Christopher Constant on capital structure
From Getty Realty Focused on Growth with Conservative Capital Strategy · · Nareit1
“Our balance sheet is right in the middle of our target leverage range, which is four and a half to five and a half times net debt to EBITDA, and we've got no debt maturities until 2028. So, we feel pretty good about our capital position and the ability to raise capital in the future if we should need it.”
On , Christopher Constant, President, Chief Executive Officer & Director at GETTY REALTY CORP, spoke about capital structure during Getty Realty Focused on Growth with Conservative Capital Strategy on Nareit1.
About Christopher Constant
Christopher Constant, president and CEO of Getty Realty Corp., has described the company as well-positioned for growth with a conservative capital strategy. In a July 2025 interview, Constant stated that the company had about $150 million of undrawn equity available, a balance sheet in the middle of its target leverage range of 4.5 to 5.5 times net debt to EBITDA, and no debt maturities until 2028. He noted that over the last five years, the company had deployed just over $1 billion of acquisition capital, and at the end of the first quarter of 2025, it had $110 million under contract, with about 50% in the automotive service category, particularly collision centers, which he described as a relatively new vertical. Constant said the company had raised about $250 million of equity on a forward basis over the prior two years and completed a $125 million delay draw senior notes offering in fall 2024. Constant has characterized Getty Realty's portfolio as "largely recession resistant" and "internet resistant," citing its focus on convenience stores, car washes, and automotive service assets. He said the company expects to benefit from potential tariffs on new car sales, as people may hold cars longer, increasing demand for automotive service. On the convenience store and quick-service restaurant side, he described the assets as the "ultimate trade down" for consumers facing inflation or tariff-related cost increases. Constant has also emphasized the company's focus on diversification and growth, stating in a May 2025 podcast that the company was in 44 states with about 60% of rent coming from convenience stores, and that it had grown its dividend and adjusted funds from operations per share in recent years. He noted the company's 99.7% occupancy rate and its strategy of raising capital ahead of deployment needs.