Getty Realty drops on $131 mln stock sale
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
Related Articles
Eurozone Inflation Gradually Recedes Will ECB Rate-Cut Window Open Again? 2026 Euro Exchange Rate Trend Forecast
TradingKey - After enduring three consecutive years of "high prices, high interest rates, high debt, and low growth," the Eurozone economy is finally demonstrating resilience through a moderate recovery. Currently, the European Central Bank (ECB) faces the ultimate test of maintaining the status quo versus implementing "preemptive rate cuts." Euro exchange rate volatility, inflation trends, and the economic outlook have become the primary focus for investors and financial enthusiasts when allocating overseas assets and capitalizing on currency opportunities.
AMD Stock Price Prediction 2030: Can AMD Narrow Nvidia’s AI Lead?
TradingKey - In the past couple of years, the semiconductor industry has experienced a major change. One question that investors still have is whether or not AMD (AMD) will be able to keep up with Nvidia (NVDA) as far as AI is concerned. What is the possible future of AMD's stock through 2026 and be
Bitcoin Price Prediction 2029-2035: Institutional Accumulation and the U.S. Treasury’s Strategic Reserve Pivot
Explore the 2026 Bitcoin landscape: From the U.S. Strategic Reserve and Michael Saylor’s $75B war chest to Cathie Wood’s 2030 forecast. Is BTC the new Digital Gold?
