Getty Realty (GTY) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 05, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	GTY
Entity Registrant Name	GETTY REALTY CORP /MD/
Entity Central Index Key	1,052,752
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		34,609,380

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real estate:
Land	$ 474,393	$ 474,115
Buildings and improvements	306,716	306,980
Construction in progress	622	426
Total real estate held for use, gross	781,731	781,521
Less accumulated depreciation and amortization	(122,626)	(120,576)
Real estate held for use, net	659,105	660,945
Real estate held for sale, net	739	645
Real estate, net	659,844	661,590
Investment in direct financing leases, net	91,518	92,097
Notes and mortgages receivable	32,529	32,737
Cash and cash equivalents	18,056	12,523
Restricted cash	771	671
Deferred rent receivable	30,778	29,966
Accounts receivable, net of allowance of $1,965 and $2,006, respectively	1,742	4,118
Prepaid expenses and other assets	40,936	43,604
Total assets	876,174	877,306
LIABILITIES AND SHAREHOLDERS' EQUITY:
Borrowings under credit agreement, net	73,976	123,801
Senior unsecured notes, net	224,627	174,743
Environmental remediation obligations	68,824	74,516
Dividends payable	9,827	9,742
Accounts payable and accrued liabilities	64,331	63,586
Total liabilities	441,585	446,388
Commitments and contingencies (notes 3, 4, 5 and 6)
Shareholders' equity:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; unissued
Common stock, $0.01 par value; 50,000,000 shares authorized; 34,597,028 and 34,393,114 shares issued and outstanding, respectively	346	344
Additional paid-in capital	489,451	485,659
Dividends paid in excess of earnings	(55,208)	(55,085)
Total shareholders' equity	434,589	430,918
Total liabilities and shareholders' equity	$ 876,174	$ 877,306

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance on accounts receivable	$ 1,965	$ 2,006
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	34,597,028	34,393,114
Common stock, shares outstanding	34,597,028	34,393,114

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Revenues from rental properties	$ 24,263	$ 24,388
Tenant reimbursements	2,627	2,921
Interest on notes and mortgages receivable	758	1,118
Total revenues	27,648	28,427
Operating expenses:
Property costs	4,531	5,290
Impairments	2,284	1,989
Environmental	(540)	815
General and administrative	3,493	4,044
Allowance for uncollectible accounts	132	230
Depreciation and amortization	4,392	4,622
Total operating expenses	14,292	16,990
Operating income	13,356	11,437
(Loss) gains on dispositions of real estate	(331)	644
Other income (expense), net	234	(24)
Interest expense	(4,080)	(4,215)
Earnings from continuing operations	9,179	7,842
Discontinued operations:
Earnings from operating activities	525	18
(Loss) gains on dispositions of real estate		(157)
Earnings (loss) from discontinued operations	525	(139)
Net earnings	$ 9,704	$ 7,703
Basic and diluted earnings per common share:
Earnings from continuing operations	$ 0.26	$ 0.23
Earnings (loss) from discontinued operations	0.02	0
Net earnings	$ 0.28	$ 0.23
Weighted average common shares outstanding:
Basic and diluted	34,555	33,659

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 9,704	$ 7,703
Adjustments to reconcile net earnings to net cash flow provided by operating activities:
Depreciation and amortization expense	4,392	4,622
Impairment charges	3,737	2,309
Loss (gains) on dispositions of real estate
Continuing operations	331	(644)
Discontinued operations		157
Deferred rent receivable, net of allowance	(812)	(1,210)
Allowance for uncollectible accounts	132	230
Accretion expense	1,033	953
Other	387	444
Changes in assets and liabilities:
Accounts receivable	1,685	773
Prepaid expenses and other assets	257	292
Environmental remediation obligations	(8,273)	(4,607)
Accounts payable and accrued liabilities	375	(1,581)
Net cash flow provided by operating activities	12,948	9,441
CASH FLOWS FROM INVESTING ACTIVITIES:
Property acquisitions	(6,154)
Capital expenditures		(292)
Addition to construction in progress	(196)	(25)
Proceeds from dispositions of real estate
Continuing operations	1,305	605
Discontinued operations	0	0
Deposits for property acquisitions	2,187	10
Amortization of investment in direct financing leases	579	463
Collection of notes and mortgages receivable	278	1,616
Net cash flow (used in) provided by investing activities	(2,001)	2,377
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit agreement	5,000	8,000
Repayments under credit agreement	(55,000)	(4,000)
Proceeds from senior unsecured notes	50,000
Payments of cash dividends	(9,429)	(11,385)
Payments in settlement of restricted stock units		(267)
Proceeds from issuance of common stock, net	4,280
Other	(165)	(24)
Net cash flow used in financing activities	(5,314)	(7,676)
Change in cash, cash equivalents and restricted cash	5,633	4,142
Cash, cash equivalents and restricted cash at beginning of period	13,194	4,351
Cash, cash equivalents and restricted cash at end of period	18,827	8,493
Supplemental disclosures of cash flow information Cash paid during the period for:
Interest	3,678	3,993
Income taxes	246	110
Environmental remediation obligations	3,956	3,621
Non-cash transactions:
Issuance of notes and mortgages receivable related to property dispositions	$ 70	$ 779

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	NOTE 1. — DESCRIPTION OF BUSINESS Getty Realty Corp. (together with its subsidiaries, unless otherwise indicated or except where the context otherwise requires, “we,” “us” or “our”) is the leading publicly-traded real estate investment trust (“REIT”) in the United States specializing in the ownership, leasing and financing of convenience store and gasoline station properties. Our 823 properties are located in 24 states across the United States and Washington, D.C. Our properties are operated under a variety of nationally recognized brands including 76, Aloha, BP, Citgo, Conoco, Exxon, Getty, Mobil, RaceTrac, Shell and Valero. Our company was originally founded in 1955 and is headquartered in Jericho, New York.

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Accounting Policies	NOTE 2. — ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements include the accounts of Getty Realty Corp. and its wholly-owned subsidiaries. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). We do not distinguish our principal business or our operations on a geographical basis for purposes of measuring performance. We manage and evaluate our operations as a single segment. All significant intercompany accounts and transactions have been eliminated. Certain reclassifications have been made to prior period amounts in order to conform to current period presentation. Unaudited, Interim Consolidated Financial Statements The consolidated financial statements are unaudited but, in our opinion, reflect all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results for the periods presented. These statements should be read in conjunction with the consolidated financial statements and related notes in our Annual Report on Form 10-K Use of Estimates, Judgments and Assumptions The consolidated financial statements have been prepared in conformity with GAAP, which requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the period reported. Estimates, judgments and assumptions underlying the accompanying consolidated financial statements include, but are not limited to, real estate, receivables, deferred rent receivable, direct financing leases, depreciation and amortization, impairment of long-lived assets, environmental remediation costs, environmental remediation obligations, litigation, accrued liabilities, income taxes and the allocation of the purchase price of properties acquired to the assets acquired and liabilities assumed. Application of these estimates and assumptions requires exercise of judgment as to future uncertainties and, as a result, actual results could differ materially from these estimates. Real Estate Real estate assets are stated at cost less accumulated depreciation and amortization. For acquisitions of real estate which are accounted for as business combinations, we estimate the fair value of acquired tangible assets (consisting of land, buildings and improvements) “as if vacant” and identified intangible assets and liabilities (consisting of leasehold interests, above-market and below-market leases, in-place We capitalize direct costs, including costs such as construction costs and professional services, and indirect costs associated with the development and construction of real estate assets while substantive activities are ongoing to prepare the assets for their intended use. The capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use. When real estate assets are sold or retired, the cost and related accumulated depreciation and amortization is eliminated from the respective accounts and any gain or loss is credited or charged to income. We evaluate real estate sale transactions where we provide seller financing to determine sale and gain recognition in accordance with GAAP. Expenditures for maintenance and repairs are charged to income when incurred. Direct Financing Leases Income under direct financing leases is included in revenues from rental properties and is recognized over the lease terms using the effective interest rate method which produces a constant periodic rate of return on the net investments in the leased properties. The investments in direct financing leases are increased for interest income earned and amortized over the life of the leases and reduced by the receipt of lease payments. We consider direct financing leases to be past-due We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information and third-party estimates where available. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge. There were no impairments of any of our direct financing leases during the three months ended March 31, 2017 and 2016. When we enter into a contract to sell properties that are recorded as direct financing leases, we evaluate whether we believe that it is probable that the disposition will occur. If we determine that the disposition is probable and therefore the property’s holding period is reduced, we record an allowance for credit losses to reflect the change in the estimate of the undiscounted future rents. Accordingly, the net investment balance is written down to fair value. Notes and Mortgages Receivable Notes and mortgages receivable consists of loans originated by us in conjunction with property dispositions and funding provided to tenants in conjunction with property acquisitions. Notes and mortgages receivable are recorded at stated principal amounts. We evaluate the collectability of both interest and principal on each loan to determine whether it is impaired. A loan is considered to be impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due under the existing contractual terms. When a loan is considered to be impaired, the amount of the loss is calculated by comparing the recorded investment to the fair value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the underlying collateral, if the loan is collateralized. Interest income on performing loans is accrued as earned. Interest income on impaired loans is recognized on a cash basis. We do not provide for an additional allowance for loan losses based on the grouping of loans, as we believe that the characteristics of the loans are not sufficiently similar to allow an evaluation of these loans as a group for a possible loan loss allowance. As such, all of our loans are evaluated individually for impairment purposes. There were no impairments related to our notes and mortgages receivable during the three months ended March 31, 2017 and 2016. Revenue Recognition and Deferred Rent Receivable Minimum lease payments from operating leases are recognized on a straight-line basis over the term of the leases. The cumulative difference between lease revenue recognized under this method and the contractual lease payment terms is recorded as deferred rent receivable on our consolidated balance sheets. We reserve for a portion of the recorded deferred rent receivable if circumstances indicate that it is not reasonable to assume that the tenant will make all of its contractual lease payments when due during the current term of the lease. We make estimates of the collectability of our accounts receivable related to revenue from rental properties. We analyze accounts receivable and historical bad debt levels, customer creditworthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Additionally, with respect to tenants in bankruptcy, we estimate the expected recovery through bankruptcy claims and increase the allowance for amounts deemed uncollectible. If our assumptions regarding the collectability of accounts receivable prove incorrect, we could experience write-offs of the accounts receivable or deferred rent receivable in excess of our allowance for doubtful accounts. The present value of the difference between the fair market rent and the contractual rent for above-market and below-market leases at the time properties are acquired is amortized into revenues from rental properties over the remaining terms of the in-place Impairment of Long-Lived Assets Assets are written down to fair value when events and circumstances indicate that the assets might be impaired and the projected undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. Assets held for disposal are written down to fair value less estimated disposition costs. We recorded impairment charges aggregating $3,737,000 and $2,309,000 for the three months ended March 31, 2017 and 2016, respectively, in continuing and discontinued operations. Our estimated fair values, as they relate to property carrying values were primarily based upon (i) estimated sales prices from third-party offers based on signed contracts, letters of intent or indicative bids, for which we do not have access to the unobservable inputs used to determine these estimated fair values, and/or consideration of the amount that currently would be required to replace the asset, as adjusted for obsolescence (this method was used to determine $2,792,000 of the $3,737,000 in impairments recognized during the three months ended March 31, 2017) and (ii) discounted cash flow models (there was no impairments recognized during the three months ended March 31, 2017 under this method). During the three months ended March 31, 2017, we recorded $945,000 of the $3,737,000 in impairments recognized due to the accumulation of asset retirement costs as a result of changes in estimates associated with our estimated environmental liabilities which increased the carrying values of certain properties in excess of their fair values. The estimated fair value of real estate is based on the price that would be received from the sale of the property in an orderly transaction between market participants at the measurement date. In general, we consider multiple internal valuation techniques when measuring the fair value of a property, all of which are based on unobservable inputs and assumptions that are classified within Level 3 of the Fair Value Hierarchy. These unobservable inputs include assumed holding periods ranging up to 15 years, assumed average rent increases of 2.0% annually, income capitalized at a rate of 8.0% and cash flows discounted at a rate of 7.0%. These assessments have a direct impact on our net income because recording an impairment loss results in an immediate negative adjustment to net income. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future rental rates and operating expenses that could differ materially from actual results in future periods. Where properties held for use have been identified as having a potential for sale, additional judgments are required related to the determination as to the appropriate period over which the projected undiscounted cash flows should include the operating cash flows and the amount included as the estimated residual value. This requires significant judgment. In some cases, the results of whether impairment is indicated are sensitive to changes in assumptions input into the estimates, including the holding period until expected sale. Deferred Gain On August 3, 2015, we terminated our unitary triple-net 360-20, Fair Value of Financial Instruments All of our financial instruments are reflected in the accompanying consolidated balance sheets at amounts which, in our estimation based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values, except those separately disclosed in the notes below. The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates of fair value that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the period reported using a hierarchy (the “Fair Value Hierarchy”) that prioritizes the inputs to valuation techniques used to measure the fair value. The Fair Value Hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels of the Fair Value Hierarchy are as follows: “Level 1” – inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date; “Level 2” – inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and “Level 3” – inputs that are unobservable. Certain types of assets and liabilities are recorded at fair value either on a recurring or non-recurring marked-to-market non-recurring Environmental Remediation Obligations We record the fair value of a liability for an environmental remediation obligation as an asset and liability when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. Environmental remediation obligations are estimated based on the level and impact of contamination at each property. The accrued liability is the aggregate of the best estimate of the fair value of cost for each component of the liability. The accrued liability is net of recoveries of environmental costs from state underground storage tank (“UST”) remediation funds with respect to both past and future environmental spending based on estimated recovery rates developed from prior experience with the funds. Net environmental liabilities are currently measured based on their expected future cash flows which have been adjusted for inflation and discounted to present value. We accrue for environmental liabilities that we believe are allocable to other potentially responsible parties if it becomes probable that the other parties will not pay their environmental remediation obligations. Income Taxes We and our subsidiaries file a consolidated federal income tax return. Effective January 1, 2001, we elected to qualify, and believe that we are operating so as to qualify, as a REIT for federal income tax purposes. Accordingly, we generally will not be subject to federal income tax on qualifying REIT income, provided that distributions to our shareholders equal at least the amount of our taxable income as defined under the Internal Revenue Code. We accrue for uncertain tax matters when appropriate. The accrual for uncertain tax positions is adjusted as circumstances change and as the uncertainties become more clearly defined, such as when audits are settled or exposures expire. Tax returns for the years 2013, 2014 and 2015, and tax returns which will be filed for the year ended 2016, remain open to examination by federal and state tax jurisdictions under the respective statutes of limitations. New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09”). 2014-09 2014-09, 2014-09 2014-09 2014-09 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) 2016-02”). 2016-02 2016-02 2016-02 2016-02 On March 30, 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting 2016-09”), 2016-09 On May 9, 2016, the FASB issued ASU 2016-12, Narrow-Scope Improvements and Practical Expedients 2016-12”), 2014-09, 2016-12 On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments 2016-13”) 2016-13 2016-13 In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). 2016-15 2016-15 In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash 2016-18”). 2016-18 2016-18 2016-18 beginning-of-period, end-of-period In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). 2017-01 2017-01 2017-01 On February 22, 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20), 2017-05”) in-substance non-financial non-customers, 2017-05 360-20 2017-05 2017-05

Leases

Leases	3 Months Ended
	Mar. 31, 2017
Leases [Abstract]
Leases	NOTE 3. — LEASES As of March 31, 2017, we owned 736 properties and leased 87 properties from third-party landlords. Our 823 properties are located in 24 states across the United States and Washington, D.C. Substantially all of our properties are leased on a triple-net triple-net triple-net Revenues from rental properties included in continuing operations were $24,263,000 and $24,388,000 for the three months ended March 31, 2017 and 2016, respectively. Rental income contractually due or received from our tenants in revenues from rental properties included in continuing operations was $23,843,000 and $23,436,000 for the three months ended March 31, 2017 and 2016, respectively. In accordance with GAAP, we recognize rental revenue in amounts which vary from the amount of rent contractually due or received during the periods presented. As a result, revenues from rental properties include non-cash Tenant reimbursements, which consist of real estate taxes and other municipal charges paid by us which were reimbursable by our tenants pursuant to the terms of triple-net We incurred $30,000 and $145,000 of lease origination costs for the three months ended March 31, 2017 and 2016, respectively. This deferred expense is recognized on a straight-line basis as amortization expense in our consolidated statements of operations over the terms of the various leases. The components of the $91,518,000 investment in direct financing leases as of March 31, 2017, are minimum lease payments receivable of $163,936,000 plus unguaranteed estimated residual value of $13,979,000 less unearned income of $86,397,000. The components of the $92,097,000 investment in direct financing leases as of December 31, 2016, are minimum lease payments receivable of $167,064,000 plus unguaranteed estimated residual value of $13,979,000 less unearned income of $88,946,000. Major Tenants As of March 31, 2017, we had three significant tenants by revenue: ● We leased 164 convenience store and gasoline station properties in three separate unitary leases and three stand-alone leases to subsidiaries of Global Partners LP (NYSE: GLP) (“Global Partners”). In the aggregate, our leases with subsidiaries of Global Partners represented 21% and 19% of our total revenues for the three months ended March 31, 2017 and 2016, respectively. All of our unitary leases with subsidiaries of Global Partners are guaranteed by the parent company. ● We leased 76 convenience store and gasoline station properties pursuant to two separate unitary leases to subsidiaries of Chestnut Petroleum Dist., Inc. (“Chestnut Petroleum”). In the aggregate, our leases with subsidiaries of Chestnut Petroleum represented 17% and 18% of our total revenues for the three months ended March 31, 2017 and 2016, respectively. The largest of these unitary leases, covering 57 of our properties, is guaranteed by the parent company, its principals and numerous Chestnut Petroleum affiliates. ● We leased 77 convenience store and gasoline station properties pursuant to three separate unitary leases to Apro, LLC (d/b/a “United Oil”). In the aggregate, our leases with United Oil represented 16% of our total revenues for the three months ended March 31, 2017 and 2016. Marketing and the Master Lease As of March 31, 2017, 386 of the properties we own or lease were previously leased to Getty Petroleum Marketing Inc. (“Marketing”) pursuant to a master lease (the “Master Lease”). In December 2011, Marketing filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court. The Master Lease was terminated effective April 30, 2012, and in July 2012, the Bankruptcy Court approved Marketing’s Plan of Liquidation and appointed a trustee to oversee liquidation of the Marketing estate. As of March 31, 2017, we have entered into long-term triple-net triple-net triple-net triple-net As part of the triple-net

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 4. — COMMITMENTS AND CONTINGENCIES Credit Risk In order to minimize our exposure to credit risk associated with financial instruments, we place our temporary cash investments, if any, with high credit quality institutions. Temporary cash investments, if any, are currently held in an overnight bank time deposit with JPMorgan Chase Bank, N.A. and these balances, at times, exceed federally insurable limits. Legal Proceedings We are subject to various legal proceedings and claims which arise in the ordinary course of our business. As of March 31, 2017 and December 31, 2016, we had accrued $11,556,000 and $11,768,000, respectively, for certain of these matters which we believe were appropriate based on information then currently available. We have recorded a credit for provisions for litigation losses aggregating $73,000 for the three months ended March 31, 2017 and provisions for litigation losses aggregating $60,000 for the three months ended March 31, 2016 for certain of these matters. We are unable to estimate ranges in excess of the amount accrued with any certainty for these matters. It is possible that our assumptions regarding the ultimate allocation method and share of responsibility that we used to allocate environmental liabilities may change, which may result in our providing an accrual, or adjustments to the amounts recorded, for environmental litigation accruals. Matters related to our former Newark, New Jersey Terminal and the Lower Passaic River and MTBE litigations in the states of New Jersey and Pennsylvania, in particular, could cause a material adverse effect on our business, financial condition, results of operations, liquidity, ability to pay dividends or stock price. Matters related to our former Newark, New Jersey Terminal and the Lower Passaic River In September 2003, we received a directive (the “Directive”) issued by the New Jersey Department of Environmental Protection (“NJDEP”) under the New Jersey Spill Compensation and Control Act. The Directive indicated that we are one of approximately 66 potentially responsible parties for alleged natural resource damages resulting from the discharges of hazardous substances along the Lower Passaic River (the “Lower Passaic River”). The Directive provides, among other things, that the named recipients must conduct an assessment of the natural resources that have been injured by discharges into the Lower Passaic River and must implement interim compensatory restoration for the injured natural resources. The NJDEP alleges that our liability arises from alleged discharges originating from our former Newark, New Jersey Terminal site (which was sold in October 2013). We responded to the Directive by asserting that we are not liable. There has been no material activity and/or communications by the NJDEP with respect to the Directive since early after its issuance. In May 2007, the United States Environmental Protection Agency (“EPA”) entered into an Administrative Settlement Agreement and Order on Consent (“AOC”) with over 70 parties to perform a Remedial Investigation and Feasibility Study (“RI/FS”) for a 17-mile 17-mile In addition to the RI/FS activities, other actions relating to the investigation and/or remediation of the Lower Passaic River have proceeded as follows. First, in June 2012, certain members of the CPG entered into an Administrative Settlement Agreement and Order on Consent (“10.9 AOC”) effective June 18, 2012, to perform certain remediation activities, including removal and capping of sediments at the river mile 10.9 area and certain testing. The EPA also issued a Unilateral Order to Occidental Chemical Corporation (“Occidental”) directing Occidental to participate and contribute to the cost of the river mile 10.9 work. Concurrent with the CPG’s work on the RI/FS, on April 11, 2014, the EPA issued a draft Focused Feasibility Study (“FFS”) with proposed remedial alternatives to remediate the lower 8-miles 17-mile 8-miles bank-to-bank 8-miles 8-mile 8-mile Many uncertainties remain regarding how the EPA intends to implement the ROD. We anticipate that performance of the EPA’s selected remedy will be subject to future negotiations, potential enforcement proceedings and/or possible litigation. The RI/FS, AOC, 10.9 AOC and Notice do not obligate us to fund or perform remedial action contemplated by either the ROD or RI/FS and do not resolve liability issues for remedial work or the restoration of or compensation for alleged natural resource damages to the Lower Passaic River, which are not known at this time. Our ultimate liability, if any, in the pending and possible future proceedings pertaining to the Lower Passaic River is uncertain and subject to numerous contingencies which cannot be predicted and the outcome of which are not yet known. MTBE Litigation – State of New Jersey We are defending against a lawsuit brought by various governmental agencies of the State of New Jersey, including the NJDEP alleging various theories of liability due to contamination of groundwater with methyl tertiary butyl ether (a fuel derived from methanol, commonly referred to as “MTBE”) involving multiple locations throughout the State of New Jersey (the “New Jersey MDL Proceedings”). The complaint names as defendants approximately 50 petroleum refiners, manufacturers, distributors and retailers of MTBE or gasoline containing MTBE. The State of New Jersey is seeking reimbursement of significant clean-up pre-trial MTBE Litigation – State of Pennsylvania On July 7, 2014, our subsidiary, Getty Properties Corp., was served with a complaint filed by the Commonwealth of Pennsylvania (the “State”) in the Court of Common Pleas, Philadelphia County relating to alleged statewide MTBE contamination in Pennsylvania (the “Complaint”). The Complaint names us and more than 50 other defendants, including Exxon Mobil, various BP entities, Chevron, Citgo, Gulf, Lukoil Americas, Getty Petroleum Marketing Inc., Marathon, Hess, Shell Oil, Texaco, Valero, as well as other smaller petroleum refiners, manufacturers, distributors and retailers of MTBE or gasoline containing MTBE. The Complaint seeks compensation for natural resource damages and for injuries sustained as a result of “defendants’ unfair and deceptive trade practices and acts in the marketing of MTBE and gasoline containing MTBE.” The plaintiffs also seek to recover costs paid or incurred by the State to detect, treat and remediate MTBE from public and private water wells and groundwater. The plaintiffs assert causes of action against all defendants based on multiple theories, including strict liability – defective design; strict liability – failure to warn; public nuisance; negligence; trespass; and violation of consumer protection law. The case was filed in the Court of Common Pleas, Philadelphia County, but was removed by defendants to the United States District Court for the Eastern District of Pennsylvania and then transferred to the United States District Court for the Southern District of New York so that it may be managed as part of the ongoing MTBE MDL. Plaintiffs have recently filed a Second Amended Complaint naming additional defendants and adding factual allegations intended to bolster their claims against the defendants. We have joined with other defendants in the filing of a motion to dismiss the claims against us. This motion is pending with the Court. We intend to defend vigorously the claims made against us. Our ultimate liability, if any, in this proceeding is uncertain and subject to numerous contingencies which cannot be predicted and the outcome of which are not yet known.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	NOTE 5. — DEBT The amounts outstanding under our Credit Agreement and Second Restated Prudential Note Purchase Agreement (both defined below) are as follows (in thousands): Maturity Date Interest March 31, 2017 December 31, 2016 Unsecured Revolving Credit Facility June 2018 3.33% $ 25,000 $ 75,000 Unsecured Term Loan June 2020 3.28% 50,000 50,000 Series A Notes February 2021 6.00% 100,000 100,000 Series B Notes June 2023 5.35% 75,000 75,000 Series C Notes February 2025 4.75% 50,000 — Total debt 300,000 300,000 Unamortized debt issuance costs, net (1,397 ) (1,456 ) Total debt, net $ 298,603 $ 298,544 Credit Agreement On June 2, 2015, we entered into a $225,000,000 senior unsecured credit agreement (the “Credit Agreement”) with a group of banks led by Bank of America, N.A. (the “Bank Syndicate”). The Credit Agreement consists of a $175,000,000 unsecured revolving credit facility (the “Revolving Facility”), which is scheduled to mature in June 2018 and a $50,000,000 unsecured term loan (the “Term Loan”), which is scheduled to mature in June 2020. Subject to the terms of the Credit Agreement and our continued compliance with its provisions, we have the option to (a) extend the term of the Revolving Facility for one additional year to June 2019 and (b) increase by $75,000,000 the amount of the Revolving Facility to $250,000,000. The Revolving Facility is guaranteed by certain of our subsidiaries and is unsecured. On February 21, 2017, we entered into a First Amendment to the Credit Agreement to permit the Second Restated Prudential Note Purchase Agreement described under “Senior Unsecured Notes” below. The Credit Agreement incurs interest and fees at various rates based on our net debt to EBITDA ratio (as defined in the Credit Agreement) at the end of each quarterly reporting period. The Revolving Facility permits borrowings at an interest rate equal to the sum of a base rate plus a margin of 0.95% to 2.25% or a LIBOR rate plus a margin of 1.95% to 3.25%. The annual commitment fee on the undrawn funds under the Revolving Facility is 0.25% to 0.30%. The Term Loan bears interest at a rate equal to the sum of a base rate plus a margin of 0.90% to 2.20% or a LIBOR rate plus a margin of 1.90% to 3.20%. The Term Loan does not provide for scheduled reductions in the principal balance prior to its maturity. Senior Unsecured Notes On February 21, 2017, we entered into a second amended and restated note purchase and guarantee agreement (the “Second Restated Prudential Note Purchase Agreement”) amending and restating our existing senior note purchase agreement with The Prudential Insurance Company of America (“Prudential”) and certain affiliates of Prudential. Pursuant to the Second Restated Prudential Note Purchase Agreement, we agreed that our (a) 6.0% Series A Guaranteed Senior Notes due February 25, 2021, in the original aggregate principal amount of $100,000,000 (the “Series A Notes”) and (b) 5.35% Series B Guaranteed Senior Notes due June 2, 2023, in the original aggregate principal amount of $75,000,000 (the “Series B Notes”) that were outstanding under the existing senior note purchase agreement would continue to remain outstanding under the Second Restated Prudential Note Purchase Agreement and we authorized and issued our 4.75% Series C Guaranteed Senior Notes due February 25, 2025, in the aggregate principal amount of $50,000,000 (the “Series C Notes” and, together with the Series A Notes and Series B Notes, the “Notes”). The Second Restated Prudential Note Purchase Agreement does not provide for scheduled reductions in the principal balance of the Notes prior to their respective maturities. The Notes are guaranteed by each of our subsidiaries that guarantee the Credit Agreement and are unsecured. Covenants The Credit Agreement and the Second Restated Prudential Note Purchase Agreement contain customary financial covenants such as availability, leverage and coverage ratios and minimum tangible net worth, as well as limitations on restricted payments, which may limit our ability to incur additional debt or pay dividends. The Credit Agreement and the Second Restated Prudential Note Purchase Agreement also contain customary events of default, including cross defaults to each other, change of control and failure to maintain REIT status (provided that the Second Restated Prudential Note Purchase Agreement requires a mandatory offer to prepay the Notes upon a change in control in lieu of a change of control event of default). Any event of default, if not cured or waived in a timely manner, would increase by 200 basis points (2.00%) the interest rate we pay under the Credit Agreement or under the Notes and could result in the acceleration of our indebtedness under the Credit Agreement and the Notes. We may be prohibited from drawing funds under the Revolving Facility if there is any event or condition that constitutes an event of default under the Credit Agreement or that, with the giving of any notice, the passage of time, or both, would be an event of default under the Credit Agreement. As of March 31, 2017, we are in compliance with all of the terms of the Credit Agreement and Second Restated Prudential Note Purchase Agreement, including the various financial covenants described herein. Debt Maturities As of March 31, 2017, scheduled debt maturities, including balloon payments, are as follows (in thousands): Revolving Term Loan Senior Unsecured Notes Total 2017 $ — $ — $ — $ — 2018 (1) 25,000 — — 25,000 2019 — — — — 2020 — 50,000 — 50,000 2021 — — 100,000 100,000 Thereafter — — 125,000 125,000 Total $ 25,000 $ 50,000 $ 225,000 $ 300,000 (1) The Revolving Facility matures in June 2018 and may be extended for one year at our election, subject to certain conditions.

Environmental Obligations

Environmental Obligations	3 Months Ended
	Mar. 31, 2017
Environmental Remediation Obligations [Abstract]
Environmental Obligations	NOTE 6. — ENVIRONMENTAL OBLIGATIONS We are subject to numerous federal, state and local laws and regulations, including matters relating to the protection of the environment such as the remediation of known contamination and the retirement and decommissioning or removal of long-lived assets including buildings containing hazardous materials, USTs and other equipment. Environmental costs are principally attributable to remediation costs which are incurred for, among other things, removing USTs, excavation of contaminated soil and water, installing, operating, maintaining and decommissioning remediation systems, monitoring contamination and governmental agency compliance reporting required in connection with contaminated properties. We seek reimbursement from state UST remediation funds related to these environmental costs where available. In July 2012, we purchased a ten-year The estimated future costs for known environmental remediation requirements are accrued when it is probable that a liability has been incurred and a reasonable estimate of fair value can be made. The accrued liability is the aggregate of the best estimate of the fair value of cost for each component of the liability net of estimated recoveries from state UST remediation funds considering estimated recovery rates developed from prior experience with the funds. We enter into leases and various other agreements which contractually allocate responsibility between the parties for known and unknown environmental liabilities at or relating to the subject properties. We are contingently liable for these environmental obligations in the event that our counterparty to the lease or other agreement does not satisfy them. It is possible that our assumptions regarding the ultimate allocation method and share of responsibility that we used to allocate environmental liabilities may change, which may result in material adjustments to the amounts recorded for environmental litigation accruals and environmental remediation liabilities. We are required to accrue for environmental liabilities that we believe are allocable to others under our leases and other agreements if we determine that it is probable that our counterparty will not meet its environmental obligations. We may ultimately be responsible to pay for environmental liabilities as the property owner if our counterparty fails to pay them. We assess whether to accrue for environmental liabilities based upon relevant factors including our tenants’ histories of paying for such obligations, our assessment of their financial ability, and their intent to pay for such obligations. However, there can be no assurance that our assessments are correct or that our tenants who have paid their obligations in the past will continue to do so. The ultimate resolution of these matters could cause a material adverse effect on our business, financial condition, results of operations, liquidity, ability to pay dividends or stock price. For all of our triple-net ten-year triple-net We anticipate that a majority of the USTs at properties previously leased to Marketing will be replaced over the next several years because these USTs are either at or near the end of their useful lives. For long-term, triple-net In the course of certain UST removals and replacements at properties previously leased to Marketing where we retained continuing responsibility for preexisting environmental obligations, previously unknown environmental contamination was and continues to be discovered. As a result, we have developed a reasonable estimate of fair value for the prospective future environmental liability resulting from preexisting unknown environmental contamination and accrued for these estimated costs. These estimates are based primarily upon quantifiable trends, which we believe allow us to make reasonable estimates of fair value for the future costs of environmental remediation resulting from the removal and replacement of USTs. Our accrual of the additional liability represents the best estimate of the fair value of cost for each component of the liability, net of estimated recoveries from state UST remediation funds, considering estimated recovery rates developed from prior experience with the funds. In arriving at our accrual, we analyzed the ages of USTs at properties where we would be responsible for preexisting contamination found within ten years after commencement of a lease (for properties subject to long-term triple-net Environmental exposures are difficult to assess and estimate for numerous reasons, including the extent of contamination, alternative treatment methods that may be applied, location of the property which subjects it to differing local laws and regulations and their interpretations, as well as the time it takes to remediate contamination and receive regulatory approval. In developing our liability for estimated environmental remediation obligations on a property by property basis, we consider, among other things, enacted laws and regulations, assessments of contamination and surrounding geology, quality of information available, currently available technologies for treatment, alternative methods of remediation and prior experience. Environmental accruals are based on estimates which are subject to significant change, and are adjusted as the remediation treatment progresses, as circumstances change and as environmental contingencies become more clearly defined and reasonably estimable. We expect to adjust the accrued liabilities for environmental remediation obligations reflected in our consolidated financial statements as they become probable and a reasonable estimate of fair value can be made. We measure our environmental remediation liability at fair value based on expected future net cash flows, adjusted for inflation (using a range of 2.0% to 2.75%), and then discount them to present value (using a range of 4.0% to 7.0%). We adjust our environmental remediation liability quarterly to reflect changes in projected expenditures, changes in present value due to the passage of time and reductions in estimated liabilities as a result of actual expenditures incurred during each quarter. As of March 31, 2017, we had accrued a total of $68,824,000 for our prospective environmental remediation liability. This accrual includes (a) $23,711,000, which was our best estimate of reasonably estimable environmental remediation obligations and obligations to remove USTs for which we are the title owner, net of estimated recoveries and (b) $45,113,000 for future environmental liabilities related to preexisting unknown contamination. As of December 31, 2016, we had accrued a total of $74,516,000 for our prospective environmental remediation liability. This accrual includes (a) $29,507,000, which was our best estimate of reasonably estimable environmental remediation obligations and obligations to remove USTs for which we are the title owner, net of estimated recoveries and (b) $45,009,000 for future environmental liabilities related to preexisting unknown contamination. Environmental liabilities are accreted for the change in present value due to the passage of time and, accordingly, $1,033,000 and $953,000 of net accretion expense was recorded for the three months ended March 31, 2017 and 2016, respectively, which is included in environmental expenses. In addition, during the three months ended March 31, 2017 and 2016, we recorded credits to environmental expenses included in continuing and discontinued operations aggregating $4,317,000 and $987,000, respectively, where decreases in estimated remediation costs exceeded the depreciated carrying value of previously capitalized asset retirement costs. Environmental expenses also include project management fees, legal fees and provisions for environmental litigation losses. During the three months ended March 31, 2017 and 2016, we increased the carrying values of certain of our properties by $1,560,000 and $2,381,000, respectively, due to changes in estimated environmental remediation costs. The recognition and subsequent changes in estimates in environmental liabilities and the increase or decrease in carrying values of the properties are non-cash Capitalized asset retirement costs are being depreciated over the estimated remaining life of the UST, a ten-year As part of the triple-net We cannot predict what environmental legislation or regulations may be enacted in the future or how existing laws or regulations will be administered or interpreted with respect to products or activities to which they have not previously been applied. We cannot predict if state UST fund programs will be administered and funded in the future in a manner that is consistent with past practices and if future environmental spending will continue to be eligible for reimbursement at historical recovery rates under these programs. Compliance with more stringent laws or regulations, as well as more vigorous enforcement policies of the regulatory agencies or stricter interpretation of existing laws, which may develop in the future, could have an adverse effect on our financial position, or that of our tenants, and could require substantial additional expenditures for future remediation. In light of the uncertainties associated with environmental expenditure contingencies, we are unable to estimate ranges in excess of the amount accrued with any certainty; however, we believe that it is possible that the fair value of future actual net expenditures could be substantially higher than amounts currently recorded by us. Adjustments to accrued liabilities for environmental remediation obligations will be reflected in our consolidated financial statements as they become probable and a reasonable estimate of fair value can be made. Future environmental expenses could cause a material adverse effect on our business, financial condition, results of operations, liquidity, ability to pay dividends or stock price.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Shareholders' Equity	NOTE 7. — SHAREHOLDERS’ EQUITY A summary of the changes in shareholders’ equity for the three months ended March 31, 2017, is as follows (in thousands, except per share amounts): COMMON STOCK ADDITIONAL PAID-IN DIVIDENDS PAID IN EXCESS SHARES AMOUNT CAPITAL OF EARNINGS TOTAL BALANCE, DECEMBER 31, 2016 34,393 344 485,659 (55,085 ) 430,918 Net earnings 9,704 9,704 Dividends declared — $0.28 per share (9,827 ) (9,827 ) Shares issued pursuant to ATM Program, net 168 2 4,278 — 4,280 Shares issued pursuant to dividend reinvestment 12 — 312 — 312 Stock-based compensation 24 — (798 ) — (798 ) BALANCE, MARCH 31, 2017 34,597 346 489,451 (55,208 ) 434,589 On March 1, 2017, our Board of Directors granted 94,250 restricted stock units (“RSU” or “RSUs”) under our Amended and Restated 2004 Omnibus Incentive Compensation Plan. We have a stock option plan (the “Stock Option Plan”). Our authorization to grant options to purchase shares of our common stock under the Stock Option Plan has expired. As of March 31, 2017 and December 31, 2016, there were 5,000 options outstanding which were exercisable at $27.68 with an expiration date of May 15, 2017. As of March 31, 2017 and December 31, 2016, the 5,000 stock options outstanding had no intrinsic value. We are authorized to issue 20,000,000 shares of preferred stock, par value $.01 per share, of which none were issued as of March 31, 2017 or December 31, 2016. ATM Program In June 2016, we established an at-the-market at-the-market During the three months ended March 31, 2017, we issued 168,000 shares of common stock and received net proceeds of $4,280,000. Future sales, if any, will depend on a variety of factors to be determined by us from time to time, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us. Dividends For the three months ended March 31, 2017, we paid regular quarterly dividends of $9,741,000 or $0.28 per share. For the three months ended March 31, 2016, we paid dividends of $15,897,000 or $0.47 per share (which consisted of $8,456,000 or $0.25 per share of regular quarterly dividends and a $7,441,000 or $0.22 per share special cash and stock dividend). Dividend Reinvestment Plan Our dividend reinvestment plan provides our common stockholders with a convenient and economical method of acquiring additional shares of common stock by reinvesting all or a portion of their dividend distributions. During the three months ended March 31, 2017, we issued 12,052 shares of common stock under the dividend reinvestment plan for $312,000. Stock-Based Compensation Compensation cost for our stock-based compensation plans using the fair value method was $302,000 and $375,000 for the three months ended March 31, 2017 and 2016, respectively, and is included in general and administrative expenses in our consolidated statements of operations.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Common Share	NOTE 8. — EARNINGS PER COMMON SHARE Basic and diluted earnings per common share gives effect, utilizing the two-class non-forfeitable Three Months Ended March 31, (in thousands) 2017 2016 Earnings from continuing operations 9,179 7,842 Less dividend equivalents attributable to RSUs outstanding (121 ) (109 ) Earnings from continuing operations attributable to common shareholders 9,058 7,733 Earnings (loss) from discontinued operations 525 (139 ) Less dividend equivalents attributable to RSUs outstanding (7 ) — Earnings (loss) from discontinued operations attributable to common shareholders 518 (139 ) Net earnings attributable to common shareholders used for basic and diluted earnings per share calculation 9,576 7,594 Weighted average common shares outstanding: Basic and diluted 34,555 33,659 Basic and diluted earnings per common share 0.28 0.23

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 9. — FAIR VALUE MEASUREMENTS Debt Instruments As of March 31, 2017, and December 31, 2016, the carrying value of the borrowings under the Credit Agreement approximated fair value. As of March 31, 2017 and December 31, 2016, the fair value of the borrowings under senior unsecured notes was $236,900,000 and $181,000,000, respectively. The fair value of the borrowings outstanding as of March 31, 2017 and December 31, 2016, was determined using a discounted cash flow technique that incorporates a market interest yield curve with adjustments for duration, risk profile and borrowings outstanding, which are based on unobservable inputs within Level 3 of the Fair Value Hierarchy. Supplemental Retirement Plan We have mutual fund assets that are measured at fair value on a recurring basis using Level 1 inputs. We have a Supplemental Retirement Plan for executives. The amounts held in trust under the Supplemental Retirement Plan using Level 2 inputs may be used to satisfy claims of general creditors in the event of our or any of our subsidiaries’ bankruptcy. We have liability to the executives participating in the Supplemental Retirement Plan for the participant account balances equal to the aggregate of the amount invested at the executives’ direction and the income earned in such mutual funds. The following summarizes as of March 31, 2017, our assets and liabilities measured at fair value on a recurring basis by level within the Fair Value Hierarchy: ( Level 1 Level 2 Level 3 Total Assets: Mutual funds 411 — — $ 411 Liabilities: Deferred compensation — 411 — $ 411 The following summarizes as of December 31, 2016, our assets and liabilities measured at fair value on a recurring basis by level within the Fair Value Hierarchy: ( Level 1 Level 2 Level 3 Total Assets: Mutual funds 565 — — $ 565 Liabilities: Deferred compensation — 565 — $ 565 Real Estate Assets We have certain real estate assets that are measured at fair value on a non-recurring

Discontinued Operations and Ass

Discontinued Operations and Assets Held For Sale	3 Months Ended
	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations and Assets Held For Sale	NOTE 10. — DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE We report as discontinued operations two properties which met the criteria to be accounted for as held for sale in accordance with GAAP as of June 30, 2014, and certain properties disposed of during the periods presented that were previously classified as held for sale as of June 30, 2014. All results of these discontinued operations are included in a separate component of income on the consolidated statements of operations under the caption discontinued operations. We elected to early adopt ASU 2014-08, During the three months ended March 31, 2017, we sold six properties resulting in a recognized loss of $331,000 that did not meet the criteria to be classified as discontinued operations. We determined that the six properties sold did not represent a strategic shift in our operations as defined in ASU 2014-08 Real estate held for sale consisted of the following at March 31, 2017 and December 31, 2016: (in thousands) March 31, 2017 December 31, 2016 Land 61 117 Buildings and improvements 678 528 739 645 Accumulated depreciation and amortization — — Real estate held for sale, net 739 645 The revenue from rental properties, impairment charges, other operating expenses and gains/losses on dispositions of real estate related to these properties are as follows: Three Months Ended March 31, (in thousands) 2017 2016 Revenues from rental properties — 5 Impairments (1,453 ) (320 ) Other operating income 1,978 333 Earnings from operating activities 525 18 (Loss) gains on dispositions of real estate — (157 ) Earnings (loss) from discontinued operations 525 (139 )

Property Acquisitions

Property Acquisitions	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Property Acquisitions	NOTE 11. — PROPERTY ACQUISITIONS During the quarter ended March 31, 2017, we acquired fee simple interests in five convenience store and gasoline station properties, in separate transactions, for an aggregate purchase price of $6,154,000. We accounted for the acquisitions of fee simple interests as asset acquisitions. We estimated the fair value of acquired tangible assets (consisting of land, buildings and improvements) “as if vacant.” Based on these estimates, we allocated $1,959,000 of the purchase price to land, $3,932,000 to buildings and improvements and $263,000 to in-place We evaluated these transactions under the new framework for determining whether an integrated set of assets and activities meets the definition of a business, pursuant to ASU 2017-01,

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	NOTE 12. — SUBSEQUENT EVENTS In preparing the unaudited consolidated financial statements, we have evaluated events and transactions occurring after March 31, 2017, for recognition or disclosure purposes. Based on this evaluation, there were no significant subsequent events from March 31, 2017, through the date the financial statements were issued.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of Getty Realty Corp. and its wholly-owned subsidiaries. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). We do not distinguish our principal business or our operations on a geographical basis for purposes of measuring performance. We manage and evaluate our operations as a single segment. All significant intercompany accounts and transactions have been eliminated. Certain reclassifications have been made to prior period amounts in order to conform to current period presentation.
Unaudited, Interim Consolidated Financial Statements	Unaudited, Interim Consolidated Financial Statements The consolidated financial statements are unaudited but, in our opinion, reflect all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results for the periods presented. These statements should be read in conjunction with the consolidated financial statements and related notes in our Annual Report on Form 10-K
Use of Estimates, Judgments and Assumptions	Use of Estimates, Judgments and Assumptions The consolidated financial statements have been prepared in conformity with GAAP, which requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the period reported. Estimates, judgments and assumptions underlying the accompanying consolidated financial statements include, but are not limited to, real estate, receivables, deferred rent receivable, direct financing leases, depreciation and amortization, impairment of long-lived assets, environmental remediation costs, environmental remediation obligations, litigation, accrued liabilities, income taxes and the allocation of the purchase price of properties acquired to the assets acquired and liabilities assumed. Application of these estimates and assumptions requires exercise of judgment as to future uncertainties and, as a result, actual results could differ materially from these estimates.
Real Estate	Real Estate Real estate assets are stated at cost less accumulated depreciation and amortization. For acquisitions of real estate which are accounted for as business combinations, we estimate the fair value of acquired tangible assets (consisting of land, buildings and improvements) “as if vacant” and identified intangible assets and liabilities (consisting of leasehold interests, above-market and below-market leases, in-place We capitalize direct costs, including costs such as construction costs and professional services, and indirect costs associated with the development and construction of real estate assets while substantive activities are ongoing to prepare the assets for their intended use. The capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use. When real estate assets are sold or retired, the cost and related accumulated depreciation and amortization is eliminated from the respective accounts and any gain or loss is credited or charged to income. We evaluate real estate sale transactions where we provide seller financing to determine sale and gain recognition in accordance with GAAP. Expenditures for maintenance and repairs are charged to income when incurred.
Direct Financing Leases	Direct Financing Leases Income under direct financing leases is included in revenues from rental properties and is recognized over the lease terms using the effective interest rate method which produces a constant periodic rate of return on the net investments in the leased properties. The investments in direct financing leases are increased for interest income earned and amortized over the life of the leases and reduced by the receipt of lease payments. We consider direct financing leases to be past-due We review our direct financing leases at least annually to determine whether there has been an other-than-temporary decline in the current estimate of residual value of the property. The residual value is our estimate of what we could realize upon the sale of the property at the end of the lease term, based on market information and third-party estimates where available. If this review indicates that a decline in residual value has occurred that is other-than-temporary, we recognize an impairment charge. There were no impairments of any of our direct financing leases during the three months ended March 31, 2017 and 2016. When we enter into a contract to sell properties that are recorded as direct financing leases, we evaluate whether we believe that it is probable that the disposition will occur. If we determine that the disposition is probable and therefore the property’s holding period is reduced, we record an allowance for credit losses to reflect the change in the estimate of the undiscounted future rents. Accordingly, the net investment balance is written down to fair value.
Notes and Mortgages Receivable	Notes and Mortgages Receivable Notes and mortgages receivable consists of loans originated by us in conjunction with property dispositions and funding provided to tenants in conjunction with property acquisitions. Notes and mortgages receivable are recorded at stated principal amounts. We evaluate the collectability of both interest and principal on each loan to determine whether it is impaired. A loan is considered to be impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due under the existing contractual terms. When a loan is considered to be impaired, the amount of the loss is calculated by comparing the recorded investment to the fair value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the underlying collateral, if the loan is collateralized. Interest income on performing loans is accrued as earned. Interest income on impaired loans is recognized on a cash basis. We do not provide for an additional allowance for loan losses based on the grouping of loans, as we believe that the characteristics of the loans are not sufficiently similar to allow an evaluation of these loans as a group for a possible loan loss allowance. As such, all of our loans are evaluated individually for impairment purposes. There were no impairments related to our notes and mortgages receivable during the three months ended March 31, 2017 and 2016.
Revenue Recognition and Deferred Rent Receivable	Revenue Recognition and Deferred Rent Receivable Minimum lease payments from operating leases are recognized on a straight-line basis over the term of the leases. The cumulative difference between lease revenue recognized under this method and the contractual lease payment terms is recorded as deferred rent receivable on our consolidated balance sheets. We reserve for a portion of the recorded deferred rent receivable if circumstances indicate that it is not reasonable to assume that the tenant will make all of its contractual lease payments when due during the current term of the lease. We make estimates of the collectability of our accounts receivable related to revenue from rental properties. We analyze accounts receivable and historical bad debt levels, customer creditworthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. Additionally, with respect to tenants in bankruptcy, we estimate the expected recovery through bankruptcy claims and increase the allowance for amounts deemed uncollectible. If our assumptions regarding the collectability of accounts receivable prove incorrect, we could experience write-offs of the accounts receivable or deferred rent receivable in excess of our allowance for doubtful accounts. The present value of the difference between the fair market rent and the contractual rent for above-market and below-market leases at the time properties are acquired is amortized into revenues from rental properties over the remaining terms of the in-place
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Assets are written down to fair value when events and circumstances indicate that the assets might be impaired and the projected undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. Assets held for disposal are written down to fair value less estimated disposition costs. We recorded impairment charges aggregating $3,737,000 and $2,309,000 for the three months ended March 31, 2017 and 2016, respectively, in continuing and discontinued operations. Our estimated fair values, as they relate to property carrying values were primarily based upon (i) estimated sales prices from third-party offers based on signed contracts, letters of intent or indicative bids, for which we do not have access to the unobservable inputs used to determine these estimated fair values, and/or consideration of the amount that currently would be required to replace the asset, as adjusted for obsolescence (this method was used to determine $2,792,000 of the $3,737,000 in impairments recognized during the three months ended March 31, 2017) and (ii) discounted cash flow models (there was no impairments recognized during the three months ended March 31, 2017 under this method). During the three months ended March 31, 2017, we recorded $945,000 of the $3,737,000 in impairments recognized due to the accumulation of asset retirement costs as a result of changes in estimates associated with our estimated environmental liabilities which increased the carrying values of certain properties in excess of their fair values. The estimated fair value of real estate is based on the price that would be received from the sale of the property in an orderly transaction between market participants at the measurement date. In general, we consider multiple internal valuation techniques when measuring the fair value of a property, all of which are based on unobservable inputs and assumptions that are classified within Level 3 of the Fair Value Hierarchy. These unobservable inputs include assumed holding periods ranging up to 15 years, assumed average rent increases of 2.0% annually, income capitalized at a rate of 8.0% and cash flows discounted at a rate of 7.0%. These assessments have a direct impact on our net income because recording an impairment loss results in an immediate negative adjustment to net income. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future rental rates and operating expenses that could differ materially from actual results in future periods. Where properties held for use have been identified as having a potential for sale, additional judgments are required related to the determination as to the appropriate period over which the projected undiscounted cash flows should include the operating cash flows and the amount included as the estimated residual value. This requires significant judgment. In some cases, the results of whether impairment is indicated are sensitive to changes in assumptions input into the estimates, including the holding period until expected sale.
Deferred Gain	Deferred Gain On August 3, 2015, we terminated our unitary triple-net 360-20,
Fair Value of Financial Instruments	Fair Value of Financial Instruments All of our financial instruments are reflected in the accompanying consolidated balance sheets at amounts which, in our estimation based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values, except those separately disclosed in the notes below. The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates of fair value that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the period reported using a hierarchy (the “Fair Value Hierarchy”) that prioritizes the inputs to valuation techniques used to measure the fair value. The Fair Value Hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels of the Fair Value Hierarchy are as follows: “Level 1” – inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date; “Level 2” – inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and “Level 3” – inputs that are unobservable. Certain types of assets and liabilities are recorded at fair value either on a recurring or non-recurring marked-to-market non-recurring
Environmental Remediation Obligations	Environmental Remediation Obligations We record the fair value of a liability for an environmental remediation obligation as an asset and liability when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. Environmental remediation obligations are estimated based on the level and impact of contamination at each property. The accrued liability is the aggregate of the best estimate of the fair value of cost for each component of the liability. The accrued liability is net of recoveries of environmental costs from state underground storage tank (“UST”) remediation funds with respect to both past and future environmental spending based on estimated recovery rates developed from prior experience with the funds. Net environmental liabilities are currently measured based on their expected future cash flows which have been adjusted for inflation and discounted to present value. We accrue for environmental liabilities that we believe are allocable to other potentially responsible parties if it becomes probable that the other parties will not pay their environmental remediation obligations.
Income Taxes	Income Taxes We and our subsidiaries file a consolidated federal income tax return. Effective January 1, 2001, we elected to qualify, and believe that we are operating so as to qualify, as a REIT for federal income tax purposes. Accordingly, we generally will not be subject to federal income tax on qualifying REIT income, provided that distributions to our shareholders equal at least the amount of our taxable income as defined under the Internal Revenue Code. We accrue for uncertain tax matters when appropriate. The accrual for uncertain tax positions is adjusted as circumstances change and as the uncertainties become more clearly defined, such as when audits are settled or exposures expire. Tax returns for the years 2013, 2014 and 2015, and tax returns which will be filed for the year ended 2016, remain open to examination by federal and state tax jurisdictions under the respective statutes of limitations.
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09”). 2014-09 2014-09, 2014-09 2014-09 2014-09 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) 2016-02”). 2016-02 2016-02 2016-02 2016-02 On March 30, 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting 2016-09”), 2016-09 On May 9, 2016, the FASB issued ASU 2016-12, Narrow-Scope Improvements and Practical Expedients 2016-12”), 2014-09, 2016-12 On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments 2016-13”) 2016-13 2016-13 In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). 2016-15 2016-15 In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash 2016-18”). 2016-18 2016-18 2016-18 beginning-of-period, end-of-period In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). 2017-01 2017-01 2017-01 On February 22, 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20), 2017-05”) in-substance non-financial non-customers, 2017-05 360-20 2017-05 2017-05

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Maturity Amounts Outstanding Under Credit Agreement and Second Restated Prudential Note Purchase Agreement	The amounts outstanding under our Credit Agreement and Second Restated Prudential Note Purchase Agreement (both defined below) are as follows (in thousands): Maturity Date Interest March 31, 2017 December 31, 2016 Unsecured Revolving Credit Facility June 2018 3.33% $ 25,000 $ 75,000 Unsecured Term Loan June 2020 3.28% 50,000 50,000 Series A Notes February 2021 6.00% 100,000 100,000 Series B Notes June 2023 5.35% 75,000 75,000 Series C Notes February 2025 4.75% 50,000 — Total debt 300,000 300,000 Unamortized debt issuance costs, net (1,397 ) (1,456 ) Total debt, net $ 298,603 $ 298,544
Summary of Scheduled Debt Maturities, Including Balloon Payments	As of March 31, 2017, scheduled debt maturities, including balloon payments, are as follows (in thousands): Revolving Term Loan Senior Unsecured Notes Total 2017 $ — $ — $ — $ — 2018 (1) 25,000 — — 25,000 2019 — — — — 2020 — 50,000 — 50,000 2021 — — 100,000 100,000 Thereafter — — 125,000 125,000 Total $ 25,000 $ 50,000 $ 225,000 $ 300,000 (1) The Revolving Facility matures in June 2018 and may be extended for one year at our election, subject to certain conditions.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Summary of Changes in Shareholders' Equity	A summary of the changes in shareholders’ equity for the three months ended March 31, 2017, is as follows (in thousands, except per share amounts): COMMON STOCK ADDITIONAL PAID-IN DIVIDENDS PAID IN EXCESS SHARES AMOUNT CAPITAL OF EARNINGS TOTAL BALANCE, DECEMBER 31, 2016 34,393 344 485,659 (55,085 ) 430,918 Net earnings 9,704 9,704 Dividends declared — $0.28 per share (9,827 ) (9,827 ) Shares issued pursuant to ATM Program, net 168 2 4,278 — 4,280 Shares issued pursuant to dividend reinvestment 12 — 312 — 312 Stock-based compensation 24 — (798 ) — (798 ) BALANCE, MARCH 31, 2017 34,597 346 489,451 (55,208 ) 434,589

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Basic and diluted earnings per common share gives effect, utilizing the two-class non-forfeitable Three Months Ended March 31, (in thousands) 2017 2016 Earnings from continuing operations 9,179 7,842 Less dividend equivalents attributable to RSUs outstanding (121 ) (109 ) Earnings from continuing operations attributable to common shareholders 9,058 7,733 Earnings (loss) from discontinued operations 525 (139 ) Less dividend equivalents attributable to RSUs outstanding (7 ) — Earnings (loss) from discontinued operations attributable to common shareholders 518 (139 ) Net earnings attributable to common shareholders used for basic and diluted earnings per share calculation 9,576 7,594 Weighted average common shares outstanding: Basic and diluted 34,555 33,659 Basic and diluted earnings per common share 0.28 0.23

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following summarizes as of March 31, 2017, our assets and liabilities measured at fair value on a recurring basis by level within the Fair Value Hierarchy: ( Level 1 Level 2 Level 3 Total Assets: Mutual funds 411 — — $ 411 Liabilities: Deferred compensation — 411 — $ 411 The following summarizes as of December 31, 2016, our assets and liabilities measured at fair value on a recurring basis by level within the Fair Value Hierarchy: ( Level 1 Level 2 Level 3 Total Assets: Mutual funds 565 — — $ 565 Liabilities: Deferred compensation — 565 — $ 565

Discontinued Operations and A23

Discontinued Operations and Assets Held For Sale (Tables)	3 Months Ended
	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Real Estate Held for Sale	Real estate held for sale consisted of the following at March 31, 2017 and December 31, 2016: (in thousands) March 31, 2017 December 31, 2016 Land 61 117 Buildings and improvements 678 528 739 645 Accumulated depreciation and amortization — — Real estate held for sale, net 739 645
Schedule of Earnings (Loss) on Discontinued Operations	The revenue from rental properties, impairment charges, other operating expenses and gains/losses on dispositions of real estate related to these properties are as follows: Three Months Ended March 31, (in thousands) 2017 2016 Revenues from rental properties — 5 Impairments (1,453 ) (320 ) Other operating income 1,978 333 Earnings from operating activities 525 18 (Loss) gains on dispositions of real estate — (157 ) Earnings (loss) from discontinued operations 525 (139 )

Description of Business - Addit

Description of Business - Additional Information (Detail)	Mar. 31, 2017PropertyState
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties in portfolio | Property	823
Number of states in which our properties are located | State	24

Accounting Policies - Additiona

Accounting Policies - Additional Information (Detail)	Aug. 03, 2015USD ($)PropertyTenants	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Impairment charges		$ 3,737,000	$ 2,309,000
Total consideration for properties sold including seller financing	$ 15,000,000
Direct Financing Leases Financing Receivable [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Impairment charges		0	0
Estimated Sale Price Method [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Impairment charges		3,737,000
Estimated fair value		2,792,000
Discounted Cash Flow Method [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Impairment charges		0
Estimated fair value		0
Accumulation of Asset Retirement Cost Method [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Impairment charges		3,737,000
Estimated fair value		$ 945,000
Level 3 [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Assumed holding periods for unobservable inputs		15 years
Assumed annual average rent increases for unobservable inputs		2.00%
Rate of income capitalization for unobservable inputs		8.00%
Cash flows discounted rate for unobservable inputs		7.00%
Notes and Mortgages Receivable [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Impairment charges		$ 0	$ 0
Ramoco Affiliates [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of properties sold to Ramoco affiliates that were previously included in the Ramoco lease | Tenants	48
Number of leased properties | Property	61
Seller Financing Mortgage [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Total consideration for properties sold including seller financing	$ 13,900,000
Accounts Payable and Accrued Liabilities [Member] | Ramoco Affiliates [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Deferred gain on sale of property				$ 3,900,000

Leases - Additional Information

Leases - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)PropertyState	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Leases [Line Items]
Number of properties in portfolio | Property	823
Number of states in which our properties are located | State	24
Revenues from rental properties included in continuing operations	$ 24,263,000	$ 24,388,000
Revenues from rental properties	23,843,000	23,436,000
Rental revenue increase due to revenue recognition adjustments included in continuing operations	419,000	952,000
Deferred rent receivables reserves	0	0
Real Estate Taxes and other municipal charges paid then reimbursed by tenants included in revenues and expenses from continuing operations	2,627,000	2,921,000
Lease origination costs	30,000	$ 145,000
Net investment in direct financing leases	91,518,000		$ 92,097,000
Net Investments in direct financing lease, minimum lease payments receivable	163,936,000		167,064,000
Net Investment in direct financing lease, unguaranteed estimated residual value	13,979,000		13,979,000
Net Investment in direct financing lease, deferred income	$ 86,397,000		$ 88,946,000
Third Parties [Member]
Leases [Line Items]
Number of properties leased | Property	87
Owned Properties [Member]
Leases [Line Items]
Number of properties | Property	736

Leases - Major Tenants - Additi

Leases - Major Tenants - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017PropertyTenantsLease	Mar. 31, 2016
Leases [Line Items]
Number of significant tenants | Tenants	3
Subsidiaries of Global Partners LP (NYSE GLP) [Member]
Leases [Line Items]
Number of leased properties | Property	164
Lease revenue percentage	21.00%	19.00%
Number of leased properties guaranteed	3
Subsidiaries of Chestnut Petroleum Dist. Inc.[Member]
Leases [Line Items]
Number of leased properties | Property	76
Lease revenue percentage	17.00%	18.00%
Number of unitary leases	2
Number of leased properties guaranteed	57
Apro, LLC (d/b/a United Oil) [Member]
Leases [Line Items]
Number of leased properties | Property	77
Lease revenue percentage	16.00%	16.00%
Number of unitary leases	3

Leases - Marketing and the Mast

Leases - Marketing and the Master Lease - Additional Information (Detail)	Mar. 31, 2017USD ($)PropertyPortfolios
Leases [Line Items]
Number of new triple net leases entered into during the period | Portfolios	14
Number of leased properties with new tenants | Property	345
Number of leased properties as single unit triple net leases | Portfolios	24
Maximum lease commitment for capital expenditure	$ 9,972,000
USTs [Member]
Leases [Line Items]
Asset retirement obligations removed from balance sheet	13,813,000
Net asset retirement costs related to USTs removed from balance sheet	10,808,000
Deferred rental revenue	$ 3,005,000
Minimum [Member]
Leases [Line Items]
Unitary triple-net lease agreements initial terms	15 years
Maximum [Member]
Leases [Line Items]
Unitary triple-net lease agreements initial terms	20 years
Unitary triple-net lease agreements successive terms	20 years
Getty Petroleum Marketing Inc [Member]
Leases [Line Items]
Number of properties previously leased | Property	386

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Oct. 05, 2016	Mar. 04, 2016USD ($)	Jul. 07, 2014Defendant	May 31, 2007Defendant	Mar. 31, 2017USD ($)Defendant	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Mar. 30, 2017Parties	Dec. 31, 2016USD ($)	Sep. 30, 2003Parties
Loss Contingencies [Line Items]
Accrued legal matters					$ 11,556,000				$ 11,768,000
Provisions for litigation losses					$ 73,000	$ 60,000
Occidental Chemical Corporation [Member] | EPA [Member]
Loss Contingencies [Line Items]
Number of potentially responsible parties | Parties								20
Remedial design performance period under EPA settlement agreement	4 years
8 Mile Stretch of Lower Passaic River [Member]
Loss Contingencies [Line Items]
Cost estimate for remediating Lower Passaic River		$ 1,380,000,000
Minimum [Member] | 17 Mile Stretch of Lower Passaic River [Member]
Loss Contingencies [Line Items]
Cost estimate for remediating Lower Passaic River							$ 483,000,000
Maximum [Member] | 17 Mile Stretch of Lower Passaic River [Member]
Loss Contingencies [Line Items]
Cost estimate for remediating Lower Passaic River							$ 725,000,000
Lower Passaic River [Member]
Loss Contingencies [Line Items]
Number of potentially responsible parties | Parties										66
Lower Passaic River [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Parties to perform a remedial investigation and feasibility study | Defendant				70
NJ | MTBE [Member]
Loss Contingencies [Line Items]
Number of defendants in the MTBE complaint | Defendant					50
PA | MTBE [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Number of defendants in the MTBE complaint | Defendant			50

Debt - Schedule of Maturity Amo

Debt - Schedule of Maturity Amounts Outstanding Under Credit Agreement and Second Restated Prudential Note Purchase Agreement (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Line of Credit Facility [Line Items]
Borrowings under purchase agreement, outstanding amount	$ 224,627	$ 174,743
Borrowings under credit agreement, outstanding amount	73,976	123,801
Total	300,000	300,000
Unamortized debt issuance costs, net	(1,397)	(1,456)
Total debt, net	$ 298,603	$ 298,544
Revolving Facility [Member]
Line of Credit Facility [Line Items]
Maturity Date	Jun. 2, 2018	Jun. 2, 2018
Interest Rate	3.33%	3.33%
Borrowings under credit agreement, outstanding amount	$ 25,000	$ 75,000
Total	$ 25,000
Term Loan [Member]
Line of Credit Facility [Line Items]
Maturity Date	Jun. 2, 2020	Jun. 2, 2020
Interest Rate	3.28%	3.28%
Borrowings under credit agreement, outstanding amount	$ 50,000	$ 50,000
Total	$ 50,000
Series A Notes Maturing on February 2021 [Member]
Line of Credit Facility [Line Items]
Maturity Date	Feb. 25, 2021	Feb. 25, 2021
Interest Rate	6.00%	6.00%
Borrowings under purchase agreement, outstanding amount	$ 100,000	$ 100,000
Series B Notes Maturing on June 2023 [Member]
Line of Credit Facility [Line Items]
Maturity Date	Jun. 2, 2023	Jun. 2, 2023
Interest Rate	5.35%	5.35%
Borrowings under purchase agreement, outstanding amount	$ 75,000	$ 75,000
Series C Notes Maturing on February 2025 [Member]
Line of Credit Facility [Line Items]
Maturity Date	Feb. 25, 2025	Feb. 25, 2025
Interest Rate	4.75%	4.75%
Borrowings under purchase agreement, outstanding amount	$ 50,000

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Jun. 02, 2015	Mar. 31, 2017	Dec. 31, 2016
Credit and Loan Agreement [Line Items]
Credit agreement initiation date		Jun. 2, 2015
Senior unsecured revolving credit agreement	$ 225,000,000
Term loan under credit agreement	50,000,000
Revolving facility optional extension period		1 year
Minimum [Member]
Credit and Loan Agreement [Line Items]
Annual commitment fee on undrawn funds		0.25%
Maximum [Member]
Credit and Loan Agreement [Line Items]
Annual commitment fee on undrawn funds		0.30%
Second Restated Prudential Note Purchase Agreement [Member]
Credit and Loan Agreement [Line Items]
Senior unsecured note, issuance date		Feb. 21, 2017
Second Restated Prudential Note Purchase Agreement [Member] | Series A Note [Member]
Credit and Loan Agreement [Line Items]
Senior unsecured note purchase agreement, maturity date		Feb. 25, 2021
Senior unsecured note, aggregate amount issued		$ 100,000,000
Interest rate on agreement		6.00%
Second Restated Prudential Note Purchase Agreement [Member] | Series B Notes [Member]
Credit and Loan Agreement [Line Items]
Senior unsecured note purchase agreement, maturity date		Jun. 2, 2023
Senior unsecured note, aggregate amount issued		$ 75,000,000
Interest rate on agreement		5.35%
Second Restated Prudential Note Purchase Agreement [Member] | Series C Notes [Member]
Credit and Loan Agreement [Line Items]
Senior unsecured note purchase agreement, maturity date		Feb. 25, 2025
Senior unsecured note, aggregate amount issued		$ 50,000,000
Interest rate on agreement		4.75%
Restated Prudential Note Purchase Agreement [Member]
Credit and Loan Agreement [Line Items]
Amount of rate increase in case of default		2.00%
Revolving Facility [Member]
Credit and Loan Agreement [Line Items]
Revolving facility under credit agreement	175,000,000
Senior unsecured note purchase agreement, maturity date		Jun. 2, 2018	Jun. 2, 2018
Credit facility agreement, maturity date		Jun. 2, 2018
Option to increase credit facility	75,000,000
Credit facility amount	$ 250,000,000
Revolving facility optional extension period		1 year
Interest rate on agreement		3.33%	3.33%
Revolving Facility [Member] | Minimum [Member]
Credit and Loan Agreement [Line Items]
Credit agreement margin on borrowing base rate		0.95%
Revolving Facility [Member] | Minimum [Member] | LIBOR [Member]
Credit and Loan Agreement [Line Items]
Credit agreement margin on borrowing base rate		1.95%
Revolving Facility [Member] | Maximum [Member]
Credit and Loan Agreement [Line Items]
Credit agreement margin on borrowing base rate		2.25%
Revolving Facility [Member] | Maximum [Member] | LIBOR [Member]
Credit and Loan Agreement [Line Items]
Credit agreement margin on borrowing base rate		3.25%
Term Loan [Member]
Credit and Loan Agreement [Line Items]
Senior unsecured note purchase agreement, maturity date		Jun. 2, 2020	Jun. 2, 2020
Interest rate on agreement		3.28%	3.28%
Term Loan [Member] | Minimum [Member]
Credit and Loan Agreement [Line Items]
Credit agreement margin on borrowing base rate		0.90%
Term Loan [Member] | Minimum [Member] | LIBOR [Member]
Credit and Loan Agreement [Line Items]
Credit agreement margin on borrowing base rate		1.90%
Term Loan [Member] | Maximum [Member]
Credit and Loan Agreement [Line Items]
Credit agreement margin on borrowing base rate		2.20%
Term Loan [Member] | Maximum [Member] | LIBOR [Member]
Credit and Loan Agreement [Line Items]
Credit agreement margin on borrowing base rate		3.20%

Debt - Summary of Scheduled Deb

Debt - Summary of Scheduled Debt Maturities, Including Balloon Payments (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
2,017	$ 0
2,018	25,000
2,019	0
2,020	50,000
2,021	100,000
Thereafter	125,000
Total	300,000	$ 300,000
Revolving Facility [Member]
Debt Instrument [Line Items]
2,017	0
2,018	25,000
2,019	0
2,020	0
2,021	0
Thereafter	0
Total	25,000
Term Loan [Member]
Debt Instrument [Line Items]
2,017	0
2,018	0
2,019	0
2,020	50,000
2,021	0
Thereafter	0
Total	50,000
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
2,017	0
2,018	0
2,019	0
2,020	0
2,021	100,000
Thereafter	125,000
Total	$ 225,000

Debt - Summary of Scheduled D33

Debt - Summary of Scheduled Debt Maturities, Including Balloon Payments (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2017
Debt Instrument [Line Items]
Revolving facility optional extension period	1 year
Revolving Facility [Member]
Debt Instrument [Line Items]
Credit facility agreement, maturity date	Jun. 2, 2018
Revolving facility optional extension period	1 year

Environmental Obligations - Add

Environmental Obligations - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Jul. 31, 2012	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Other Commitments [Line Items]
Pollution legal liability insurance policy duration	10 years
Pollution legal liability insurance policy aggregate limit	$ 50,000,000
Remediation agreement of lease		We have agreed to be responsible for environmental contamination at the premises that was known at the time the lease commenced, and which existed prior to commencement of the lease and is discovered (other than as a result of a voluntary site investigation) during the first ten years of the lease term (or a shorter period for a minority of such leases).
Environmental remediation liability		$ 68,824,000		$ 74,516,000
Future environmental liabilities				45,009,000
Accretion expense		1,033,000	$ 953,000
Amounts of credits to environmental expenses included in continuing and discontinued operations		4,317,000	987,000
Increase in carrying value of property		1,560,000	2,381,000
Non-cash impairment charges		$ 2,120,000	2,151,000
Estimated remaining useful life of underground storage tank for capitalized asset retirement costs		10 years
Depreciation and amortization expense for capitalized asset retirement costs		$ 1,105,000	1,342,000
Capitalized asset retirement costs		$ 47,030,000	50,886,000
Minimum [Member]
Other Commitments [Line Items]
Environmental remediation liability discount range		4.00%
Environmental remediation liability fair value, expected future net cash flows		2.00%
Maximum [Member]
Other Commitments [Line Items]
Environmental remediation liability discount range		7.00%
Environmental remediation liability fair value, expected future net cash flows		2.75%
USTs [Member]
Other Commitments [Line Items]
Asset retirement obligations removed from balance sheet		$ 13,813,000
Net asset retirement costs related to USTs removed from balance sheet		10,808,000
Deferred rental revenue		3,005,000
Reasonably Estimable Environmental Remediation Obligation [Member]
Other Commitments [Line Items]
Environmental remediation liability		23,711,000		29,507,000
Future Environmental Liabilities for Preexisting Unknown Contamination [Member]
Other Commitments [Line Items]
Environmental remediation liability		45,113,000		$ 45,009,000
Capitalized asset retirement costs		28,227,000	30,394,000
Known Environmental Liabilities [Member]
Other Commitments [Line Items]
Capitalized asset retirement costs		$ 18,803,000	$ 20,492,000

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Changes in Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Shareholders Equity [Line Items]
Beginning balance, value	$ 430,918
Net earnings	9,704	$ 7,703
Dividends	(9,827)
Shares issued pursuant to ATM Program, net, value	4,280
Shares issued pursuant to dividend reinvestment, value	$ 312
Shares issued pursuant to dividend reinvestment, shares	12,052
Stock-based compensation, Value	$ (798)
Ending balance, value	434,589
Common Stock [Member]
Shareholders Equity [Line Items]
Beginning balance, value	$ 344
Beginning balance, shares	34,393,000
Shares issued pursuant to ATM Program, net, value	$ 2
Shares issued pursuant to ATM Program, net, shares	168,000
Shares issued pursuant to dividend reinvestment, shares	12,000
Stock-based compensation, Shares	24,000
Ending balance, value	$ 346
Ending balance, shares	34,597,000
Additional Paid-in-Capital [Member]
Shareholders Equity [Line Items]
Beginning balance, value	$ 485,659
Shares issued pursuant to ATM Program, net, value	4,278
Shares issued pursuant to dividend reinvestment, value	312
Stock-based compensation, Value	(798)
Ending balance, value	489,451
Dividends Paid in Excess of Earnings [Member]
Shareholders Equity [Line Items]
Beginning balance, value	(55,085)
Net earnings	9,704
Dividends	(9,827)
Ending balance, value	$ (55,208)

Shareholders' Equity - Summar36

Shareholders' Equity - Summary of Changes in Shareholders' Equity (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2017$ / shares
Equity [Abstract]
Dividends per share	$ 0.28

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	Mar. 01, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Shareholders Equity [Line Items]
Stock options outstanding		5,000		5,000
Stock options exercisable price		$ 27.68		$ 27.68
Stock options expiration date		May 15, 2017		May 15, 2017
Stock options outstanding intrinsic value		$ 0		$ 0
Preferred stock, shares authorized		20,000,000		20,000,000
Preferred stock, par value		$ 0.01		$ 0.01
Preferred stock, shares issued		0		0
Proceeds from issuance of shares		$ 4,280,000
Payments of regular and special dividends			$ 15,897,000
Dividends paid per share			$ 0.47
Payment of regular quarterly dividend		$ 9,741,000	$ 8,456,000
Payment of special dividend			$ 7,441,000
Regular quarterly dividends paid per share		$ 0.28	$ 0.25
Special dividends paid per share			$ 0.22
Shares issued under dividend reinvestment plan		12,052
Value of shares issued under Shares issued under Dividend Reinvestment Plan		$ 312,000
Stock based compensation expenses		$ 302,000	$ 375,000
ATM Program [Member]
Shareholders Equity [Line Items]
Shares issued		168,000
Proceeds from issuance of shares		$ 4,280,000
Stock issuance costs		360,000
ATM Program [Member] | Maximum [Member]
Shareholders Equity [Line Items]
Aggregate sales price		$ 125,000,000
Amended and Restated 2004 Omnibus Incentive Compensation Plan [Member] | Restricted Stock Units [Member]
Shareholders Equity [Line Items]
Restricted stock units, granted	94,250

Earnings Per Common Share - Add

Earnings Per Common Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Stock Options [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive securities Excluded from calculation of EPS	5,000	5,000

Earnings Per Common Share - Sch

Earnings Per Common Share - Schedule of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings from continuing operations	$ 9,179	$ 7,842
Less dividend equivalents attributable to RSUs outstanding	(121)	(109)
Earnings from continuing operations attributable to common shareholders	9,058	7,733
Earnings (loss) from discontinued operations	525	(139)
Less dividend equivalents attributable to RSUs outstanding	(7)
Earnings (loss) from discontinued operations attributable to common shareholders	518	(139)
Net earnings attributable to common shareholders used for basic and diluted earnings per share calculation	$ 9,576	$ 7,594
Weighted average common shares outstanding basic and diluted	34,555	33,659
Basic and diluted earnings per common share	$ 0.28	$ 0.23

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Senior Unsecured Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of borrowings under senior unsecured notes	$ 236,900	$ 181,000
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate assets measured at fair value	$ 1,504	$ 780

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	$ 411	$ 565
Deferred Compensation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities	411	565
Level 1 [Member] | Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	411	565
Level 2 [Member] | Deferred Compensation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities	$ 411	$ 565

Discontinued Operations and A42

Discontinued Operations and Assets Held For Sale - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)Property	Jun. 30, 2014Property
Discontinued Operations and Disposal Groups [Abstract]
Number of real estate properties held for sale		2
Number of properties sold	6
Loss from sale of properties | $	$ 331
Number of properties for which loss on dispositions are included in earnings	6

Discontinued Operations and A43

Discontinued Operations and Assets Held For Sale - Schedule of Real Estate Held for Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real Estate Held For Sale [Line Items]
Accumulated depreciation and amortization	$ (122,626)	$ (120,576)
Real estate, net	659,844	661,590
Real Estate Held for Sale [Member]
Real Estate Held For Sale [Line Items]
Land	61	117
Buildings and improvements	678	528
Real estate held for sale, gross	739	645
Accumulated depreciation and amortization	0	0
Real estate, net	$ 739	$ 645

Discontinued Operations and A44

Discontinued Operations and Assets Held For Sale - Schedule of Earnings (Loss) on Discontinued Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Revenues from rental properties		$ 5
Impairments	$ (1,453)	(320)
Other operating income	1,978	333
Earnings from operating activities	525	18
(Loss) gains on dispositions of real estate		(157)
Earnings (loss) from discontinued operations	$ 525	$ (139)

Property Acquisitions - Additio

Property Acquisitions - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)Property
Business Acquisition [Line Items]
Number of gasoline stations and convenience stores acquired during the period | Property	5
Aggregate purchase price of the gasoline stations and convenience stores acquired during the period	$ 6,154
Gasoline Stations and Convenience Store Properties [Member]
Business Acquisition [Line Items]
Aggregate purchase price of the gasoline stations and convenience stores acquired during the period	6,154
Land [Member] | Gasoline Stations and Convenience Store Properties [Member]
Business Acquisition [Line Items]
Purchase price allocation, assets acquired	1,959
Buildings and Improvements [Member] | Gasoline Stations and Convenience Store Properties [Member]
Business Acquisition [Line Items]
Purchase price allocation, assets acquired	3,932
Land Building and Equipment [Member] | Gasoline Stations and Convenience Store Properties [Member]
Business Acquisition [Line Items]
Purchase price allocated to in-place leases	$ 263