JERICHO, N.Y.--(BUSINESS WIRE)--Getty Realty Corp. (NYSE: GTY) (the “Company”) today announced the closing of an acquisition and leasing transaction with a U.S. subsidiary of Applegreen PLC (“Applegreen”). Under the terms of the transaction, the Company acquired fee simple interests in six convenience store and gasoline station properties for $17 million and simultaneously entered into a unitary lease with a U.S. subsidiary of Applegreen covering all of the acquired properties.
The properties are all located within the metropolitan market of Columbia, SC. The 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 extremely pleased to increase our footprint in the growing Columbia, SC market, and expand our relationship with Applegreen, which began in October 2017 when we acquired a 38-unit portfolio in Columbia, SC and entered into our initial lease with Applegreen’s U.S. subsidiary. Applegreen is a highly successful operator of convenience store and gasoline stations with an established network in Ireland and the United Kingdom, and a growing presence in the U.S.,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “This transaction further demonstrates our commitment to growing our portfolio with a focus on acquiring strong operating real estate and creating shareholder value.”
The Company funded the transaction through funds available under its revolving credit facility and expects the transaction to be immediately accretive to net earnings.
CERTAIN STATEMENTS CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. WHEN THE WORDS “BELIEVES,” “EXPECTS,” “PLANS,” “PROJECTS,” “ESTIMATES,” “ANTICIPATES,” “MAY” AND SIMILAR EXPRESSIONS ARE USED, THEY IDENTIFY FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON MANAGEMENT’S CURRENT BELIEFS AND ASSUMPTIONS AND INFORMATION CURRENTLY AVAILABLE TO MANAGEMENT AND INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. EXAMPLES OF FORWARD-LOOKING STATEMENTS INCLUDE BUT ARE NOT LIMITED TO STATEMENTS REGARDING THE EXPECTED ACCRETIVE NATURE OF THE TRANSACTION.
INFORMATION CONCERNING FACTORS THAT COULD CAUSE THE COMPANY’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS CAN BE FOUND IN THE COMPANY’S PERIODIC REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY RELEASE REVISIONS TO THESE FORWARD-LOOKING STATEMENTS TO REFLECT FUTURE EVENTS OR CIRCUMSTANCES OR REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.
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, 2018, the Company owned 854 properties and leased 78 properties from third-party landlords in 30 states across the United States and Washington, D.C.
About Applegreen PLC
Founded in 1992, Applegreen currently operates 274 convenience stores and gasoline stations in Ireland and the United Kingdom, and has 68 locations in the USA. Applegreen is listed on the Dublin and London Stock Exchanges. Applegreen has a number of strategic partnerships with international brands including Burger King, Subway, Costa Coffee, Greggs, Lavazza, Chopstix, Freshii and 7-Eleven. The company also has its own food offering through the Bakewell brand.