GTY · Getty Realty Corp.

Getty Realty Corp. delivered a strong first quarter 2026, marked by robust earnings growth and strategic portfolio activity. Net earnings per share increased significantly to $0.43 from $0.25 in the prior year period, while AFFO per share grew to $0.63 from $0.59. The growth in base rental income, which rose 12.5% to $55.8 million, was driven by incremental revenue from recently acquired properties and contractual rent increases, partially offset by dispositions. The company successfully invested $30.3 million across 29 properties during the quarter at an attractive 8.0% initial cash yield, demonstrating disciplined capital allocation.

Operationally, Getty executed strategic lease extensions totaling $11.3 million in annualized base rent, which reduced near-term lease expiration risk and extended the portfolio's weighted average lease term to 10.1 years. This proactive lease management contributed to a reduction in ABR expiring in 2027 by more than 70%. The company also strengthened its liquidity profile, completing a $250.0 million private placement of senior unsecured notes and a follow-on common stock offering anticipated to raise gross proceeds of approximately $129.9 million. These actions position the company well to fund its expanding committed investment pipeline, which stands at over $125.0 million for 43 properties as of April 22, 2026. Reflecting confidence in its business plan, management raised full-year 2026 AFFO guidance to a range of $2.50 to $2.52 per diluted share, up from the prior range of $2.48 to $2.50.