Getty Realty of Jericho offering stock to fund expansion

Getty Realty Corp., of Jericho, is offering 4.5 million new shares of common stock and will use the proceeds to buy  convenience stores and gas station properties, the company said.

Getty Realty, traded on the New York Stock Exchange under  the symbol GTY, will grant the underwriters 30-day option to buy up to an additional 675,000 shares of company common stock to cover over-allotments, if any.

The company will also use the money to repay or refinance existing debt; and for general corporate purposes. J.P. Morgan and Bank of America Merrill Lynch are acting as book-running managers for the offering.

Getty Realty Corp. is a real estate investment trust specializing in ownership and leasing of convenience store and gas station properties and petroleum distribution terminals. It owns and leases about 1,000 properties in the United States.

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