Getty Realty drops on $131 mln stock sale

Getty Realty

18/02/2026 13:09

** Getty Realty GTY.N shares down 3.9% premarket to $32.50 after overnight $131 mln follow-on priced

** REIT focused on convenience and automotive retail real estate late Tues announced 4 mln shares in connection with forward sale agreements

** Offering priced at $32.60, per thefly.com, which is 3.6% discount to stock's last close

** GTY entered into 1-yr forward sale agreements with bookrunners JP Morgan and Wells Fargo, and upon any settlement(s), it intends to use net proceeds for property acquisitions, debt repayment, working capital, among other purposes

** A forward sale structure allows the REIT to lock in current stock price and delays new share issuance and collecting proceeds until they are needed, thus avoiding immediate dilution

** New York City-based GTY has ~59.8 mln shares outstanding for $2 bln market cap

** Through Tues, shares up ~24% YTD

** Avg rating of 9 analysts is "buy"; median PT $33, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))