Stock Track | Getty Realty Plummets 6.15% Intraday Following $131 Million Stock Offering at Discount

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Getty Realty Corp.'s stock plummeted 6.15% during intraday trading on Wednesday, as the market reacted negatively to the company's announcement of a significant equity offering.

The sharp decline comes after the real estate investment trust priced a public offering of 4 million shares of its common stock, with gross proceeds expected to be approximately $131 million. The shares were priced at $32.60, which represented a discount to the stock's previous closing price, raising concerns about dilution for existing shareholders.

Getty Realty plans to use the net proceeds from this offering for property acquisitions, debt repayment, working capital, and other general corporate purposes. The offering structure involves forward sale agreements with J.P. Morgan and Wells Fargo Securities, which allows the company to lock in the current price but typically creates selling pressure as the market anticipates the increased share count.

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