2001

Gray & Gregory v. GTE South Inc.

Supreme Court of Virginia

261 Va. 67, 540 S.E.2d 498

Public service corporation sought to condemn three parcels of land for which landowner had three 15-year leases, each at $30,000 paid at commencement of the lease. GTE South was the successor-in-interest to original lessee. GTE South moved in limine to exclude leases from consideration of just compensation. Trial court granted motion. Supreme Court reversed and remanded. When real property was subject to a taking, evidence of the amount of rental income generated by that property was a relevant factor that the commissioners were entitled to consider when determining the fair market value of the property. The leases were in effect at the time of filing of petition and the amount of the income generated was relevant to the fair market value of the properties.

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