NYSE: GTY
GETTY REALTY CORP /MD/CIK 0001052752 · SIC 6500 · Real Estate
Getty Realty Corp. (“Getty Realty,” “we,” “us,” “our” and the “Company”) (NYSE: GTY), a Maryland corporation, is a publicly traded, net lease real estate investment trust (“REIT”) specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail… About this business →
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Getty Realty appoints Nicole Rapport as Chief Accounting Officer, replacing Eugene Shnayderman
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Latest financial statements
From 10-Q filed Jul 23, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues: | ||||
| Revenues from rental properties | 58,554 | 52,724 | 115,944 | 104,430 |
| Interest on notes and mortgages receivable | 497 | 533 | 951 | 1,157 |
| Total revenues | 59,051 | 53,257 | 116,895 | 105,587 |
| Operating expenses: | ||||
| Property costs | 2,020 | 2,443 | 4,031 | 4,425 |
| Impairments | 2,461 | 455 | 3,977 | 1,624 |
| Environmental | 337 | 5,341 | (7,209) | 5,457 |
| General and administrative | 7,297 | 6,794 | 16,353 | 13,720 |
| Depreciation and amortization | 16,760 | 14,917 | 33,033 | 30,958 |
| Total operating expenses | 28,875 | 29,950 | 50,185 | 56,184 |
| Gains on dispositions of real estate | 4,721 | 1,558 | 6,450 | 1,886 |
| Operating income | 34,897 | 24,865 | 73,160 | 51,289 |
| Other income, net | (45) | 53 | 335 | 147 |
| Interest expense | (12,267) | (10,904) | (24,281) | (22,636) |
| Net earnings | 22,585 | 14,014 | 49,214 | 28,800 |
| Basic net earnings per common share: | 0.36 | 0.24 | 0.79 | 0.49 |
| Diluted net earnings per common share: | 0.36 | 0.24 | 0.79 | 0.49 |
| Weighted average common shares outstanding: | ||||
| Basic | 60,580 | 55,530 | 60,225 | 55,297 |
| Diluted | 60,739 | 55,606 | 60,353 | 55,443 |
| Comprehensive income: | ||||
| Net earnings | 22,585 | 14,014 | 49,214 | 28,800 |
| Unrealized gain (loss) on cash flow hedges | — | 29 | — | (490) |
| Cash flow hedge expense reclassified to interest expense | — | 154 | — | 300 |
| Total other comprehensive income (loss) | — | 183 | — | (190) |
| Comprehensive income | 22,585 | 14,197 | 49,214 | 28,610 |
Consolidated Balance Sheets (Unaudited)
(in thousands, except per share amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS: | ||
| Real Estate: | ||
| Land | 1,084,683 | 1,050,611 |
| Buildings and improvements | 1,220,035 | 1,141,467 |
| Lease intangible assets | 228,269 | 209,184 |
| Investment in direct financing leases, net | 36,195 | 38,853 |
| Construction in progress | 108 | 73 |
| Real estate held for use | 2,569,290 | 2,440,188 |
| Less accumulated depreciation and amortization | (428,593) | (405,908) |
| Real estate held for use, net | 2,140,697 | 2,034,280 |
| Real estate held for sale, net | 1,896 | |
| Real estate, net | 2,143,214 | 2,036,176 |
| Notes and mortgages receivable | 29,361 | 19,466 |
| Cash and cash equivalents | 4,848 | 8,361 |
| Restricted cash | 4,423 | 4,419 |
| Deferred rent receivable | 74,670 | 70,325 |
| Accounts receivable | 3,110 | 2,366 |
| Right-of-use assets operating | 8,761 | 10,190 |
| Right-of-use assets finance | 37 | 60 |
| Prepaid expenses and other assets | 22,799 | 22,005 |
| Total assets | 2,291,223 | 2,173,368 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||
| Credit Facility | 73,000 | 250,000 |
| Senior Unsecured Notes, net | 996,926 | 748,351 |
| Environmental remediation obligations | 8,399 | 15,928 |
| Dividends payable | 30,934 | 29,828 |
| Lease liability operating | 9,734 | 11,300 |
| Lease liability finance | 107 | 174 |
| Accounts payable and accrued liabilities | 49,619 | 45,658 |
| Total liabilities | 1,168,719 | 1,101,239 |
| Commitments and contingencies | — | — |
| Stockholders’ equity: | ||
| Preferred stock, $0.01 par value; 20,000,000 authorized; unissued | — | — |
| Common stock, $0.01 par value; 100,000,000 shares authorized; 61,932,369 and 59,815,921 shares issued and outstanding, respectively | 619 | 598 |
| Accumulated other comprehensive income (loss) | — | — |
| Additional paid-in capital | 1,291,644 | 1,229,340 |
| Dividends paid in excess of earnings | (169,759) | (157,809) |
| Total stockholders’ equity | 1,122,504 | 1,072,129 |
| Total liabilities and stockholders’ equity | 2,291,223 | 2,173,368 |
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net earnings | 49,214 | 28,800 |
| Adjustments to reconcile net earnings to net cash flow provided by operating activities: | ||
| Depreciation and amortization expense | 33,033 | 30,958 |
| Impairments | 3,977 | 1,624 |
| Gains on dispositions of real estate | (6,450) | (1,886) |
| Deferred rent receivable | (4,345) | (4,350) |
| Amortization of intangible market lease assets and liabilities and lease incentives | 673 | 240 |
| Amortization of investment in direct financing leases | 2,659 | 2,246 |
| Amortization of debt issuance costs | 799 | 1,768 |
| Accretion expense | 156 | 164 |
| Stock-based compensation expense | 2,727 | 3,403 |
| Changes in assets and liabilities: | ||
| Accounts receivable | (744) | (46) |
| Prepaid expenses and other assets | (2,677) | (1,477) |
| Environmental remediation obligations | (8,906) | (1,764) |
| Accounts payable and accrued liabilities | 4,674 | 3,732 |
| Net cash flow provided by operating activities | 74,790 | 63,412 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Property acquisitions | (150,794) | (87,228) |
| Capital expenditures | (93) | (228) |
| Addition to construction in progress | (52) | (2) |
| Proceeds from dispositions of real estate | 11,044 | 3,373 |
| Deposits for property acquisitions | 20 | 6,878 |
| Issuance of notes and mortgages receivable | (13,879) | (6,437) |
| Collection of notes and mortgages receivable | 4,577 | 15,700 |
| Net cash flow used in investing activities | (149,177) | (67,944) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Borrowings from Credit Facility | 180,000 | 375,000 |
| Repayments of Credit Facility | (357,000) | (282,500) |
| Proceeds from Senior Unsecured Notes | 250,000 | 125,000 |
| Repayment of Term Loan | — | (150,000) |
| Repayments of Senior Unsecured Notes | — | (50,000) |
| Payments of finance lease liability | (67) | (93) |
| Payments of cash dividends | (60,025) | (53,361) |
| Payments of debt issuance costs | (1,653) | (4,379) |
| Security deposits received (refunded) | 57 | 294 |
| Payments in settlement of restricted stock units | (146) | (1,165) |
| Proceeds from issuance of common stock, net equity offering | — | 32,763 |
| Proceeds from issuance of common stock, net ATM Program | 59,712 | 10,942 |
| Net cash flow provided by financing activities | 70,878 | 2,501 |
| Change in cash, cash equivalents and restricted cash | (3,509) | (2,031) |
| Cash, cash equivalents and restricted cash at beginning of period | 12,780 | 13,617 |
| Cash, cash equivalents and restricted cash at end of period | 9,271 | 11,586 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per share amounts); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About GETTY REALTY CORP /MD/
Source: Item 1 (Business) from the 10-K filed February 12, 2026. Description as filed by the company with the SEC.
Item 1. Business
Company Profile
Getty Realty Corp. (“Getty Realty,” “we,” “us,” “our” and the “Company”) (NYSE: GTY), a Maryland corporation, is a publicly traded, net lease real estate investment trust (“REIT”) specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. Our predecessor was founded in 1955 and our common stock was listed on the New York Stock Exchange (“NYSE”) in 1997. Unless otherwise expressly stated or the context otherwise requires, the “Company,” “we,” “us,” and “our” as used herein refer to Getty Realty and its owned and controlled subsidiaries.
Our portfolio includes convenience stores, express tunnel car washes, automotive service centers (gasoline and repair, oil and maintenance, tire and battery, and collision), drive-thru quick service restaurants, and certain other freestanding retail properties. Our 1,174 properties as of December 31, 2025 are located in 44 states and Washington, D.C., and our tenants operate under a variety of national and regional retail brands. We are internally managed by our management team, which has extensive experience acquiring, financing, developing and managing convenience, automotive and other single tenant retail real estate.
We elected to be treated as a REIT under the federal income tax laws beginning January 1, 2001. The Internal Revenue Code permits a qualifying REIT to deduct dividends paid, thereby effectively eliminating corporate level federal income tax and making the REIT a pass-through vehicle for federal income tax purposes if certain REIT qualifications are met. To meet the applicable requirements of the Internal Revenue Code, a REIT must, among other things, invest substantially all of its assets in interests in real estate (including mortgages and other REITs) or cash and government securities, derive most of its income from rents from real property or interest on loans secured by mortgages on real property, and distribute to stockholders annually a substantial portion of its taxable income. As a REIT, we are required to distribute at least 90% of our taxable income to our stockholders each year and would be subject to corporate level federal income taxes on any taxable income that is not distributed.
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Our Company is headquartered in New York, New York and as of February 12, 2026, we had 31 employees.
Recent Developments
Our investment strategy is predicated on the belief that automobility will remain the dominant form of consumer transportation in the United States and that mobile consumers increasingly prioritize convenience, speed, and service. During the year ended December 31, 2025, we continued to grow and diversify our portfolio of convenience, automotive and other freestanding retail properties through acquisitions of existing properties and development funding advances for the construction of new-to-industry assets. We were able to accretively fund this investment activity through thoughtful capital markets execution that included the strategic deployment of previously raised equity capital subject to forward sales agreements, active use of our ATM Program, and the issuance of new senior unsecured notes.
Portfolio Activities
During the year ended December 31, 2025, we invested approximately $273.0 million in convenience and automotive retail properties, including the acquisition of 28 drive-thru quick service restaurants, 24 convenience stores, 15 automotive service centers, and nine express tunnel car washes. As a result of this investment activity, we added 13 new tenants to our portfolio, expanded our relationships with several existing tenants, and added or increased exposure to a number of attractive metropolitan areas, including Houston (TX), Memphis (TN), Dallas (TX), San Antonio (TX), Las Vegas (NV), and Atlanta (GA).
During the year ended December 31, 2025, we sold 13 properties that generated gross proceeds of $18.3 million and reduced our exposure to certain properties, tenants, and/or geographies that no longer met our long-term investment criteria. We also completed two redevelopment and revenue-enhancing capex projects, including a new-to-industry quick service oil change center.
For additional information regarding our property acquisitions and dispositions, see Note 12 and Note 13 in “Item 8. Financial Statements and Supplementary Data” in this Annual Report on Form 10-K.
Capital Markets Activities
During the year ended December 31, 2025, we settled approximately 4.7 million shares of common stock subject to forward sales agreements for net proceeds of approximately $135.3 million, and entered into new forward sales agreements under our ATM Program to sell approximately 1.5 million shares of common stock for anticipated gross proceeds of approximately $41.6 million.
As of December 31, 2025, we had a total of approximately 2.1 million shares of common stock subject to outstanding forward sales agreements, which upon settlement are anticipated to raise gross proceeds of approximately $62.6 million.
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We also closed the private placement of $250.0 million of new senior unsecured notes priced at a fixed rate of 5.76% due January 22, 2036. The new senior unsecured notes were issued on January 22, 2026 and proceeds were used to repay amounts outstanding under our Credit Facility.
For additional information regarding our equity issuance and notes private placement, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” and Note 8 and Note 9 in “Item 8. Financial Statements and Supplementary Data” in this Annual Report on Form 10-K.
Our Properties
As of December 31, 2025, our portfolio included 1,174 properties, of which we owned 1,145 properties and leased 29 properties from third-party landlords. Our properties are located in 44 states and Washington D.C., and our typical property is located in a larger metropolitan area and is used as a convenience store, express tunnel car wash, automotive service center, drive thru quick service restaurant, or certain other freestanding retail uses. Many of our properties are located at highly trafficked urban intersections or conveniently close to highway entrances or exit ramps.
As of December 31, 2025, we leased 1,169 of our properties to tenants under triple-net leases, including 962 properties leased under 62 separate unitary or master triple-net leases, and 207 properties leased under single unit triple-net leases. These leases generally provide for an initial term of 15 or 20 years, with options for successive renewal terms of up to 20 years, and periodic rent escalations. As of December 31, 2025, our weighted average remaining lease term, excluding renewal options, was 9.9 years.
Substantially all of our properties are leased on a triple-net basis to convenience store operators, petroleum distributors, express tunnel car wash operators, and other automotive-related and retail tenants. Our tenants either operate their business at our properties directly or, in the case of certain convenience stores and gasoline and repair stations, sublet our properties and supply fuel to third parties that operate the business. For additional information regarding risks related to our tenants’ dependence on the performance of these industries, see “