Getty Realty closed a $260.9 million sale-leaseback with Refuel Operating Company, adding 41 convenience stores to its portfolio and locking in four long-term unitary net leases.
The acquired properties are spread across four states: 17 in South Carolina, 12 in North Carolina, seven in Texas and five in Mississippi. The leases carry initial terms of 20 years, include multiple renewal options and feature rent increases every five years. The stores average nearly 5,000 square feet and sit on about 2.5 acres each.
Refuel was already a tenant at six Getty-owned stores before the deal, including five locations financed through Getty’s development funding program. After the transaction and other investments completed since June 30, 2026, Refuel is set to become Getty’s third-largest tenant, accounting for about 7.7% of annualized base rent.
Getty said it expects to fund the deal on a leverage-neutral basis using proceeds from unsettled forward equity sale agreements, a new unsecured term loan and selected property sales. Since June 30, the company entered into forward sale agreements for about 0.8 million additional shares, expected to generate roughly $26.4 million in gross proceeds. In total, Getty now has about 6.6 million shares under forward sale agreements, which would raise about $216.9 million when settled.
On the debt side, Getty has commitments for a new $200 million unsecured term loan, with about $100 million of that expected to help fund the Refuel transaction. The loan is expected to close in October 2026 and mature in October 2028, with three one-year extension options.
Getty also identified properties for sale that it expects could bring in at least $50 million in gross proceeds. So far this year, it has sold 13 properties for $19.1 million, at a 5.7% cap rate on stabilized assets.
Year to date, Getty has invested about $455.2 million in convenience and automotive retail assets at a 7.1% initial cash yield, including the Refuel deal and about $35.7 million of additional investment activity since June 30. It also has a committed pipeline of more than $125 million for further development and acquisition activity, with those projects averaging a 7.8% initial cash yield.
Getty ended the period with a portfolio of 1,269 freestanding properties across 46 states and Washington, D.C. The market has reacted to these announcements by moving the company's shares -0.17% to a price of $28.66. For the full picture, make sure to review GETTY REALTY CORP /MD/'s 8-K report.
