1052752--3/17/2008--GETTY_REALTY_CORP_/MD/

related topics
{investment, property, distribution}
{debt, indebtedness, cash}
{financial, litigation, operation}
{loan, real, estate}
{capital, credit, financial}
{personnel, key, retain}
{cost, regulation, environmental}
{regulation, change, law}
{tax, income, asset}
{loss, insurance, financial}
{competitive, industry, competition}
{regulation, government, change}
In 2004, we received a comment letter from the SEC that contains one comment that remains unresolved. Substantially all of our tenants depend on the same industry for their revenues. Property taxes on our properties may increase without notice. We have incurred, and may continue to incur, operating costs as a result of environmental laws and regulation, which could reduce our profitability We are defending pending lawsuits and claims and are subject to material losses. A significant portion of our properties are concentrated in the Northeast and Mid-Atlantic regions of the United States, and adverse conditions in those regions, in particular, could negatively impact our operations. We are in a competitive business. Our future cash flow is dependent on renewal of leases and either reletting or selling our properties. We may acquire or develop new properties, and this may create risks. We are subject to losses that may not be covered by insurance. Failure to qualify as a REIT under the federal income tax laws would have adverse consequences to our shareholders. As a REIT, we are dependent on external sources of capital which may not be available on favorable terms, if at all. The recent downturn in the credit markets has increased the cost of borrowing and has made financing difficult to obtain, which may negatively impact our business, and may have a material adverse effect on us. Lenders may require us to enter into more restrictive covenants relating to our operations. The loss of certain members of our management team could adversely affect our business. Our business operations may not generate sufficient cash for distributions or debt service. Our accounting policies and methods are fundamental to how we record and report our financial position and results of operations, and they require management to make estimates, judgments and assumptions about matters that are inherently uncertain.

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