Getty Realty Corp. Announces $260.9 Million Sale Leaseback Transaction with Refuel Operating Company

Getty Realty expands its convenience retail footprint with a $260.9 million Refuel sale‑leaseback funded by equity, debt and planned asset sales.

Rhea-AI Summary

Getty Realty (GTY) closed a $260.9 million sale‑leaseback with Refuel Operating Company involving 41 convenience stores across South Carolina, North Carolina, Texas, and Mississippi.

Getty acquired the properties and simultaneously entered into four long‑term, unitary net leases with initial 20‑year terms, multiple renewal options, and rent escalations every five years. The stores are modern, large‑format locations averaging nearly 5,000 square feet on 2.5‑acre sites and include proprietary hot food and/or branded QSR offerings. Pro forma for this and other recent investments, Refuel will become Getty’s third‑largest tenant, contributing about 7.7% of annualized base rent. Getty plans to fund the transaction on a leverage‑neutral basis using unsettled forward equity proceeds, a new $200 million unsecured term loan (with about $100 million allocated to this deal), and at least $50 million from identified property dispositions.

Positive

• $260.9 million Refuel sale‑leaseback for 41 convenience stores at long initial 20‑year lease terms
• Year‑to‑date investments of $455.2 million at a 7.1% initial cash yield in target asset classes
• Committed investment pipeline over $125.0 million at average initial cash yields of 7.8%
• Outstanding forward equity sales of 6.6 million shares expected to raise $216.9 million
• New $200.0 million unsecured term loan commitment with potential three one‑year extensions
• Identified dispositions expected to generate at least $50.0 million of gross proceeds

Negative

• Forward equity agreements for 6.6 million shares imply future share issuance and potential dilution
• Reliance on property dispositions of at least $50.0 million introduces execution and pricing risk

News Explained

The deal is closed, but funding still depends on a future loan, equity settlement, and property sales; the equity agreements can dilute existing holders.

The Refuel transaction is closed, but its announced funding is not fully settled: the new $200.0 million term loan is expected to close in October 2026, while forward equity agreements and property dispositions remain prospective funding sources.

Getty has approximately 6.6 million common shares subject to outstanding forward sale agreements, anticipated to produce $216.9 million; issuing additional shares increases the share count and reduces an existing holder's percentage ownership absent offsetting changes.

The company expects to use approximately $100.0 million from the forward agreements and approximately $100.0 million from the term loan for the Refuel transaction, while identified dispositions are expected to generate at least $50.0 million of gross proceeds.

Separately, Getty reports approximately $455.2 million of year-to-date investment and a committed pipeline exceeding $125.0 million, extending the capital deployment program beyond this closed transaction.

The key follow-up items are the October 2026 term-loan closing, settlement of the forward-sale agreements, and gross proceeds from the identified property dispositions.

Market Context

Before publication, GTY was down 0.57% while four listed peers also declined; the sale leaseback was...

Analysis

Before publication, GTY was down 0.57% while four listed peers also declined; the sale leaseback was announced against broad peer weakness rather than an isolated GTY move.

Key Figures

Transaction value: $260.9 million Properties acquired: 41 convenience stores Initial lease term: 20 years +5 more

Transaction value

$260.9 million

Refuel sale leaseback transaction

Properties acquired

41 convenience stores

Refuel Transaction

Initial lease term

20 years

Four unitary net leases

Tenant rent concentration

7.7%

Refuel share of annualized base rent pro forma

Year-to-date investment

$455.2 million at a 7.1% initial cash yield

Convenience and automotive retail assets

Committed pipeline

More than $125.0 million at 7.8% average initial cash yields

Development and acquisition properties

Forward equity sale

Approximately 0.8 million shares for approximately $26.4 million

New forward sale agreements

Unsecured term loan

$200.0 million

Approximately $100.0 million expected to fund the Refuel Transaction

Historical Context

2 past events · Latest: Jul 22

2 events

1. Jul 22

   Q2 earnings results

   24h Move

   -3.1%

   Reported higher AFFO and raised full-year guidance; investment activity also expanded.

2. Apr 22

   Q1 earnings results

   24h Move

   +1.7%

   Reported raised guidance, new financings, and a committed acquisition pipeline.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

sale leaseback transaction, unitary net leases, forward sale agreements, unsecured term loan, +1 more

5 terms

sale leaseback transaction financial

"closed a $260.9 million sale leaseback transaction with Refuel"

A sale-leaseback transaction is when a company sells an asset it owns—most often real estate or equipment—to a buyer and immediately signs a lease to keep using that asset. For investors, it matters because the company gains immediate cash but takes on ongoing rent payments, which can change reported assets, liabilities, cash flow and profit patterns; think of it as selling your house to raise money and continuing to live there as a tenant.

unitary net leases financial

"entered into four long-term, unitary net leases with Refuel"

A unitary net lease is a long-term lease in which a single tenant rents an entire property and agrees to pay not only base rent but also most or all ongoing property expenses—such as taxes, insurance, maintenance, and sometimes structural repairs. For investors that own the property, this arrangement creates a steady, predictable rental income stream while shifting routine operating costs and many ownership risks to the tenant; think of it like leasing a whole house where the renter also pays the bills and handles upkeep.

forward sale agreements financial

"entered into new forward sale agreements to sell approximately 0.8 million shares"

A forward sale agreement is a deal where two parties agree today to sell and buy an asset at a set price on a future date. It’s like promising to sell your car to a friend next month at today's price, regardless of how the car's value changes. These agreements help businesses lock in prices and reduce uncertainty about future costs or income.

unsecured term loan financial

"commitments from a group of existing lenders for a new $200.0 million unsecured term loan"

An unsecured term loan is a fixed-schedule loan that a borrower must repay over a set period but does not pledge specific assets as collateral. Think of it like lending money to someone on their promise rather than holding their car keys as backup. Investors care because these loans carry higher risk and therefore higher interest, have lower priority if the borrower fails, and affect a company’s cash flow and ability to raise future financing.

initial cash yield financial

"invested approximately $455.2 million in assets at a 7.1% initial cash yield"

Initial cash yield is the expected cash income an investor receives in the first year from an investment—such as dividends, bond coupons or rental income—expressed as a percentage of the purchase price. It matters because it shows the immediate income-producing power of an investment and lets investors compare short-term income across options—like checking the first-year interest rate on different savings accounts—though it does not reflect future changes in income, capital gains or transaction costs.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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- Provides Investment and Capital Markets Update -

NEW YORK, Sept. 22, 2026 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”), a net lease REIT focused on convenience and automotive retail real estate, announced today that it has closed a $260.9 million sale leaseback transaction with Refuel Operating Company, LLC (“Refuel”), a leading convenience store and retail fuel owner and operator with approximately 250 locations in five states across the Southeastern United States. Pursuant to the transaction, the Company acquired 41 convenience stores and simultaneously entered into four long-term, unitary net leases with Refuel (the “Refuel Transaction”).

The acquired properties are diversified across several growing markets and include 17 stores in South Carolina, 12 stores in North Carolina, seven stores in Texas, and five stores in Mississippi. The properties in each state are subject to unitary leases with initial terms of 20 years, multiple renewal options, and rent increases every five years. The 41 convenience stores are modern, large-format locations that include proprietary hot food offerings and/or branded QSRs, and average nearly 5,000 square feet and 2.5 acres per site.

Refuel is an existing tenant at six convenience stores owned by the Company, five of which were new-to-industry construction financed through Getty’s development funding program. Pro forma for the Refuel Transaction and other investment activity closed subsequent to June 30, 2026, Refuel will be the Company’s third largest tenant, representing approximately 7.7% of the Company’s annualized base rent.

Getty expects to fund the Refuel Transaction on a leverage-neutral basis through a combination of proceeds from unsettled forward equity sale agreements, a new unsecured term loan, and identified property dispositions. See Investment and Capital Markets Update below for additional information.

“We are excited to partner with Refuel on its first portfolio sale leaseback transaction and to further advance the relationship we have cultivated over the last several years,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “Refuel is one of the leading operators in the convenience store sector, and its premium brand, growing platform, and high-quality real estate align well with Getty’s underwriting criteria for convenience store acquisitions.”

“Getty has been a trusted partner to Refuel for several years, and we are thrilled to expand our relationship through this strategic transaction,” said Travis Smith and Jon Rier, Co-CEOs of Refuel. “This transaction creates a more balanced mix of owned and leased real estate, improves the efficiency of our capital structure, and provides additional flexibility to continue investing in our stores, our people, and the long-term growth of Refuel.”

About Refuel

Founded in 2008, Refuel is a leading retail and convenience platform operating approximately 250 locations under the Refuel and Double Quick brands across South Carolina, North Carolina, Texas, Mississippi, and Arkansas. Refuel is a portfolio company of First Reserve, a leading private equity firm investing across Infrastructure Solutions, Value-Added Infrastructure, and Resources strategies with exposure in energy, utility, and industrial markets. First Reserve acquired Refuel in 2019 and has supported its growth from five stores in Charleston, South Carolina, to its current regional footprint.

Investment and Capital Markets Update

Investment Activity and Pipeline

Year to date, the Company has invested approximately $455.2 million in convenience and automotive retail assets at a 7.1% initial cash yield, including the Refuel Transaction and approximately $35.7 million of additional investment activity subsequent to June 30, 2026.

The Company currently has a committed investment pipeline of more than $125.0 million for the development and/or acquisition of additional convenience and automotive retail properties at initial cash yields averaging 7.8%.

Equity Capital Markets

Subsequent to June 30, 2026, the Company 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.

The Company currently has a total of approximately 6.6 million shares of common stock subject to outstanding forward sale agreements, which are anticipated to raise gross proceeds of approximately $216.9 million upon settlement. The Company anticipates using approximately $100.0 million of the proceeds to fund a portion of the Refuel Transaction.

Debt Capital Markets

The Company has received commitments from a group of existing lenders for a new $200.0 million unsecured term loan and anticipates using approximately $100.0 million of the proceeds to fund a portion of the Refuel Transaction.

The new term loan is expected to close in October 2026 and mature in October 2028, with three one-year extension options exercisable at the Company's option, subject to certain standard conditions.

Dispositions

The Company has identified select properties for disposition that are expected to generate at least $50.0 million of gross proceeds, which can be accretively redeployed to fund a portion of the Refuel Transaction. Year to date, the Company has sold 13 properties for gross proceeds of $19.1 million, representing a 5.7% cap rate on stabilized assets, and has additional properties in various stages of the disposition process.

About Getty Realty Corp.

Getty Realty Corp. is a publicly traded, net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. As of September 22, 2026, the Company’s portfolio included 1,269 freestanding properties located in 46 states across the United States and Washington, D.C.

Forward-Looking Statements

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,” “predicts,” “outlook” 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.

Information concerning factors that could cause the Company’s actual results to differ materially from these forward-looking statements can be found elsewhere in this press release, including, without limitation, those statements 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 to reflect the occurrence of unanticipated events.

Contacts:		Brian Dickman		Investor Relations
		Chief Financial Officer		(646) 349-0598
		(646) 349-6000		ir@gettyrealty.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How are the Refuel properties structured within Getty Realty’s lease framework?

The 41 Refuel convenience stores are grouped into four long‑term, unitary net leases, with each state’s properties subject to a separate lease. These leases have initial terms of 20 years, multiple renewal options, and rent increases every five years.

What will Refuel represent in Getty Realty’s tenant mix after the transaction?

Pro forma for the Refuel Transaction and other investments closed after June 30, 2026, Refuel is expected to be Getty’s third‑largest tenant, accounting for approximately 7.7% of the company’s annualized base rent.

How does Getty plan to finance the $260.9 million Refuel Transaction?

Getty expects to fund the transaction on a leverage‑neutral basis using proceeds from unsettled forward equity sale agreements, approximately $100.0 million from a new $200.0 million unsecured term loan, and at least $50.0 million from identified property dispositions.

What recent equity capital markets activity has Getty undertaken?

Subsequent to June 30, 2026, Getty entered new forward sale agreements for about 0.8 million shares of common stock for anticipated gross proceeds of approximately $26.4 million. In total, about 6.6 million shares are subject to outstanding forward sale agreements, expected to raise approximately $216.9 million upon settlement.

What is the status and expected use of Getty’s new unsecured term loan?

Getty has lender commitments for a new $200.0 million unsecured term loan expected to close in October 2026 and mature in October 2028, with three one‑year extension options at the company’s option, subject to standard conditions. The company anticipates using about $100.0 million of the proceeds to fund part of the Refuel Transaction.

What has Getty done on the dispositions front so far in 2026?

Year to date, Getty has sold 13 properties for gross proceeds of $19.1 million, representing a 5.7% cap rate on stabilized assets, and has additional properties in various stages of the disposition process, alongside at least $50.0 million of identified properties for future sale.

How large and geographically diverse is Getty Realty’s portfolio after this activity?

As of September 22, 2026, Getty’s portfolio comprised 1,269 freestanding properties located in 46 U.S. states and Washington, D.C., focused on convenience, automotive, and other single‑tenant retail real estate.