Net Lease Leaders: Chris Constant

The fifth conversation of the Net Lease Leaders series is now live. Check out the link at the bottom of the page!

Net Lease Leaders shares impactful long-form conversations with executives across the single tenant net lease ecosystem and is presented by the Net Lease Observer.

Chris Constant is CEO of Getty Realty (NYSE: GTY).

Getty Realty is a publicly traded, net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. As of December 31, 2024, the Company’s portfolio included 1,118 properties in 42 states across the United States plus Washington, D.C.
Check out their website:
Getty Realty

Getty’s portfolio annualized base rent (ABR) is sourced from convenience stores (64%); express tunnel car washes (21%); auto service centers (6%); and other (9% - includes quick service restaurants, auto parts, legacy gas & repair, and other). The portfolio is 99.7% occupied with a 10.2-year weighted average lease term remaining and total ABR of $198 million.

The insightful conversation with Chris started with his formative years and growing up in a household focused on education, tracing his journey through Princeton, investment banking, and net lease real estate all while providing countless insights and lessons.

Topics include:
-Chris’ early years growing up in New York
-Importance of education and experience at Princeton
-Pivoting focus to finance
-Connecting with Fred Joseph and Joseph Morgan
-Takeaways from 2000-2010 decade
-How the work really is just beginning with a deal closing
-Connection to the Getty Realty board
-Broadening his lens and strategic view to see the big picture
-History of Getty from the 1950s to modern times
-Evolution of the convenience & gas sector
-2016 to 2019: Evaluating sectors outside convenience stores
-Importance of unitary master lease structure and site-level performance
-Sale/leaseback focus and benefits
-Getty’s experience and ability to redevelopment sites
-Reverse build-to-suit program
-Granularity of the portfolio
-2025 outlook and growth
-Educating stakeholders about Getty
-Getty performance stability through COVID
-Who does Chris call when he needs guidance?

Thanks to Chris for spending time to share his background and the story of Getty!

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