ESCONDIDO, CA - BUSINESS WIRE - October 17, 2003
Realty Income Corp. announced today that it has provided $94.5 million in sale-leaseback financing to The Pantry Inc. by acquiring 114 convenience store properties under 20-year, triple-net lease agreements.
The stores average 2,700 leasable sf and are situated on a lot size of 1.14 acres. Each location has multi-pump gasoline dispensers and are seasoned stores with an average 14-year operating history. The average purchase price for each property was $829,000. Realty Income will announce its blended lease rate and lease terms on a cumulative basis in the company's quarterly press release on operations.
The Pantry Inc. will use the financing proceeds to partially fund their previously disclosed acquisition of Golden Gallon Stores from Ahold, USA. The properties are existing, high volume, profitable convenience stores operating under the "Golden Gallon" brand name and are located in Tennessee and Georgia. Golden Gallon was founded in 1959 and currently operates 138 convenience stores.
The Pantry Inc. is the leading convenience store operator in the Southeastern United States. Upon completion of the Golden Gallon acquisition, The Pantry's market presence will significantly increase to approximately 1,400 stores in ten Southeastern states.
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Friday, October 17, 2003
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