Getty Realty falls on pricing $105 mln stock offering

Getty Realty

30/07/2024 13:30

** Getty Realty's  GTY.N  shares down 4.1% at $30.22
premarket after overnight follow-on prices
    ** Net lease retail REIT announces 3.5 mln shares at $30.10
for deal size of ~$105.4 mln
    ** Offering price represents 4.5% discount to stock's Mon
close
    ** 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
    ** Getty has ~54.2 mln shares outstanding for $1.7 bln
market cap
    ** On Thurs, shares closed up 3.4% at $31.68 after co's Q2
adj FFO/sh of 58 cents beat consensus by a penny, per LSEG
    ** Through Mon, shares up ~8% YTD, 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))