During the quarter, Getty Realty acquired fee-simple interests in 54 properties for a total of $126.1 million. During the nine-month period, it acquired fee-simple interests in 64 properties for a total of $143.9 million. As of Sept. 30, it had signed leases on four properties that are currently part of its net-lease portfolio.
On Sept. 6, the company completed its previously announced transaction with Empire Petroleum Partners LLC, acquiring fee-simple interests in 49 c-store and gas-station properties in Arizona, Colorado, Florida, Georgia, Louisiana, New Mexico and Texas for $123.1 million.
The company entered into a 15-year unitary lease with Empire Petroleum at the closing of the transaction. Mark Olear, Getty Realty’s executive vice president and COO, said he expects that lease to generate initial annual cash rental income of about $9 million.
The transaction with Getty Realty facilitates Empire’s purchase of a portfolio of c-stores from Alimentation Couche-Tard Inc., Laval, Quebec. Couche-Tard’s Circle K Stores Inc. agreed in June to sell a portfolio of 71 properties to Empire to satisfy compliance with regulatory requirements associated with its acquisition of CST Brands Inc.
“While the acquisition market continues to be competitive in the convenience and gas sector, we remain disciplined in our underwriting criteria,” Olear said. “Our pipeline of actionable opportunities remains strong, and we are in the process of reviewing and pursuing several additional acquisition opportunities for both single assets and portfolios.
“With the addition of 103 properties for $213.6 million, in the aggregate, to our portfolio year-to-date, we have significantly enhanced our convenience-store and gasoline-station portfolio, both in terms of geographic and tenant diversification,” Constant said.
During the quarter, the company sold one property for $400,000. During the nine-month period, it sold nine properties for a total of $2.8 million.