Getty Realty Corp (NYSE:GTY) has proposed an underwritten public offering of 4,500,000 shares of the company’s common stock. The underwriters of the offering have been granted a 30 day option for the purchase of an additional 675,000 shares of it’s common stock to cover over-allotments. The shares are being issued pursuant to a prospectus supplement that was filed with the Securities and Exchange Commission. The net proceeds of the offering will be used for the acquisition of properties in the gas station and convenience store sector, repayment or refinancing of outstanding indebtedness.
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Getty Realty Corp is a real estate investment trust (REIT) in the United States specializing in the ownership and leasing of retail motor fuel and convenience store properties and petroleum distribution terminals. As of December 31, 2009, it owned 910 properties and leased 161 additional properties. Its properties are located in the Northeast and the Mid-Atlantic regions in the United States. The Company also owns or leases properties in Texas, North Carolina, Hawaii, California, Florida, Arkansas, Illinois, Ohio and North Dakota. All of its properties are leased or sublet to distributors and retailers engaged in the sale of gasoline and other motor fuel products, convenience store products and automotive repair services. As of December 31, 2009, the Company leased approximately 78% of its 1061 owned and leased properties on a long-term, triple-net basis to Getty Petroleum Marketing Inc. (Marketing).
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