JERICHO, N.Y.--(BUSINESS WIRE)--Getty Realty Corp. (NYSE:GTY) announced today that it has received an investment grade rating from Fitch Ratings (“Fitch”). Fitch has assigned first-time ratings to the company including a Long-Term Issuer Default Rating (“IDR”) of BBB- with a stable outlook. Fitch has also assigned BBB- ratings to the company's senior unsecured revolving credit facility, senior unsecured term loan and senior unsecured notes.
Danion Fielding, Chief Financial Officer of Getty Realty, stated, “Receiving an investment grade rating of BBB- from Fitch reflects the meaningful progress and strong execution we have accomplished through the repositioning of our portfolio over the past few years. When combined with our acquisition activity, we have grown and diversified our portfolio from both a tenant and geographic perspective, which is being reflected in our consistent financial results. We believe this rating positions Getty to achieve a lower cost of capital over time, which will better support our plan to create additional shareholder value.”
CERTAIN STATEMENTS CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. WHEN THE WORDS “BELIEVES,” “EXPECTS,” “PLANS,” “PROJECTS,” “ESTIMATES,” “ANTICIPATES,” “MAY” AND SIMILAR EXPRESSIONS ARE USED, THEY IDENTIFY FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON MANAGEMENT’S CURRENT BELIEFS AND ASSUMPTIONS AND INFORMATION CURRENTLY AVAILABLE TO MANAGEMENT AND INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. EXAMPLES OF FORWARD-LOOKING STATEMENTS INCLUDE BUT ARE NOT LIMITED TO STATEMENTS REGARDING THE EXPECTED REDUCTION IN THE COST OF CAPITAL RESULTING FROM THE INVESTMENT GRADE RATING.
INFORMATION CONCERNING FACTORS THAT COULD CAUSE THE COMPANY’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS CAN BE FOUND IN THE COMPANY’S PERIODIC REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY RELEASE REVISIONS TO THESE FORWARD-LOOKING STATEMENTS TO REFLECT FUTURE EVENTS OR CIRCUMSTANCES OR REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.
About Getty Realty Corp.
Getty Realty Corp. is the leading publicly-traded real estate investment trust in the United States specializing in the ownership, leasing and financing of convenience store and gasoline station properties. As of December 31, 2017, the Company owned 828 properties and leased 79 properties from third-party landlords in 28 states across the United States and Washington, D.C.