
    168,199
    
    
    
    35,916
    
    
    
    168,200
    
    
    
    204,116
    
    
    
    164,640
    
    
    
    1988MENANDS, NY
    
    
    150,580
    
    
    
    60,563
    
    
    
    49,999
    
    
    
    161,144
    
    
    
    211,143
    
    
    
    152,147
    
    
    
    1988BREWSTER, NY
    
    
    302,564
    
    
    
    44,393
    
    
    
    142,564
    
    
    
    204,393
    
    
    
    346,957
    
    
    
    202,098
    
    
    
    1988VALATIE, NY
    
    
    165,590
    
    
    
    394,981
    
    
    
    90,829
    
    
    
    469,742
    
    
    
    560,571
    
    
    
    443,863
    
    
    
    1989CAIRO, NY
    
    
    191,928
    
    
    
    142,895
    
    
    
    46,650
    
    
    
    288,173
    
    
    
    334,823
    
    
    
    282,126
    
    
    
    1988RED HOOK, NY
    
    
    
    
    
    
    226,787
    
    
    
    
    
    
    
    226,787
    
    
    
    226,787
    
    
    
    225,169
    
    
    
    1991WEST TAGHKANIC, NY
    
    
    202,750
    
    
    
    117,540
    
    
    
    121,650
    
    
    
    198,640
    
    
    
    320,290
    
    
    
    142,882
    
    
    
    1986RAVENA, NY
    
    
    
    
    
    
    199,900
    
    
    
    
    
    
    
    199,900
    
    
    
    199,900
    
    
    
    198,040
    
    
    
    1991SAYVILLE, NY
    
    
    528,225
    
    
    
    
    
    
    
    300,000
    
    
    
    228,225
    
    
    
    528,225
    
    
    
    113,352
    
    
    
    1998WANTAGH, NY
    
    
    640,680
    
    
    
    
    
    
    
    370,200
    
    
    
    270,480
    
    
    
    640,680
    
    
    
    134,335
    
    
    
    1998CENTRAL ISLIP, NY
    
    
    572,244
    
    
    
    
    
    
    
    357,500
    
    
    
    214,744
    
    
    
    572,244
    
    
    
    106,547
    
    
    
    1998
 102




---



##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)FLUSHING, NY
    
    
    516,110
    
    
    
    
    
    
    
    320,125
    
    
    
    195,985
    
    
    
    516,110
    
    
    
    97,167
    
    
    
    1998NORTH LINDENHURST, NY
    
    
    294866
    
    
    
    
    
    
    
    192000
    
    
    
    102866
    
    
    
    294866
    
    
    
    71924
    
    
    
    1998WYANDANCH, NY
    
    
    415,414
    
    
    
    
    
    
    
    279,500
    
    
    
    135,914
    
    
    
    415,414
    
    
    
    84,162
    
    
    
    1998NEW ROCHELLE, NY
    
    
    415,180
    
    
    
    
    
    
    
    251,875
    
    
    
    163,305
    
    
    
    415,180
    
    
    
    80,776
    
    
    
    1998FLORAL PARK, NY
    
    
    616,700
    
    
    
    
    
    
    
    356,400
    
    
    
    260,300
    
    
    
    616,700
    
    
    
    129,152
    
    
    
    1998RIVERHEAD, NY
    
    
    723,346
    
    
    
    
    
    
    
    431,700
    
    
    
    291,646
    
    
    
    723,346
    
    
    
    144,706
    
    
    
    1998AMHERST, NY
    
    
    223,009
    
    
    
    
    
    
    
    173,451
    
    
    
    49,558
    
    
    
    223,009
    
    
    
    33,397
    
    
    
    2000BUFFALO, NY
    
    
    312,426
    
    
    
    
    
    
    
    150,888
    
    
    
    161,538
    
    
    
    312,426
    
    
    
    85,826
    
    
    
    2000GRAND ISLAND, NY
    
    
    350,849
    
    
    
    
    
    
    
    247,348
    
    
    
    103,501
    
    
    
    350,849
    
    
    
    63,395
    
    
    
    2000HAMBURG, NY
    
    
    294,031
    
    
    
    
    
    
    
    163,906
    
    
    
    130,125
    
    
    
    294,031
    
    
    
    59,423
    
    
    
    2000LACKAWANNA, NY
    
    
    250,030
    
    
    
    
    
    
    
    129,870
    
    
    
    120,160
    
    
    
    250,030
    
    
    
    65,727
    
    
    
    2000LEWISTON, NY
    
    
    205,000
    
    
    
    
    
    
    
    125,000
    
    
    
    80,000
    
    
    
    205,000
    
    
    
    36,533
    
    
    
    2000TONAWANDA, NY
    
    
    189,296
    
    
    
    
    
    
    
    147,122
    
    
    
    42,174
    
    
    
    189,296
    
    
    
    19,260
    
    
    
    2000TONAWANDA, NY
    
    
    263,596
    
    
    
    11,493
    
    
    
    211,337
    
    
    
    63,752
    
    
    
    275,089
    
    
    
    46,185
    
    
    
    2000WEST SENECA, NY
    
    
    257,142
    
    
    
    
    
    
    
    184,385
    
    
    
    72,757
    
    
    
    257,142
    
    
    
    33,233
    
    
    
    2000WILLIAMSVILLE, NY
    
    
    211,972
    
    
    
    
    
    
    
    176,643
    
    
    
    35,329
    
    
    
    211,972
    
    
    
    16,132
    
    
    
    2000ALFRED STATION , NY
    
    
    714,108
    
    
    
    
    
    
    
    414,108
    
    
    
    300,000
    
    
    
    714,108
    
    
    
    58,000
    
    
    
    2006AVOCA, NY
    
    
    935,543
    
    
    
    
    
    
    
    634,543
    
    
    
    301,000
    
    
    
    935,543
    
    
    
    58,000
    
    
    
    2006BATAVIA, NY
    
    
    684,279
    
    
    
    
    
    
    
    364,279
    
    
    
    320,000
    
    
    
    684,279
    
    
    
    61,867
    
    
    
    2006BYRON, NY
    
    
    969,117
    
    
    
    
    
    
    
    669,117
    
    
    
    300,000
    
    
    
    969,117
    
    
    
    58,000
    
    
    
    2006CASTILE, NY
    
    
    307,196
    
    
    
    
    
    
    
    132,196
    
    
    
    175,000
    
    
    
    307,196
    
    
    
    33,833
    
    
    
    2006CHURCHVILLE, NY
    
    
    1,011,381
    
    
    
    
    
    
    
    601,381
    
    
    
    410,000
    
    
    
    1,011,381
    
    
    
    79,267
    
    
    
    2006EAST PEMBROKE, NY
    
    
    787,465
    
    
    
    
    
    
    
    537,465
    
    
    
    250,000
    
    
    
    787,465
    
    
    
    48,333
    
    
    
    2006FRIENDSHIP, NY
    
    
    392,517
    
    
    
    
    
    
    
    42,517
    
    
    
    350,000
    
    
    
    392,517
    
    
    
    67,667
    
    
    
    2006NAPLES , NY
    
    
    1,257,487
    
    
    
    
    
    
    
    827,487
    
    
    
    430,000
    
    
    
    1,257,487
    
    
    
    83,133
    
    
    
    2006ROCHESTER , NY
    
    
    559,049
    
    
    
    
    
    
    
    159,049
    
    
    
    400,000
    
    
    
    559,049
    
    
    
    77,333
    
    
    
    2006PERRY      , NY
    
    
    1,443,847
    
    
    
    
    
    
    
    1,043,847
    
    
    
    400,000
    
    
    
    1,443,847
    
    
    
    77,333
    
    
    
    2006PRATTSBURG      , NY
    
    
    553,136
    
    
    
    
    
    
    
    303,136
    
    
    
    250,000
    
    
    
    553,136
    
    
    
    48,333
    
    
    
    2006SAVONA , NY
    
    
    1,314,135
    
    
    
    
    
    
    
    964,136
    
    
    
    349,999
    
    
    
    1,314,135
    
    
    
    67,667
    
    
    
    2006WARSAW , NY
    
    
    990,259
    
    
    
    
    
    
    
    690,259
    
    
    
    300,000
    
    
    
    990,259
    
    
    
    58,000
    
    
    
    2006WELLSVILLE, NY
    
    
    247,281
    
    
    
    
    
    
    
    
    
    
    
    247,281
    
    
    
    247,281
    
    
    
    47,807
    
    
    
    2006ROCHESTER      , NY
    
    
    823,031
    
    
    
    
    
    
    
    273,031
    
    
    
    550,000
    
    
    
    823,031
    
    
    
    106,757
    
    
    
    2006LAKEVILLE, NY
    
    
    1,027,783
    
    
    
    
    
    
    
    202,857
    
    
    
    824,926
    
    
    
    1,027,783
    
    
    
    143,449
    
    
    
    2008GREIGSVILLE, NY
    
    
    1,017,739
    
    
    
    
    
    
    
    202,873
    
    
    
    814,866
    
    
    
    1,017,739
    
    
    
    140,545
    
    
    
    2008ROCHESTER, NY
    
    
    595,237
    
    
    
    
    
    
    
    305,237
    
    
    
    290,000
    
    
    
    595,237
    
    
    
    36,629
    
    
    
    2008PHILADELPHIA, PA
    
    
    687,000
    
    
    
    25,017
    
    
    
    447,400
    
    
    
    264,617
    
    
    
    712,017
    
    
    
    147,353
    
    
    
    1985PHILADELPHIA, PA
    
    
    237,100
    
    
    
    205,495
    
    
    
    154,400
    
    
    
    288,195
    
    
    
    442,595
    
    
    
    210,485
    
    
    
    1985ALLENTOWN, PA
    
    
    357,500
    
    
    
    76,385
    
    
    
    232,800
    
    
    
    201,085
    
    
    
    433,885
    
    
    
    127,529
    
    
    
    1985NORRISTOWN, PA
    
    
    241,300
    
    
    
    78,419
    
    
    
    157,100
    
    
    
    162,619
    
    
    
    319,719
    
    
    
    104,902
    
    
    
    1985BRYN MAWR, PA
    
    
    221,000
    
    
    
    59,832
    
    
    
    143,900
    
    
    
    136,932
    
    
    
    280,832
    
    
    
    97,619
    
    
    
    1985CONSHOHOCKEN, PA
    
    
    261,100
    
    
    
    77,885
    
    
    
    170,000
    
    
    
    168,985
    
    
    
    338,985
    
    
    
    122,328
    
    
    
    1985PHILADELPHIA, PA
    
    
    281,200
    
    
    
    34,285
    
    
    
    183,100
    
    
    
    132,385
    
    
    
    315,485
    
    
    
    83,957
    
    
    
    1985HUNTINGDON VALLEY, PA
    
    
    421,800
    
    
    
    36,439
    
    
    
    274,700
    
    
    
    183,539
    
    
    
    458,239
    
    
    
    112,152
    
    
    
    1985FEASTERVILLE, PA
    
    
    510,200
    
    
    
    160,144
    
    
    
    332,200
    
    
    
    338,144
    
    
    
    670,344
    
    
    
    237,645
    
    
    
    1985
 103




---



##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)PHILADELPHIA, PA
    
    
    285,200
    
    
    
    65,498
    
    
    
    185,700
    
    
    
    164,998
    
    
    
    350,698
    
    
    
    116,709
    
    
    
    1985PHILADELPHIA, PA
    
    
    289,300
    
    
    
    50,010
    
    
    
    188,400
    
    
    
    150,910
    
    
    
    339,310
    
    
    
    101,382
    
    
    
    1985PHILADELPHIA, PA
    
    
    405,800
    
    
    
    221,269
    
    
    
    264,300
    
    
    
    362,769
    
    
    
    627,069
    
    
    
    266,870
    
    
    
    1985PHILADELPHIA, PA
    
    
    417,800
    
    
    
    210,406
    
    
    
    272,100
    
    
    
    356,106
    
    
    
    628,206
    
    
    
    243,518
    
    
    
    1985PHILADELPHIA, PA
    
    
    369,600
    
    
    
    276,720
    
    
    
    240,700
    
    
    
    405,620
    
    
    
    646,320
    
    
    
    307,989
    
    
    
    1985HATBORO, PA
    
    
    285,200
    
    
    
    61,979
    
    
    
    185,700
    
    
    
    161,479
    
    
    
    347,179
    
    
    
    112,889
    
    
    
    1985HAVERTOWN, PA
    
    
    402,000
    
    
    
    22,660
    
    
    
    253,800
    
    
    
    170,860
    
    
    
    424,660
    
    
    
    105,176
    
    
    
    1985MEDIA, PA
    
    
    326,195
    
    
    
    24,082
    
    
    
    191,000
    
    
    
    159,277
    
    
    
    350,277
    
    
    
    109,833
    
    
    
    1985PHILADELPHIA, PA
    
    
    389,700
    
    
    
    28,006
    
    
    
    253,800
    
    
    
    163,906
    
    
    
    417,706
    
    
    
    98,190
    
    
    
    1985PHILADELPHIA, PA
    
    
    341,500
    
    
    
    224,647
    
    
    
    222,400
    
    
    
    343,747
    
    
    
    566,147
    
    
    
    243,057
    
    
    
    1985ALDAN, PA
    
    
    281,200
    
    
    
    45,539
    
    
    
    183,100
    
    
    
    143,639
    
    
    
    326,739
    
    
    
    93,447
    
    
    
    1985BRISTOL, PA
    
    
    430,500
    
    
    
    82,981
    
    
    
    280,000
    
    
    
    233,481
    
    
    
    513,481
    
    
    
    160,982
    
    
    
    1985TREVOSE, PA
    
    
    215,214
    
    
    
    16,382
    
    
    
    150,000
    
    
    
    81,596
    
    
    
    231,596
    
    
    
    79,568
    
    
    
    1987HAVERTOWN, PA
    
    
    265,200
    
    
    
    24,500
    
    
    
    172,700
    
    
    
    117,000
    
    
    
    289,700
    
    
    
    71,335
    
    
    
    1985ABINGTON, PA
    
    
    309,300
    
    
    
    43,696
    
    
    
    201,400
    
    
    
    151,596
    
    
    
    352,996
    
    
    
    99,332
    
    
    
    1985HATBORO, PA
    
    
    289,300
    
    
    
    61,371
    
    
    
    188,400
    
    
    
    162,271
    
    
    
    350,671
    
    
    
    113,504
    
    
    
    1985CLIFTON HGTS., PA
    
    
    428,201
    
    
    
    63,403
    
    
    
    256,400
    
    
    
    235,204
    
    
    
    491,604
    
    
    
    168,159
    
    
    
    1985ALDAN, PA
    
    
    433,800
    
    
    
    21,152
    
    
    
    282,500
    
    
    
    172,452
    
    
    
    454,952
    
    
    
    99,142
    
    
    
    1985SHARON HILL, PA
    
    
    411,057
    
    
    
    39,574
    
    
    
    266,800
    
    
    
    183,831
    
    
    
    450,631
    
    
    
    114,764
    
    
    
    1985MEDIA, PA
    
    
    474,100
    
    
    
    5,055
    
    
    
    308,700
    
    
    
    170,455
    
    
    
    479,155
    
    
    
    90,513
    
    
    
    1985ROSLYN, PA
    
    
    349,500
    
    
    
    173,661
    
    
    
    227,600
    
    
    
    295,561
    
    
    
    523,161
    
    
    
    236,148
    
    
    
    1985CLIFTON HGTS, PA
    
    
    213,000
    
    
    
    46,824
    
    
    
    138,700
    
    
    
    121,124
    
    
    
    259,824
    
    
    
    85,172
    
    
    
    1985PHILADELPHIA, PA
    
    
    369,600
    
    
    
    273,642
    
    
    
    240,700
    
    
    
    402,542
    
    
    
    643,242
    
    
    
    319,856
    
    
    
    1985MORRISVILLE, PA
    
    
    377,600
    
    
    
    33,522
    
    
    
    245,900
    
    
    
    165,222
    
    
    
    411,122
    
    
    
    101,490
    
    
    
    1985PHILADELPHIA, PA
    
    
    302,999
    
    
    
    220,313
    
    
    
    181,497
    
    
    
    341,815
    
    
    
    523,312
    
    
    
    302,639
    
    
    
    1985PHOENIXVILLE, PA
    
    
    413,800
    
    
    
    17,561
    
    
    
    269,500
    
    
    
    161,861
    
    
    
    431,361
    
    
    
    92,117
    
    
    
    1985LANGHORNE, PA
    
    
    122,202
    
    
    
    69,328
    
    
    
    50,000
    
    
    
    141,530
    
    
    
    191,530
    
    
    
    102,275
    
    
    
    1987POTTSTOWN, PA
    
    
    430,000
    
    
    
    48,854
    
    
    
    280,000
    
    
    
    198,854
    
    
    
    478,854
    
    
    
    126,355
    
    
    
    1985BOYERTOWN, PA
    
    
    233,000
    
    
    
    5,373
    
    
    
    151,700
    
    
    
    86,673
    
    
    
    238,373
    
    
    
    47,379
    
    
    
    1985QUAKERTOWN, PA
    
    
    379,111
    
    
    
    89,812
    
    
    
    243,300
    
    
    
    225,623
    
    
    
    468,923
    
    
    
    162,646
    
    
    
    1985SOUDERTON, PA
    
    
    381,700
    
    
    
    172,170
    
    
    
    248,600
    
    
    
    305,270
    
    
    
    553,870
    
    
    
    217,289
    
    
    
    1985LANSDALE, PA
    
    
    243,844
    
    
    
    200,458
    
    
    
    243,844
    
    
    
    200,458
    
    
    
    444,302
    
    
    
    130,558
    
    
    
    1985FURLONG, PA
    
    
    175,300
    
    
    
    151,150
    
    
    
    175,300
    
    
    
    151,150
    
    
    
    326,450
    
    
    
    105,513
    
    
    
    1985DOYLESTOWN, PA
    
    
    405,800
    
    
    
    32,659
    
    
    
    264,300
    
    
    
    174,159
    
    
    
    438,459
    
    
    
    105,317
    
    
    
    1985NORRISTOWN, PA
    
    
    175,300
    
    
    
    120,786
    
    
    
    175,300
    
    
    
    120,786
    
    
    
    296,086
    
    
    
    74,779
    
    
    
    1985TRAPPE, PA
    
    
    377,600
    
    
    
    44,509
    
    
    
    245,900
    
    
    
    176,209
    
    
    
    422,109
    
    
    
    112,555
    
    
    
    1985PARADISE, PA
    
    
    132,295
    
    
    
    151,188
    
    
    
    102,295
    
    
    
    181,188
    
    
    
    283,483
    
    
    
    181,188
    
    
    
    1986LINWOOD, PA
    
    
    171,518
    
    
    
    22,371
    
    
    
    102,968
    
    
    
    90,921
    
    
    
    193,889
    
    
    
    90,613
    
    
    
    1987READING, PA
    
    
    750,000
    
    
    
    49,125
    
    
    
    
    
    
    
    799,125
    
    
    
    799,125
    
    
    
    795,101
    
    
    
    1989ELKINS PARK, PA
    
    
    275,171
    
    
    
    17,524
    
    
    
    200,000
    
    
    
    92,695
    
    
    
    292,695
    
    
    
    92,020
    
    
    
    1990NEW OXFORD, PA
    
    
    1,044,707
    
    
    
    13,500
    
    
    
    18,687
    
    
    
    1,039,520
    
    
    
    1,058,207
    
    
    
    897,511
    
    
    
    1996GLEN ROCK, PA
    
    
    20,442
    
    
    
    166,633
    
    
    
    20,442
    
    
    
    166,633
    
    
    
    187,075
    
    
    
    152,918
    
    
    
    1961PHILADELPHIA, PA
    
    
    1,251,534
    
    
    
    
    
    
    
    813,997
    
    
    
    437,537
    
    
    
    1,251,534
    
    
    
    22,556
    
    
    
    2009ALLISON PARK, PA
    
    
    1,500,000
    
    
    
    
    
    
    
    850,000
    
    
    
    650,000
    
    
    
    1,500,000
    
    
    
    41,666
    
    
    
    2010
 104




---



##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)NEW KENSINGTON
    
    
    1,375,000
    
    
    
    
    
    
    
    675,000
    
    
    
    700,000
    
    
    
    1,375,000
    
    
    
    20,672
    
    
    
    2010NORTH KINGSTOWN, RI
    
    
    211,835
    
    
    
    25,971
    
    
    
    89,135
    
    
    
    148,671
    
    
    
    237,806
    
    
    
    148,649
    
    
    
    1985MIDDLETOWN, RI
    
    
    306,710
    
    
    
    16,364
    
    
    
    176,710
    
    
    
    146,364
    
    
    
    323,074
    
    
    
    145,909
    
    
    
    1987WARWICK, RI
    
    
    376,563
    
    
    
    39,933
    
    
    
    205,889
    
    
    
    210,607
    
    
    
    416,496
    
    
    
    209,505
    
    
    
    1989PROVIDENCE, RI
    
    
    231,372
    
    
    
    191,647
    
    
    
    150,392
    
    
    
    272,627
    
    
    
    423,019
    
    
    
    169,079
    
    
    
    1991EAST PROVIDENCE, RI
    
    
    2,297,435
    
    
    
    568,241
    
    
    
    1,495,700
    
    
    
    1,369,976
    
    
    
    2,865,676
    
    
    
    816,592
    
    
    
    1985ASHAWAY, RI
    
    
    618,609
    
    
    
    
    
    
    
    402,096
    
    
    
    216,513
    
    
    
    618,609
    
    
    
    53,410
    
    
    
    2004EAST PROVIDENCE, RI
    
    
    309,950
    
    
    
    49,546
    
    
    
    202,050
    
    
    
    157,446
    
    
    
    359,496
    
    
    
    104,686
    
    
    
    1985PAWTUCKET, RI
    
    
    212,775
    
    
    
    161,188
    
    
    
    118,860
    
    
    
    255,103
    
    
    
    373,963
    
    
    
    251,683
    
    
    
    1986WARWICK, RI
    
    
    434,752
    
    
    
    24,730
    
    
    
    266,800
    
    
    
    192,682
    
    
    
    459,482
    
    
    
    123,615
    
    
    
    1985CRANSTON, RI
    
    
    466,100
    
    
    
    12,576
    
    
    
    303,500
    
    
    
    175,176
    
    
    
    478,676
    
    
    
    96,474
    
    
    
    1985PAWTUCKET, RI
    
    
    207,100
    
    
    
    2,990
    
    
    
    154,400
    
    
    
    55,690
    
    
    
    210,090
    
    
    
    44,519
    
    
    
    1985BARRINGTON, RI
    
    
    490,200
    
    
    
    213,866
    
    
    
    319,200
    
    
    
    384,866
    
    
    
    704,066
    
    
    
    298,850
    
    
    
    1985WARWICK, RI
    
    
    253,100
    
    
    
    34,400
    
    
    
    164,800
    
    
    
    122,700
    
    
    
    287,500
    
    
    
    78,834
    
    
    
    1985N. PROVIDENCE, RI
    
    
    542,400
    
    
    
    61,717
    
    
    
    353,200
    
    
    
    250,917
    
    
    
    604,117
    
    
    
    159,337
    
    
    
    1985EAST PROVIDENCE, RI
    
    
    486,675
    
    
    
    13,947
    
    
    
    316,600
    
    
    
    184,022
    
    
    
    500,622
    
    
    
    102,050
    
    
    
    1985WAKEFIELD, RI
    
    
    413,800
    
    
    
    39,616
    
    
    
    269,500
    
    
    
    183,916
    
    
    
    453,416
    
    
    
    109,369
    
    
    
    1985EPHRATA, PA
    
    
    183,477
    
    
    
    96,937
    
    
    
    136,809
    
    
    
    143,605
    
    
    
    280,414
    
    
    
    143,599
    
    
    
    1990DOUGLASSVILLE, PA
    
    
    178,488
    
    
    
    23,321
    
    
    
    128,738
    
    
    
    73,071
    
    
    
    201,809
    
    
    
    73,071
    
    
    
    1990POTTSVILLE, PA
    
    
    162,402
    
    
    
    82,769
    
    
    
    43,471
    
    
    
    201,700
    
    
    
    245,171
    
    
    
    196,779
    
    
    
    1990POTTSVILLE, PA
    
    
    451,360
    
    
    
    19,361
    
    
    
    147,740
    
    
    
    322,981
    
    
    
    470,721
    
    
    
    318,454
    
    
    
    1990LANCASTER, PA
    
    
    208,677
    
    
    
    24,347
    
    
    
    78,254
    
    
    
    154,770
    
    
    
    233,024
    
    
    
    154,770
    
    
    
    1989LANCASTER, PA
    
    
    642,000
    
    
    
    17,993
    
    
    
    300,000
    
    
    
    359,993
    
    
    
    659,993
    
    
    
    359,993
    
    
    
    1989HAMBURG, PA
    
    
    219,280
    
    
    
    75,745
    
    
    
    130,423
    
    
    
    164,602
    
    
    
    295,025
    
    
    
    164,602
    
    
    
    1989READING, PA
    
    
    182,592
    
    
    
    82,812
    
    
    
    104,338
    
    
    
    161,066
    
    
    
    265,404
    
    
    
    150,545
    
    
    
    1989MOUNTVILLE, PA
    
    
    195,635
    
    
    
    19,506
    
    
    
    78,254
    
    
    
    136,887
    
    
    
    215,141
    
    
    
    136,887
    
    
    
    1989EBENEZER, PA
    
    
    147,058
    
    
    
    88,474
    
    
    
    68,804
    
    
    
    166,728
    
    
    
    235,532
    
    
    
    152,007
    
    
    
    1989INTERCOURSE, PA
    
    
    311,503
    
    
    
    81,287
    
    
    
    157,801
    
    
    
    234,989
    
    
    
    392,790
    
    
    
    121,762
    
    
    
    1989REINHOLDS, PA
    
    
    176,520
    
    
    
    83,686
    
    
    
    82,017
    
    
    
    178,189
    
    
    
    260,206
    
    
    
    169,382
    
    
    
    1989COLUMBIA, PA
    
    
    225,906
    
    
    
    13,206
    
    
    
    75,000
    
    
    
    164,112
    
    
    
    239,112
    
    
    
    150,253
    
    
    
    1989OXFORD, PA
    
    
    191,449
    
    
    
    118,321
    
    
    
    65,212
    
    
    
    244,558
    
    
    
    309,770
    
    
    
    228,574
    
    
    
    1989EPHRATA, PA
    
    
    208,604
    
    
    
    52,826
    
    
    
    30,000
    
    
    
    231,430
    
    
    
    261,430
    
    
    
    186,366
    
    
    
    1989ROBESONIA, PA
    
    
    225,913
    
    
    
    102,802
    
    
    
    70,000
    
    
    
    258,715
    
    
    
    328,715
    
    
    
    248,079
    
    
    
    1989KENHORST, PA
    
    
    143,466
    
    
    
    94,592
    
    
    
    65,212
    
    
    
    172,846
    
    
    
    238,058
    
    
    
    172,846
    
    
    
    1989NEFFSVILLE, PA
    
    
    234,761
    
    
    
    45,637
    
    
    
    91,296
    
    
    
    189,102
    
    
    
    280,398
    
    
    
    188,312
    
    
    
    1989LEOLA, PA
    
    
    262,890
    
    
    
    102,007
    
    
    
    131,189
    
    
    
    233,708
    
    
    
    364,897
    
    
    
    136,687
    
    
    
    1989EPHRATA, PA
    
    
    187,843
    
    
    
    9,400
    
    
    
    65,212
    
    
    
    132,031
    
    
    
    197,243
    
    
    
    131,400
    
    
    
    1989RED LION, PA
    
    
    221,719
    
    
    
    29,788
    
    
    
    52,169
    
    
    
    199,338
    
    
    
    251,507
    
    
    
    199,338
    
    
    
    1989READING, PA
    
    
    129,284
    
    
    
    137,863
    
    
    
    65,352
    
    
    
    201,795
    
    
    
    267,147
    
    
    
    181,539
    
    
    
    1989ROTHSVILLE, PA
    
    
    169,550
    
    
    
    25,188
    
    
    
    52,169
    
    
    
    142,569
    
    
    
    194,738
    
    
    
    142,569
    
    
    
    1989HANOVER, PA
    
    
    231,028
    
    
    
    13,252
    
    
    
    70,000
    
    
    
    174,280
    
    
    
    244,280
    
    
    
    163,623
    
    
    
    1989HARRISBURG, PA
    
    
    399,016
    
    
    
    347,590
    
    
    
    198,740
    
    
    
    547,866
    
    
    
    746,606
    
    
    
    375,377
    
    
    
    1989ADAMSTOWN, PA
    
    
    213,424
    
    
    
    108,844
    
    
    
    100,000
    
    
    
    222,268
    
    
    
    322,268
    
    
    
    188,085
    
    
    
    1989LANCASTER, PA
    
    
    308,964
    
    
    
    83,443
    
    
    
    104,338
    
    
    
    288,069
    
    
    
    392,407
    
    
    
    277,504
    
    
    
    1989
 105




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##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)NEW HOLLAND, PA
    
    
    313,015
    
    
    
    106,839
    
    
    
    143,465
    
    
    
    276,389
    
    
    
    419,854
    
    
    
    260,505
    
    
    
    1989CHRISTIANA, PA
    
    
    182,593
    
    
    
    11,178
    
    
    
    65,212
    
    
    
    128,559
    
    
    
    193,771
    
    
    
    128,559
    
    
    
    1989WYOMISSING HILLS, PA
    
    
    319,320
    
    
    
    113,176
    
    
    
    76,074
    
    
    
    356,422
    
    
    
    432,496
    
    
    
    356,422
    
    
    
    1989LAURELDALE, PA
    
    
    262,079
    
    
    
    15,550
    
    
    
    86,941
    
    
    
    190,688
    
    
    
    277,629
    
    
    
    190,122
    
    
    
    1989REIFFTON, PA
    
    
    338,250
    
    
    
    5,295
    
    
    
    43,470
    
    
    
    300,075
    
    
    
    343,545
    
    
    
    300,075
    
    
    
    1989W.READING, PA
    
    
    790,432
    
    
    
    68,726
    
    
    
    387,641
    
    
    
    471,517
    
    
    
    859,158
    
    
    
    471,517
    
    
    
    1989ARENDTSVILLE, PA
    
    
    173,759
    
    
    
    101,020
    
    
    
    32,603
    
    
    
    242,176
    
    
    
    274,779
    
    
    
    226,418
    
    
    
    1989MOHNTON, PA
    
    
    317,228
    
    
    
    56,374
    
    
    
    66,425
    
    
    
    307,177
    
    
    
    373,602
    
    
    
    297,035
    
    
    
    1989MCCONNELLSBURG, PA
    
    
    155,367
    
    
    
    145,616
    
    
    
    69,915
    
    
    
    231,068
    
    
    
    300,983
    
    
    
    150,109
    
    
    
    1989CRESTLINE, OH
    
    
    1,201,523
    
    
    
    
    
    
    
    284,761
    
    
    
    916,762
    
    
    
    1,201,523
    
    
    
    102,299
    
    
    
    2008MANSFIELD, OH
    
    
    921,108
    
    
    
    
    
    
    
    331,599
    
    
    
    589,509
    
    
    
    921,108
    
    
    
    61,760
    
    
    
    2008MANSFIELD, OH
    
    
    1,950,000
    
    
    
    
    
    
    
    700,000
    
    
    
    1,250,000
    
    
    
    1,950,000
    
    
    
    113,083
    
    
    
    2009MONROEVILLE, OH
    
    
    2,580,000
    
    
    
    
    
    
    
    485,000
    
    
    
    2,095,000
    
    
    
    2,580,000
    
    
    
    145,425
    
    
    
    2009ROANOKE, VA
    
    
    91,281
    
    
    
    150,495
    
    
    
    
    
    
    
    241,776
    
    
    
    241,776
    
    
    
    241,778
    
    
    
    1990RICHMOND, VA
    
    
    120,818
    
    
    
    167,895
    
    
    
    
    
    
    
    288,713
    
    
    
    288,713
    
    
    
    288,713
    
    
    
    1990CHESAPEAKE, VA
    
    
    1,184,759
    
    
    
    32,132
    
    
    
    604,983
    
    
    
    611,908
    
    
    
    1,216,891
    
    
    
    184,806
    
    
    
    1990PORTSMOUTH, VA
    
    
    562,255
    
    
    
    17,106
    
    
    
    221,610
    
    
    
    357,751
    
    
    
    579,361
    
    
    
    355,347
    
    
    
    1990NORFOLK, VA
    
    
    534,910
    
    
    
    6,050
    
    
    
    310,630
    
    
    
    230,330
    
    
    
    540,960
    
    
    
    230,330
    
    
    
    1990ASHLAND, VA
    
    
    839,997
    
    
    
    
    
    
    
    839,997
    
    
    
    
    
    
    
    839,997
    
    
    
    
    
    
    
    2005FARMVILLE, VA
    
    
    1,226,505
    
    
    
    
    
    
    
    621,505
    
    
    
    605,000
    
    
    
    1,226,505
    
    
    
    139,150
    
    
    
    2005FREDERICKSBURG, VA
    
    
    1,279,280
    
    
    
    
    
    
    
    469,280
    
    
    
    810,000
    
    
    
    1,279,280
    
    
    
    186,300
    
    
    
    2005FREDERICKSBURG, VA
    
    
    1,715,914
    
    
    
    
    
    
    
    995,914
    
    
    
    720,000
    
    
    
    1,715,914
    
    
    
    165,600
    
    
    
    2005FREDERICKSBURG, VA
    
    
    1,289,425
    
    
    
    
    
    
    
    798,444
    
    
    
    490,981
    
    
    
    1,289,425
    
    
    
    131,310
    
    
    
    2005FREDERICKSBURG, VA
    
    
    3,623,228
    
    
    
    
    
    
    
    2,828,228
    
    
    
    795,000
    
    
    
    3,623,228
    
    
    
    182,850
    
    
    
    2005GLEN ALLEN, VA
    
    
    1,036,585
    
    
    
    
    
    
    
    411,585
    
    
    
    625,000
    
    
    
    1,036,585
    
    
    
    143,750
    
    
    
    2005GLEN ALLEN, VA
    
    
    1,077,402
    
    
    
    
    
    
    
    322,402
    
    
    
    755,000
    
    
    
    1,077,402
    
    
    
    173,650
    
    
    
    2005KING GEORGE, VA
    
    
    293,638
    
    
    
    
    
    
    
    293,638
    
    
    
    
    
    
    
    293,638
    
    
    
    
    
    
    
    2005KING WILLIAM, VA
    
    
    1,687,540
    
    
    
    
    
    
    
    1,067,540
    
    
    
    620,000
    
    
    
    1,687,540
    
    
    
    142,600
    
    
    
    2005MECHANICSVILLE, VA
    
    
    1,124,769
    
    
    
    
    
    
    
    504,769
    
    
    
    620,000
    
    
    
    1,124,769
    
    
    
    142,600
    
    
    
    2005MECHANICSVILLE, VA
    
    
    902,892
    
    
    
    
    
    
    
    272,892
    
    
    
    630,000
    
    
    
    902,892
    
    
    
    144,900
    
    
    
    2005MECHANICSVILLE, VA
    
    
    1,476,043
    
    
    
    
    
    
    
    876,043
    
    
    
    600,000
    
    
    
    1,476,043
    
    
    
    138,000
    
    
    
    2005MECHANICSVILLE, VA
    
    
    957,418
    
    
    
    
    
    
    
    324,158
    
    
    
    633,260
    
    
    
    957,418
    
    
    
    182,810
    
    
    
    2005MECHANICSVILLE, VA
    
    
    193,088
    
    
    
    
    
    
    
    193,088
    
    
    
    
    
    
    
    193,088
    
    
    
    
    
    
    
    2005MECHANICSVILLE, VA
    
    
    1,677,065
    
    
    
    
    
    
    
    1,157,065
    
    
    
    520,000
    
    
    
    1,677,065
    
    
    
    119,600
    
    
    
    2005MECHANICSVILLE, VA
    
    
    1,042,870
    
    
    
    
    
    
    
    222,870
    
    
    
    820,000
    
    
    
    1,042,870
    
    
    
    188,600
    
    
    
    2005MONTPELIER, VA
    
    
    2,480,686
    
    
    
    
    
    
    
    1,725,686
    
    
    
    755,000
    
    
    
    2,480,686
    
    
    
    173,650
    
    
    
    2005PETERSBURG, VA
    
    
    1,441,374
    
    
    
    
    
    
    
    816,374
    
    
    
    625,000
    
    
    
    1,441,374
    
    
    
    143,750
    
    
    
    2005RICHMOND, VA
    
    
    1,131,878
    
    
    
    
    
    
    
    546,878
    
    
    
    585,000
    
    
    
    1,131,878
    
    
    
    134,550
    
    
    
    2005RUTHER GLEN, VA
    
    
    466,341
    
    
    
    
    
    
    
    31,341
    
    
    
    435,000
    
    
    
    466,341
    
    
    
    100,050
    
    
    
    2005SANDSTON, VA
    
    
    721,651
    
    
    
    
    
    
    
    101,651
    
    
    
    620,000
    
    
    
    721,651
    
    
    
    142,600
    
    
    
    2005SPOTSYLVANIA, VA
    
    
    1,290,239
    
    
    
    
    
    
    
    490,239
    
    
    
    800,000
    
    
    
    1,290,239
    
    
    
    184,000
    
    
    
    2005CHESAPEAKE, VA
    
    
    1,026,115
    
    
    
    7,149
    
    
    
    407,026
    
    
    
    626,238
    
    
    
    1,033,264
    
    
    
    625,208
    
    
    
    1990BENNINGTON, VT
    
    
    309,300
    
    
    
    154,480
    
    
    
    201,400
    
    
    
    262,380
    
    
    
    463,780
    
    
    
    175,902
    
    
    
    1985JACKSONVILLE, FL
    
    
    559,514
    
    
    
    
    
    
    
    296,434
    
    
    
    263,080
    
    
    
    559,514
    
    
    
    120,137
    
    
    
    2000
 106




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##### Table of Contents



Initial Cost
    
    
    Cost
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofof Leasehold
    
    
    Capitalized
    
    
    Gross Amount at Which Carried
    
    
    
    
    
    
    Initialor Acquisition
    
    
    Subsequent
    
    
    
    
    
    
    at Close of Period
    
    
    
    
    
    
    
    
    
    
    Leasehold orInvestment to
    
    
    to Initial
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    AcquisitionDescription
    
    Company (1)
    
    
    Investment
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    Depreciation
    
    
    Investment (1)JACKSONVILLE, FL
    
    
    485,514
    
    
    
    
    
    
    
    388,434
    
    
    
    97,080
    
    
    
    485,514
    
    
    
    44,330
    
    
    
    2000JACKSONVILLE, FL
    
    
    196,764
    
    
    
    
    
    
    
    114,434
    
    
    
    82,330
    
    
    
    196,764
    
    
    
    37,595
    
    
    
    2000JACKSONVILLE, FL
    
    
    201,477
    
    
    
    
    
    
    
    117,907
    
    
    
    83,570
    
    
    
    201,477
    
    
    
    38,165
    
    
    
    2000JACKSONVILLE, FL
    
    
    545,314
    
    
    
    
    
    
    
    256,434
    
    
    
    288,880
    
    
    
    545,314
    
    
    
    131,919
    
    
    
    2000ORLANDO, FL
    
    
    867,515
    
    
    
    
    
    
    
    401,435
    
    
    
    466,080
    
    
    
    867,515
    
    
    
    212,840
    
    
    
    2000MISCELLANEOUS
    
    
    12,456,106
    
    
    
    12,760,842
    
    
    
    7,587,781
    
    
    
    17,629,167
    
    
    
    25,216,948
    
    
    
    16,594,654
    
    
    VARIOUSTOTAL
    
    $
    427,753,642
    
    
    $
    76,833,791
    
    
    $
    253,413,033
    
    
    $
    251,174,400
    
    
    $
    504,587,433
    
    
    $
    144,217,313
 
 (1)
    
    Initial cost of leasehold or acquisition investment to company represents the aggregate of
the cost incurred during the year in which the company purchased the property for owned
properties or purchased a leasehold interest in leased properties. Cost capitalized subsequent
to initial investment also includes investments made in previously leased properties prior to
their acquisition.(2)
    
    Depreciation of real estate is computed on the straight-line method based upon the estimated
useful lives of the assets, which generally range from sixteen to twenty-five years for
buildings and improvements, or the term of the lease if shorter. Leasehold interests are
amortized over the remaining term of the underlying lease.(3)
    
    The aggregate cost for federal income tax purposes was approximately $412,249,000 at December
31, 2010. 107




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##### Table of Contents



SIGNATURES
  Getty Realty Corp.
(Registrant)By:
    /s/ Thomas J. StirnweisThomas J. Stirnweis,Vice President, Treasurer and
Chief Financial OfficerMarch 16, 2011  By:
    /s/ David B. Driscoll
    
    By:
    /s/ Thomas J. StirnweisDavid B. Driscoll
    
    
    Thomas J. StirnweisPresident, Chief Executive Officer and Director
    
    
    Vice President, Treasurer and Chief Financial Officer(Principal Executive Officer)
    
    
    (Principal Financial and Accounting Officer)March 16, 2011
    
    
    March 16, 2011By:
    /s/ Leo Liebowitz
    
    By:
    /s/ Philip E. CovielloLeo Liebowitz
    
    
    Philip E. CovielloDirector and Chairman of the Board
    
    
    DirectorMarch 16, 2011
    
    
    March 16, 2011By:
    /s/ Milton Cooper
    
    By:
    /s/ Richard E. MontagMilton Cooper
    
    
    Richard E. MontagDirector
    
    
    DirectorMarch 16, 2011
    
    
    March 16, 2011By:
    /s/ Howard SafenowitzHoward SafenowitzDirectorMarch 16, 2011
 108




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##### Table of Contents



EXHIBIT INDEX
 GETTY REALTY CORP.
Annual Report on Form 10-K
for the year ended December 31, 2010
 EXHIBIT NO.
    
    DESCRIPTION2.1
    
    Agreement and Plan of Reorganization and
Merger, dated as of December 16, 1997
(the Merger Agreement) by and among
Getty Realty Corp., Power Test Investors
Limited Partnership and CLS General
Partnership Corp.
    
    Filed as Exhibit
2.1 to Companys
Registration
Statement on Form
S-4, filed on
January 12, 1998
(File No.
333-44065),
included as
Appendix A To the
Joint Proxy
Statement/Prospectus
that is a part
thereof, and
incorporated herein
by reference.3.1
    
    Articles of Incorporation of Getty Realty
Holding Corp. (Holdings), now known as
Getty Realty Corp., filed December 23,
1997.
    
    Filed as Exhibit
3.1 to Companys
Registration
Statement on Form
S-4, filed on
January 12, 1998
(File No.
333-44065),
included as
Appendix D. to the
Joint
Proxy/Prospectus
that is a part
thereof, and
incorporated herein
by reference.3.2
    
    Articles Supplementary to Articles of
Incorporation of Holdings, filed January
21, 1998.
    
    Filed as Exhibit
3.2 to Companys
Annual Report on
Form 10-K for the
year ended December
31, 2008 (File No.
001-13777) and
incorporated herein
by reference.3.3
    
    By-Laws of Getty Realty Corp.
    
    Filed as Exhibit
3.3 to Companys
Annual Report on
Form 10-K for the
year ended December
31, 2008 (File No.
001-13777) and
incorporated herein
by reference.3.4
    
    Articles of Amendment of Holdings,
changing its name to Getty Realty Corp.,
filed January 30, 1998.
    
    Filed as Exhibit
3.4 to Companys
Annual Report on
Form 10-K for the
year ended December
31, 2008 (File No.
001-13777) and
incorporated herein
by reference.3.5
    
    Amendment to Articles of Incorporation of
Holdings, filed August 1, 2001.
    
    Filed as Exhibit
3.5 to Companys
Annual Report on
Form 10-K for the
year ended December
31, 2008 (File No.
001-13777) and
incorporated herein
by reference.4.1
    
    Dividend Reinvestment/Stock Purchase Plan.
    
    Filed under the
heading
Description of
Plan on pages 4
through 17 to
Companys
Registration
Statement on Form
S-3D, filed on
April 22, 2004
(File
No.333-114730) and
incorporated herein
by reference.10.1*
    
    Retirement and Profit Sharing Plan
(amended and restated as of January 1,
2010), adopted by the Company on April
26, 2010.
    
    Filed as Exhibit
10.1 to the
Companys Current
Report on Form 8-K
filed April 30,
2010 (File No.
001-13777) and
incorporated herein
by reference.10.2*
    
    1998 Stock Option Plan,
effective as of January 30,
1998.
    
    Filed as Exhibit 10.1 to
Companys Registration
Statement on Form S-4, filed
on January 12, 1998 (File No.
333-44065), included as
Appendix H to the Joint Proxy
Statement/Prospectus that is a
part thereof, and incorporated
herein by reference.
 109




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##### Table of Contents



EXHIBIT NO.
    
    DESCRIPTION10.3**
    
    Asset Purchase Agreement among Power
Test Corp. (now known as Getty
Properties Corp.), Texaco Inc., Getty
Oil Company and Getty Refining and
Marketing Company, dated as of
December 21, 1984.
    
    Filed as Exhibit
10.3 to Companys
Annual Report on
Form 10-K for the
fiscal year ended
January 31, 2009
(File No. 001-13777)
and incorporated
herein by reference.10.4
    
    Assignment of Trademark Registrations
    
    Filed as Exhibit
10.4 to Companys
Annual Report on
Form 10-K for the
fiscal year ended
January 31, 2007
(File No. 001-13777)
and incorporated
herein by reference.10.5*
    
    Form of Indemnification Agreement
between the Company and its
directors.
    
    Filed as Exhibit
10.5 to Companys
Annual Report on
Form 10-K for the
year ended December
31, 2008 (File No.
001-13777) and
incorporated herein
by reference.10.6*
    
    Amended and Restated Supplemental
Retirement Plan for Executives of the
Getty Realty Corp. and Participating
Subsidiaries (adopted by the Company
on December 16, 1997 and amended and
restated effective January 1, 2009).
    
    Filed as Exhibit
10.6 to Companys
Annual Report on
Form 10-K for the
year ended December
31, 2008 (File No.
001-13777) and
incorporated herein
by reference.10.7*
    
    Letter Agreement dated June 12, 2001
by and between Getty Realty Corp. and
Thomas J. Stirnweis regarding
compensation upon change in control.
    
    Filed as Exhibit
10.7 to Companys
Annual Report on
Form 10-K for the
year ended December
31, 2008 (File No.
001-13777) and
incorporated herein
by reference.10.8
    
    Form of Reorganization and
Distribution Agreement between Getty
Petroleum Corp. (now known as Getty
Properties Corp.) and Getty Petroleum
Marketing Inc. dated as of February
1, 1997.
    
    Filed as Exhibit
10.8 to Companys
Annual Report on
Form 10-K for the
year ended December
31, 2008 (File No.
001-13777) and
incorporated herein
by reference.10.9
    
    Form of Tax Sharing Agreement between
Getty Petroleum Corp (now known as
Getty. Properties Corp.) and Getty
Petroleum Marketing Inc.
    
    Filed as Exhibit
10.9 to Companys
Annual Report on
Form 10-K for the
year ended December
31, 2008 (File No.
001-13777) and
incorporated herein
by reference.10.10
    
    Consolidated, Amended and Restated
Master Lease Agreement dated November
2, 2000 between Getty Properties
Corp. and Getty Petroleum Marketing
Inc.
    
    Filed as Exhibit
10.10 to Companys
Annual Report on
Form 10-K for the
year ended December
31, 2008 (File No.
001-13777) and
incorporated herein
by reference.10.11
    
    Environmental Indemnity Agreement
dated November 2, 2000 between Getty
Properties Corp. and Getty Petroleum
Marketing Inc.
    
    Filed as Exhibit
10.3 to Companys
Annual Report on
Form 10-K for the
fiscal year ended
January 31, 2009
(File No. 001-13777)
and incorporated
herein by reference.10.12
    
    Amended and Restated Trademark
License Agreement, dated November 2,
2000, between Getty Properties Corp.
and Getty Petroleum Marketing Inc.
    
    Filed as Exhibit
10.3 to Companys
Annual Report on
Form 10-K for the
fiscal year ended
January 31, 2009
(File No. 001-13777)
and incorporated
herein by reference.10.13
    
    Trademark License Agreement, dated
November 2, 2000, between Getty
Corp. and Getty Petroleum Marketing
Inc.
    
    Filed as Exhibit
10.3 to Companys
Annual Report on
Form 10-K for the
fiscal year ended
January 31, 2009
(File No. 001-13777)
and incorporated
herein by reference.
 110




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##### Table of Contents



EXHIBIT NO.
    
    DESCRIPTION10.14*
    
    2004 Getty Realty Corp. Omnibus
Incentive Compensation Plan.
    
    Filed as Exhibit
10.3 to Companys
Annual Report on
Form 10-K for the
fiscal year ended
January 31, 2009
(File No. 001-13777)
and incorporated
herein by reference.10.15*
    
    Form of restricted stock unit grant
award under the 2004 Getty Realty
Corp. Omnibus Incentive Compensation
Plan, as amended.
    
    Filed as Exhibit
10.15 to Companys
Annual Report on
Form 10-K for the
year ended December
31, 2008 (File No.
001-13777) and
incorporated herein
by reference.10.16**
    
    Contract for Sale and Purchase
between Getty Properties Corp. and
various subsidiaries of Trustreet
Properties, Inc. dated as of February
6, 2007.
    
    Filed as Exhibit
10.20 to the
Companys Annual
Report on Form 10-K
for the year ended
December 31, 2006
(File No. 001-13777)
and incorporated
herein by reference.10.17
    
    Senior Unsecured Credit Agreement
dated as of March 27, 2007 with J. P.
Morgan Securities Inc., as sole
bookrunner and sole lead arranger,
the lenders referred to therein, and
JPMorgan Chase Bank, N.A., as
administrative agent for the lenders.
    
    Filed as Exhibit
10.1 to the
Companys Current
Report on Form 8-K
filed April 2, 2007
(File No. 001-13777)
and incorporated
herein by reference.10.18*
    
    Amendment to the 2004 Getty Realty
Corp. Omnibus Incentive Compensation
Plan dated December 31, 2008.
    
    Filed as Exhibit
10.19 to Companys
Annual Report on
Form 10-K for the
year ended December
31, 2008 (File No.
001-13777) and
incorporated herein
by reference.10.19*
    
    Amendment dated December 31, 2008 to
Letter Agreement dated June 12, 2001
by and between Getty Realty Corp. and
Thomas J. Stirnweis regarding
compensation upon change of control.
(See Exhibit 10.7).
    
    Filed as Exhibit
10.20 to Companys
Annual Report on
Form 10-K for the
year ended December
31, 2008 (File No.
001-13777) and
incorporated herein
by reference.10.20
    
    Unitary Net Lease Agreement between
GTY MD
Leasing, Inc. and White Oak Petroleum
LLC, dated as of September 25, 2009.
    
    Filed as Exhibit
10.1 to Companys
Current Report on
Form 8-K filed
September 25, 2009
(File No. 001-13777)
and incorporated
herein by reference.10.21
    
    Loan Agreement among GTY MD Leasing,
Inc., Getty Properties Corp., Getty
Realty Corp., and TD Bank, dated as
of September 25, 2009.
    
    Filed as Exhibit
10.2 to Companys
Current Report on
Form 8-K filed
September 25, 2009
(File No. 001-13777)
and incorporated
herein by reference.14
    
    The Getty Realty Corp. Business
Conduct Guidelines (Code of Ethics).
    
    Filed as Exhibit
10.3 to Companys
Annual Report on
Form 10-K for the
fiscal year ended
January 31, 2009
(File No. 001-13777)
and incorporated
herein by reference.21
    
    Subsidiaries of the Company.
    
    (a)23
    
    Consent of Independent Registered
Public Accounting Firm.
    
    (a)31(i).1
    
    Rule 13a-14(a) Certification of Chief
Financial Officer.
    
    (b)31(i).2
    
    Rule 13a-14(a) Certification of Chief
Executive Officer.
    
    (b)
 111




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##### Table of Contents



EXHIBIT NO.
    
    DESCRIPTION32.1
    
    Section 1350 Certification of
Chief Executive Officer.
    
    (b)32.2
    
    Section 1350 Certification of
Chief Financial Officer.
    
    (b)
 
 (a)
    
    Filed herewith(b)
    
    Furnished herewith. These certifications are being furnished solely to accompany the Report
pursuant to 18 U.S.C. Section. 1350, and are not being filed for purposes of Section 18 of the
Exchange Act, and are not to be incorporated by reference into any filing of the Company,
whether made before or after the date hereof, regardless of any general incorporation language
in such filing.*
    
    Management contract or compensatory plan or arrangement.**
    
    Confidential treatment has been granted for certain portions of this Exhibit pursuant to
Rule 24b-2 under the Exchange Act, which portions are omitted and filed separately with the
SEC. 112