Getty Realty Corp. is a specialized U.S. real estate investment trust focused on convenience, automotive, fuel-station, and related single-tenant retail properties. Its business model is based primarily on acquiring real estate and leasing it to operating businesses under long-term net lease agreements. Under a net lease structure, tenants generally bear ...Getty Realty Corp. is a specialized U.S. real estate investment trust focused on convenience, automotive, fuel-station, and related single-tenant retail properties. Its business model is based primarily on acquiring real estate and leasing it to operating businesses under long-term net lease agreements. Under a net lease structure, tenants generally bear many property-level expenses, including taxes, insurance, repairs, maintenance, and other operating costs. This allows Getty Realty to pursue relatively predictable rental income while limiting direct exposure to day-to-day property operations.
The company’s roots date to 1955, when Leo Liebowitz and Milton Safenowitz co-founded the business through the acquisition of a single gas station in New York City. Over time, Getty Realty developed into a national owner and lessor of properties associated with fuel retailing, convenience stores, automotive services, and other essential-service-oriented businesses. Supplied company information describes a portfolio historically comprising hundreds of directly owned properties across numerous U.S. states, in addition to properties leased from third-party landlords. Portfolio size and composition can change through acquisitions, dispositions, redevelopment, and lease transactions, so historical property counts should not be treated as current figures without confirmation from the latest annual report.
Getty Realty does not manufacture products, and therefore it has no conventional bill of materials, factory production cost, or inventory cycle. Its principal investment costs include property acquisition prices, transaction expenses, redevelopment and construction spending, environmental remediation, capital improvements, financing costs, and ongoing corporate expenses. Capital expenditures can be significant when properties require modernization, site improvements, environmental work, or conversion to new tenant uses. Revenue is generated primarily through contractual rent, while operating performance is commonly evaluated using rental revenue, funds from operations, adjusted funds from operations, occupancy, lease escalations, tenant credit quality, and portfolio diversification.
The company’s tenants and properties are linked to everyday consumer activity, including fueling, convenience retail, vehicle maintenance, car washes, and related services. This focus can provide exposure to necessity-oriented locations, although Getty Realty remains subject to risks such as tenant defaults, changing fuel consumption patterns, electric-vehicle adoption, environmental liabilities, interest-rate movements, refinancing conditions, property-market values, and regulatory requirements. As a REIT, Getty Realty’s financial profile also reflects substantial real estate assets and debt financing. Supplied trailing data indicates approximately $2.07 billion in market capitalization, a dividend of about $1.925 per share, and a dividend yield near 5.8%, though market values and financial ratios change over time.
Christopher J. Constant has served as President, Director, and Chief Executive Officer since January 2016. The company operates with a relatively small corporate workforce—approximately 31 full-time employees or more than 30 dedicated professionals—while relying on its property portfolio, tenants, contractors, lenders, and external service providers to support its business. Getty Realty’s principal strategic objectives are to acquire attractive properties, maintain high-quality tenant relationships, expand and diversify its net lease portfolio, prudently manage leverage, fund redevelopment opportunities, and deliver reliable long-term shareholder distributions.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$221.7M
+9.0%
+2.1%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$79.2M
+11.4%
-15.2%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+40.2%
-56.6%
+57.6%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+54.9%
+1.8%
-10.2%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+35.7%
+2.2%
-16.9%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$127.0M
-2.0%
-430.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+57.3%
-10.1%
-423.3%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
98.5%
+3.1%
+3.1%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
29.85x
+8329.8%
-99.4%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator : Good morning, and welcome to Getty Realty's Second Quarter 2026 Earnings Call. This call is being recorded. [Operator Instructions] Prior to starting the call, Joshua Dicker, Executive Vice President, General Counsel and Secretary of the company, will read a safe harbor statement and provide information about non-GAAP financial measures. Please go ahead, Mr. Dicker.
Joshua Dicker : Thank you, operator. I would like to thank you all for joining us for Getty Realty's second quarter earnings conference call. Yesterday afternoon, the company released its financial and operating results for the quarter ended June 30, 2026. The Form 8-K and earnings release are available on the Investor Relations section of our website at gettyrealty.com. Certain statements made during this call are not based on historical information and may constitute forward-looking statements. These statements reflect management's current expectations and beliefs and are subject to trends, events and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Examples of forward-looking statements include our 2026 guidance and may include statements made by management, including those regarding the company's future operations, future financial performance or investment plans and opportunities. We caution you that such statements reflect our best judgment based on factors currently known to us and that actual events or results could differ materially. I refer you to the company's annual report on Form 10-K for the year ended December 31, 2025, as well as any subsequent filings with the SEC for a more detailed discussion of the risks and other factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. You should not place undue reliance on forward-looking statements, which reflect our view only as of today. The company undertakes no duty to update any forward-looking statements that may be made during this call. Also, please refer to our earnings release for a discussion of our use of non-GAAP financial measures, including our definition of adjusted funds from operations, or AFFO, and our reconciliation of those measures to net earnings. With that, let me turn the call over to Christopher Constant, our Chief Executive Officer.
Christopher Constant : Thank you, Josh. Good morning, everyone, and welcome to our earnings call for the second quarter of 2026. Joining us on the call today are Brian Dickman, our Chief Financial Officer; and RJ Ryan, our Chief Investment Officer. I will lead off today's call by providing highlights of Getty's quarterly financial performance and investment activity. RJ will then discuss our portfolio and investments in greater detail, and Brian will provide additional information regarding our earnings, balance sheet and 2026 AFFO per share guidance. Getty continues to differentiate itself through its …
