Getty Realty Corp. To Acquire 42 Properties For $70 Million

Getty Realty Corp. (NYSE: GTY) (the "Company") today announced the effectiveness of definitive agreements for an acquisition lease-back transaction with a U.S. subsidiary of Applegreen PLC ("Applegreen"). Under the terms of the transaction with Applegreen, the Company, through a subsidiary, will acquire interests in 38 fee simple and four leasehold properties (the "Properties") for $70.1 million and simultaneously enter into a unitary lease with Applegreen covering all of the Properties. The transaction is expected to close before the end of the fourth quarter of 2017.

The Properties consist of 34 convenience store and gasoline stations, many of which contain nationally recognized food offerings such as Burger King, Subway and Blimpie, and eight stand-alone Burger King quick service restaurants located within the metropolitan market of Columbia, SC. 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. Under the terms of transaction, Getty will receive initial annual rent of $5.0 million from the fee simple properties and a positive rent spread of $0.2 million on the leasehold interests being acquired.

"This acquisition extends our reach into South Carolina, in the desirable and growing Columbia market, and further builds our presence in the Southeast. We are excited to enter into a long-term relationship with Applegreen, the largest convenience store and gasoline station operator in the Republic of Ireland. This is a significant commitment by Applegreen to its U.S. expansion, and we are happy to be their partner in South Carolina. The properties we are acquiring are high-quality convenience stores and gasoline stations, many of which have significant co-branded fast-food offerings. The acquisition of stand-alone Burger King restaurants, which are a part of this portfolio, represents an added opportunity for us to expand our retail portfolio," stated Christopher J. Constant, Getty's President & Chief Executive Officer.

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