Chris Constant, president and CEO of Getty Realty Corp. (NYSE: GTY), participated in a video interview in conjunction with Nareit’s REITweek: 2022 Investor Conference in New York on June 7-9.
Getty Realty specializes in the acquisition, financing, and development of convenience, automotive, and other single tenant retail real estate.
Constant discussed the state of industry fundamentals and how rising gasoline prices are impacting Getty Realty’s tenants. He noted that inside the convenience stores, business has been “thriving.” In fact, according to data from the National Association of Convenience Stores (NACS), last year saw tenant sales and profits at record highs. Store trends are expected to continue, he noted.
Constant added that to date, most of the REIT’s tenants have been able to pass increased gasoline costs onto the consumer, with profitability on a per gallon pumped basis fairly similar to 2021 levels.
During the interview, Constant also discussed the pace of acquisitions in 2022, which year to date stands at about $55 million. He also pointed to three top reasons to invest in Getty Realty today.