(MENAFN- GlobeNewsWire - Nasdaq) - 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.
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