Getty Realty Corp. Expands Credit Facility and Extends Maturity to 2029, Enhancing Financial Flexibility

Getty Realty repays its term loan, extends credit facility to 2029, and gains no debt maturities until June 2028.

Quiver AI Summary

Getty Realty Corp. has announced the completion of a new credit agreement that extends its senior unsecured revolving credit facility to $450 million, maturing in January 2029 with options to extend to January 2030. The company utilized this increased capacity to repay its previous $150 million term loan due in October 2025, with the remaining amount drawn from the new facility subject to fixed interest rates. This move allows Getty to have no debt maturities until June 2028, providing greater financial flexibility and capacity to support its growth objectives. The arrangement was made with a group of banks, including Bank of America, J.P. Morgan, and Wells Fargo, among others.

Potential Positives

• Successfully repaid a $150 million senior unsecured term loan that was maturing in October 2025, improving financial stability.
• Increased senior unsecured revolving credit facility to $450 million and extended maturity to January 2029, enhancing liquidity and financial flexibility.
• Company will have no debt maturities until June 2028, which provides a stable financial outlook for several years.
• Includes an option for an additional $300 million in lender commitments, allowing for potential future growth and investment opportunities.

Potential Negatives

• Repaying a significant $150 million senior unsecured term loan may indicate previous cash flow challenges, raising concerns about financial stability.
• The reliance on an increased credit facility could suggest potential liquidity issues, as the company is depending on borrowing to manage existing debts.
• Interest rate swaps at a fixed rate of 4.73% may lead to higher future costs if market rates decline, impacting profitability.

FAQ

What is Getty Realty Corp.'s recent financial announcement?

Getty Realty Corp. announced an expanded credit facility of $450 million and repaid its $150 million term loan.

When does Getty's new credit facility mature?

The new credit facility matures in January 2029, with an option to extend to January 2030.

What does the expanded credit facility mean for Getty Realty?

The expanded credit facility provides Getty Realty with increased capacity and flexibility to support its growth objectives.

Who are the lenders involved in Getty's credit agreement?

The lenders include Bank of America, J.P. Morgan Chase, Wells Fargo, KeyBanc, and other participating banks.

How many properties does Getty Realty Corp. currently own?

As of December 31, 2024, Getty Realty Corp. owned 1,118 properties across 42 states and Washington, D.C.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$GTY Hedge Fund Activity

We have seen 127 institutional investors add shares of $GTY stock to their portfolio, and 99 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC added 581,701 shares (+inf%) to their portfolio in Q3 2024, for an estimated $18,503,908
• KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC added 573,393 shares (+17.8%) to their portfolio in Q3 2024, for an estimated $18,239,631
• MILLENNIUM MANAGEMENT LLC added 559,621 shares (+73.7%) to their portfolio in Q3 2024, for an estimated $17,801,544
• HUDSON BAY CAPITAL MANAGEMENT LP added 328,832 shares (+inf%) to their portfolio in Q3 2024, for an estimated $10,460,145
• VERITION FUND MANAGEMENT LLC added 318,112 shares (+inf%) to their portfolio in Q3 2024, for an estimated $10,119,142
• NFJ INVESTMENT GROUP, LLC added 290,202 shares (+inf%) to their portfolio in Q3 2024, for an estimated $9,231,325
• GHISALLO CAPITAL MANAGEMENT LLC added 250,000 shares (+inf%) to their portfolio in Q3 2024, for an estimated $7,952,500

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

– Repays Outstanding Term Loan and Extends Maturity to 2029 –




– Company Has No Debt Maturities Until June 2028 –

NEW YORK, Jan. 23, 2025 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”), a net lease REIT focused on convenience and automotive retail real estate, announced today that it has entered into a Third Amended and Restated Credit Agreement with a group of existing and new lenders that increases its senior unsecured revolving credit facility (the “Credit Facility”) to $450 million.

The Credit Facility will mature in January 2029, with Company options to extend the maturity date to January 2030, and includes an accordion option that allows the Company to request additional lender commitments not to exceed $300 million. All other material terms and conditions governing the Credit Facility remain the same.

As part of the transaction, the Company used the increased capacity provided by the Credit Facility to repay its $150 million senior unsecured term loan that was to mature in October 2025. This amount, which will remain drawn on the Credit Facility, will continue to be subject to interest rate swaps that fixed SOFR at 4.73% until the earlier of October 2026 or the amount is repaid.

“The expanded Credit Facility gives us increased capacity and enhanced flexibility as we continue to scale our platform and position our balance sheet to support our growth objectives,” said Brian Dickman, Getty’s Chief Financial Officer. “We appreciate the strong support of our bank group, including both new and existing lenders, and now have no debt maturities until June 2028.”

The Company entered into the Third Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent, and BofA Securities, Inc., J.P. Morgan Chase Bank, N.A., KeyBanc Capital Markets, and Wells Fargo Securities, LLC as joint lead arrangers. Other participants include Capital One, N.A., Citizens Bank, N.A., The Huntington National Bank, TD Bank, N.A., and Truist Bank.

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, 2024, the Company’s portfolio included 1,118 freestanding properties located in 42 states across the United States and Washington, D.C.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.