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Getty Realty's million-dollar moves

Mobil sign

Mobil sign Photo Credit: James Carbone

It's been a big month so far for Getty Realty Corp., of Jericho, which  owns and leases about 1,110 gas stations and convenience stores nationwide.

On Wednesday the company said it will issue  3 million shares of stock at an initial offering price of $28.

This follows its $111.3 million purchase, announced Jan. 13, of 59 Mobil gas stations and convenience stores in the northern suburbs of New York City, including Westchester and Rockland counties and the lower Hudson Valley.

The $79.7 million raised through selling the stock — the amount remaining after offering costs are deducted — will be used for repayment of debt and general corporate purposes, Getty says. The stock offering will close Jan. 24.

"The properties acquired by Getty are high volume locations with strong operating histories," and will keep the Mobil brand, Getty said in a news release.

"The sites have secure and steadily growing operating histories and are located in strong markets with excellent long term demographics," David Driscoll, Getty Realty's chief executive, said in a statement.

The company describes itself as "the largest publicly-traded real estate investment trust in the United States specializing in ownership and leasing of convenience store/gas station properties and petroleum distribution terminals."

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