Getty Whittling Down 'Transitional Properties'

JERICHO, N.Y. — Getty Realty Corp. is continuing to reduce the number of transitional properties that it wants to lease, sell or redevelop, according to President and CEO Chris Constant. The company has made a "significant amount" of progress in repositioning its portfolio in 2016, Constant told REIT.

The company is also expanding its tenant base and geographic reach, and remains active in redeveloping certain properties in attractive markets.

Regarding its convenience store operations, Constant noted that retailers have had to adapt to changing consumer demands in recent times.

"Today, stores are part convenience, part quick-serve restaurant, part bank and part drug store," Constant said.

Convenience store sales, excluding gas, are up approximately 6 percent annually during the last 10 years, while margins on c-store products average about 35 percent, he said.

Constant took a more positive view of the economic outlook for consumers.

"Miles driven are up, consumer spending is up, job growth is up and unemployment is stable. From our side of the fence, we feel pretty good about where the economy is heading," Constant said.

Jericho-based Getty Realty currently has 842 convenience stores and gas stations in its portfolio nationwide.