Getty Realty Reports Acquisition of 41 Convenience Stores for $260.9M

What Happened

• Getty Realty Corp. (through subsidiary Getty Leasing, Inc.) announced on September 22, 2026 that it entered into a purchase and sale agreement and simultaneously closed on a portfolio acquisition of 41 convenience-store properties in Mississippi, North Carolina, South Carolina and Texas.
• The purchase price was approximately $260.9 million. Immediately after closing, the Company leased the properties to Refuel Operating Company, LLC under four unitary triple-net leases with initial 20-year terms, periodic rent escalations every five years, and multiple renewal options. Refuel’s parent, FR Refuel, LLC, guarantees the lease obligations.

Key Details

• Transaction date: September 22, 2026 (PSA executed and acquisition consummated).
• Properties: 41 convenience-store locations across MS, NC, SC and TX; purchase price ~ $260.9 million.
• Lease terms: four unitary triple-net leases, 20-year initial terms, rent escalations every five years, multiple renewal options; lease obligations guaranteed by FR Refuel, LLC.
• Funding: combination of proceeds from forward equity sale agreements, unsecured debt financing, and proceeds from property dispositions.

Why It Matters

• This is a sizable portfolio acquisition that adds scale and predictable, long-term rental income to Getty Realty’s portfolio because the assets are leased under long-term triple-net agreements with rent escalations and a parent company guarantee.
• Funding the deal with equity forwards, debt and property sales may affect Getty’s leverage and liquidity profile; investors should watch upcoming financial reports (the PSA will be filed as an exhibit to the Company’s 10-Q for the quarter ended Sept. 30, 2026) for details on financing and any impact on dividends or balance-sheet metrics.
• The tenant (Refuel) is not an affiliate of Getty, though Refuel is already a tenant at six other Getty properties, which may give some continuity of tenant relationship across the portfolio.