Getty Realty Secures $125 Million Through Senior Notes Placement

Getty Realty Corp. Secures $125 Million in Senior Notes

Getty Realty Corp. (NYSE: GTY) has recently completed a significant financial move by finalizing its private placement of $125 million in senior unsecured notes. This strategic closing is set to bolster the company's capital and support ongoing investment initiatives.

Details of the Private Placement

The private placement consists of two parts: $50 million of notes sold at a fixed interest rate of 5.52%, maturing on September 12, 2029, and $75 million of notes with a slightly higher fixed rate of 5.70%, reaching maturity on February 22, 2032. These terms enable Getty Realty to maintain favorable financing conditions.

Purpose of the Notes

The funds generated through this placement are earmarked for two primary uses. Firstly, they will be allocated to fully repay the existing $50 million of 4.75% Series C senior unsecured notes, which are due on February 25, 2025. Secondly, the remaining amount will support general corporate needs, enhancing Getty’s capability to pursue new investment opportunities and manage growth effectively.

Strategic Financial Management

Brian Dickman, the Chief Financial Officer of Getty, emphasized the importance of this move. He stated, "This financing addresses our upcoming unsecured notes maturity in February 2025 and provides us with additional growth capital to accretively fund our investment pipeline." This underscores the company’s proactive approach in ensuring financial stability and fostering expansion.

Partnerships and Relationships

The senior unsecured notes were issued with collaboration from notable affiliates, including New York Life Insurance Company and The Prudential Insurance Company of America. These strategic partnerships play a crucial role in Getty's ongoing financial management, showcasing the trust and support from established financial institutions as they evolve their operational platform.

About Getty Realty Corp.

Getty Realty Corp. is recognized as a leader in the net lease Real Estate Investment Trust (REIT) sector, focusing primarily on convenience and automotive-related retail properties. As of the latest report, the company manages a diverse portfolio of 1,108 freestanding properties spread across 42 states and Washington, D.C.

Understanding the competitive landscape and acting swiftly, Getty aims to leverage market opportunities while maintaining a solid foundation of assets. The company continues to explore innovative strategies to optimize its operations and drive long-term shareholder value.

Investor Relations

For more information about Getty Realty Corp. and its initiatives, stakeholders can reach out to:

Brian Dickman
Chief Financial Officer
(646) 349-0598
Email: ir@gettyrealty.com

Frequently Asked Questions

What is the total amount Getty Realty raised through senior notes?

Getty Realty raised a total of $125 million through its recent placement of senior unsecured notes.

What rates are attached to the newly issued senior notes?

The senior notes are issued at fixed rates of 5.52% and 5.70% for different maturities.

What are the key purposes of the funds raised?

The funds will be used to repay existing unsecured notes and to support general corporate purposes and investment activities.

How many properties does Getty Realty own?

Getty Realty operates a portfolio consisting of 1,108 freestanding properties across the United States and Washington, D.C.

Who can be contacted for investor relations inquiries?

Investors can contact Brian Dickman, Chief Financial Officer, at (646) 349-0598 or via email at ir@gettyrealty.com.

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