Getty Realty Corp. (NYSE: GTY) is a real estate investment trust that is publicly traded on the New York Stock Exchange. They specialize in acquiring, financing, and developing single-tenant retail properties, with a focus on convenience and automotive locations. Currently, their portfolio consists of 1,039 properties located in 38 states across the United States and Washington, D.C. as of December 31, 2022.
The company has a long and distinguished history, having been founded in 1955 by Leo Liebowitz and Milton Safenowitz through the acquisition of their first gas station in New York City. The two built what would become Power Test, which would eventually go public in 1971. 1985, the company capitalized on an antitrust dispute involving the proposed acquisition of the Getty Oil Company by Texaco, Inc., and acquired all of Getty Oil Company’s Northeastern petroleum distribution and marketing assets. This included gasoline stations, terminals, and retail supply contracts, along with the Getty® name and trademark.
In 1997, they spun off their petroleum marketing and distribution assets to a new public company which was taken private in a well-publicized sale to Lukoil, one of Russia’s largest integrated oil companies. This left Getty Realty with the foundation for the nationwide portfolio of convenience and automotive retail assets that they currently own today.
The management team at Getty Realty is made up of over 30 dedicated professionals working to meet the needs of all stakeholders. Their commitment to providing excellent service and high-quality real estate investments has enabled them to achieve success in their industry for more than 65 years.
With their experienced team, advanced technology, and robust portfolio of properties, they are well-positioned to continue providing excellent returns for shareholders.