12/15/2017 | By Sarah Borchersen-Keto
Christopher Constant, president and CEO of Getty Realty Corp. (NYSE: GTY), joined Nareit for a video interview at REITworld 2017.
Getty specializes in the ownership, leasing and financing of convenience store and gasoline station properties.
Constant noted that the REIT has acquired in excess of 100 properties for more than $200 million so far in 2017. The most recent acquisitions of Empire Petroleum Partners, LLC and Applegreen PLC have provided Getty with significant access to the Southwest and Southeast, markets where the REIT previously had only a small presence, according to Constant.
Some of the Applegreen assets also have stand-alone or quick-serve restaurants, a trend Constant said is becoming more common in the gas and convenience store industry.
In general, Getty is focused on densely populated urban and suburban markets with strong demographic trends, Constant noted. The company’s core markets are the Northeast and mid-Atlantic region, but Getty is also interested in expanding in the West Coast and Southwest, where it has a smaller presence, he added.
Meanwhile, Constant says Getty’s redevelopment activities demonstrate the value that lies within the portfolio. Redevelopment adds new tenants to the portfolio, extends the life of assets and helps Getty diversify in terms of tenant type, he noted.