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JERICHO, N.Y. -- Getty Realty Corp. announced an underwritten registered public offering of 3,000,000 shares of common stock at a public offering price of $28.00 per share. In connection with this offering, the company also granted the underwriters a 30-day option to purchase up to an additional 450,000 shares of common stock to cover over-allotments, if any.
The net proceeds of the offering, after deducting the underwriting discount and estimated offering expenses, are expected to be approximately $79.7 million, exclusive of any proceeds attributable to the underwriters’ possible exercise of their over-allotment option. Getty plans to use the proceeds for repayment of outstanding debt under its credit agreement and general corporate purposes.
The offering is expected to close on Jan. 24, and is subject to customary closing conditions.
Merrill Lynch and J.P. Morgan are acting as joint book-running managers for the offering, and KeyBanc Capital Markets, RBC Capital Markets, Capital One Southcoast, Santander and TD Securities are acting as co-managers for the offering, according to the company.
Getty Realty Corp. is the largest publicly-traded real estate investment trust in the United States. The company owns and leases approximately 1,110 properties nationwide. Earlier this year, Getty Realty Corp. acquired 59 convenience stores in and around the northern suburbs of New York City -- including Westchester and Rockland counties -- and the lower Hudson Valley. The real estate investment trust took ownership of the Mobil-branded properties in January for a total investment of $111.3 million.