Getty Realty drops on stock offering launch

Getty Realty

29/07/2024 21:34

** Getty Realty's  GTY.N  shares fall 4% to $30.26 in
extended trading on equity offering plans
    ** Net lease retail REIT launches 3.5 mln share offering
    ** Co enters into 1-yr forward sale agreements with
bookrunners BofA, JP Morgan and KeyBanc
    ** Upon settlement of such agreements, co to use net
proceeds to fund property acquisitions, repay debt under its
credit facility, and for other purposes
    ** GTY shares on Mon closed down 0.5% at $31.51
    ** Co has ~54.2 mln shares outstanding for $1.7 bln market
cap
    ** GTY shares on Thurs gained more than 3% after co's Q2 adj
FFO/sh of 58 cents beat consensus by a penny, per LSEG
    ** YTD, stock up ~8% including 18% gain in Jul as REITs have
benefited from falling interest rates

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))