Christopher Constant, President and CEO Getty Realty Corp. (NYSE: GTY), sat down for a video interview at Nareit’s REITweek: 2024 investor conference, held June 3-6 in New York.
Constant discussed the strong operating environment and strategic initiatives driving growth for the company. He highlighted Getty’s resilience in handling fluctuating interest rates, emphasizing their successful investment strategy in both low and rising rate environments. He said that last year alone, Getty invested $326 million at a 7.3% return, and that strong performance will continue in 2024.
“We see more growth opportunities in our core markets at cap rates that are appropriate for Getty and that have tenants we like,” he said.
Constant underscored Getty’s focus on the convenience and automotive retail sectors, citing their stability and resistance to e-commerce disruptions. He expressed confidence in the growth prospects of these sectors, particularly with regard to convenience stores, car washes and drive-thru restaurants, which are fragmented and offer ample opportunities for expansion.
Looking to the future, Constant identified two key initiatives that will drive future growth: an expanded investment team to take advantage of market opportunities, and ongoing technology enhancements aimed at improving operational efficiencies and underwriting capabilities. He expects these initiatives will enhance Getty’s competitive edge and drive shareholder value.
