Getty Realty Stock Earnings Reports

Getty Realty Corp. delivered a strong start to 2026: annualized base rent (ABR) grew 13.1% year-over-year, AFFO per share rose 6.8% (Q1 AFFO/share $0.63), and the company raised full-year 2026 AFFO guidance to $2.50–$2.52. Portfolio fundamentals remain stable — occupancy ~99.7% (ex-redevelopment), 100% rent collections for the quarter, a trailing 12-month tenant rent coverage ratio of 2.5x, and a weighted average lease term of ~10 years. Investment activity: $34.4M invested YTD at an ~8% initial cash yield (including $30.3M in the quarter), 29 properties acquired in Q1, and ~$125M of transactions under contract with a larger pipeline of LOIs skewed toward development funding (initial cash yields mid–high 7%). Capital and liquidity: more than $625M of total liquidity, $170M+ of unsettled forward equity, $450M revolver undrawn, $1.0B total unsecured notes outstanding (W.A. interest ~4.5%, W.A. maturity ~6 years), and net debt/EBITDA of 5.1x (4.2x including unsettled forward equity) — within target leverage. Expense control and scalability: management expects <2% G&A growth in 2026 and a G&A ratio below 9%; Q1 G&A ratio (ex stock comp & nonrecurring items) was 9.2%, improving 130 bps year-over-year. Credit: guidance assumes a conservative 25 bps credit loss; no credit losses in Q1 and management reports the portfolio as healthy. Strategy notes: continued focus on sale-leasebacks and development funding in convenience and automotive retail sectors, disciplined underwriting in high-density/visible locations leased to creditworthy operators under long-term triple-net leases; target initial yields generally mid–high 7% (with some activity in high-7s to ~8%).