Getty Realty (GTY) Q4 2025 earnings summary

Executive summary

• Achieved strong rent and earnings growth in Q4 and full year 2025, with annualized base rent up 11.6%–12.5% and AFFO per share up 3.8%, reaching the high end of guidance.

• Deployed $268.8–$269 million at a 7.9% yield in 2025, acquiring 72–73 properties across QSRs, c-stores, auto service centers, and car washes.

• Portfolio remains highly occupied (99.7%) with 9.9 years weighted average lease term and stable rent collections, benefiting from resilient demand in convenience and automotive retail sectors.

• Significant management transition: Mark Olear retiring, RJ Ryan promoted to Chief Investment Officer.

Financial highlights

• AFFO per share for 2025 was $2.43 (up 3.8% YoY); Q4 AFFO per share was $0.63.

• Rental income for 2025 was $206.5 million; total revenue from rental properties was $219.6 million.

• Net earnings for 2025 were $79.2 million; FFO was $136.2 million ($2.34 per share); AFFO was $141.4 million.

• Dividends per share grew at a 4.9% CAGR since 2019, reaching $1.94 in 2025.

• G&A ratio (excluding stock-based comp and non-recurring costs) improved to 9.5% for 2025, with further reduction expected in 2026.

Outlook and guidance

• Reaffirmed 2026 AFFO per share guidance of $2.48–$2.50, based on current portfolio run rate and completed transactions.

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

• Approximately $100 million of investments are under contract, expected to close over the next 3–12 months.

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