Getty Gets Green Light from Shareholders

August 1, 2001 ( - 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.

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.

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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.