Getty Realty Corp. Announces Issuance of $125 Million of 3.65% Senior Unsecured Notes Due January 2033

Rhea-AI Summary

Getty Realty Corp. (NYSE: GTY) announced the issuance of $125 million in senior unsecured notes at a fixed rate of 3.65%, maturing on January 20, 2033. The proceeds will fully prepay its $75 million 5.35% Series B senior unsecured notes due June 2, 2023, and fund investment activities. The notes were privately placed with affiliates of Prudential, MassMutual, and New York Life. These notes will not be registered under the U.S. Securities Act of 1933.

Getty Realty specializes in net lease real estate and operates 1,039 properties across 38 states and Washington, D.C.

Positive

• Issuance of senior unsecured notes at a lower fixed rate of 3.65%.
• Prepayment of higher interest rate (5.35%) Series B senior unsecured notes, reducing future interest expenses.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today the issuance of $125 million of senior unsecured notes priced at a fixed rate of 3.65% and maturing January 20, 2033 pursuant to note purchase and guarantee agreements entered into in February 2022 and previously announced.

Proceeds from the senior unsecured notes issuance were used to prepay in full the Company’s $75 million 5.35% Series B senior unsecured notes due June 2, 2023, including related transaction expenses, and to fund investment activity.

The senior unsecured notes were issued in a private placement with affiliates of The Prudential Insurance Company of America (“Prudential”), Massachusetts Mutual Life Insurance Company (“MassMutual”), and New York Life Insurance Company (“New York Life”).

The senior unsecured notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Act”) or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act and applicable state securities laws.

This press release is for informational purposes only, does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Getty Realty Corp.

Getty Realty Corp. is a publicly traded, net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. As of December 31, 2022, the Company’s portfolio included 1,039 freestanding properties located in 38 states across the United States and Washington, D.C.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230123005570/en/

Brian Dickman

Chief Financial Officer

(646) 349-6000

Investor Relations

(646) 349-0598

ir@gettyrealty.com

Source: Getty Realty Corp.

FAQ

What was the purpose of Getty Realty's recent issuance of senior unsecured notes on January 20, 2023?

The issuance of $125 million in senior unsecured notes was to prepay existing higher interest Series B notes and fund investment activity.

What is the maturity date of Getty Realty's newly issued senior unsecured notes?

The senior unsecured notes mature on January 20, 2033.

What was the interest rate on the previously owned Series B senior unsecured notes by Getty Realty?

The Series B senior unsecured notes had an interest rate of 5.35%.

Who are the affiliates involved in the private placement of Getty Realty's senior unsecured notes?

The affiliates include Prudential, Massachusetts Mutual Life Insurance Company, and New York Life Insurance Company.

What is the stock symbol for Getty Realty Corp.?

The stock symbol for Getty Realty Corp. is GTY.