Brian Dickman on lease structure
From Getty Realty Corp. (NYSE: GTY) | Christopher Constant, Brian Dickman, Mark Olear · · Benzinga Events
“Our typical lease terms require that all occupancy expenses in excess of base rent are the responsibility of tenants, with leases containing annual rent escalators and site-level reporting, which gives us great visibility into the performance of the operating businesses. Our tenant rent coverage ratio is a healthy 2.6 times, which has been relatively steady including throughout the pandemic.”
On , Brian Dickman, Executive Vice President, Chief Financial Officer & Treasurer at GETTY REALTY CORP, spoke about lease structure during Getty Realty Corp. (NYSE: GTY) | Christopher Constant, Brian Dickman, Mark Olear on Benzinga Events.
About Brian Dickman
Brian Dickman, Executive Vice President, Chief Financial Officer and Treasurer at Getty Realty, participated in a September 2021 presentation where he discussed the company's financial position. He stated that Getty Realty has an investment grade credit rating from Fitch, received in 2018, and described the company's liquidity, access to capital, and leverage and coverage ratios as strong. Dickman said the company's long-term fixed rate unsecured debt aligns well with its asset base and income streams, and that the balance sheet is positioned to support growth strategies. During the same presentation, Dickman addressed the potential impact of electric vehicles on the company's tenants. He said that convenience stores are increasingly offering made-to-order or more sophisticated food operations, which he stated would drive additional profitability and offset any potential long-term decline in fuel income due to electric vehicles. Dickman also noted that when Getty Realty acquires new assets, many have a branded quick service restaurant inside or adjacent to the store, or tenants may create private label fast food businesses, which he described as helpful for the company's business and its tenants.