QUARTERLY FINANCIAL DATA

12 Months Ended

Dec. 31, 2012

QUARTERLY FINANCIAL DATA

10. QUARTERLY FINANCIAL DATA

The following is a summary of the quarterly results of operations for the years ended December 31, 2012 and 2011 (unaudited as to quarterly information) (in thousands, except per share amounts):

	THREE MONTHS ENDED										YEAR ENDED DECEMBER 31,
YEAR ENDED DECEMBER 31, 2012(a)	MARCH 31,		JUNE 30,		SEPTEMBER 30,			DECEMBER 31,
Revenues from rental properties	$	28,035	$	25,434	$	22,324		$	23,493		$	99,286
Earnings from continuing operations		5,307		2,357		1,782			4,362			13,808
Net earnings (loss)		6,485		3,626		(3,465	)		5,801			12,447
Diluted earnings (loss) per common share:
Earnings from continuing operations		.16		.07		.05			.13			.41
Net earnings (loss)		.19		.11		(.10	)		.17			.37
	THREE MONTHS ENDED										YEAR ENDED DECEMBER 31,
YEAR ENDED DECEMBER 31, 2011(b)	MARCH 31,		JUNE 30,		SEPTEMBER 30,			DECEMBER 31,
Revenues from rental properties	$	23,444	$	24,502	$	24,724		$	27,593		$	100,263
Earnings (loss) from continuing operations		10,231		13,016		2,635			(16,458	)		9,424
Net earnings (loss)		11,386		15,202		5,350			(19,482	)		12,456
Diluted earnings (loss) per common share:
Earnings (loss) from continuing operations		.31		.39		.08			(.49	)		.28
Net earnings (loss)		.35		.45		.16			(.58	)		.37

(a) Includes for the respective periods the effect of:

• An accounts receivable reserve of $13,980,000, related to Marketing, recorded in the year ended December 31, 2012, net of a partial reversal of $1,781,000 recorded in the quarter ended December 31, 2012. (See footnotes 2 and 3 for additional information.)

• Impairment charges of $13,942,000 recorded for the year ended December 31, 2012, of which $3,390,000 was recorded in the quarter ended December 31, 2012. (See footnote 3 for additional information.)

(b) Includes for the respective periods the effect of:

• The January 13, 2011 acquisition of gasoline station and convenience store properties in a sale/leaseback and loan transaction with CPD NY Energy Corp. for $111,621,000 and the March 31, 2011 acquisition of gasoline station and convenience store properties in a sale/leaseback transaction with Nouria Energy Ventures I, LLC for $87,047,000. (See footnote 11 for additional information.)

• Allowances for deferred rent receivables of $8,715,000 and $11,043,000, related to Marketing, which were recorded in the quarters ended September 30, 2011 and December 31, 2011, respectively. (See footnotes 2 and 3 for additional information.)

• An accounts receivable reserve of $8,802,000, related to Marketing, recorded in the quarter ended December 31, 2011. (See footnotes 2 and 3 for additional information.)

• Impairment charges of $20,200,000 recorded for the year ended December 31, 2011, of which $17,132,000 was recorded in the quarter ended December 31, 2011. (See footnote 3 for additional information.)