Getty Realty Announces 3 Million Share Offering in Connection with Forward Sale Agreements, with Option to Buy up to Additional 450K.
March 3, 2023
Trending News ☀️
Getty Realty ($NYSE:GTY), a leading owner, operator, and lessor of convenience stores and fuel stations in the U.S., announced an underwritten public offering of 3 million shares on Tuesday. The offering is to be conducted pursuant to certain forward sale agreements. The underwriters have also been granted a 30-day option to purchase up to an additional 450,000 shares from the forward purchasers.
However, no proceeds are expected to be received by Getty Realty from this offering at this time. The proceeds from the sale of the 3 million shares of common stock by the forward purchasers will be received by the purchasers. The net proceeds received by them will depend on several factors, such as the underwriting discounts and commissions and the proceeds that Getty Realty may receive from the exercise of any options to purchase additional shares. This public offering is being made in accordance with the registration statement filed by Getty Realty and declared effective by the U.S. Securities and Exchange Commission.
Stock Price
The closing price of the shares was $34.3, which was a drop of 0.4% from the prior closing price of $34.5. The offer is being made through a syndicate of broker-dealers led by Cantor Fitzgerald & Co. and BTIG LLC. Proceeds from the sale of the offered shares, net of offering and related expenses, will be used primarily for general corporate purposes and potential investments in the company’s real estate portfolio. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Getty Realty. More…
| Total Revenues | Net Income | Net Margin |
| 165.59 | 90.04 | – |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Getty Realty. More…
| Operations | Investing | Financing |
| 93.09 | -139.06 | 30.76 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Getty Realty. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.56k | 802.45 | 16.26 |
Key Ratios Snapshot
Some of the financial key ratios for Getty Realty are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| – | – | 63.1% |
| FCF Margin | ROE | ROA |
| – | – | – |
Analysis
At GoodWhale, we recently conducted an analysis of GETTY REALTY. We found that GETTY REALTY is a low risk investment in terms of financial and business aspects, based on our Risk Rating. However, upon deeper inspection, we detected a risk warning in the balance sheet of GETTY REALTY that potential investors should take into account when considering investing. To learn more about this risk warning, please register on our website goodwhale.com for a full analysis of theGETTY REALTY’s well-being. More…
Peers
The company’s portfolio consists of 973 properties, totaling approximately 134 million square feet of leasable space. Getty Realty‘s competitors include Primaris REIT, CT Real Estate Investment Trust, and Choice Properties Real Estate Investment Trust.
– Primaris REIT ($TSX:PMZ.UN)
Primaris REIT is a Canadian real estate investment trust that owns and operates a portfolio of office, retail, and industrial properties across Canada. As of 2022, the company has a market capitalization of 1.39 billion Canadian dollars. The company’s properties are located in major urban markets in Canada, including Toronto, Montreal, Vancouver, and Calgary. Primaris REIT’s strategy is focused on creating long-term value for its shareholders through the ownership and operation of high-quality properties and by providing superior service to its tenants.
– CT Real Estate Investment Trust ($TSX:CRT.UN)
H&R REIT is a real estate investment trust that owns, operates, and develops a portfolio of properties in the United States and Canada. The company’s portfolio includes office, retail, residential, industrial, and hotel properties. As of December 31, 2020, H&R REIT’s portfolio consisted of 97 properties with a total value of $13.6 billion.
– Choice Properties Real Estate Investment Trust ($TSX:CHP.UN)
Choice Properties Real Estate Investment Trust is a real estate investment trust that owns, operates, and develops a portfolio of retail and commercial properties in Canada. As of December 31, 2020, the company’s portfolio comprised 1,168 properties, including 993 retail properties, 168 office properties, and seven industrial properties.
Summary
Getty Realty Corp. (GTY) recently announced a 3 million share offering in connection with forward sale agreements. The proceeds from the offering are to be used for general corporate purposes and working capital needs. This is a good investment opportunity for investors looking for exposure to a well established REIT.
Additionally, GTY’s price stability indicates that the stock has upside potential if the market recovers. Furthermore, analysts have noted that the company has a healthy balance sheet and solid financials which should be attractive to investors. Overall, GTY is a company worth considering by investors looking for a consistent and stable income stream.
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