Getty Realty Corp. Announces Third Quarter 2026 Results

Quarterly AFFO per share increased, while funds from operations per share fell to $0.61 from $0.66 a year earlier.

Rhea-AI Summary

Getty Realty (NYSE: GTY) raised its full-year earnings outlook after reporting third-quarter adjusted funds from operations of $0.64 per diluted share. This non-GAAP measure, abbreviated AFFO, rose from $0.62 a year earlier. Net earnings were $25.606 million, versus $23.348 million, while diluted earnings per share remained $0.40. Rental-property revenue increased to $62.265 million from $55.159 million.

Getty increased its 2026 AFFO guidance to $2.53–$2.54 per diluted share from $2.52–$2.54. Investments totaled $502.3 million year to date at a 7.2% initial cash yield, including $46.3 million after quarter-end. Its committed pipeline exceeded $75 million, with timing and amounts dependent on counterparties. Quarter-end debt totaled $1.2 billion. After quarter-end, Getty obtained a $200.0 million term loan and used the proceeds to repay revolving borrowings.

21 points · 1 major

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Positive

• Major point. Forward-looking: it has not happened yet and may not happen.2026 AFFO guidance increased to $2.53–$2.54 per diluted share from $2.52–$2.54.
• Moderate pointThird-quarter AFFO rose to $41.149 million from $36.102 million; diluted per-share AFFO increased to $0.64 from $0.62.
• Moderate pointThird-quarter net earnings increased to $25.606 million from $23.348 million; diluted earnings per share remained $0.40.
• Moderate pointNine-month funds from operations rose to $118.639 million from $98.193 million; diluted per-share results increased to $1.89 from $1.70.
• Moderate pointRental-property revenue rose to $62.265 million from $55.159 million quarterly and $178.209 million from $159.589 million over nine months.
• Moderate pointNine-month environmental expenses shifted to a $6.889 million credit from a $2.101 million expense.
• Moderate pointThird-quarter investments totaled $297.4 million across 68 properties at a 6.9% initial cash yield. 17% of market cap
• Moderate pointPost-quarter investments totaled $46.3 million at a 7.6% initial cash yield. 2.7% of market cap
• Moderate pointCommitted investment pipeline exceeded $75 million for 29 properties as of October 21, 2026. 4.3% of market cap
• Moderate pointForward-sale settlements raised approximately $164.6 million in net proceeds during the quarter. 9.5% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Outstanding forward sales are anticipated to raise approximately $51.8 million in gross proceeds upon settlement. 3% of market cap
• Moderate pointNew $200.0 million term loan funded repayment of revolving credit borrowings. 12% of market cap

9 minor points

• Minor pointNine-month AFFO increased to $118.978 million from $103.866 million; diluted per-share AFFO rose to $1.89 from $1.80.
• Minor pointNine-month net earnings rose to $74.820 million from $52.148 million; diluted earnings per share increased to $1.18 from $0.89.
• Minor pointBase rental income grew 13.8% to $59.3 million quarterly and 13.2% to $171.7 million over nine months.
• Minor pointReceivable interest income rose to $725,000 from $432,000 quarterly and $1.676 million from $1.589 million over nine months.
• Minor pointProperty costs fell to $2.224 million from $2.406 million quarterly and $6.255 million from $6.831 million over nine months.
• Minor pointQuarterly impairments decreased to $373,000 from $647,000 a year earlier.
• Minor pointFour redevelopment projects had signed leases, including two under construction and two pending site recapture.
• Minor pointNine-month property sales generated $23.5 million in gross proceeds and $9.8 million in gains across 14 properties.
• Minor pointRevolver amendment removed the additional 10 basis point SOFR credit spread adjustment.

Negative

• Moderate pointThird-quarter funds from operations rose to $38.865 million from $38.697 million, but diluted per-share results fell to $0.61 from $0.66.
• Moderate pointGeneral and administrative expenses rose to $8.327 million from $6.441 million quarterly and $24.680 million from $20.161 million over nine months.
• Moderate pointQuarter-end debt totaled $1.2 billion, including $1.0 billion of senior notes and $200.0 million of revolving borrowings.
• Moderate pointApproximately 5.1 million common shares settled under forward-sale agreements during the quarter, diluting existing holders.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Approximately 1.5 million common shares remained subject to outstanding forward-sale agreements, representing potential further dilution.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Pipeline investment timing and amounts depend on counterparties completing development projects and certain business acquisitions.

4 minor points

• Minor pointQuarterly environmental expenses shifted to a $320,000 expense from a $3.356 million credit.
• Minor pointNine-month impairments increased to $4.350 million from $2.271 million a year earlier.
• Minor pointSenior notes carried a 4.5% weighted average interest rate and 5.5-year weighted average maturity.
• Minor pointNew term loan carried a 5.03% effective rate at amendment closing and matures October 16, 2028, subject to extension options.

News Explained

Getty Realty received net proceeds of $164.6 million from settling forward sales of about 5.1 million shares and, as of September 30, 2026, had agreements covering 1.5 million shares expected to raise $51.8 million gross; if issued, those shares would reduce existing holders’ percentage ownership.

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$27.33 – $28.70 Day Range

$1.71B Mkt Cap at Last Price

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Key Figures

Net earnings per share: $0.40 per share FFO per share: $0.61 per share AFFO per share: $0.64 per share +3 more

Net earnings per share

$0.40 per share

Q3 2026; $0.40 per share in Q3 2025

FFO per share

$0.61 per share

Q3 2026; compared with $0.66 per share in Q3 2025

AFFO per share

$0.64 per share

Q3 2026; compared with $0.62 per share in Q3 2025

Base rental income growth

13.8% to $59.3 million

Q3 2026; compared with $52.1 million in Q3 2025

Year-to-date investment activity

$502.3 million at a 7.2% initial cash yield

Year to date through October 21, 2026

2026 AFFO guidance

$2.53–$2.54 per diluted share

Raised from the prior range of $2.52–$2.54 per diluted share

Previous Earnings Reports

2 past events · Latest: Jul 22

Same Type 2 events

1. Jul 22

   Q2 earnings

   24h Move

   -3.1%

   Reported Q2 results and raised 2026 AFFO guidance to $2.52–$2.54 per diluted share.

2. Apr 22

   Q1 earnings

   24h Move

   +1.7%

   Reported Q1 results and raised 2026 AFFO guidance to $2.50–$2.52 per diluted share.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

ffo, sofr, forward sale agreements, fully diluted, +1 more

5 terms

ffo financial

"Funds From Operations (“FFO”): $0.61 per share"

Funds from operations (FFO) is a performance metric used mainly for real estate companies that measures the cash generated by their core rental and property-management activities, while removing accounting items such as building depreciation and one-time gains or losses from property sales. Investors rely on FFO to assess a real estate firm's ability to pay and sustain dividends and fund growth—similar to checking how much actual rent a landlord collects each month rather than paper profits.

sofr financial

"based on the daily SOFR rate"

The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.

forward sale agreements financial

"entered into new forward sale agreements to sell approximately 0.8 million shares"

A forward sale agreement is a deal where two parties agree today to sell and buy an asset at a set price on a future date. It’s like promising to sell your car to a friend next month at today's price, regardless of how the car's value changes. These agreements help businesses lock in prices and reduce uncertainty about future costs or income.

fully diluted financial

"All per share amounts are presented on a fully diluted per common share basis"

Fully diluted is the total number of a company's shares that would exist if every potential share from stock options, warrants, convertible debt and other claims were converted into common stock — like counting every reserved pizza slice as if everyone who could request one already had it. Investors use the fully diluted share count to see the realistic ownership picture and how those future claims could lower each shareholder’s percentage, earnings per share and implied valuation.

gaap financial

"FFO and AFFO are “Non-GAAP Financial Measures”"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

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- Completes More Than $500 Million of Year-to-Date Investment Activity -

- Increases 2026 Full Year Earnings Guidance -

NEW YORK, Oct. 21, 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 September 30, 2026.

Third Quarter 2026 Highlights

• Net earnings: $0.40 per share
• Funds From Operations (“FFO”): $0.61 per share
• Adjusted Funds From Operations (“AFFO”): $0.64 per share
• Invested $297.4 million across 68 properties at a 6.9% initial cash yield, plus an additional $46.3 million at a 7.6% initial cash yield subsequent to quarter end
• Committed investment pipeline of more than $75 million for the development and/or acquisition of 29 convenience and automotive retail properties, as of October 21, 2026
  
  

“Getty has delivered strong results thus far in 2026, highlighted by a 5.0% increase in year-to-date AFFO per share, and more than $500 million of year-to-date investments,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “While the recently announced $261 million Refuel transaction was a milestone transaction for the Company, I am pleased that we continue to make investments and expand tenant relationships across all our target convenience and automotive retail sectors. The durability of our portfolio and strength of our balance sheet position us well as we reassess our investment pipeline and take a disciplined approach to capital allocation in the current market environment.”        

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 September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Net earnings	$	25,606			$	23,348			$	74,820			$	52,148
Net earnings per share	$	0.40			$	0.40			$	1.18			$	0.89
FFO	$	38,865			$	38,697			$	118,639			$	98,193
FFO per share	$	0.61			$	0.66			$	1.89			$	1.70
AFFO	$	41,149			$	36,102			$	118,978			$	103,866
AFFO per share	$	0.64			$	0.62			$	1.89			$	1.80

Select Financial Results

Revenues from Rental Properties

($ in thousands)	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Rental income (a)	$	60,807			$	53,477			$	174,511			$	155,384
Tenant reimbursement income		1,458				1,682				3,698				4,205
Revenues from rental properties	$	62,265			$	55,159			$	178,209			$	159,589

(a)	Rental income includes base rental income, additional rental income, if any, and certain non-cash revenue recognition adjustments.

For the quarter ended September 30, 2026, base rental income grew 13.8% to $59.3 million, as compared to $52.1 million for the same period in 2025. For the nine months ended September 30, 2026, base rental income grew 13.2% to $171.7 million, as compared to $151.7 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 September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Interest on notes and mortgages receivable	$	725			$	432			$	1,676			$	1,589

The change in interest earned on notes and mortgages receivable in both periods was due to a net increase in average notes and mortgages receivable outstanding as compared to the prior year.

Property Costs

($ in thousands)	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Property operating expenses	$	2,171			$	2,251			$	5,810			$	6,361
Leasing and redevelopment expenses		53				155				445				470
Property costs	$	2,224			$	2,406			$	6,255			$	6,831

The improvement in property operating expenses in both periods was due to a decrease in rent expense, as well as lower reimbursable and non-reimbursable expenses. The reduction in leasing and redevelopment expenses for both periods was primarily due to a decrease in professional fees and write-offs for redevelopment projects, partially offset by an increase in demolitions costs for the nine months ended September 30, 2026.

Other Expenses

($ in thousands)	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Environmental expenses	$	320			$	(3,356	)		$	(6,889	)		$	2,101
General and administrative expenses		8,327				6,441				24,680				20,161
Impairments		373				647				4,350				2,271

The change in environmental expenses in both periods was driven by changes in environmental estimates, including the removal of unknown reserve liabilities that had previously been accrued for certain properties. The change in environmental expenses for the nine months ended September 30, 2026 also included a decrease in environmental litigation accruals. 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 non-recurring costs related to the departure of former executive officers, as well as an increase in professional fees.

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 September 30, 2026, the Company invested $297.4 million at a 6.9% initial cash yield, including:

• The acquisition of 53 properties for $286.0 million, including 42 convenience stores, nine auto service centers, and two drive-thru quick service restaurants.
• Incremental development funding of $11.3 million for the construction of new-to-industry auto service centers, drive-thru quick service restaurants, and convenience stores. As of September 30, 2026, the Company had advanced aggregate funding of $23.3 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 $46.3 million at a 7.6% initial cash yield, and year-to-date, has invested a total of $502.3 million at a 7.2% initial cash yield.

Investment Pipeline

As of October 21, 2026, the Company had a committed investment pipeline of more than $75 million for the development and/or acquisition of 29 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

As of September 30, 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.

Dispositions

During the quarter ended September 30, 2026, the Company sold eight properties for gross proceeds of $11.6 million, and recorded a gain of $3.4 million on the dispositions. During the nine months ended September 30, 2026, the Company sold 14 properties for gross proceeds of $23.5 million, and recorded a gain of $9.8 million on the dispositions.

Balance Sheet and Capital Markets

As of September 30, 2026, the Company had $1.2 billion of total indebtedness, including (i) $1.0 billion of senior unsecured notes with a weighted average interest rate of 4.5% and a weighted average maturity of 5.5 years, and (ii) $200.0 million outstanding on the Company’s $450.0 million unsecured revolving credit facility (the “Revolver”).

Debt Capital Markets

Subsequent to quarter end, the Company amended the terms of its existing credit agreement to, among other items, provide for a new $200.0 million senior unsecured term loan (the “Term Loan”).

The Term Loan matures October 16, 2028, subject to three twelve-month extensions exercisable at the Company's option, and bears interest at an effective rate of 5.03% based on the daily SOFR rate and Company’s BBB- credit rating at the closing of the amendment. Proceeds from the Term Loan were used to repay borrowings under the Revolver.

The amendment also removed the additional 10 basis point SOFR credit spread adjustment from the effective interest rate charged for borrowings under the Revolver, and allowed the Company to elect for borrowings under the Term Loan and the Revolver to be priced off a ratings-based grid with the receipt of one investment grade rating, which the Company elected upon the closing of the amendment.

Equity Capital Markets

During the quarter ended September 30, 2026, the Company settled approximately 5.1 million shares of common stock subject to outstanding forward sale agreements for net proceeds of approximately $164.6 million, and entered into new forward sale agreements to sell approximately 0.8 million shares of common stock for anticipated gross proceeds of $28.0 million.

As of September 30, 2026, the Company had a total of approximately 1.5 million shares of common stock subject to outstanding forward sales agreements which, upon settlement, are anticipated to raise gross proceeds of approximately $51.8 million.

2026 Guidance

The Company is increasing its 2026 AFFO guidance to a range of $2.53 to $2.54 per diluted share from the prior range of $2.52 to $2.54 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, October 22 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, October 22, 2026, beginning at 11:30 a.m. EST through 11:59 p.m. EST, Thursday, November 5, 2026. To access the replay, please dial 1-844-512-2921, or 1-412-317-6671 for international participants, and reference pass code 13762493.

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 September 30, 2026, the Company’s portfolio included 1,269 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.

GETTY REALTY CORP. CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except per share amounts)
	September 30,				December 31,
	2026				2025
ASSETS:
Real Estate:
Land	$	1,252,726			$	1,050,611
Buildings and improvements		1,289,457				1,141,467
Lease intangible assets		267,243				209,184
Investment in direct financing leases, net		34,788				38,853
Construction in progress		144				73
Real estate held for use		2,844,358				2,440,188
Less accumulated depreciation and amortization		(441,455	)			(405,908	)
Real estate held for use, net		2,402,903				2,034,280
Real estate held for sale, net		1,057				1,896
Real estate, net		2,403,960				2,036,176
Notes and mortgages receivable		34,270				19,466
Cash and cash equivalents		8,834				8,361
Restricted cash		3,786				4,419
Deferred rent receivable		77,558				70,325
Accounts receivable		3,155				2,366
Right-of-use assets - operating		10,819				10,190
Right-of-use assets - finance		25				60
Prepaid expenses and other assets		29,741				22,005
Total assets	$	2,572,148			$	2,173,368
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Credit Facility	$	200,000			$	250,000
Senior Unsecured Notes, net		997,047				748,351
Environmental remediation obligations		8,226				15,928
Dividends payable		33,341				29,828
Lease liability - operating		11,766				11,300
Lease liability - finance		72				174
Accounts payable and accrued liabilities		43,834				45,658
Total liabilities		1,294,286				1,101,239
Commitments and contingencies		—				—
Stockholders’ equity:
Preferred stock, $0.01 par value; 20,000,000 authorized; unissued		—				—
Common stock, $0.01 par value; 100,000,000 shares authorized; 67,123,296 and 59,815,921 shares issued and outstanding, respectively		671				598
Accumulated other comprehensive income (loss)		—				—
Additional paid-in capital		1,454,686				1,229,340
Dividends paid in excess of earnings		(177,495	)			(157,809	)
Total stockholders’ equity		1,277,862				1,072,129
Total liabilities and stockholders’ equity	$	2,572,148			$	2,173,368

GETTY REALTY CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share amounts)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Revenues:
Revenues from rental properties	$	62,265			$	55,159			$	178,209			$	159,589
Interest on notes and mortgages receivable		725				432				1,676				1,589
Total revenues		62,990				55,591				179,885				161,178
Operating expenses:
Property costs		2,224				2,406				6,255				6,831
Impairments		373				647				4,350				2,271
Environmental		320				(3,356	)			(6,889	)			2,101
General and administrative		8,327				6,441				24,680				20,161
Depreciation and amortization		18,319				15,040				51,352				45,998
Total operating expenses		29,563				21,178				79,748				77,362
Gain on dispositions of real estate		5,433				338				11,883				2,224
Operating income		38,860				34,751				112,020				86,040
Other income, net		189				47				524				194
Interest expense		(13,443	)			(11,450	)			(37,724	)			(34,086	)
Net earnings	$	25,606			$	23,348			$	74,820			$	52,148
Basic net earnings per common share:	$	0.40			$	0.40			$	1.18			$	0.89
Diluted net earnings per common share:	$	0.40			$	0.40			$	1.18			$	0.89
Weighted average common shares outstanding:
Basic		62,412				56,693				60,962				55,767
Diluted		62,569				56,757				61,129				55,906

GETTY REALTY CORP. RECONCILIATION OF NET EARNINGS TO FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS (Unaudited) (in thousands, except per share amounts)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Net earnings	$	25,606			$	23,348			$	74,820			$	52,148
Depreciation and amortization of real estate assets		18,319				15,040				51,352				45,998
Gains on dispositions of real estate		(5,433	)			(338	)			(11,883	)			(2,224	)
Impairments		373				647				4,350				2,271
Funds from operations (FFO)		38,865				38,697				118,639				98,193
Revenue recognition adjustments
Deferred rental revenue (straight-line rent)		(3,068	)			(2,557	)			(7,413	)			(6,906	)
Amortization of above and below market leases, net		(59	)			(85	)			(178	)			(253	)
Amortization of investments in direct financing leases		1,407				1,190				4,066				3,436
Amortization of lease incentives		261				236				1,053				644
Total revenue recognition adjustments		(1,459	)			(1,216	)			(2,472	)			(3,079	)
Environmental Adjustments
Accretion expense		67				74				223				238
Changes in environmental estimates		(30	)			(4,155	)			(7,757	)			(4,382	)
Environmental litigation accruals		—				550				(25	)			5,616
Insurance reimbursements		(80	)			—				(86	)			(43	)
Total environmental adjustments		(43	)			(3,531	)			(7,645	)			1,429
Other Adjustments
Stock-based compensation expense		1,529				1,789				4,256				5,192
Amortization of debt issuance costs		407				363				1,206				2,131
Retirement and severance costs		1,850				—				4,994				—
Total other adjustments		3,786				2,152				10,456				7,323
Adjusted Funds from operations (AFFO)	$	41,149			$	36,102			$	118,978			$	103,866
Basic per share amounts:
Net earnings	$	0.40			$	0.40			$	1.18			$	0.89
FFO (a)		0.61				0.66				1.89				1.71
AFFO (a)		0.64				0.62				1.90				1.81
Diluted per share amounts:
Net earnings	$	0.40			$	0.40			$	1.18			$	0.89
FFO (a)		0.61				0.66				1.89				1.70
AFFO (a)		0.64				0.62				1.89				1.80
Weighted average common shares outstanding:
Basic		62,412				56,693				60,962				55,767
Diluted		62,569				56,757				61,129				55,906

(a)	Dividends paid and undistributed earnings allocated, if any, to unvested restricted stockholders are deducted from FFO and AFFO for the computation of the per share amounts. The following amounts were deducted:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
FFO	$	1,061			$	1,121			$	3,373			$	2,891
AFFO		1,124				1,046				3,383				3,058

Contacts:		Brian Dickman		Investor Relations
		Chief Financial Officer		(646) 349-0598
		(646) 349-6000		ir@gettyrealty.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Getty Realty's third-quarter 2026 earnings and AFFO per share?

Getty reported $0.40 in diluted net earnings per share and $0.64 in diluted AFFO per share. A year earlier, the figures were $0.40 and $0.62, respectively. AFFO is adjusted funds from operations, a non-GAAP performance measure.

What is Getty Realty's updated 2026 AFFO guidance?

Getty increased its 2026 AFFO guidance to $2.53–$2.54 per diluted share, from its previous range of $2.52–$2.54.

Does Getty Realty's 2026 guidance include future acquisitions or forward-sale settlements?

Getty's guidance excludes prospective acquisitions, dispositions and capital markets activities, including settlement of outstanding forward-sale agreements. It includes completed transaction activity as of October 21, 2026.

Can Getty Realty extend its new term loan beyond October 2028?

Getty can extend the term loan through three twelve-month extensions exercisable at its option. The loan's stated maturity is October 16, 2028.