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JERICHO, N.Y. -- Getty Realty Corp. hopes to raise about $94 million in net proceeds from a public offering of common stock. The real estate investment trust offered 4.5 million shares at $22 each late Thursday, the Associated Press reported.
Getty plans to use the proceeds to buy gas stations and convenience stores, as well as refinance its debt. The company gave the underwriters a 30-day option to buy up to 675,000 additional shares if there is additional demand. The offering is expected to close Wednesday, according to the report.
Getty Realty Corp. is the largest publicly traded real estate investment trust specializing in the ownership and leasing of service stations, convenience stores and petroleum distribution terminals in the United States. The company provides financing for acquisitions, site upgrades and refinancing through its sale/leaseback and net lease financing programs. It owns or leases approximately 1,050 service station and c-store properties and nine petroleum distribution terminals in 21 states.
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