Getty Realty ( NYSE: GTY ) said Tuesday it invested around $157M across 52 properties for 2022 and had a committed investment pipeline of over $100M for the development and acquisition of 28 convenience stores and car wash properties.
In the fourth quarter, the retail REIT closed "on a variety of investments and raise record amounts of equity capital at attractive prices," said President and CEO Christopher J. Constant.
The company acquired fee simple interests in 40 properties for approximately $137M in 2022, including 24 properties for ~$74 million in Q4.
As of December 31, 2022, GTY had advanced aggregate construction loans in the amount of approximately $26M, including accrued interest, for the development of 12 convenience stores and car wash properties, which the company expects to acquire via sale-leaseback transactions at the end of their respective construction periods.
It had three properties under active redevelopment and others in various stages of feasibility planning for potential recapture from its net lease portfolio.
For the year, GTY sold 24 properties for gross proceeds of ~$26M, including five properties for gross proceeds of ~$13 million in Q4.
The company also issued guidance for 2023. It expects AFFO to be $2.19-$2.21 per share. GTY stock edged up 0.8% in morning trading.
See how Getty Realty fared during the third quarter .
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Getty Realty invests nearly $160M in 2022, issues 2023 AFFO guidance