Getty Realty Corp. Announces Expanded $450 Million Credit Facility
Rhea-AI Summary
Getty Realty Corp. (NYSE: GTY) has announced an expansion of its senior unsecured revolving credit facility to $450 million, up from its previous amount. The Credit Facility will mature in January 2029, with options to extend to January 2030, and includes an accordion option for additional lender commitments up to $300 million.
The company used the increased capacity to repay its $150 million senior unsecured term loan that was due in October 2025. This amount remains drawn on the Credit Facility and continues to be subject to interest rate swaps that fixed SOFR at 4.73% until October 2026 or earlier repayment.
As of December 31, 2024, Getty's portfolio included 1,118 freestanding properties across 42 states and Washington, D.C. The company now has no debt maturities until June 2028.
AI-generated analysis. Not financial advice.
Positive
- Increased credit facility capacity to $450 million with extension options to 2030
- Additional accordion option allowing up to $300 million in extra lender commitments
- No debt maturities until June 2028, improving financial flexibility
- Fixed interest rate of 4.73% on $150 million through rate swaps until October 2026
Negative
- Maintains $150 million in debt drawn from the credit facility
News Market Reaction – GTY
On the day this news was published, GTY gained 0.63%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
– 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
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
As part of the transaction, the Company used the increased capacity provided by the Credit Facility to repay its
“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.
| Contacts: | Brian Dickman | Investor Relations | ||
| Chief Financial Officer | (646) 349-0598 | |||
| (646) 349-6000 | ir@gettyrealty.com |
