Getty Realty Corp. (NYSE: GTY) has closed a $260.9 million acquisition of a portfolio of 41 convenience store properties located in Mississippi, North Carolina, South Carolina, and Texas. The transaction, executed on September 22, 2026, was structured as a simultaneous purchase and sale agreement with Refuel Operating Company, LLC, and its affiliate Blue Horseshoe 2, LLC.
The acquired properties are subject to four unitary triple net leases with Refuel. Each lease has an initial term of 20 years and includes multiple renewal options and rent escalations every five years. Refuel’s obligations under these leases are guaranteed by its parent company, FR Refuel, LLC.
According to the filing, the properties are modern, large-format locations averaging nearly 5,000 square feet and 2.5 acres per site. They include proprietary hot food offerings and/or branded quick-service restaurants. Refuel is currently an existing tenant at six convenience stores owned by Getty, five of which were constructed through Getty’s development funding program.
Pro forma for this transaction and other recent activity, Refuel is expected to become Getty’s third-largest tenant, representing approximately 7.7% of the company’s annualized base rent.
The company funded the acquisition through a combination of proceeds from unsettled forward equity sale agreements, a new unsecured term loan, and proceeds from identified property dispositions. Getty entered into new forward sale agreements to sell approximately 0.8 million shares of common stock for anticipated gross proceeds of approximately $26.4 million. Additionally, the company received commitments from a group of existing lenders for a new $200.0 million unsecured term loan, which is expected to close in October 2026 and mature in October 2028 with three one-year extension options.
Year-to-date, Getty has invested approximately $455.2 million in convenience and automotive retail assets at a 7.1% initial cash yield. The company also has a committed investment pipeline of more than $125.0 million for the development and/or acquisition of additional properties at an initial cash yield averaging 7.8%.
