Getty Realty Corp. closes $260.9M sale leaseback with Refuel

NEW YORK, Sept. 22, 2026 /CourierPR/ -- Getty Realty Corp. has closed a $260.9 million sale leaseback transaction with Refuel Operating Company, LLC, a leading convenience store and retail fuel owner and operator with approximately 250 locations in five states across the Southeastern United States. Pursuant to the transaction, the Company acquired 41 convenience stores and simultaneously entered into four long-term, unitary net leases with Refuel (the "Refuel Transaction").

The acquired properties are diversified across several growing markets and include 17 stores in South Carolina, 12 stores in North Carolina, seven stores in Texas, and five stores in Mississippi. The properties in each state are subject to unitary leases with initial terms of 20 years, multiple renewal options, and rent increases every five years. The 41 convenience stores are modern, large-format locations that include proprietary hot food offerings and/or branded QSRs, and average nearly 5,000 square feet and 2.5 acres per site.

The transaction, which closed subsequent to June 30, 2026, represents the largest tenant in the Company's portfolio, accounting for approximately 7.7% of the Company's annualized base rent. This partnership with Refuel marks the Company's third largest tenant, following existing relationships with existing tenants at six convenience stores owned by the Company, five of which were financed through Getty's development funding program.

The Company has invested approximately $455.2 million in convenience and automotive retail assets at a 7.1% initial cash yield, including the Refuel Transaction and approximately $35.7 million of additional investment activity subsequent to June 30, 2026. The Company currently has a committed investment pipeline of more than $125.0 million for the development and/or acquisition of additional convenience and automotive retail properties at initial cash yields averaging 7.8%.

Subsequent to June 30, 2026, the Company entered into new forward sale agreements to sell approximately 0.8 million shares of common stock for anticipated gross proceeds of approximately $26.4 million. The Company currently has a total of approximately 6.6 million shares of common stock subject to outstanding forward sale agreements, which are anticipated to raise gross proceeds of approximately $216.9 million upon settlement. The Company anticipates using approximately $100.0 million of the proceeds to fund a portion of the Refuel Transaction.

The new term loan is expected to close in October 2026 and mature in October 2028, with three one-year extension options exercisable at the Company's option, subject to certain standard conditions. The Company has identified select properties for disposition that are expected to generate at least $50.0 million of gross proceeds, which can be accretively redeployed to fund a portion of the Refuel Transaction. Year to date, the Company has sold 13 properties for gross proceeds of $19.1 million, representing a 5.7% cap rate on stabilized assets, and has additional properties in various stages of the disposition process.