JERICHO, N.Y. -- (Business Wire)
Getty Realty Corp. (NYSE:GTY) (the “Company”) today announced the
closing of its previously announced acquisition lease-back transaction
with a U.S. subsidiary of Applegreen PLC (“Applegreen”). Under the
revised terms of the transaction, the Company, through a subsidiary,
acquired interests in 38 fee simple properties (the “Properties”) for
$68.3 million and simultaneously leased them under a unitary lease to
the U.S. subsidiary of Applegreen.
The Properties consist of 33 convenience store and gasoline stations,
many of which contain nationally recognized food offerings such as
Burger King, Subway and Blimpie, and five stand-alone Burger King quick
service restaurants located within the metropolitan market of Columbia,
SC. The unitary lease provides for an initial term of 15 years, with
four five-year renewal options. Rent is scheduled to increase annually
during the initial and renewal terms of the lease.
“We are pleased to announce the closing of the Applegreen transaction,
which both extends our reach into South Carolina, and commences our
long-term relationship with Applegreen, the largest convenience store
and gasoline station operator in the Republic of Ireland. When combined
with our previously announced acquisition activity, Getty has now
acquired more than 100 high-quality properties and invested more than
$210 million thus far in 2017. Our year-to-date activity demonstrates
our commitment to growing the Company and positions Getty to generate
significant growth for our shareholders for years to come,” stated
Christopher J. Constant, Getty’s President & Chief Executive Officer.
The Company expects its transaction with Applegreen to be immediately
accretive to net earnings. The Company funded the transaction with funds
available under its Credit Agreement.
About Getty Realty Corp.
Getty Realty Corp. is the leading publicly-traded real estate investment
trust in the United States specializing in the ownership, leasing and
financing of convenience store and gasoline station properties. As of
June 30, 2017, the Company owned 739 properties and leased 86 properties
from third-party landlords in 25 states across the United States and
Washington, D.C.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171003006571/en/
Contacts:
Getty Realty Corp.
Investor Relations
(516) 478-5418
ir@gettyrealty.com
Source: Getty Realty Corp.
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