Getty Realty (GTY) Q3 2026 earnings summary

Executive summary

• YTD investment reached $502.3M at a 7.2% initial cash yield, including the $260.9M Refuel sale-leaseback; annualized base rent grew 21% YoY.

• Q3 AFFO rose 14.0% to $41.1M, or $0.64 per share; FY 2026 AFFO guidance increased to $2.53–$2.54 per share.

Financial highlights

• Q3 total revenue was $63.0M vs. $55.6M; net earnings were $25.6M vs. $23.3M, while diluted EPS remained $0.40.

• 9M revenue was $179.9M vs. $161.2M; net earnings were $74.8M vs. $52.1M.

• 9M AFFO was $119.0M vs. $103.9M; AFFO per share was $1.89 vs. $1.80, up 5%.

• Q3 G&A ratio, excluding stock-based compensation and non-recurring retirement costs, was 8.2%; the 9M ratio was 8.9%, down 60 bps and 85 bps YoY, respectively.

Outlook and guidance

• FY 2026 AFFO/share guidance increased to $2.53–$2.54 from $2.52–$2.54; it includes completed transaction activity through Oct. 21 but excludes prospective transactions and capital-markets activity.

• FY 2026 G&A growth is expected below 2%, with a G&A ratio below 9%.

• More than $75M of investments were under contract across 29 properties as of Oct. 21; initial yields were in the 8% area, with about half involving development funding.

• Deployment remains selective and transaction-by-transaction, subject to accretive spreads and underwriting criteria.