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1. Company Snapshot

1.a. Company Description

Getty Realty Corp.is the leading publicly traded real estate investment trust in the United States specializing in the ownership, leasing and financing of convenience store and gasoline station properties.As of September 30, 2020, the Company owned 896 properties and leased 58 properties from third-party landlords in 35 states across the United States and Washington, D.C.

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1.b. Last Insights on GTY

Negative drivers behind Getty Realty Corp.'s recent stock performance include concerns over the electric vehicle (EV) transition, potentially impacting its fuel station lease revenue. Despite strong Q4 2024 results, beating revenue and FFO estimates, and raising full-year AFFO guidance, the company's lack of DC Fast Charging stations may limit its ability to capitalize on growing EV adoption. Additionally, geographic diversification may not shield GTY from the EV transition, as evidenced by significant YoY growth in new EV registrations across key states in its portfolio.

1.c. Company Highlights

2. Getty Realty's Q3 2025 Earnings: A Strong Performance

Getty Realty's Q3 2025 earnings report revealed a robust financial performance, with AFFO per share coming in at $0.62, beating estimates of $0.61. The company's annualized base rent grew by more than 10% year-over-year, driven by the continued health of its in-place portfolio of convenience and automotive retail properties. The quarterly AFFO per share increase of 5.1% was a testament to the company's ability to generate durable rental income and stable rent coverage. Revenue growth is expected to continue, with analysts estimating a 7.8% increase in revenues for the next year.

Publication Date: Nov -26

📋 Highlights
  • Annualized Base Rent and AFFO Growth: Achieved 10% YoY growth in annualized base rent and 5.1% increase in quarterly AFFO per share to $0.62.
  • Investment Activity: Invested $235M YTD in 2025, acquiring 25 drive-thru QSRs and diversifying with 10 new tenants.
  • Portfolio Stability: Maintained 99.8% occupancy, 9.9-year weighted average lease term, and $56.3M in new investments at 8% initial cash yield.
  • Strategic Acquisition: Executed $100M Houston sale-leaseback with Now & Forever, expanding convenience store sector exposure.
  • Leverage and Guidance: Net debt/EBITDA at 4.6x, raised full-year 2025 AFFO guidance to $2.42–$2.43/share.

Investment Activity and Portfolio Performance

The company's acquisitions team has been actively identifying new investment opportunities, investing over $235 million year-to-date, exceeding the full-year activity in 2024. The drive-thru QSR segment has been a key area of focus, with the acquisition of more than 25 properties across multiple transactions. The leased portfolio includes 1,156 net lease properties, with an occupancy rate of 99.8% excluding active redevelopments. As Mark Olear noted, the company continues to source opportunities that are priced at accretive spreads, which will be added to the portfolio to further scale and diversify the business.

Balance Sheet and Liquidity

Getty Realty's balance sheet remains healthy, with a net debt-to-EBITDA ratio of 5.1x, or 4.6x when taking into account unsettled forward equity. The company has capacity to fund its committed investment pipeline and incremental investment activity, with Brian Dickman stating that they will continue to fund investment activity on a quarterly basis and settle forward equity towards the end of the quarter to manage leverage and revolver availability. The company's debt strategy includes a $150 million fixed debt at 6.1%, with consideration being given to terming out some of this balance through private placements at a potentially lower rate of around 5.9%.

Valuation and Dividend

With a P/E Ratio of 21.42 and an EV/EBITDA of 14.05, the market appears to be pricing in a certain level of growth for Getty Realty. The company's Dividend Yield stands at 6.58%, which is attractive for income investors. The Board's decision not to increase the dividend this year, opting to retain more capital to help the company grow and scale the business, is understandable given the growth opportunities available. As Christopher Constant emphasized, retaining capital is critical for growth, and the dividend should follow earnings growth.

Outlook and Guidance

Getty Realty has increased its full-year 2025 AFFO per share guidance to a range of $2.42 to $2.43, up from the prior guidance of $2.40 to $2.41. The company's ability to continue sourcing accretive deals and growing its portfolio is expected to drive future earnings growth. With a strong track record of investment activity and a healthy balance sheet, Getty Realty is well-positioned to continue delivering value to shareholders.

3. NewsRoom

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Property Type Round-Up From REITWorld 2025

01:21

Source: seekingalpha.com

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Getty Realty Corp. Announces Management Transition

Jan -20

Source: globenewswire.com

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Getty Realty Corp. Announces 2025 Dividend Tax Treatment

Jan -15

Source: globenewswire.com

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Critical Survey: Pebblebrook Hotel Trust (NYSE:PEB) versus Getty Realty (NYSE:GTY)

Jan -15

Source: defenseworld.net

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4 Top Dividend Stocks Yielding More Than 4% to Buy Hand Over Fist This Year

Jan -14

Source: fool.com

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1 More REIT To Sell And 1 REIT To Buy

Jan -12

Source: seekingalpha.com

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If I Were Starting A Dividend Portfolio In 2026, Here's How I Would Invest

Jan -12

Source: seekingalpha.com

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Getty Realty Corp. Provides 2025 Business Update

Jan -08

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.90%)

6. Segments

Rental Properties

Expected Growth: 4.83%

Getty Realty Corp.'s 4.83% growth in Rental Properties is driven by increasing demand for convenience stores and gas stations, strategic acquisitions, and a strong portfolio of long-term leases. Additionally, the company's focus on diversifying its tenant base and expanding into new markets has contributed to its growth.

Interest on Notes and Mortgages Receivable

Expected Growth: 7.4%

The 7.4% growth in Interest on Notes and Mortgages Receivable from Getty Realty Corp. is driven by increasing property values, rising interest rates, and a growing portfolio of mortgage receivables. Additionally, Getty Realty Corp.'s strategic acquisitions and expansion into new markets have contributed to the growth.

7. Detailed Products

Gas Stations

Getty Realty Corp. owns and operates gas stations across the United States, providing fuel and convenience store services to customers.

Commercial Properties

Getty Realty Corp. owns and leases commercial properties, including retail, office, and industrial spaces.

Real Estate Investment Trust (REIT)

Getty Realty Corp. operates as a Real Estate Investment Trust (REIT), providing a diversified portfolio of properties to investors.

Property Management Services

Getty Realty Corp. offers property management services, including leasing, maintenance, and accounting services.

8. Getty Realty Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Getty Realty Corp. operates in a niche market, providing real estate services to the convenience store and petroleum marketing industry. While there are substitutes available, they are not as specialized as Getty Realty Corp.'s services, reducing the threat of substitutes.

Bargaining Power Of Customers

Getty Realty Corp.'s customers are primarily convenience store and petroleum marketing companies, which have limited bargaining power due to their reliance on Getty Realty Corp.'s specialized services.

Bargaining Power Of Suppliers

Getty Realty Corp. relies on a network of suppliers, including contractors and vendors, to provide services to its customers. While suppliers have some bargaining power, Getty Realty Corp.'s diversified supplier base reduces the risk of supplier concentration.

Threat Of New Entrants

The real estate services market for convenience stores and petroleum marketing companies has high barriers to entry, including specialized knowledge and relationships. This reduces the threat of new entrants.

Intensity Of Rivalry

The real estate services market for convenience stores and petroleum marketing companies is highly competitive, with several established players competing for market share. Getty Realty Corp. must differentiate itself through its specialized services and strong relationships to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 44.71%
Debt Cost 8.46%
Equity Weight 55.29%
Equity Cost 8.46%
WACC 8.46%
Leverage 80.87%

11. Quality Control: Getty Realty Corp. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
NETSTREIT

A-Score: 7.0/10

Value: 3.9

Growth: 6.2

Quality: 5.9

Yield: 8.0

Momentum: 8.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Getty Realty

A-Score: 6.4/10

Value: 3.2

Growth: 4.7

Quality: 6.7

Yield: 10.0

Momentum: 4.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Saul Centers

A-Score: 6.3/10

Value: 5.5

Growth: 3.6

Quality: 6.1

Yield: 10.0

Momentum: 3.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Whitestone REIT

A-Score: 6.2/10

Value: 5.1

Growth: 4.3

Quality: 6.6

Yield: 7.0

Momentum: 5.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Acadia Realty

A-Score: 5.0/10

Value: 2.4

Growth: 2.9

Quality: 4.9

Yield: 8.0

Momentum: 3.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Retail Opportunity Investments

A-Score: 4.9/10

Value: 1.9

Growth: 4.6

Quality: 5.9

Yield: 4.0

Momentum: 6.5

Volatility: 6.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

29.65$

Current Price

29.65$

Potential

-0.00%

Expected Cash-Flows