- Increases 2026 Full Year Earnings Guidance -
NEW YORK, April 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 March 31, 2026.
First Quarter 2026 Highlights
Net earnings: $0.43 per share
Funds From Operations ("FFO"): $0.69 per share
Adjusted Funds From Operations ("AFFO"): $0.63 per share
Invested $30.3 million across 29 properties at an 8.0% initial cash yield
Extended leases totaling $11.3 million, or 5.0% of annualized base rent (ABR), and increased the portfolio's weighted average lease term (WALT) to more than 10.0 years
Raised gross proceeds of $129.9 million from a follow-on common stock offering in connection with forward sales agreements
Received gross proceeds of $250.0 million from a previously announced private placement of senior unsecured notes and repaid amounts outstanding under the Company's revolving credit facility
Committed investment pipeline of more than $125.0 million for the development and/or acquisition of 43 convenience and automotive retail properties, as of April 22, 2026
"Getty had a productive first quarter highlighted by strong year-over-year earnings growth and an increase to our full year 2026 earnings guidance," stated Christopher J. Constant, Getty's President & Chief Executive Officer. "Investment activity in the quarter reflected our efforts to continue diversifying our portfolio and, importantly, our opportunity set is as robust as we've seen in several quarters. We also executed multiple strategic lease extensions that reduced near-term lease expiration risk, and completed a well-timed forward equity offering that enhanced our liquidity profile to support our growing investment pipeline. We are very well positioned to execute our 2026 business plan."
Net Earnings, FFO and AFFO
All per share amounts are presented on a fully diluted per common share basis, unless stated otherwise. FFO and AFFO are "Non-GAAP Financial Measures" which are defined and reconciled to net earnings at the end of this release.
($ in thousands)
Three Months Ended March 31,
2026
2025
Net earnings
$
26,629
$
14,786
Net earnings per share
$
0.43
$
0.25
FFO
$
42,689
$
31,668
FFO per share
$
0.69
$
0.56
AFFO
$
38,981
$
33,797
AFFO per share
$
0.63
$
0.59
Select Financial Results
Revenues from Rental Properties
($ in thousands)
Three Months Ended March 31,
2026
2025
Rental income (a)
$
56,286
$
50,598
Tenant reimbursement income
1,104
1,108
Revenues from rental properties
$
57,390
$
51,706
(a) Rental income includes base rental income, additional rental income, if any, and certain non-cash revenue recognition adjustments.
For the quarter ended March 31, 2026, base rental income grew 12.5% to $55.8 million, as compared to $49.6 million for the same period in 2025.
The growth in base rental income was driven by incremental revenue from recently acquired properties and contractual rent increases for in-place leases, partially offset by property dispositions.
Interest (Income) on Notes and Mortgages Receivable
($ in thousands)
Three Months Ended March 31,
2026
2025
Interest on notes and mortgages receivable
$
454
$
624
The change in interest earned on notes and mortgages receivable was due to a net decrease in average notes and mortgages receivable outstanding as compared to the prior year period.
Property Costs
($ in thousands)
Three Months Ended March 31,
2026
2025
Property operating expenses
$
1,770
$
1,824
Leasing and redevelopment expenses
241
158
Property costs
$
2,011
$
1,982
The improvement in property operating expenses was primarily due to a reduction in rent expense. The change in leasing and redevelopment expenses was primarily due to professional fees related to leasing activities.
Other Expenses
($ in thousands)
Three Months Ended March 31,
2026
2025
Environmental expenses
$
(7,546
)
$
116
General and administrative expenses
9,056
6,926
Impairments
1,516
1,169
The change in environmental expenses was primarily due to 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 was primarily due to non-recurring costs related to the retirement of our former Chief Operating Officer, partially offset by decreases in stock-based compensation, professional fees, and certain transaction related costs.
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 March 31, 2026, the Company invested $30.3 million at an 8.0% initial cash yield, including:
The acquisition of 22 properties for $27.3 million, including 16 auto service centers and six drive-thru quick service restaurants.
Incremental development funding of $3.0 million for the construction of new-to-industry auto service centers and drive-thru quick service restaurants. As of March 31, 2026, the Company had advanced aggregate funding of $10.5 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 $4.1 million, and, year-to-date, has invested a total of $34.4 million at an 8.0% initial cash yield.
Investment Pipeline
As of April 22, 2026, the Company had a committed investment pipeline of more than $125.0 million for the development and/or acquisition of 43 convenience and automotive retail properties. The Company expects to fund the majority of this investment activity, which includes transactions with 10 different tenants, over the next 3-12 months. 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
As of March 31, 2026, the Company had signed leases for four redevelopment projects, including two sites under construction and two sites pending recapture from its net lease portfolio. Other potential projects are in various stages of feasibility planning.
Lease Extensions
As previously announced, during the first quarter, the Company extended the lease terms for five unitary leases totaling $11.3 million of ABR, or 5.0% of total ABR as March 31, 2026. This leasing activity contributed to improvements in the following portfolio metrics as of March 31, 2026:
The portfolio's WALT increased to 10.1 years
ABR expiring in 2027 decreased by more than 70% to 1.6% of total ABR
Aggregate 2026 and 2027 lease expirations reduced to approximately 2.5% of total ABR
Dispositions
During the quarter ended March 31, 2026, the Company sold two properties for gross proceeds of $3.7 million and recorded a gain of $1.8 million on the dispositions.
Balance Sheet and Capital Markets
As of March 31, 2026, the Company had $1.0 billion of senior unsecured notes outstanding with a weighted average interest rate of 4.5% and a weighted average maturity of 6.0 years, and no amounts outstanding under its $450.0 million unsecured revolving credit facility (the "Revolver").
Debt Capital Markets
As previously announced, in November 2025, the Company closed the private placement of $250.0 million of senior unsecured notes priced at a fixed rate of 5.76% and which mature on January 22, 2036 (the "2036 Notes"). The 2036 Notes funded in January 2026 and proceeds were used to repay amounts outstanding under the Revolver.
Equity Capital Markets
In February 2026, the Company completed a follow-on public offering of 4.0 million shares of common stock in connection with forward sales agreements. Upon settlement, the offering is anticipated to raise gross proceeds of approximately $129.9 million.
During the quarter ended March 31, 2026, the Company settled 650 thousand shares of common stock for net proceeds of approximately $19.9 million.
As of March 31, 2026, the Company had a total of approximately 5.5 million shares of common stock subject to outstanding forward sales agreements which, upon settlement, are anticipated to raise gross proceeds of approximately $171.5 million.
2026 Guidance
The Company is increasing its 2026 AFFO guidance to a range of $2.50 to $2.52 per diluted share from the prior range of $2.48 to $2.50 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, April 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, April 23, 2026, beginning at 11:30 a.m. EST through 11:59 p.m. EST, Thursday, May 7, 2026. To access the replay, please dial 1-844-512-2921, or 1-412-317-6671 for international participants, and reference pass code 13759365.
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 March 31, 2026, the Company's portfolio included 1,191 freestanding properties located in 45 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 ...
