GTY · Getty Realty Corp.

Getty Realty Corp. reported strong Q1 2026 results with AFFO surging 15.3% to $39.0 million and AFFO per share up 6.8% to $0.63, driven by investment activity and portfolio performance. The company invested $34.4 million year-to-date at an attractive 8.0% initial cash yield, acquiring 17 auto service centers and six drive-thru QSRs, while securing over $125 million in additional investments under contract, mostly expected to close within 12 months. This positions the company for accelerated growth in its focus on convenience and automotive retail properties. Portfolio quality remains robust with 1,191 properties across 45 states generating $225 million ABR, 99.7% occupancy, 10.1 years weighted average lease term, and 2.5x tenant rent coverage based on trailing data. Management raised full-year 2026 AFFO per share guidance to $2.50-$2.52 from $2.48-$2.50, incorporating completed transactions but excluding prospective deals. Balance sheet strength supports expansion with 5.1x net debt to EBITDA (4.2x pro forma), over $625 million total liquidity including $172 million forward equity and $450 million revolver capacity, and no debt maturities until June 2028. The presentation highlights strategic focus on fragmented sectors with durable demand, unitary triple-net leases covering 85% of ABR, and direct tenant relationships driving over 90% of transactions.