Company: GTY
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000950170-25-019976
Chunk: 6

Company: GETTY REALTY CORP /MD/
Filing Date: 2025-02-13
Form: 10-K
Item: Item 1
Chunk 6
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 that mobile consumers increasingly prioritize convenience, speed, and service. During the year ended December 31, 2024, we continued to grow and diversify our portfolio of convenience, automotive and other freestanding retail properties through acquisitions of existing properties and development funding advances for the construction of new-to-industry assets. We were able to accretively fund this investment activity through thoughtful capital markets execution that included a follow-on public equity offering, active use of our ATM Program, and the issuance of new senior unsecured notes. 

Portfolio Activities

During the year ended December 31, 2024, we invested $209.0 million in convenience and automotive retail properties, including the acquisition of 31 express tunnel car washes, 17 convenience stores, 19 automotive service centers, and four drive-thru quick service restaurants. As a result of this investment activity, we added eight new tenants to our portfolio, expanded our relationships with several existing tenants, and added or increased exposure to a number of attractive metropolitan areas, including Austin (TX), Charlotte (NC), Houston (TX), and Richmond (VA). 

During the year ended December 31, 2024, we also sold 31 properties that generated gross proceeds of $13.1 million and reduced our exposure to certain properties, tenants, and/or geographies that no longer met our long-term investment criteria, and completed the redevelopment of a legacy gasoline and repair station into a new fast casual restaurant.

For additional information regarding our property acquisitions and dispositions, see Note 12 and Note 13 in “Item 8. Financial Statements and Supplementary Data” in this Annual Report on Form 10-K.

Capital Markets Activities

During the year ended December 31, 2024, we raised $164.8 million of gross equity proceeds through the sale of 5.4 million common shares subject to forward sales agreements, including 4.0 million shares ($121.2 million of gross proceeds) in a follow-on public offering and 1.4 million shares ($43.6 million of gross proceeds) through our ATM Program.

We also closed the private placement of $125.0 million of new senior unsecured notes, including (i) $50.0 million of 5.52% senior notes due September 2029 and (ii) $75.0 million of 5.70% senior notes due February 2032. The new senior unsecured notes will be issued on February 25, 2025 and proceeds will be used to repay $50