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.

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

Insights

Financial Analyst

Getty Realty's credit facility expansion marks a strategic financial enhancement that materially strengthens their capital structure and growth potential. The increase to $450 million, combined with the $300 million accordion feature, provides $750 million of potential financing capacity - a substantial war chest for property acquisitions in the convenience and automotive retail sectors.

The timing of this refinancing is particularly advantageous, occurring ahead of the October 2025 term loan maturity and amid expectations of potential interest rate cuts. By maintaining the existing interest rate swaps at 4.73% SOFR through October 2026, Getty has effectively locked in their cost of capital during a period of rate uncertainty while extending their debt maturity profile significantly, with no maturities until June 2028.

The expanded banking syndicate, which now includes ten major financial institutions, reflects strong institutional confidence in Getty's business model and growth trajectory. This broader lender base typically translates to increased financial flexibility and potentially more favorable terms for future capital needs.

For investors, this refinancing represents three key positives:

• Enhanced acquisition capacity to drive external growth in their target markets
• Improved debt maturity ladder with significant runway until 2028
• Strong banking relationships providing multiple capital access points

With a portfolio of 1,118 properties across 42 states, this expanded facility positions Getty to capitalize on acquisition opportunities in the fragmented convenience store and automotive retail real estate sectors, where their specialized expertise provides a competitive advantage in property selection and tenant relationships.

– 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.

Contacts:		Brian Dickman		Investor Relations
		Chief Financial Officer		(646) 349-0598
		(646) 349-6000		ir@gettyrealty.com

FAQ

What is the new credit facility amount for Getty Realty Corp. (GTY)?

Getty Realty Corp. has expanded its senior unsecured revolving credit facility to $450 million.

When does GTY's new credit facility mature?

The credit facility matures in January 2029, with options to extend to January 2030.

How much additional funding can GTY request through the accordion option?

Getty can request additional lender commitments up to $300 million through the accordion option.

What is the fixed SOFR rate for GTY's $150 million drawn amount?

The $150 million drawn amount is fixed at a SOFR rate of 4.73% until October 2026 or earlier repayment.

How many properties does Getty Realty (GTY) own as of December 2024?

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