M&A
confidence high
sentiment positive
materiality 0.60
Getty Realty closes $260.9M sale-leaseback with Refuel for 41 convenience stores
GETTY REALTY CORP /MD/
- Acquired 41 convenience stores for approximately $260.9M: 17 in South Carolina, 12 in North Carolina, 7 in Texas and 5 in Mississippi.
- Four unitary triple-net leases with Refuel have 20-year initial terms, multiple renewal options and rent escalations every five years; parent FR Refuel, LLC guarantees.
- Refuel becomes Getty's third-largest tenant at roughly 7.7% of annualized base rent; Refuel operates about 250 locations across five Southeastern states.
- Getty expects leverage-neutral funding via unsettled forward equity proceeds, a new unsecured term loan and identified property dispositions.
- Refuel was already a tenant at six Getty stores, five of them new-to-industry builds financed through Getty's development funding program.