GTY

Interested in Getty Realty Corporation? Here are five stocks we like better. Getty Realty beat expectations on profitability and raised guidance. Second-quarter AFFO per share rose 5.1% to $0.62, and the company lifted its full-year 2026 AFFO guidance to $2.52–$2.54 for the second time this year. Investment activity remained strong and focused on core sectors. Getty invested $128.3 million in the quarter, mainly in automotive service and drive-through QSR properties, and ended the period with a robust pipeline and about $95 million under contract. The portfolio stayed nearly fully occupied and the balance sheet remained solid. Excluding redevelopment, occupancy was 99.8% with rent coverage at 2.5x, while leverage was within target and liquidity topped $570 million. 5 Best REIT Alternatives for Passive Real Estate Income Getty Realty (NYSE:GTY) reported higher second-quarter adjusted funds from operations and raised its full-year 2026 AFFO per-share guidance, citing continued investment activity, stable tenant performance and a strong capital position. Chief Executive Officer Christopher Constant said on the company’s second-quarter earnings call that Getty “continues to differentiate itself through its focused investment strategy and relationship-driven sale-leaseback approach to deal origination.” He said the company increased annualized base rent by 15%, grew AFFO per share by 5.1% and raised full-year earnings guidance for the second time this year. → Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Look To REITs For Reliable Yield Even In Recessionary Environment For the second quarter of 2026, Chief Financial Officer Brian Dickman said AFFO per share was $0.62, while first-half AFFO per share was $1.25. Those figures represented growth of 5.1% and 5%, respectively, compared with the prior-year periods. Chief Investment Officer RJ Ryan said Getty invested $128.3 million during the quarter, including $117.7 million to acquire 35 properties and $10.6 million of incremental development funding. The initial cash yield on the quarter’s investments was 7.4%, and acquired assets had a weighted average lease term of 18.3 years. → 3 Photonics Companies Making Quantum Tech Possible Ryan highlighted the company’s continued expansion into automotive service and drive-through quick-service restaurant assets. He said 28 of the acquired properties, representing about 60% of acquired annualized base rent, were either automotive service or drive-through QSR assets. The company also added six new tenants during the quarter. After quarter-end, Getty invested an additional $13.5 million, bringing year-to-date total investments to $172.1 million at a 7.6% initial cash yield. Constant said the company also had about $95 million of investments under contract and a “robust pipeline” of transactions under signed non-binding letters of intent. → AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off Ryan said most of the assets currently under contract are in the auto service sector, followed by drive-through QSRs and convenience stores. He described those as predominantly development funding transactions with initial cash yields in the high 7% range. The pipeline under executed letters of intent includes opportunities across Getty’s convenience and automotive retail sectors, with the majority representing traditional relationship sale-leaseback transactions in the convenience store space. At quarter-end, Getty’s lease portfolio included 1,220 net lease properties and one active redevelopment site. Excluding the redevelopment site, occupancy was 99.8%, and the weighted average lease term was 10.3 years, Ryan said. The portfolio spans 46 states and Washington, D.C., with 59% of annualized base rent coming from top 50 metropolitan statistical areas and 75% from top 100 MSAs. Ryan said trailing 12-month rent coverage was 2.5 times. In response to an analyst question about a higher share of properties with coverage below 1 times, Dickman said there was “certainly no softening” and that coverage remained stable across tenants, leases and sectors. He said the sub-1-times bucket continued to consist of new-to-industry car washes that are still ramping, with average operating histories of just over two years. Constant said site-level reporting from convenience store tenants showed fuel margins averaged $0.46 per gallon in the first quarter of 2026, up more than 10% from the first quarter of 2025. He said macroeconomic conditions had not caused a material deterioration in consumer demand across the company’s core categories. “Our tenants and their businesses have once again proven their resilience and ability to perform during rapidly changing operating conditions,” Constant said. Getty raised its full-year 2026 AFFO per-share guidance to a range of $2.52 to $2.54, up from its prior range of $2.50 to $2.52. Dickman said the increase reflected year-to-date investment activity. He noted that guidance reflects the current run rate from the in-place portfolio, along with certain expense and credit loss variability, but does not include prospective investment or capital activity. Dickman said the company has not realized any credit losses year to date and continues to use a 25-basis-point assumption in its models, adjusted for the remaining portion of the year. Getty also continued to reduce its general and administrative expense ratio. Dickman said G&A expense, excluding stock-based compensation and non-recurring retirement costs, was 9.3% of cash rental and interest income in the second quarter and 9.2% for the first half of the year. He said the company still expects full-year G&A growth of less than 2% and expects the G&A ratio to fall below 9%. Dickman said Getty ended the quarter with net debt to EBITDA of 5.3 times, or 4.3 times when including unsettled forward equity, within the company’s stated target leverage range of 4.5 times to 5.5 times. Fixed charge coverage for the quarter was 4 times. The company had about $1.1 billion of total debt outstanding at June 30, including $1 billion of senior unsecured notes with a weighted average interest rate of 4.6% and a weighted average maturity of 5.5 years. Getty had $73 million drawn on its $450 million revolver and no debt maturities until June 2028. During the quarter, Getty settled about 1.5 million shares of common stock under forward sale agreements for net proceeds of approximately $39.8 million. It also entered into new forward agreements to sell about 1.8 million shares for anticipated gross proceeds of $60.6 million. In total, Dickman said the company has 5.8 million shares subject to outstanding forward sale agreements, expected to raise gross proceeds of about $190.5 million upon settlement. “We continue to be in a very strong capital position with more than $570 million of total liquidity at quarter end,” Dickman said. During the question-and-answer portion of the call, analysts asked about the company’s investment pipeline, cap rates and funding plans. Constant said Getty continues to see cap rates around the mid-7% range, with some deals touching 8%. Dickman added that an improving cost of capital has allowed the company to compete for a wider range of transactions while maintaining spreads. Asked about visibility into the second half of the year, Constant said the company was already in July with visibility into investment volume roughly in line with what it completed last year, while still having several months left in 2026. He said recent annual investment levels should be viewed as a “floor,” with upside from the company’s team, systems, underwriting activity and cost of capital. Constant said Getty remains focused on convenience and automotive retail sectors, including convenience stores, automotive service, car washes and drive-through QSRs. While he said the company is always evaluating potential extensions into new asset classes, he emphasized that there is “a lot to work on” in the four areas where Getty currently focuses. Getty Realty Corp is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and leasing of service station and convenience retail properties. The company's portfolio consists primarily of fee-simple and ground-leased sites, which are leased to major national and regional fuel and convenience store operators under long-term, triple-net leases. This structure provides Getty Realty with a stable stream of contractual rental income and limited operational responsibilities. Founded in 1981, Getty Realty became a publicly listed company in 2005 and trades on the New York Stock Exchange under the ticker symbol GTY. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Getty Realty Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributed the 5.1% AFFO per share growth to a combination of consistent external growth from the investment platform and durable cash flows from the in-place portfolio. The company's relationship-driven sale-leaseback approach has led to an acceleration in sourcing and underwriting, with current activity levels at or above record paces. Performance in the core convenience sector remains robust, with fuel margins averaging $0.46 per gallon in Q1 2026, a 10% year-over-year increase that supports tenant rent coverage. Strategic diversification continues to shift the portfolio toward automotive service and drive-thru QSR assets, which represented approximately 60% of the ABR acquired during the quarter. Management emphasized that the portfolio is essentially fully occupied with a weighted average lease term exceeding 10 years, providing a stable foundation despite macroeconomic volatility. The company is leveraging its improved cost of capital to compete for a wider range of transactions in the mid-7% cap rate area while maintaining consistent spreads. Full-year 2026 AFFO per share guidance was raised to $2.52–$2.54, reflecting year-to-date investment activity but excluding prospective future acquisitions. The company expects to maintain a disciplined G&A ratio below 9% for the full year as it benefits from operational scaling and overhead management. Management views the current investment volume as a 'floor' and anticipates that the team and systems now in place will drive upside in 2026 and beyond. Development funding is being utilized as a strategic product to help partners build prototype stores, serving as a long-term path to fee ownership and accretive growth. The company maintains a strong liquidity position with over $570 million available, including $190.5 million in unsettled forward equity to fund the $95 million contracted pipeline. The sub-1x rent coverage bucket increased by 70 basis points, which management attributed to the normal ramping period of new-to-industry car wash assets rather than operational softening. Guidance continues to assume a 25 basis point credit loss provision, though no realized credit losses have occurred year-to-date. The company has no debt maturities until June 2028, with 91% of total debt consisting of senior unsecured notes at a weighted average interest rate of 4.6%. Strategic dispositions of four properties for $8.2 million were executed to capitalize on attractive valuations in the private market relative to equity market pricing. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted that the success in QSR is driven by a dedicated focus and the time required to build sector-specific relationships. They anticipate balanced volumes across automotive retail and QSR asset classes moving forward. Lower cost of capital has allowed Getty to compete for a 'wider swath' of transactions in the low-to-mid 7% cap rate range that were previously inaccessible. While blended cap rates have decreased slightly, management confirmed that investment spreads have remained largely constant or even increased. Management seeks a balance between pre-funding the pipeline to reduce risk and avoiding excessive dilution at lower share prices. They believe that successful execution should lead to higher share prices in the future, making them cautious about being 'too long' on equity today. A theoretical 10-year unsecured note would currently price around 6.25%, impacted by higher benchmark treasury rates despite tightening credit spreads. The company feels no immediate pressure to term out debt given low revolver utilization and no near-term maturities.

This article first appeared on GuruFocus. Release Date: July 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Getty Realty Corp (NYSE:GTY) increased its annualized base rent by 15% and grew its AFFO per share by 5.1% in Q2 2026. The company's portfolio is nearly fully occupied with a 99.8% occupancy rate and an average remaining lease term of more than 10 years. Getty Realty Corp (NYSE:GTY) has a strong capital position with over $570 million in total liquidity and no debt maturities until June 2028. The company has a robust pipeline with approximately $95 million of investments under contract and significant opportunities in the convenience and automotive retail sectors. Getty Realty Corp (NYSE:GTY) increased its full-year 2026 AFFO per share guidance, reflecting confidence in its investment activities and portfolio performance. Economic volatility driven by geopolitical events poses a risk to Getty Realty Corp (NYSE:GTY)'s operations and tenant performance. The company's sub-1X rent coverage bucket rose by 70 basis points, indicating potential challenges in certain tenant sectors. Getty Realty Corp (NYSE:GTY) faces competition in the transaction market, which could impact its ability to secure favorable deals. The company's reliance on non-GAAP financial measures may obscure the true financial performance and risks. Getty Realty Corp (NYSE:GTY) has not realized any credit losses year-to-date, but there is always a risk of future credit issues. Warning! GuruFocus has detected 7 Warning Signs with GTY. Is GTY fairly valued? Test your thesis with our free DCF calculator. Q: Chris, have you expanded your team focusing on the QSR industry due to the significant momentum there? A: Christopher Constant, CEO: The success is attributed to the person we brought on to focus on that sector. It takes time to build relationships, and we're seeing quarter-to-quarter success similar to other sectors we focus on. We anticipate balanced volumes across our investment program by the convenience and automotive retail asset classes. Q: Can you clarify if the $19.3 million advance aggregate funding is included in the $95 million pipeline? A: Brian Dickman, CFO: No, that would have already been deployed. The balance of capital deployed for those projects is incremental funding included in the $95 million. Once completed, these projects will no longer be mortgage and notes receivable but real estate subject to a long-term lease. Q: Are there any specific tenants or sectors driving the increase in the sub 1X rent coverage bucket? A: RJ Ryan, Chief Investment Officer: No softening has been observed. The increase is due to ramping new-to-industry car washes, which are ramping at a slightly slower rate than others. They are on average just over two years into their operating histories, and we see a decent trajectory. Q: Has your investment pool increased due to the improved cost of capital? A: RJ Ryan, Chief Investment Officer: The improved cost of capital has opened up more opportunities. Our underwriting pace is at or above a record pace, reflecting increased velocity and opportunities that were previously inaccessible. Q: Are there any new asset types you are underwriting significantly? A: Christopher Constant, CEO: We focus on large, fragmented, healthy sectors. While we are always looking to extend, we are thoughtful about expanding beyond the four asset classes we currently focus on. There's a lot to work on within these classes, and we are happy with the current pace and opportunities. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

– Completes $172 Million of Year-to-Date Investment Activity –– Increases 2026 Full Year Earnings Guidance – NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”), a net lease REIT focused on convenience and automotive retail real estate, announced today its financial and operating results for the quarter ended June 30, 2026. Second Quarter 2026 Highlights Net earnings: $0.36 per share Funds From Operations (“FFO”): $0.59 per share Adjusted Funds From Operations (“AFFO”): $0.62 per share Invested $128.3 million across 42 properties at a 7.4% initial cash yield, plus an additional $13.5 million at an 8.2% initial cash yield subsequent to quarter end Committed investment pipeline of more than $95.0 million for the development and/or acquisition of 30 convenience and automotive retail properties, as of July 22, 2026 “We are pleased to report another quarter of consistent financial and operating results highlighted by 5% year-over-year growth in AFFO per share, more than $170 million of year-to-date investments in high-quality convenience and automotive retail assets, and an increase to our 2026 earnings guidance,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. ”Our recently completed acquisitions, robust investment pipeline, and healthy capital position have us well positioned for the second half of 2026.” Net Earnings, FFO and AFFO All per share amounts are presented on a fully diluted per common share basis, unless stated otherwise. FFO and AFFO are “Non-GAAP Financial Measures” which are defined and reconciled to net earnings at the end of this release. Select Financial Results Revenues from Rental Properties For the quarter ended June 30, 2026, base rental income grew 13.2% to $56.6 million, as compared to $50.0 million for the same period in 2025. For the six months ended June 30, 2026, base rental income grew 12.9% to $112.4 million, as compared to $99.6 million for the same period in 2025. The growth in base rental income was driven by incremental revenue from recently acquired properties and contractual rent increases for in-place leases, partially offset by property dispositions. Interest (Income) on Notes and Mortgages Receivable The change in interest earned on notes and mortgages receivable in both periods was due to a net decrease in average notes and mortgages receivable outstanding as compared to the prior year. Property Costs The improvement in property operating expenses in both periods was due to a reduction in rent expense, as well as lower reimbursable and non-reimbursable expenses. The change in leasing and redevelopment expenses for the six months ended June 30, 2026 was primarily due to demolition costs for redevelopment projects. Other Expenses The change in environmental expenses in both periods was driven by a decrease in environmental litigation accruals. The change in environmental expenses for the six months ended June 30, 2026 also included the removal of unknown reserve liabilities which had previously been accrued for certain properties. Environmental expenses vary from period to period and, accordingly, undue reliance should not be placed on the magnitude or the direction of changes in reported environmental expenses for any one period, or a comparison to prior periods. The change in general and administrative expenses in both periods was driven by increases in employee-related expenses and professional fees. The change in general and administrative expenses for the six months ended June 30, 2026 included non-recurring costs related to the retirement of our former Chief Operating Officer. Impairment charges result from (i) the accumulation of asset retirement costs at certain properties due to changes in estimated environmental liabilities, which increases the carrying values of these properties in excess of their fair values, and (ii) decreases in the carrying value of certain properties based on third-party indications of potential selling prices or reductions in estimated undiscounted cash flows expected to be received during the assumed holding period. Portfolio Activities Acquisitions and Development Funding During the quarter ended June 30, 2026, the Company invested $128.3 million at a 7.4% initial cash yield, including: The acquisition of 35 properties for $117.7 million, including 14 drive-thru quick service restaurants, 14 auto service centers, six express tunnel car washes, and one convenience store. Incremental development funding of $10.6 million for the construction of new-to-industry auto service centers, drive-thru quick service restaurants, and convenience stores. As of June 30, 2026, the Company had advanced aggregate funding of $19.3 million for the development of new-to-industry properties that are either owned by the Company and under construction by its tenants, or which the Company expects to acquire via sale-leaseback transactions at the end of the respective construction periods. Subsequent to quarter end, the Company invested $13.5 million at an 8.2% initial cash yield, and, year-to-date, has invested a total of $172.1 million at a 7.6% initial cash yield. Investment Pipeline As of July 22, 2026, the Company had a committed investment pipeline of more than $95.0 million for the development and/or acquisition of 30 convenience and automotive retail properties. While the Company has fully executed agreements for each transaction, the timing and amount of each investment is 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 During the quarter ended June 30, 2026, rent commenced on a redevelopment property located in the New York metro area and leased to a Take 5 Oil Change franchisee under a long term, triple net lease. As of June 30, 2026, the Company had signed leases for four redevelopment projects, including one site under construction and three sites pending recapture from its net lease portfolio. Other potential projects are in various stages of feasibility planning. Lease Extensions During the quarter ended June 30, 2026, the Company extended the term for one unitary lease totaling $2.9 million of ABR, or 1.3% of total ABR as June 30, 2026, by ten years to December 31, 2039. Dispositions During the quarter ended June 30, 2026, the Company sold four properties for gross proceeds of $8.2 million and recorded a gain of $4.7 million on the dispositions. During the six months ended June 30, 2026, the Company sold six properties for gross proceeds of $11.9 million and recorded a gain of $6.5 million on the dispositions. Balance Sheet and Capital Markets As of June 30, 2026, the Company had approximately $1.1 billion of total indebtedness, including (i) $1.0 billion of senior unsecured notes with a weighted average interest rate of 4.6% and a weighted average maturity of 5.5 years, and (ii) $73.0 million outstanding on the Company’s $450.0 million unsecured revolving credit facility (the “Revolver”). Equity Capital Markets During the quarter ended June 30, 2026, the Company settled approximately 1.5 million shares of common stock subject to outstanding forward sale agreements for net proceeds of approximately $39.8 million, and entered into new forward sale agreements to sell approximately 1.8 million shares of common stock for anticipated gross proceeds of $60.6 million. As of June 30, 2026, the Company had a total of approximately 5.8 million shares of common stock subject to outstanding forward sales agreements which, upon settlement, are anticipated to raise gross proceeds of approximately $190.5 million. 2026 Guidance The Company is increasing its 2026 AFFO guidance to a range of $2.52 to $2.54 per diluted share from the prior range of $2.50 to $2.52 per diluted share. The Company’s outlook includes completed transaction activity as of the date of this release, but does not include prospective acquisitions, dispositions, or capital markets activities (including the settlement of outstanding forward sale agreements). The guidance is based on current assumptions and is subject to risks and uncertainties more fully described in this press release and the Company’s periodic reports filed with the SEC. AFFO per share is a non-GAAP financial measure. The Company does not provide a reconciliation of such forward-looking non-GAAP measure to the most directly comparable GAAP financial measure because doing so would require unreasonable efforts due to the nature of the adjustments, which rely on assumptions and estimates that are subject to significant change throughout the year, necessary to calculate the non-GAAP measure. Webcast Information Getty Realty Corp. will host a conference call and webcast on Thursday, July 23 2026, at 8:30 a.m. EST. To participate in the call, please dial 1-877-423-9813, or 1-201-689-8573 for international participants, ten minutes before the scheduled start. Participants may also access the call via live webcast by visiting the investors section of the Company's website at ir.gettyrealty.com. If you cannot participate in the live event, a replay will be available on Thursday, July 23, 2026, beginning at 11:30 a.m. EST through 11:59 p.m. EST, Thursday, August 6, 2026. To access the replay, please dial 1-844-512-2921, or 1-412-317-6671 for international participants, and reference pass code 13760863. About Getty Realty Corp. Getty Realty Corp. is a publicly traded, net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. As of June 30, 2026, the Company’s portfolio included 1,224 freestanding properties located in 46 states across the United States and Washington, D.C. Non-GAAP Financial Measures In addition to measurements defined by accounting principles generally accepted in the United States of America (“GAAP”), the Company also focuses on Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”) to measure its performance. FFO and AFFO are generally considered by analysts and investors to be appropriate supplemental non-GAAP measures of the performance of REITs. FFO and AFFO are not in accordance with, or a substitute for, measures prepared in accordance with GAAP. In addition, FFO and AFFO are not based on any comprehensive set of accounting rules or principles. Neither FFO nor AFFO represent cash generated from operating activities calculated in accordance with GAAP and therefore these measures should not be considered an alternative for GAAP net earnings or as a measure of liquidity. These measures should only be used to evaluate the Company’s performance in conjunction with corresponding GAAP measures. FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) as GAAP net earnings before (i) depreciation and amortization of real estate assets, (ii) gains or losses on dispositions of real estate assets, (iii) impairment charges, and (iv) the cumulative effect of accounting changes. The Company defines AFFO as FFO excluding (i) certain revenue recognition adjustments (defined below), (ii) certain environmental adjustments (defined below), (iii) stock-based compensation, (iv) amortization of debt issuance costs and (v) other non-cash and/or unusual items that are not reflective of the Company’s core operating performance. Other REITs may use definitions of FFO and/or AFFO that are different than the Company’s and, accordingly, may not be comparable. The Company believes that FFO and AFFO are helpful to analysts and investors in measuring the Company’s performance because both FFO and AFFO exclude various items included in GAAP net earnings that do not relate to, or are not indicative of, the core operating performance of the Company’s portfolio. Specifically, FFO excludes items such as depreciation and amortization of real estate assets, gains or losses on dispositions of real estate assets, and impairment charges. With respect to AFFO, the Company further excludes the impact of (i) deferred rental revenue (straight-line rent), the net amortization of above-market and below-market leases, adjustments recorded for the recognition of rental income from direct financing leases, and the amortization of deferred lease incentives (collectively, “Revenue Recognition Adjustments”), (ii) environmental accretion expenses, environmental litigation accruals, insurance reimbursements, legal settlements and judgments, and changes in environmental remediation estimates (collectively, “Environmental Adjustments”), (iii) stock-based compensation expense, (iv) amortization of debt issuance costs and (v) other items, which may include allowances for credit losses on notes and mortgages receivable and direct financing leases, losses on extinguishment of debt, retirement and severance costs, and other items that do not impact the Company’s recurring cash flow and which are not indicative of its core operating performance. The Company pays particular attention to AFFO which it believes provides the most useful depiction of the core operating performance of its portfolio. By providing AFFO, the Company believes it is presenting information that assists analysts and investors in their assessment of the Company’s core operating performance, as well as the sustainability of its core operating performance with the sustainability of the core operating performance of other real estate companies. For a tabular reconciliation of FFO and AFFO to GAAP net earnings, see the table captioned “Reconciliation of Net Earnings to Funds From Operations and Adjusted Funds From Operations” included herein. Forward-Looking Statements 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,” “predicts,” “outlook” 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, those regarding the company’s 2026 AFFO per share guidance, those made by Mr. Constant, statements regarding the recapture and transfer of certain net lease retail properties, statements regarding the ability to obtain appropriate permits and approvals, and statements regarding AFFO as a measure best representing core operating performance and its utility in comparing the sustainability of the company’s core operating performance with the sustainability of the core operating performance of other REITs. Information concerning factors that could cause the company’s actual results to differ materially from these forward-looking statements can be found elsewhere from this press release, including, without limitation, those statements 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.

This article first appeared on GuruFocus. Release Date: April 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Getty Realty Corp (NYSE:GTY) reported a 13.1% year-over-year increase in annualized base rent. The company achieved a 6.8% increase in ASFO per share and raised its full-year 2026 earnings guidance. Getty Realty Corp (NYSE:GTY) maintained a strong capital position with over $625 million in total liquidity. The company's portfolio is nearly fully occupied with a 99.7% occupancy rate and a weighted average lease term of 10.1 years. Getty Realty Corp (NYSE:GTY) has a robust investment pipeline with approximately $125 million of investments under contract. The company faces potential risks from geopolitical events and macroeconomic uncertainties. Getty Realty Corp (NYSE:GTY) has a conservative assumption of 25 basis points for credit loss in its 2026 guidance. The company's investment pipeline is skewed towards development funding, which may have longer timelines. Getty Realty Corp (NYSE:GTY) is exposed to fluctuations in fuel prices, which can impact tenant performance. The company's G&A expenses, while improving, still represent a significant portion of cash rental and interest income. Warning! GuruFocus has detected 7 Warning Signs with GTY. Is GTY fairly valued? Test your thesis with our free DCF calculator. Q: What is driving the increased momentum in Getty Realty's investment pipeline? A: Christopher Constant, CEO, explained that the momentum is due to a combination of factors, including more dealmakers at Getty, increased business development activity, and a growing portfolio that allows tapping into more relationships. Additionally, the sale-leaseback market is becoming more attractive as businesses look at their capital needs, complementing other capital sources like debt or equity. Q: Are you becoming more selective with regards to what sectors you're allocating capital to? A: Christopher Constant, CEO, stated that Getty Realty remains focused and selective within the four sectors they invest in. They are equally excited about all four sectors and have numerous opportunities across these verticals in their pipeline. Q: Can you highlight some of the things Getty Realty has accomplished to become more efficient? A: Brian Dickman, CFO, mentioned that Getty Realty has been focusing on technology and process improvement, which are having a positive impact. Additionally, net lease platforms are inherently scalable, and the company is starting to see the benefits of these efforts combined with favorable market dynamics. Q: How is Getty Realty's cost of capital strategy evolving in 2026? A: Brian Dickman, CFO, explained that the strategy remains unchanged, focusing on maintaining leverage in the 4.5 to 5.5 times range and keeping the pipeline partially funded to ensure certainty around the cost of capital. The company plans to draw on the revolver for debt and settle equity to maintain leverage, with additional equity considerations based on pipeline magnitude and stock performance. Q: Are there any challenges with bad debt within the portfolio, and how is it factored into the 2026 guidance? A: Brian Dickman, CFO, noted that Getty Realty uses a 25 basis points assumption for credit loss, which is conservative compared to historical data. The portfolio is healthy, with no significant concerns about credit loss. The guidance includes this assumption, but there is no imminent concern regarding bad debt. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Strong quarter and raised guidance: Getty reported a 13.1% year-over-year increase in annualized base rent, 6.8% growth in AFFO per share, 100% rent collections and essentially full occupancy, and raised full-year AFFO guidance to $2.50–$2.52 per share. Active, accretive investing pipeline: Management invested about $34.4M year-to-date at an ~8% initial cash yield (including 22 properties for $27.3M) and has roughly $125M under contract, skewed toward development funding with expected initial yields in the mid‑ to high‑7% range and 15–20 year leases. Healthy liquidity and leverage: Net debt to EBITDA was 5.1x (4.2x including unsettled forward equity), within the 4.5x–5.5x target range; the company ended the quarter with $1B of unsecured notes (4.5% avg rate), over $625M total liquidity, an undrawn $450M revolver, and no debt maturities until June 2028. Interested in Getty Realty Corporation? Here are five stocks we like better. 5 Best REIT Alternatives for Passive Real Estate Income Getty Realty (NYSE:GTY) reported first-quarter 2026 results showing year-over-year growth in key operating metrics and raised its full-year adjusted funds from operations (AFFO) guidance, citing contributions from recent investment activity, stable portfolio performance, and expense control. Chief Executive Officer Christopher Constant said the company is “off to a strong start in 2026,” highlighted by a 13.1% year-over-year increase in annualized base rent and a 6.8% increase in AFFO per share. Constant added that the company’s in-place portfolio is “essentially fully occupied,” achieved 100% rent collections, and continues to demonstrate “stable rent coverage,” even amid “volatility driven by current geopolitical events.” → GE Vernova Beats Earnings by 790% as Data Center Demand Explodes Look To REITs For Reliable Yield Even In Recessionary Environment Chief Investment Officer Robert J. Ryan said that at quarter end, Getty’s lease portfolio included 1,186 net lease properties and two active redevelopment sites. Excluding active redevelopments, occupancy was 99.7% and the weighted average lease term was 10.1 years. Ryan also noted the portfolio’s geographic mix, with 61% of annualized base rent from top 50 MSAs and 77% from top 100 MSAs across 45 states plus Washington, D.C. Ryan reported a trailing 12-month tenant rent coverage ratio of 2.5x. During the Q&A, Chief Financial Officer Brian R. Dickman said the rent coverage data has a three-month lag and was measured through Dec. 31, 2025. He added that quarter-to-quarter movement in coverage “buckets” can reflect tenants moving around breakpoints rather than broad changes, and that results were “very similar, very consistent, very stable” across property types. → Amazon Stock Up 30%: Is AMZN Still a Buy Before Earnings? Management pointed to continued acquisition and development activity. Constant said Getty invested more than $34 million year to date at an initial cash yield of 8%. Ryan provided additional detail, saying the company invested $30.3 million during the quarter across 29 properties at an initial cash yield of 8%, with a weighted average lease term of 8.8 years on acquired assets. Ryan said quarterly investments included: Acquiring 22 properties for $27.3 million, including 16 auto service centers and six drive-thru quick service restaurants $3 million of incremental development funding for construction of multiple new auto service centers and drive-thru quick service restaurants → 3M Stock Pulls Back, But Catalysts Point to New Highs Subsequent to quarter end, Ryan said the company invested an additional $4.1 million, bringing year-to-date investments to $34.4 million at an 8% initial cash yield. Looking forward, Constant said Getty has approximately $125 million of investments under contract and a pipeline of additional transactions under signed non-binding letters of intent. Ryan said the under-contract transactions are spread across the company’s four convenience and automotive retail sectors, and are “predominantly relationship sale-leasebacks and development funding opportunities” with new 15- to 20-year lease terms, with initial cash yields “in the mid- to high-7% area.” Asked about the composition of the $125 million pipeline, Ryan said it is “tilted towards the development funding,” which he described as generally having a “three to 12-month time horizon.” He added that Getty has also added “more traditional sale-leaseback” transactions to the pipeline, but it remains skewed toward development funding. Ryan said Getty extended five unitary leases totaling $11.3 million of annualized base rent, representing about 5% of total ABR, during the first quarter. He said the lease extensions increased the company’s weighted average lease term and significantly reduced ABR expiring in 2027. Ryan also noted the company sold two properties during the quarter for gross proceeds of $3.7 million. Dickman reported first-quarter AFFO per share of $0.63, with FFO of $0.69 per share and net income of $0.43 per share. On expenses, he said the ratio of G&A (excluding stock-based compensation and non-recurring retirement costs) to cash rental and interest income was 9.2% for the quarter, a 130 basis point improvement versus the same period in 2025. Dickman reiterated expectations that G&A growth will be less than 2% in 2026 and that the G&A ratio will fall below 9% as the company scales. On leverage and liquidity, Dickman said net debt to EBITDA was 5.1x, or 4.2x when including the impact of unsettled forward equity, both within the company’s target leverage range of 4.5x to 5.5x. Fixed charge coverage for the quarter was 4x. Dickman said the company received $250 million from a previously announced unsecured notes issuance during the quarter and used the proceeds to repay borrowings under its revolving credit facility. Getty ended the quarter with $1 billion of total unsecured notes outstanding, with a weighted average interest rate of 4.5% and a weighted average maturity of six years. He added that the company has full borrowing capacity under its $450 million revolver and no debt maturities until June 2028. In February, Dickman said Getty raised $130 million of new common equity in an overnight offering sold on a forward basis. He said the company has 5.5 million shares subject to outstanding forward sales agreements, which upon settlement are anticipated to raise gross proceeds of approximately $171.5 million. Constant added that Getty has more than $170 million of unsettled forward equity and the revolver remains undrawn. Dickman said Getty has more than $625 million of total liquidity and expects to fund its pipeline and additional investments while maintaining its leverage framework. Dickman said Getty increased full-year 2026 AFFO per share guidance to a range of $2.50 to $2.52 from $2.48 to $2.50. He emphasized that guidance reflects the current run rate from the in-place portfolio and includes certain expense and credit loss variability, but “does not include any prospective investments or capital markets activities.” Asked what drove the increase, Dickman cited the impact of investment activity and operating performance relative to forecasts, including “no credit loss in the first quarter” and expenses that “came in at or below budget.” On credit trends, Dickman said the company assumes about 25 basis points for credit loss in guidance, but did not experience any credit loss in the first quarter. He said the portfolio is “quite healthy,” with “nothing that rises to a level of a watch list,” adding that tenants continue to perform despite “geopolitical and macro noise.” In discussion of industry trends, Constant addressed recent store closure announcements by 7‑Eleven, noting the chain is a tenant but “not in our top 20.” He described the shift toward larger, more complex convenience store formats with a greater emphasis on food and beverage as a long-running industry trend. Ryan added that 7‑Eleven also announced planned reopenings or new stores in a larger format, calling it reflective of broader evolution in the sector and Getty’s investment strategy. Asked about the potential impact of war-related volatility and fuel prices on tenants, Constant said the company entered the period with retail fuel prices below $3 per gallon nationally and average fuel margins “north of $0.40” to “maybe $0.45.” He said national data indicates most of the increase has been passed through to retail pricing, and margins remain above $0.40 nationally. Constant said Getty expects to remain active across its targeted sectors and expressed confidence it can deploy capital accretively. The company plans to report second-quarter results in July, Constant said in closing remarks. Getty Realty Corp is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and leasing of service station and convenience retail properties. The company's portfolio consists primarily of fee-simple and ground-leased sites, which are leased to major national and regional fuel and convenience store operators under long-term, triple-net leases. This structure provides Getty Realty with a stable stream of contractual rental income and limited operational responsibilities. Founded in 1981, Getty Realty became a publicly listed company in 2005 and trades on the New York Stock Exchange under the ticker symbol GTY. The article "Getty Realty Q1 Earnings Call Highlights" was originally published by MarketBeat.

Performance was anchored by a fully occupied portfolio with 100% rent collections, demonstrating the resilience of essential-service tenants despite geopolitical volatility. Management attributed accelerated growth to recent platform investments, including an expanded investment team, new technologies, and improved operational processes. The company is capitalizing on industry consolidation trends where operators increasingly utilize sale-leasebacks as a flexible capital source for M&A and expansion. Strategic focus remains on high-density metro areas and creditworthy operators within the fragmented convenience and automotive retail sectors. The portfolio's durability is supported by a 2.5x rent coverage ratio, reflecting the nondiscretionary nature of the underlying businesses. Management highlighted that modern convenience store trends favor larger formats with heavy food and beverage components, which aligns with their recent acquisition criteria. Full-year 2026 AFFO guidance was increased to $2.50 to $2.52, reflecting Q1 outperformance and a lack of realized credit losses. The investment pipeline under contract stands at approximately $125 million, primarily skewed toward development funding with 3- to 12-month timelines. Management expects to maintain a disciplined leverage target of 4.5x to 5.5x by settling outstanding forward equity to fund the acquisition pipeline. Guidance methodology remains conservative, assuming a 25-basis-point credit loss and excluding prospective investments or capital markets activities. Future acquisitions are expected to target initial cash yields in the mid- to high-7% range, blending granular individual assets with mid-sized portfolios. The company maintains significant liquidity of over $625 million, including $171.5 million in unsettled forward equity and an undrawn $450 million revolver. Management successfully extended five unitary leases representing 5% of total ABR, significantly reducing lease expirations scheduled for 2027. G&A efficiency improved by 130 basis points year-over-year, with a long-term goal to keep the G&A-to-income ratio below 9% through scaling. Despite rising oil prices, management noted that tenants have successfully passed on costs to consumers, maintaining healthy fuel margins above $0.40 per gallon. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management cited a combination of more internal 'dealmakers,' deeper industry relationships, and a constructive pricing environment for sellers. The sale-leaseback market is increasingly viewed by operators as a complementary capital source to traditional debt and equity for funding growth. Management clarified that 7-Eleven is not a top 20 tenant and that their closures target older, smaller formats that Getty has already been pivoting away from. The strategy focuses on 'modern' c-stores (7,000-8,000 sq. ft.) that emphasize food, beverage, and loyalty programs over simple fuel sales. Management indicated no change in strategy despite current cost of capital, focusing on maintaining the 4.5x to 5.5x leverage range. The company will prioritize drawing on the revolver for debt and settling forward equity to ensure certainty of funding for the existing pipeline. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.