Getty Realty has completed the acquisition of 12 convenience stores in Houston, in the US state of Texas, for $100m.
The publicly traded net lease real estate investment trust (REIT) purchased the stores in a sale-leaseback deal with privately-owned regional convenience store chain Now & Forever.
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The acquired properties, each averaging more than 8,000ft², are situated on prominent corners of major retail corridors in Houston’s West and Southwest submarkets.
The stores offer branded or private label made-to-order food.
Getty Realty also reached a long-term unitary net lease with a subsidiary of Now & Forever.
The lease carries an initial term of 15 years, along with several renewal options and scheduled rent hikes every five years.
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By GlobalDataGetty Realty focuses on acquiring, financing and developing single-tenant retail properties, including convenience stores and automotive sites.
As of 30 June 2025, its portfolio included 1,137 freestanding properties spanning 44 US states and Washington DC.
Through the year to October, Getty Realty invested $233m in convenience and automotive retail assets at a 7.9% initial cash yield, including $56m in the quarter ended 30 September.
In the second quarter of 2025, the company registered net earnings per share (EPS) of $0.24.
Getty president and CEO Christopher J Constant stated: “We are experiencing positive momentum across our business, including identifying new investment opportunities, raising our full-year 2025 earnings guidance and reporting increased tenant rent coverage. Combined with our strong balance sheet and liquidity position, we are well-positioned for the second half of 2025.”
