Getty Realty (GTY) Q2 2026 earnings summary

Executive summary

• Annualized base rent increased by 15% year-over-year, with AFFO per share up 5.1% to $0.62 in Q2 2026 and full-year 2026 AFFO guidance raised to $2.52–$2.54 per share.

• Portfolio comprised 1,224 properties in 46 states and D.C., 99.8% occupied, with a 10.3-year average lease term and 2.5x tenant rent coverage.

• Year-to-date investment activity reached $172.1 million at a 7.6% initial cash yield, with $95 million under contract and $128.3 million invested in Q2 2026.

• Strong capital position with over $570 million in liquidity, including $190 million unsettled forward equity and significant revolver capacity.

• Net earnings for Q2 2026 were $22.6 million ($0.36 per share), up from $14.0 million ($0.24 per share) in Q2 2025.

Financial highlights

• Q2 2026 AFFO per share was $0.62, up 5.1% year-over-year; first half AFFO per share was $1.25, up 5%.

• Q2 2026 net earnings: $22.6 million; FFO: $37.1 million; AFFO: $38.8 million.

• Rental income for Q2 2026 grew 13.2% year-over-year to $56.6 million; total rental revenues were $58.6 million.

• G&A expense ratio (excluding certain costs) decreased to 9.3% for Q2 and 9.2% for H1 2026.

• Net debt to EBITDA was 5.3x (4.3x including unsettled forward equity); fixed charge coverage at 4x.

Outlook and guidance

• Full-year 2026 AFFO per share guidance increased to $2.52–$2.54, reflecting completed transactions as of July 22, 2026.

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

• Management confident in ability to deploy capital productively and sees upside to investment activity for 2026 and beyond.