Getty Realty (NYSE: GTY) prices 4M-share forward equity sale

Rhea-AI Filing Summary

Getty Realty Corp. entered into an underwriting and forward sale structure for 4,000,000 shares of common stock. The shares were sold by forward sellers to the underwriters at $32.48 per share, and the offering closed on February 19, 2026.

Under separate forward sale agreements, Getty expects to physically settle and issue the underlying shares, generally within about one year of the related prospectus supplement, in exchange for cash at the forward sale price, subject to adjustments. Getty will not receive proceeds from the initial sale by the forward sellers but plans to use any cash received upon settlement to fund property acquisitions, repay borrowings under its revolving credit facility, and for working capital and other general corporate purposes. The underwriters also have a 30-day option to purchase up to 600,000 additional shares via a related forward arrangement.

Insights

Capital markets and REIT financing analyst

Getty sets up a sizable forward equity raise that may add leverage and dilution flexibility.

Getty Realty Corp. arranged forward sale agreements tied to 4,000,000 common shares at a forward sale price initially matching the $32.48 per-share price paid by underwriters. The shares were borrowed and sold by forward sellers, so Getty receives no cash until it later settles the forwards.

When Getty elects physical settlement, it will issue shares and receive cash that can be used for property acquisitions, repayment of revolving credit facility indebtedness, working capital, and other corporate purposes. Actual timing and amount of cash depend on how many shares Getty chooses to deliver, subject to adjustments and its option to use cash or net share settlement instead.

The structure also includes a 30-day option for underwriters to cover up to 600,000 additional shares through another forward agreement. This framework outlines potential future equity issuance and balance sheet changes; the concrete impact will be defined when Getty determines settlement timing and method under the forward sale agreements.

GETTY REALTY CORP /MD/ false 0001052752 0001052752 2026-02-17 2026-02-17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 17, 2026

GETTY REALTY CORP.

(Exact name of Registrant as Specified in Its Charter)

Maryland		001-13777		11-3412575
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

292 Madison Avenue, 9th Floor New York, New York		10017-6318
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (646) 349-6000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		GTY		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into Material Definitive Agreement.

On February 17, 2026, Getty Realty Corp. (the “Company”) entered into an Underwriting Agreement (the “Underwriting Agreement”) with each of J.P. Morgan Securities LLC and Wells Fargo Securities, LLC as the underwriters and, as applicable, the forward sellers (together, in such capacities, the “Underwriters” and the “Forward Sellers,” as applicable) and each of JPMorgan Chase Bank, National Association and Wells Fargo Bank, National Association, as the forward purchasers (together, in such capacity, the “Forward Purchasers”), relating to the sale of 4,000,000 shares (the “Shares”) of common stock, par value $0.01 per share, of the Company (the “Common Stock”) offered by the Forward Sellers in connection with certain forward sale agreements described below, at a price to the Underwriters of $32.48 per share. The closing of the offering occurred on February 19, 2026.

In connection with the offering, the Company entered into separate forward sale agreements (the “Forward Sale Agreements”) with each Forward Purchaser. In accordance with the terms of the Forward Sale Agreements, the Forward Purchasers (or their affiliates) borrowed from third parties and sold to the Underwriters the 4,000,000 Shares that were sold in the offering. Pursuant to the terms of the Forward Sale Agreements, and subject to its right to elect cash or net share settlement, the Company is obligated to issue and deliver, upon physical settlement of the Forward Sale Agreements on one or more dates specified by the Company, the number of shares of Common Stock underlying the Forward Sale Agreements in exchange for a cash payment per share equal to the forward sale price under the Forward Sale Agreements. The Company expects to physically settle the Forward Sale Agreements and receive proceeds, subject to certain adjustments, from the issuance of shares of Common Stock upon one or more such physical settlements within approximately one year from the date of the prospectus supplement relating to the offering. Although the Company expects to settle the Forward Sale Agreements entirely by the physical delivery of shares of Common Stock for cash proceeds, the Company may also elect to cash or net share settle all or a portion of its obligations under the Forward Sale Agreements, in which case, it may receive, or it may owe, cash or shares of Common Stock from or to the Forward Purchasers. The Forward Sale Agreements provide for an initial forward sale price of $32.48 per share, subject to certain adjustments pursuant to the terms of the Forward Sale Agreements. The Forward Sale Agreements are subject to early termination or settlement under certain circumstances.

The Company will not receive any proceeds from the sale of the Shares by the Forward Sellers. The Company intends to use the net proceeds, if any, received upon the settlement of the Forward Sale Agreements (and from the sale of any shares of the Company’s common stock that the Company may sell to the Underwriters in lieu of the Forward Purchasers (or their respective affiliates) selling shares to the Underwriters) to fund property acquisitions, to repay indebtedness outstanding under the Company’s revolving credit facility, for working capital and other general corporate purposes, or a combination of the foregoing.

Pursuant to the terms of the Underwriting Agreement, the Underwriters were granted a 30-day option to purchase an additional 600,000 shares of Common Stock. Upon the exercise of such option, the Company expects to enter into an additional forward sale agreement with the Forward Purchasers in respect of the number of shares that are subject to the exercise of such option.

The Shares offered pursuant to the Underwriting Agreement have been registered on the Company’s registration statement on Form S-3 (File No. 333-276399), which became effective upon filing with the Securities and Exchange Commission (the “SEC”) on January 5, 2024, and a prospectus supplement, dated February 17, 2026. This Current Report on Form 8-K does not constitute an offer to sell or the solicitation of an offer to buy any of the Shares.

The foregoing description of the Underwriting Agreement and the Forward Sale Agreements does not purport to be complete and is qualified in its entirety by the full text of the Underwriting Agreement and the Forward Sale Agreements, which are attached as Exhibits 1.1, 1.2, and 1.3 hereto and are incorporated by reference herein.

Cautionary Statement Concerning Forward-Looking Statements

This report contains “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 set forth in the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. The forward-looking statements include, among other things, statements regarding the expected settlement of the Forward Sale Agreements and the use of

proceeds therefrom (if any), and can be identified by the use of words such as “may,” “will,” “believe,” “expect,” “seek,” “plan,” “project,” “predict,” “anticipate,” “intend,” “estimate” and other comparable terms. These forward-looking statements are based on the Company’s current beliefs and assumptions and information currently available to the Company, and are subject to known and unknown risks, uncertainties and other factors and were derived utilizing numerous important assumptions that may cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors and assumptions involved in the derivation of forward-looking statements, and the failure of such other assumptions to be realized as well as other factors may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond the Company’s control. These factors and assumptions may have an impact on the continued accuracy of any forward-looking statements that the Company makes. You should not place undue reliance on such forward-looking statements, which reflect the Company’s view only as of the date hereof. Except for the Company’s ongoing obligations to disclose material information under the federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events, unless required by law.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

Exhibit Number		Description
1.1		Underwriting Agreement, dated February 17, 2026, by and among Getty Realty Corp., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as underwriters, the forward purchasers named therein and the forward sellers named therein
1.2		Forward Confirmation, dated February 17, 2026, by and among Getty Realty Corp. and JPMorgan Chase Bank, National Association
1.3		Forward Confirmation, dated February 17, 2026, by and among Getty Realty Corp. and Wells Fargo Bank, National Association
5.1		Opinion of DLA Piper LLP (US) regarding the legality of the Shares
8.1		Opinion of DLA Piper LLP (US) regarding certain tax matters
23.1		Consent of DLA Piper LLP (US) (included in Exhibit 5.1)
23.2		Consent of DLA Piper LLP (US) (included in Exhibit 8.1)
104		Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				GETTY REALTY CORP.
Date: February 19, 2026				By:		/s/ Brian R. Dickman
						Brian R. Dickman
						Chief Financial Officer and Treasurer

FAQ

What equity transaction did Getty Realty Corp. (GTY) enter into on February 17, 2026?

Getty Realty entered an underwriting and forward sale structure for 4,000,000 common shares. Forward sellers borrowed and sold these shares to underwriters, while Getty committed via forward sale agreements to deliver shares later in exchange for cash at a defined forward price.

How many Getty Realty (GTY) shares are involved and at what price?

The transaction covers 4,000,000 Getty Realty common shares sold to underwriters at $32.48 per share. That same $32.48 level is the initial forward sale price under the forward sale agreements, subject to specified adjustments laid out in those contracts.

When will Getty Realty (GTY) receive cash from the forward sale agreements?

Getty receives no cash from the initial sale by forward sellers. It expects to physically settle the forward sale agreements and receive cash proceeds within approximately one year of the related prospectus supplement, when it issues the underlying shares to the forward purchasers.

What does Getty Realty (GTY) plan to do with the forward sale proceeds?

Getty plans to use any net proceeds from settling the forward sale agreements to fund property acquisitions, repay indebtedness under its revolving credit facility, and for working capital and other general corporate purposes, or some combination of these uses, as described in the filing.

Does Getty Realty (GTY) face potential dilution from this equity arrangement?

The structure contemplates Getty issuing shares upon settlement of the forward sale agreements, which would increase the share count. The agreements cover 4,000,000 shares initially, with a 30-day option for underwriters to add up to 600,000 more through an additional forward agreement.

What additional option did the underwriters receive in the Getty Realty (GTY) deal?

Underwriters received a 30-day option to purchase up to 600,000 additional shares of Getty Realty common stock. If exercised, Getty expects to enter an additional forward sale agreement covering the option shares, mirroring the main transaction’s forward settlement mechanics.

Under which shelf registration did Getty Realty (GTY) conduct this equity offering?

The common shares offered through the underwriting and forward sale structure were registered under Getty Realty’s shelf registration statement on Form S-3, File No. 333-276399, which became effective upon filing with the SEC and is supplemented by a dated prospectus supplement.

Filing Exhibits & Attachments

8 documents

Other Documents

• EX-1.1 EX-1.1 219.6 KB
• EX-1.2 EX-1.2 142.9 KB
• EX-1.3 EX-1.3 141.6 KB
• EX-5.1 EX-5.1 19.8 KB
• EX-8.1 EX-8.1 23.5 KB
• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 17.6 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.0 KB