Summary of Getty Realty Corp. Q1 2026 Earnings Call

1Key Financial Results and Metrics

AFFO per share: $0.63, up 6.8% year-over-year.

FFO per share: $0.69.

Net income per share: $0.43.

Annualized base rent: Increased by 13.1% year-over-year.

Occupancy rate: 99.7% (excluding redevelopment sites).

Tenant rent coverage ratio: 2.5x.

G&A expenses: Ratio improved to 9.2%, with expectations to fall below 9% for the year.

Net debt to EBITDA: 5.1x (4.2x including unsettled forward equity).

Fixed charge coverage: 4x.

2Strategic Updates and Business Highlights

Strong start to 2026 driven by a fully occupied portfolio and 100% rent collections.

Investments in 2025 and early 2026 totaled over $34 million at an initial cash yield of 8%.

Approximately $125 million in investments under contract, with a pipeline of additional opportunities.

Focus on convenience and automotive retail sectors, leveraging relationships for growth.

Continued commitment to disciplined underwriting, targeting high-density markets with creditworthy operators.

3Forward Guidance and Outlook

Increased full-year 2026 AFFO per share guidance to $2.50 - $2.52 from a previous range of $2.48 - $2.50.

Expectation of continued growth driven by the strong performance of the existing portfolio and new investments.

Anticipation of maintaining leverage within the target range of 4.5x to 5.5x.

4Bad News, Challenges, or Points of Concern

Potential risks from geopolitical events affecting tenant performance, though current tenant resilience is noted.

Concerns about the impact of rising gas prices on convenience store tenants, although margins remain healthy.

No significant credit loss anticipated, but a conservative 25-basis-point assumption for credit loss is maintained in guidance.

5Notable Q&A Insights

Management attributes increased investment pipeline momentum to enhanced business development activity and growing relationships.

The company remains selective in capital allocation but is optimistic about opportunities across all four targeted sectors.

Discussions around larger portfolio deals are ongoing, with a mix of mid-sized to larger opportunities in the pipeline.

Management reassured that the portfolio remains healthy, with no imminent concerns regarding tenant performance or credit loss.

The company is focused on maintaining a strong capital position and will continue to evaluate additional capital raises based on market conditions and pipeline needs. Overall, Getty Realty Corp. reported a solid financial performance in Q1 2026, with positive growth metrics and a robust investment pipeline, while maintaining a cautious outlook on potential external challenges.