1315_Nareit Testimonials_REITworld_Constant_2022-11-16_v2
11/23/2022 | by Nareit Staff

Chris Constant, president and CEO of Getty Realty Corp. (NYSE: GTY), participated in a video interview at Nareit’s REITworld: 2022 Annual Conference held in San Francisco on Nov. 15-17.

Constant noted that the convenience store (c-store) industry was in a healthy position going into the COVID-19 crisis, and that tenants were good at changing their product mix during the pandemic.

This year has seen an emphasis on branding and technology, Constant said. “The tenants are all focused on creating that brand awareness and driving foot traffic inside the store for food, beverages, and traditional merchandise.”

Constant also pointed out that Getty published its first sustainability report this year. “ESG is a journey and I think a lot of our tenants in the c-store business would agree with that,” he said.

Meanwhile, Constant noted that Getty is in “a great spot right now,” having ended the third quarter with $150 million of acquisition and development projects under contract; most of that activity had been funded as of quarter end.

Since much of that activity is going to close in 2023, Constant said, “we’ve got great visibility in our pipeline, and our acquisitions team is out underwriting opportunities all the time. I think what we’re seeing is the seller adjust to new pricing…we’re seeing more receptivity to our underwriting and our pricing, and I think that’s going to lead to more acquisitions over time.”