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