GETTY REALTY CORP. (NYSE:GTY) Files An 8-K Entry into a Material Definitive Agreement

GETTY REALTY CORP. (NYSE:GTY) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.

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Entry into Material Definitive Agreement.

On June 22, 2017, Getty Realty Corp. (the “Company”) entered into an agreement (the “Agreement”) providing for acquisition lease-back funding to Empire Petroleum Partners, LLC (“Empire”). to the Agreement, the Company, through a subsidiary, will acquire fee simple interests in 49 convenience store and gasoline station properties (the “Properties”) for $123 million and enter into a unitary lease with Empire to be effective at the closing of the transaction (the “Transaction”).

The Properties subject of the Transaction are located primarily within metropolitan markets in the states of Arizona, Colorado, Florida, Georgia, Louisiana, New Mexico and Texas.

The unitary lease to be effective at closing provides for an initial term of 15 years, with four five-year renewal options. Rent is scheduled to increase annually during the initial and renewal terms of the lease.

The Company is providing acquisition lease-back funding to Empire to facilitate its acquisition of properties from Circle K Stores Inc. (“Circle K”). Circle K has agreed to sell a portfolio of properties to Empire to satisfy compliance with regulatory requirements associated with its acquisition of CST Brands, Inc.

The Company plans to fund the Transaction through funds available under its Credit Agreement. The Transaction is subject to numerous closing conditions, including the closing of a separate purchase agreement under which Empire has agreed to purchase the Properties from Circle K, and regulatory review and approval of such separate agreement. The Transaction is scheduled to close before the end of the third quarter of 2017. The Company can offer no assurances that the Transaction will close on the terms described herein, or at all.

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, which the Company intends to file as an exhibit to its Quarterly Report on Form 10-Q for the quarter ended June 30, 2017.


About GETTY REALTY CORP. (NYSE:GTY)

Getty Realty Corp. is a real estate investment trust. The Company is engaged in the ownership, leasing and financing of convenience store and gasoline station properties. It owns and leases approximately 850 properties that are located in over 20 states across the United States and Washington, District of Columbia. Its properties are operated under various brands, including 76, Aloha, BP, Citgo, Conoco, Exxon, Getty, Mobil, Shell and Valero. It owns approximately 750 properties and leases over 100 properties from third-party landlords. Its property is used as a convenience store and gasoline station, and is located on between one-half and three quarters of an acre of land in a metropolitan area. It leases over 800 properties to tenants under long-term triple-net leases. It has over 40 transitional properties, which are repositioned for sale, re-development or re-leasing. Its leasing activities include over three new unitary leases covering an aggregate of over 40 properties.

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