Getty Realty Corp. Provides 2025 Business Update

Rhea-AI Summary

Getty Realty (NYSE: GTY) reported 2025 investment and capital markets activity and provided initial 2026 guidance. In 2025 the company invested approximately $269 million at a 7.9% initial cash yield, including 26 drive-thru restaurants, 25 convenience stores, 12 express tunnel car washes, and 10 auto service centers. As of December 31, 2025 the portfolio totaled 1,174 properties across 44 states and D.C., with a committed pipeline of more than $75 million for 28 assets. Capital activity included a $250 million private placement of senior notes at 5.76% (maturing Jan 22, 2036) to repay the revolver, settlement of ~2.1 million common shares for ~$59 million, and outstanding forward sales expected to raise ~$63 million. Getty set initial 2026 AFFO guidance at $2.48–$2.50 per diluted share.

Positive

• Invested approximately $269M in 2025 at a 7.9% initial cash yield
• Initial 2026 AFFO guidance of $2.48–$2.50 per diluted share
• Portfolio scale: 1,174 freestanding properties across 44 states and D.C.

Negative

• Settled ~2.1M common shares in Q4 2025 (net proceeds ~$59M) causing potential dilution
• Approximately 2.1M shares remain subject to forward sales, expected to raise ~$63M upon settlement

Key Figures

2025 investment activity $269 million at 7.9% initial cash yield Total 2025 investments across convenience and automotive retail assets

Q4 2025 investments $135 million at 7.9% initial cash yield Invested in Q4 2025 across convenience stores and auto assets

Committed pipeline More than $75 million Development and acquisition of 28 convenience and automotive retail assets

Senior unsecured notes $250 million at 5.76% Private placement maturing January 22, 2036 to repay revolver borrowings

Revolving credit facility $450 million Unsecured revolving credit facility to be repaid with note proceeds

ATM settlements 2.1 million shares for ~$59 million Common stock settled in Q4 2025 via equity program

Forward sale agreements 2.1 million shares for ~$63 million Total shares subject to outstanding forward sales as of Dec 31, 2025

2026 AFFO guidance $2.48–$2.50 per diluted share Initial full-year 2026 AFFO per share outlook

Market Reality Check

$28.27 Last Close

Volume Volume 603,451 is 33% above the 20-day average of 454,088, indicating elevated interest into this update. normal

Technical Shares at $28.49 are trading slightly above the 200-day MA of $28.13, near the mid-range of the 52-week band.

Peers on Argus

GTY gained 2.15% while peers showed mixed moves: NTST (+1.69%), BFS (+1.2%) higher, but ALX (-1.93%) and CBL (-1.69%) lower. The pattern points to a stock-specific reaction rather than a uniform REIT–retail sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 23	Earnings date notice	Neutral	-1.5%	Announced Q4 2025 results release date and conference call details.
Dec 22	CSR initiative	Neutral	+0.6%	Reported 2025 Getty Gives campaign donations and volunteer activities.
Nov 20	Debt financing	Neutral	-0.9%	Announced $250M senior unsecured notes to refinance revolver and fund investments.
Oct 22	Earnings update	Positive	+2.5%	Q3 2025 beat with AFFO growth, higher guidance, and strong investment activity.
Oct 21	Dividend increase	Positive	+0.0%	Raised quarterly dividend 3.2%, extending 12-year dividend growth streak.

Pattern Detected

Recent fundamental updates (earnings, dividend increase) generally aligned with positive or modestly positive price reactions, while a neutral earnings-date notice saw a small divergence.

Recent Company History

Over the last several months, Getty reported solid Q3 2025 results, with higher net earnings and raised 2025 AFFO guidance, and announced a 3.2% dividend increase, marking the 12th consecutive year of dividend growth. It also executed a $250 million private placement of senior unsecured notes and communicated Q4 2025 earnings timing. The current business update builds on that trajectory, highlighting $269 million of 2025 investments, a >$75 million committed pipeline, capital markets activity, and initial 2026 AFFO guidance, extending the prior growth and balance sheet messages.

Market Pulse Summary

This announcement outlines Getty’s 2025 execution and sets expectations for 2026. Management reported $269 million of investments at a 7.9% initial cash yield, a committed pipeline above $75 million, and a $250 million notes issuance to term out revolver borrowings. Initial 2026 AFFO guidance of $2.48–$2.50 per share frames the earnings outlook. Investors may watch subsequent acquisitions, capital raising activity, and AFFO trends versus this guidance range.

Key Terms

net lease REIT financial

"a net lease REIT focused on convenience and automotive retail real estate"

A net lease REIT is a company that owns income-producing real estate and rents it out under leases where the tenant pays most or all property costs such as taxes, insurance and maintenance. For investors, that structure can produce steady, more predictable rental income and lower landlord responsibilities, making these REITs similar to collecting rent from tenants who handle the bills — useful for income-focused portfolios and risk assessment.

senior unsecured notes financial

"closed the private placement of $250 million of senior unsecured notes"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

revolving credit facility financial

"repay all amounts outstanding under the Company’s $450 million unsecured revolving credit facility"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

forward sale agreements financial

"entered into new forward sale agreements to sell approximately 0.4 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.

sale leaseback financing financial

"business acquisitions for which the Company is providing development funding and/or sale leaseback financing"

A sale leaseback is a financing move where a company sells a physical asset—like a building or equipment—to a buyer and then immediately rents it back so it can keep using it. For investors, it matters because the company converts tied-up assets into cash without disrupting operations, which can improve short-term liquidity but also creates ongoing rental obligations that affect future cash flow and balance-sheet risk, similar to selling your home and continuing to live there as a renter.

AFFO financial

"The Company has established its initial 2026 AFFO guidance"

AFFO (Adjusted Funds from Operations) is a measure of how much cash a real estate company or investment trust generates from its core operations after subtracting routine upkeep, leasing costs and other recurring expenses. Investors use it as a rough proxy for the cash available to pay dividends or reinvest, like checking how much money remains in your household budget after paying regular bills to see what you can spend or save.

FFO financial

"the Company also focuses on Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”)"

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.

non-GAAP financial

"AFFO per share is a non-GAAP financial measure"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

AI-generated analysis. Not financial advice.

- Invested $269 Million in Convenience and Automotive Retail Assets -

- Introduces 2026 Earnings Guidance -

NEW YORK, Jan. 08, 2026 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”), a net lease REIT focused on convenience and automotive retail real estate, today provided an update on its 2025 investment and capital markets activities. The Company also provided its initial full year 2026 earnings guidance.

Investment Activity

In 2025, the Company invested approximately $269 million at a 7.9% initial cash yield, including the acquisition of 26 drive-thru quick service restaurants, 25 convenience stores, 12 express tunnel car washes, and 10 auto service centers.

For the quarter ended December 31, 2025, the Company invested approximately $135 million at a 7.9% initial cash yield, including the acquisition of 15 convenience stores, six auto service centers, and two express tunnel car washes.

As of December 31, 2025, the Company had a committed investment pipeline of more than $75 million for the development and acquisition of 28 convenience and automotive retail assets. The Company expects to fund the majority of this investment activity, which includes multiple transactions with 12 different tenants, over approximately 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 complete certain development projects and business acquisitions for which the Company is providing development funding and/or sale leaseback financing.

Capital Markets Activity

As previously announced, in November 2025, the Company closed the private placement of $250 million of senior unsecured notes (the “Notes”) priced at a fixed rate of 5.76% and maturing January 22, 2036.

The Notes will fund on January 22, 2026 and proceeds will be used to repay all amounts outstanding under the Company’s $450 million unsecured revolving credit facility (the “Revolver”).

During the quarter ended December 31, 2025, the Company settled approximately 2.1 million shares of common stock for net proceeds of approximately $59 million, and entered into new forward sale agreements to sell approximately 0.4 million shares of common stock for anticipated gross proceeds of approximately $13 million.

As of December 31, 2025, the Company had a total of approximately 2.1 million shares subject to outstanding forward sales agreements, which upon settlement are anticipated to raise gross proceeds of approximately $63 million.

“I’m very pleased with how we navigated the year and, in particular, our robust fourth quarter activity,” stated Christopher J. Constant, Getty’s President and Chief Executive Officer. “We’re well positioned going into 2026 with a healthy portfolio, a substantial investment pipeline, and a strong capital position, including significant liquidity and no debt maturities until 2028.”

2026 Guidance

The Company has established its initial 2026 AFFO guidance at a 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, as well as the Notes issuance and Revolver repayment referenced above, 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 Securities and Exchange Commission.

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

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 December 31, 2025, the Company’s portfolio included 1,174 freestanding properties located in 44 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.

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.

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

FAQ

How much did Getty Realty (GTY) invest in 2025 and what yield did it achieve?

Getty invested approximately $269 million in 2025 at an initial cash yield of 7.9%.

What is Getty Realty's 2026 AFFO guidance per diluted share (GTY)?

Getty set initial 2026 AFFO guidance at $2.48 to $2.50 per diluted share.

What are the details of GTY's recent debt financing announced in November 2025?

Getty completed a $250 million private placement of senior unsecured notes at 5.76%, maturing Jan 22, 2036; proceeds will repay the revolver.

How large is Getty Realty's committed investment pipeline as of Dec 31, 2025 (GTY)?

As of Dec 31, 2025 Getty had a committed pipeline of more than $75 million for 28 convenience and automotive retail assets.

How many shares did Getty settle and how much capital did that raise in Q4 2025 (GTY)?

During Q4 2025 Getty settled approximately 2.1 million common shares for net proceeds of about $59 million.