Global Partners Signs Long-Term Lease Agreement to Supply and Operate Approximately 90 Getty Realty
Global Partners Signs Long-Term Lease Agreement to Supply and Operate Approximately 90 Getty Realty Gas Stations in Metro New York
WALTHAM, Mass.--(BUSINESS WIRE)-- Global Partners LP (NYS: GLP) ("Global Partners" or "the Partnership") today announced the signing of a long-term lease agreement with Getty Realty Corp. (NYSE-GTY) ("Getty") that enables the Partnership to supply gasoline to and operate through a dealer network approximately 90 of Getty's gas station sites in the boroughs of Queens, Manhattan and the Bronx as well as in Long Island and Westchester County.
"Further enhancing our fuel supply and distribution network through vertical integration of strategically located assets is a key element in our growth plan, and today's announcement is the most recent step in executing that objective," said Eric Slifka, the Partnership's President and Chief Executive Officer. "Our expanded relationship with Getty, which follows this year's acquisition of Alliance Energy and our 2010 purchase of Mobil stations from ExxonMobil Corporation, demonstrates the value of our Gasoline Distribution and Station Operations segment as an effective and efficient platform for growth."
"This long-term agreement significantly expands our retail gasoline and fuel distribution presence in the New York metro region," Slifka said. "We look forward to continuing to enhance our strategic alliance with Getty."
Most of the approximately 90 stations under the new long-term lease arrangement had been part of an interim fuel supply and services agreement that Global Partners and Getty entered earlier this year. The initial lease term for the locations is 15 years and includes multiple five-year renewal options. Approximately 140 sites, the majority in New York and New Jersey, will continue to operate under the interim fuel supply agreement.
About Global Partners LP
Global Partners LP, a publicly traded master limited partnership based in Waltham, Massachusetts, owns, controls or has access to one of the largest terminal networks of refined petroleum products and renewable fuels in the Northeast. Global Partners is a leader in the logistics of transporting crude and other products from the mid-continent region of the U.S. and Canada to the East Coast. The Partnership is one of the largest wholesale distributors of gasoline (including blendstocks such as ethanol and naphtha), distillates (such as home heating oil, diesel and kerosene), residual oil and renewable fuels to wholesalers, retailers and commercial customers in the New England states and New York. In addition, the Partnership has a portfolio of approximately 1,000 gas stations in nine Northeastern states. The Partnership also is a distributor of natural gas. A FORTUNE 500® company, Global Partners trades on the New York Stock Exchange under the ticker symbol "GLP." For additional information, please visit www.globalp.com.
Some of the information contained in this news release may contain forward-looking statements. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words "may," "believe," "should," "could," "expect," "anticipate," "plan," "intend," "estimate," "continue," "will likely result," or other similar expressions. In addition, any statement made by Global Partners LP's management concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects and possible actions by Global Partners LP or its subsidiaries are also forward-looking statements.
Although Global Partners LP believes these forward-looking statements are reasonable as and when made, there may be events in the future that Global Partners LP is not able to predict accurately or control, and there can be no assurance that future developments affecting Global Partners LP's business will be those that it anticipates.
For additional information about risks and uncertainties that could cause actual results to differ materially from the expectations Global Partners LP describes in its forward-looking statements, please refer to Global Partners LP's Annual Report on Form 10-K for the year ended December 31, 2011 and subsequent filings the Partnership makes with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made. Global Partners LP expressly disclaims any obligation or undertaking to update forward-looking statements to reflect any change in its expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.
Global Partners LP
Thomas J. Hollister, 781-894-8800
Chief Operating Officer and Chief Financial Officer
Edward J. Faneuil, 781-894-8800
Executive Vice President, General Counsel and Secretary
KEYWORDS: United States North America Massachusetts New York
The article Global Partners Signs Long-Term Lease Agreement to Supply and Operate Approximately 90 Getty Realty Gas Stations in Metro New York originally appeared on Fool.com.
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