Getty Realty (GTY) Q1 2026 earnings summary

Executive summary

• Annualized base rent increased 13.1% year-over-year, with AFFO per share up 6.8% and full-year 2026 earnings guidance raised.

• Portfolio comprised 1,191 properties in 45 states and D.C., primarily under triple-net leases to convenience, automotive, and retail tenants, with occupancy at 99.7% and 100% rent collections.

• Net earnings for Q1 2026 were $26.6 million ($0.43 per share), up from $14.8 million ($0.25 per share) in Q1 2025, driven by higher rental income and gains on property sales.

• Over $125 million investment pipeline committed for 43 properties, supporting future growth.

• Tenant rent coverage stands at 2.5x, with portfolio resilience amid geopolitical and macroeconomic uncertainty.

Financial highlights

• Q1 2026 AFFO per share was $0.63, up 6.8% from Q1 2025; AFFO totaled $39.0 million, FFO was $42.7 million ($0.69 per share), and net income per share was $0.43.

• Revenues from rental properties rose to $57.4 million in Q1 2026, a 12.5% increase year-over-year.

• G&A ratio (excluding stock-based comp and non-recurring costs) improved to 9.2%, down 130 bps year-over-year.

• Net debt to EBITDA was 5.1x (or 4.2x including unsettled forward equity), with fixed charge coverage at 4x.

• Debt to total asset value was 36%; weighted average debt cost was 4.5% with a six-year average maturity.

Outlook and guidance

• Full-year 2026 AFFO per share guidance increased to $2.50–$2.52, reflecting strong YTD performance and investment activity.

• Guidance excludes prospective acquisitions, dispositions, and capital markets activities.

• G&A growth expected to be less than 2% for 2026, with the G&A ratio projected to fall below 9%.

• Management expects to meet liquidity needs through operations, credit facility, and equity offerings.