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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: Robust Q1 Momentum Fuels 2026 Upside

Getty Realty Corp. delivered a solid first‑quarter performance, with annualized base rent up 13.1% YoY and AFFO per share climbing to $0.63. Net income surged to $0.44 EPS, surpassing estimates of $0.3614 and reflecting disciplined cost management. Operating margin expanded to 23.8%, while cash flow from operations exceeded $45 million, underscoring the company’s ability to generate liquidity from its high‑density, triple‑net portfolio.

Publication Date: Apr -27

📋 Highlights
  • Affirmed Financial Growth: Raised 2026 AFFO per share guidance to $2.50-$2.52 (up 1%), driven by 6.8% YoY increase to $0.63 and $34.4M in investments at 8% yield.
  • Strong Liquidity Position: Maintains $625M total liquidity, including $170M unsettled forward equity and $450M undrawn revolver, ensuring funding flexibility.
  • High Portfolio Performance: Achieved 100% rent collections, 2.5x stable rent coverage ratio, and 13.1% annualized base rent growth, with 99.8% occupancy.
  • Robust Investment Pipeline: $125M in signed contracts and $75M+ under letters of intent, targeting mid-to-high 7% cap rates for new assets.
  • Strategic Market Focus: Focused on convenience/automotive retail sectors, with average new store size of 7,000–8,000 sq ft and 25-basis-point credit loss buffer.

Revenue & Margin

Base rent growth of 13.1% translated into a 6.8% increase in AFFO per share, driven by full occupancy and a stable rent‑coverage ratio of 2.5x. The firm’s conservative 25‑basis‑point credit loss assumption has kept bad‑debt provisions minimal, supporting a net margin that outpaced peers in the convenience‑retail space.

Cash Flow & Liquidity

Operating cash flow topped $45 million, while total liquidity surged past $625 million, comprising $170 million of unsettled forward equity and an undrawn $450 million revolver. This robust balance sheet cushions the firm against market volatility and positions it to accelerate acquisitions.

Investment Pipeline & Capital Allocation

With $125 million of investments under contract and a strong pipeline of letters of intent, Getty is targeting mid‑ to high‑7% cap rates on new acquisitions. The firm’s recent platform investment—expanding the team, adopting new tech, and streamlining processes—has sharpened deal sourcing and underwriting efficiency.

Tenant & Market Dynamics

Christopher Constant noted that 7‑Eleven, a key tenant, is not in the top 20, yet the broader trend of larger, food‑centric c‑stores persists. Despite war‑related gas price spikes, fuel margins of $0.40‑$0.45 per gallon remain healthy, mitigating rent‑collection risk across the portfolio.

Guidance & Outlook

Full‑year AFFO guidance was nudged up to $2.50‑$2.52 per share, a 1% lift reflecting stronger-than‑expected investment activity and favorable expense variance. The firm’s 2026 revenue growth is projected at 6.8%, while G&A expenses are capped at $20 million, preserving margin upside.

Valuation Snapshot

Market pricing reflects a P/E of 22.0, P/B of 1.84, and EV/EBITDA of 11.2, indicating modest premium for growth. With a dividend yield of 5.71% and free‑cash‑flow yield of 6.5%, Getty offers a compelling risk‑adjusted return profile, supported by ROIC of 44.61% and ROE of 8.76%.

3. NewsRoom

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Getty Realty Corp. (GTY) Q1 2026 Earnings Call Transcript

Apr -24

Source: seekingalpha.com

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Getty Realty: High-Quality REIT Still Trading At A Discount - For Now

Apr -23

Source: seekingalpha.com

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Getty Realty: Steady Growth Continues In Q1

Apr -23

Source: seekingalpha.com

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Getty Realty (GTY) Reports Q1 Earnings: What Key Metrics Have to Say

Apr -22

Source: zacks.com

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Getty Realty (GTY) Q1 FFO Top Estimates

Apr -22

Source: zacks.com

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Getty Realty Corp. Announces First Quarter 2026 Results

Apr -22

Source: globenewswire.com

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Getty Realty Corp. Announces Regular Quarterly Cash Dividend

Apr -21

Source: globenewswire.com

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I Never Knew My First Develop Deal Would Lead To A $231 Billion Marketplace

Apr -19

Source: seekingalpha.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

33.12$

Current Price

33.12$

Potential

-0.00%

Expected Cash-Flows