Administration January 8, 2001
Getty Gets Green Light from Shareholders
August 1, 2001 (PLANSPONSOR.com) - Shareholders of
Getty Realty Corp have given the real estate company the
green light for converting to real estate investment trust
(REIT) status by approving a charter amendment containing
ownership limitations, at a special meeting.
Reported by Camilla Klein
The company will elect to be taxed as a REIT under the federal income tax laws and will assume REIT status retroactive to the beginning of this year. As a REIT, the company will be required to distribute at least 90% of its taxable income to stockholders each year.
The group has closed its public offering of 8,855,000 shares of its common stock and plans to use $64.1 million of the $133.5 million net proceeds to pay a one-time cash distribution to stockholders.
Purchasers of Getty common stock in the public offering will not receive any portion of the special distribution on any of the shares of common stock they purchased.