Getty Realty Corp. Provides 2023 Business Update - Seite 2

Investment Pipeline

As of December 31, 2023, the Company had a committed investment pipeline of approximately $75 million for the acquisition and development of 43 convenience stores, express tunnel car washes, and auto service centers. The Company expects to fund this investment activity over approximately the next 6-9 months. While the Company has fully executed agreements for each transaction, the timing and amount of each investment is ultimately dependent on its counterparties and the schedules under which they are able to complete development projects and certain business acquisitions for which the Company is providing sale leaseback financing.

Redevelopments

In 2023, rent commenced on three redevelopment properties, including one property in the fourth quarter which is located in Brooklyn, NY and leased to AutoZone under a long term, triple net lease.

As of December 31, 2023, the Company had three properties under active redevelopment and others in various stages of feasibility planning for potential recapture from our net lease portfolio.

Dispositions

In 2023, the Company sold nine properties for gross proceeds of approximately $12 million, including four properties for gross proceeds of approximately $7 million in the fourth quarter.

Capital Markets Activities

Common Equity

In 2023, the Company raised approximately $145 million of gross equity proceeds through the sale of 4,513,348 common shares subject to forward sales agreements, including 3,450,000 shares ($112.5 million of gross proceeds) in a follow-on public offering and 1,063,348 shares through its ATM equity program ($32.5 million of gross proceeds), of which 845,787 shares were sold in the fourth quarter ($25 million of gross proceeds).

As of December 31, 2023, the Company had a total of 1,063,348 shares subject to outstanding forward equity agreements under its ATM equity program, which upon settlement are anticipated to raise gross proceeds of $32.5 million.

Delayed Draw Term Loan

As previously announced, in October 2023, the Company entered into a new senior unsecured term loan with a group of existing lenders for an aggregate principal amount of $150 million. An initial principal amount of $75 million was funded at closing, and an additional principal amount of $75 million can be funded at the Company’s option any time on or prior to April 14, 2024.