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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 Corp. Delivers Strong 2025 Performance

Getty Realty Corp. reported a robust financial performance for 2025, with annualized base rent growing by nearly 12% and AFFO per share increasing by 3.8% for the full year. The company's in-place portfolio continues to provide a solid foundation, with essentially full occupancy and stable rent coverage. The actual EPS came out at $0.63, beating estimates of $0.62. The revenue growth is expected to be around 8.2% next year, according to analysts' estimates.

Publication Date: Mar -06

📋 Highlights
  • Annualized Base Rent Growth:: Increased by nearly 12% in 2025, reflecting strong portfolio performance.
  • AFFO Per Share Growth:: Up 5% for Q4 and 3.8% for the full year, demonstrating consistent earnings resilience.
  • Investment Activity:: $270M deployed at 7.9% initial cash yield, including a $100M Houston convenience store sale-leaseback and $82.5M in collision repair sector development.
  • Portfolio Diversification:: 30% of rent now from non-convenience store assets, with 54% of 2025 underwriting focused on non-C-store properties.
  • Leverage and Liquidity:: Net debt/EBITDA at 5.1x (within 4.5x–5.5x target), $500M liquidity, and reaffirmed $2.48–$2.50 AFFO/share guidance.

Investment Activity and Growth Initiatives

The company invested approximately $270 million at an initial cash yield of 7.9% in 2025, with notable transactions including a $100 million sale-leaseback for a 12-property convenience store portfolio in Houston, Texas, and a significant commitment to the collision repair sector with up to $82.5 million of development funding for the construction of 11 new-to-industry collision centers. As Brian Dickman mentioned, "about 80% of the $100 million investment pipeline is auto service, both collision centers and oil change locations, followed by C-store, drive-thrus, and car wash in that order."

Balance Sheet and Liquidity

Getty Realty Corp.'s balance sheet remains healthy, with net debt to EBITDA at 5.1x, or 4.8x including unsettled forward equity, well within the target leverage range of 4.5x to 5.5x. The company has no debt maturities until 2028 and has approximately $500 million of total liquidity, including unsettled forward equity, availability on the revolver, and cash on the balance sheet.

Valuation and Outlook

With a P/E Ratio of 24.22 and a Dividend Yield of 5.73%, Getty Realty Corp.'s valuation appears reasonable. The company's ROE is 7.86%, and ROIC is 40.53%, indicating efficient capital allocation. The guidance for AFFO per share is reaffirmed at $2.48 to $2.50, reflecting the current run rate from the in-place portfolio. As the company continues to execute its growth initiatives and maintain a healthy balance sheet, investors can expect sustained performance.

Future Growth Prospects

The company's investment pipeline and development funding commitments position it well for future growth. With 54% of the underwritten investments focused on non-convenience store properties, Getty Realty Corp. is diversifying its portfolio. The management is optimistic about the current year, with a significant portion of the previous year's underwriting volume already under consideration.

3. NewsRoom

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Paying Dividends: Steven Cress' 3 REITs For Inflationary, Heated Times

Mar -04

Source: seekingalpha.com

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Top 3 Dividend Stocks As A Hedge: Iran Escalation And Inflation Hotter Than Expected

Mar -02

Source: seekingalpha.com

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The High Dividend Yield Bull Market: 3 Compelling 6% Yields

Mar -02

Source: seekingalpha.com

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2026 Could Be The Year REITs Rip: Two 6% Yielding Picks I Like

Feb -27

Source: seekingalpha.com

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Take the Zacks Approach to Beat the Markets: Intellia, Colgate-Palmolive, Getty in Focus

Feb -23

Source:

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Envestnet Asset Management Inc. Has $6.91 Million Holdings in Getty Realty Corporation $GTY

Feb -21

Source: defenseworld.net

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Contrasting Getty Realty (NYSE:GTY) and JBG SMITH Properties (NYSE:JBGS)

Feb -20

Source: defenseworld.net

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Getty Realty Corporation (NYSE:GTY) Given Average Recommendation of “Hold” by Analysts

Feb -18

Source: defenseworld.net

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 ->

View Full Report
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

33.03$

Current Price

33.03$

Potential

-0.00%

Expected Cash-Flows