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Getty Realty bets on convenience and auto demand through market swings
CEO Chris Constant said the company has redeveloped nearly 40 properties and ended the quarter with more than $125 million under contract, supported by a record investment capital pipeline.
Getty Realty Corp. CEO Chris Constant said the REIT is built to hold up across changing market conditions by focusing on convenience retail and automotive-related properties tied to steady, non-discretionary consumer spending, Nareit reports.
Constant described convenience and gasoline purchases, along with services like oil changes, tire replacement, and repairs, as essential regardless of broader economic conditions. When assessing acquisitions, he said the company uses a “total value underwriting model” that considers factors beyond current cash flow.
He added that Getty prioritizes well-located assets in major U.S. markets with strong traffic patterns and easy customer access, while also evaluating each property’s long-term redevelopment potential. Constant said the company wants income-producing properties from day one but is not deterred if the eventual best use shifts.
Constant said Getty has redeveloped nearly 40 properties into higher and better uses and sees “lots of embedded value” across its portfolio and deal pipeline. Looking ahead, he said the company is ending the quarter with more than $125 million under contract and a record amount of capital available for investment, with uncertainty remaining as some operators continue expansion and seek financing strategies that create opportunities for Getty.
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