Getty Realty raises quarterly dividend to 47.5 cents

Real estate investment trust Getty Realty Corp. said Thursday its board raised its quarterly dividend to 47.5 cents per share.

The payout is up from its previous dividend of 47 cents per share.

The company dividend is payable on Oct. 8 to shareholders of record on Sept. 24.

Shares rose 66 cents, or 3 percent, to $22.54 in afternoon trading. They've traded between $13.25 and $23.12 in the past year.

ABOUT GTY

Getty Realty Corp. operates as a real estate investment trust (REIT) in the United States. The company engages in the ownership and leasing of retail motor fuel and convenience store properties, and petroleum distribution terminals. The company's properties are leased or sublet to distributors and retailers engaged in the sale of gasoline and various motor fuel products, convenience store products, and automotive repair services. As of December 31, 2006, the company owned 836 properties and leased 216 additional properties in 13 states located principally in the northeast United States. Getty Realty Corp. elected to qualify as a REIT. As a REIT, the company would not be subject to federal income tax, provided it distributes at least 90% of its REIT taxable income to its shareholders. The company was founded in 1955 and is headquartered in Jericho, New York.

Disclosure I am long GTY shares.