Getty Realty Corp., a net lease REIT focused on convenience and automotive retail real estate, announced its financial and operating results for the quarter and year ended December 31, 2025.

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 and year ended December 31, 2025.

Fourth Quarter 2025 Highlights

Net earnings: $0.45 per share

Funds From Operations ("FFO"): $0.64 per share

Adjusted Funds From Operations ("AFFO"): $0.63 per share

Invested $135.4 million at a 7.9% initial cash yield

 

Full Year 2025 Highlights

Net earnings: $1.35 per share

FFO: $2.34 per share

AFFO: $2.43 per share

Invested $268.8 million at a 7.9% initial cash yield

 

"We are pleased with Getty's strong fourth quarter and full year 2025 performance, which reflect the merits of our disciplined investment strategy, consistent earnings growth, and the reliability of our portfolio of convenience and automotive retail properties," stated Christopher J. Constant, Getty's President & Chief Executive Officer. "For the full year, we deployed $269 million at an attractive 7.9% yield, demonstrating our ability to source and close accretive transactions that meet our stringent underwriting standards. With more than $500 million of liquidity, and a robust pipeline of committed and pending investments, we enter 2026 poised for continued growth."        

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.

For the quarter ended December 31, 2025, base rental income grew 12.5% to $54.8 million, as compared to $48.7 million for the same period in 2024. For the year ended December 31, 2025, base rental income grew 11.6% to $206.5 million, as compared to $185.0 million for the same period in 2024.

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.

Portfolio Activities

Acquisitions and Development Funding

During the quarter ended December 31, 2025, the Company invested $135.4 million at a 7.9% initial cash yield, including:

The acquisition of 22 properties for $131.8 million, including 14 convenience stores, six auto service centers, one drive-thru quick service restaurant, and one express tunnel car wash.

Incremental development funding of $3.6 million for the construction of new-to-industry collision centers, oil change locations, and drive-thru quick service restaurants. As of December 31, 2025, the Company had advanced aggregate development funding of $7.5 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.

 

During the year ended December 31, 2025, the Company invested $268.8 million at a 7.9% initial cash yield, including the acquisition of 73 convenience and retail properties across all of the Company's target property types.

Subsequent to year end, the Company invested approximately $8.7 million for the acquisition or development of multiple drive-thru quick service restaurants and auto service centers.

Investment Pipeline

As of February 11, 2026, the Company had a committed investment pipeline of approximately $100.0 million for the development and/or acquisition of 36 convenience and automotive retail properties. The Company expects to fund the majority of this investment activity, which includes transactions with 12 different tenants, over 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 are able to complete development projects and certain business acquisitions for which the Company is providing sale leaseback financing.

Redevelopments

During the year ended December 31, 2025, rent commenced on a redevelopment property located in the Philadelphia metro area and leased to a Take 5 Oil Change franchisee under a long term, triple net lease. The Company also provided funding for the improvement of a convenience store located in the New York City metropolitan area resulting in increased rent and an extended lease term.

As of December 31, 2025, the Company had signed leases for three redevelopment projects, including two sites under construction and one site pending recapture from its net lease portfolio. Other potential projects are in various stages of feasibility planning.

Dispositions

During the quarter ended December 31, 2025, the Company sold seven properties for gross proceeds of $12.8 million and recorded a gain of $4.0 million on the dispositions. During the year ended December 31, 2025, the Company sold 13 properties for gross proceeds of $18.3 million and recorded a gain of $6.3 million on the dispositions.

Balance Sheet and Capital Markets

As of December 31, 2025, the Company had $1.0 billion of total outstanding indebtedness consisting of (i) $750.0 million of senior unsecured notes with a weighted average interest rate of 4.1% and a weighted average maturity of 4.9 years, and (ii) $250.0 million outstanding on the Company's $450.0 million unsecured revolving credit facility (the "Revolver"), of which $150.0 million was fixed at a 6.1% interest rate.

Debt Capital Markets

As previously announced, in November 2025, the Company closed the private placement of $250.0 million of senior unsecured notes priced at a fixed rate of 5.76% and which mature on January 22, 2036 (the "2036 Notes"). The 2036 Notes funded on January 22, 2026 and proceeds were used to repay amounts outstanding under the Revolver.

Pro forma for the issuance of the 2036 Notes, the Company had $1.0 billion of senior unsecured notes outstanding with a weighted average interest rate of 4.5% and a weighted average maturity of 6.2 years, and full borrowing capacity under the Revolver.

Equity Capital Markets

During the quarter ended December 31, 2025, the Company settled approximately 2.1 million shares of common stock for net proceeds of approximately $59.2 million, and entered into new forward sale agreements to sell approximately 0.4 million shares of common stock for anticipated gross proceeds of approximately $12.7 million.

As of December 31, 2025, the Company had a total of approximately 2.1 million shares of common stock subject to outstanding forward equity agreements which, upon settlement, are anticipated to raise gross proceeds of approximately $62.6 million.

2025 Guidance

The Company reaffirms its most recent 2026 AFFO guidance of $2.48 to $2.50 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, February 12, 2026, at 8:30 a.m. EST. 

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