Getty Realty closes $260.9 million Refuel sale-leaseback for 41 convenience stores
GTY•Getty Realty closed a $260.9 million sale-leaseback with Refuel, acquiring 41 convenience stores under four long-term net leases. Refuel will contribute about 7.7% of annualized base rent on a pro forma basis.
1. Lease terms and funding
The portfolio spans South Carolina, North Carolina, Texas and Mississippi. The unitary leases have 20-year initial terms, with rent increases every five years; Getty plans to target leverage neutrality through forward equity proceeds, a new unsecured term loan and property dispositions.
