Core Insights - Getty Realty Corp. has published its 2025 Corporate Responsibility Report, focusing on its environmental, social, and governance (ESG) policies and practices [1][2] - The report was prepared with the assistance of Antea® Group and aligns with frameworks from the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-Related Financial Disclosures (TCFD) [1] Company Overview - Getty Realty Corp. is a publicly traded net lease REIT that specializes in the acquisition, financing, and development of convenience, automotive, and other single-tenant retail real estate [3] - As of March 31, 2025, the company's portfolio consists of 1,119 freestanding properties located in 42 states and Washington, D.C. [3]

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Property Portfolio - As of March 31, 2025, the company owned 1,088 properties and leased 31 properties from third-party landlords, totaling 1,119 properties across 42 states and Washington D.C.[152] - The weighted average remaining lease term as of March 31, 2025, was 10.0 years, with 1,115 properties leased under triple-net leases[154] - The company completed 32 redevelopment projects since the inception of its redevelopment program in 2015, enhancing property values[161] - The company had one property under active redevelopment as of March 31, 2025, with others in various stages of feasibility planning[162] Financial Performance - For the three months ended March 31, 2025, revenues from rental properties increased to $51.7 million, up from $47.2 million in the same period of 2024, representing a $4.5 million increase[170] - Funds from operations (FFO) for the three months ended March 31, 2025, were $31.7 million, compared to $29.6 million for the same period in 2024, reflecting an increase of $2.1 million[169] - Adjusted funds from operations (AFFO) for the three months ended March 31, 2025, were $33.8 million, compared to $31.4 million for the same period in 2024, indicating a growth of $2.4 million[169] - Rental income for the three months ended March 31, 2025, was $49,863,000, an increase of $5,807,000 (13.2%) compared to $44,056,000 for the same period in 2024[171] - Total revenues from rental properties for Q1 2025 were $51,706,000, up $4,491,000 (9.5%) from $47,215,000 in Q1 2024[171] Expenses and Liabilities - Interest expense increased to $11.7 million for the three months ended March 31, 2025, compared to $9.1 million in the same period of 2024, marking a $2.6 million rise[170] - Total property costs for Q1 2025 were $1,982,000, a decrease of $1,721,000 (46.4%) compared to $3,703,000 in Q1 2024[175] - Net cash flow provided by operating activities for Q1 2025 was $29,951,000, a decrease of $1,274,000 (4.1%) from $28,677,000 in Q1 2024[186] - The company removed $24.2 million of unknown reserve liabilities related to environmental obligations as of March 31, 2025[225] - The company maintains $11.8 million of unknown reserve liabilities for certain properties where Lookback Periods have expired[226] Debt and Financing - As of March 31, 2025, total debt amounts to $901.4 million, with significant components including a Credit Facility of $157.5 million maturing in January 2029 at an interest rate of 6.11%[202] - The company repaid its $150.0 million Term Loan in January 2025, recognizing approximately $0.9 million in unamortized debt issuance costs as interest expense[195] - The company issued $50.0 million of 5.70% Series T Guaranteed Senior Notes due February 22, 2032, to refinance existing debt[196] - The effective interest rate for $150.0 million borrowings under the Credit Facility, after accounting for interest rate swaps, is 6.13%[208] - An increase in market interest rates of 1.0% for 2025 would decrease the company's net income and cash flows by approximately $0.1 million[237] Environmental Obligations - The company is subject to various environmental regulations and has accrued liabilities based on estimated future costs for known remediation requirements[218] - As of March 31, 2025, the company accrued a total of $20.6 million for prospective environmental remediation obligations, consisting of $8.8 million of known reserve liabilities and $11.8 million of unknown reserve liabilities[228] - The company recorded a net accretion expense of $0.1 million for each of the three months ended March 31, 2025 and 2024, included in environmental expenses[229] - Capitalized asset retirement costs were $33.1 million as of March 31, 2025, including $25.0 million of known environmental obligations and $8.1 million of reserves for future environmental obligations[231] - The company believes that the fair value of future actual net expenditures for environmental liabilities could be substantially higher than currently recorded amounts[234] Capital Raising and Dividends - The company anticipates generating approximately $153.4 million in gross proceeds from 5.0 million shares of common stock subject to forward sales agreements[185] - The company completed a follow-on public offering of 4.0 million shares, expecting gross cash proceeds of approximately $121.2 million[203] - Regular quarterly dividends paid for Q1 2025 were $26.5 million, equating to $0.47 per share[214] - An at-the-market equity offering program was established with a potential aggregate sales price of up to $350.0 million[204] - During Q1 2025, the company settled 406,727 shares under the ATM program, realizing net proceeds of $11.0 million[210]

Financial Data and Key Metrics Changes - Getty Realty reported an annualized base rent (ABR) of approximately $199 million, reflecting an increase of 11.2% compared to $179 million in the prior year [9][25] - The company generated adjusted funds from operations (AFFO) per share of $0.59, marking a 3.5% increase from the previous year's quarterly result [9][24] - General and administrative (G&A) expenses as a percentage of total revenue improved by 40 basis points to 13.2% [25] - Net debt to EBITDA ratio was reported at 5.2%, with a target leverage of 4.5% to 5.5% [26][27] Business Line Data and Key Metrics Changes - The convenience and automotive retail sectors showed resilience, with strong performance from tenants despite macroeconomic challenges [10][12] - Rent coverage for convenience store assets remained consistent, while car wash sector rent coverage increased [11] - The company invested $10.9 million across six properties during the quarter, achieving an initial cash yield of 7.8% [18] Market Data and Key Metrics Changes - The portfolio included 1,115 net leased properties with an occupancy rate of 99.7% [17] - 61% of ABR came from the top 50 metropolitan statistical areas (MSAs), and 76% from the top 100 MSAs [17] - The investment pipeline was increased to over $110 million, with a solid distribution across target sectors [14] Company Strategy and Development Direction - The company remains committed to a disciplined acquisition strategy, focusing on high-density metro areas and creditworthy operators under long-term leases [15] - The relationship-based sale-leaseback strategy is expected to generate continued opportunities in the convenience and automotive retail sectors [16] - The company is actively monitoring tenant performance and exploring new investment opportunities despite market volatility [15][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged significant economic and political uncertainty affecting transaction and capital markets, but remains focused on sourcing opportunities that align with their investment thesis [15] - The anticipated resolution of the Zips Car Wash bankruptcy is expected to be within the range of outcomes previously outlined in the company's guidance [100] - Management reaffirmed an AFFO per share guidance range of $2.38 to $2.41 for 2025, factoring in potential adjustments related to Zips [33] Other Important Information - The company has over $450 million in total liquidity, including unsettled forward equity capacity and cash [31] - The weighted average cost of debt was reported at 4.5%, with no debt maturities until June 2028 [30] Q&A Session Summary Question: Can you describe the cadence of capital deployment in the next nine to 12 months for the $110 million investment pipeline? - Management indicated that about two-thirds of the pipeline consists of development funding, typically taking nine to 12 months for completion [37] Question: Given the macro uncertainty, could you describe the development demand today? - Management noted ongoing discussions with operators looking to accelerate new store growth programs in 2025, but clarity on the situation is still developing [40] Question: How should we think about the timing of Zips rent income hitting the income statement? - Management expects the resolution of Zips-related income to be completed by the end of the second quarter, with minimal downtime anticipated [53] Question: Have you seen any impact from tariffs on your existing tenant base? - Management stated that the impact of tariffs is still uncertain, but tenants provide essential goods and services, which may mitigate risks [60] Question: What is your expectation on where the cap rates could trend in Q2? - Management indicated no substantial movement in cap rates has been observed, with a focus on maintaining a strong pipeline of transactions [67] Question: Can you talk about the credit profile of your new car wash tenants? - Management confirmed that new tenants are established operators familiar with the markets, which is expected to enhance performance [76] Question: How does the outcome of the Zips situation compare to underwriting new investments? - Management emphasized that the underwriting process remains robust, and the recovery from the Zips event does not alter their approach to future investments [119]

C O N V E N I E N C E A U T O M O T I V E R E T A I L CORPORATE PROFILE and SUPPLEMENTAL INFORMATION APRIL 2025 SAFE HARBOR STATEMENTS Forward Looking Statements Certain statements in this presentation constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are statements that relate to management's expectations or beliefs, future plans and strategies, future financial performance and similar expressions concerning matters that are not historical ...

Financial Data and Key Metrics Changes - Getty Realty reported an annualized base rent (ABR) of approximately $199 million, reflecting an 11.2% increase from $179 million in the prior year [7][18] - The company generated adjusted funds from operations (AFFO) per share of $0.59, a 3.5% increase compared to the same quarter last year [17][18] - General and administrative expenses (G&A) as a percentage of total revenue improved by 40 basis points to 13.2% [18] Business Line Data and Key Metrics Changes - The convenience and automotive retail sectors showed resilience, with strong performance from tenants despite macroeconomic challenges [7][8] - Rent coverage for convenience store assets remained consistent, while car wash sector rent coverage increased [8] - The company invested $10.9 million across six properties with an initial cash yield of 7.8% during the quarter [13] Market Data and Key Metrics Changes - The portfolio included 1,115 net leased properties with an occupancy rate of 99.7% and a weighted average lease term of ten years [12] - Approximately 61% of ABR came from the top 50 metropolitan statistical areas (MSAs) [12] Company Strategy and Development Direction - Getty Realty aims to maintain a disciplined acquisition strategy focused on high-density metro areas with creditworthy operators under long-term leases [11] - The company is committed to sourcing opportunities that align with its investment thesis, despite current market volatility [10] - The investment pipeline was increased to over $110 million, with a focus on development funding transactions [9][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of their tenant base, which provides essential goods and services [7] - The company reaffirmed its AFFO per share guidance for 2025 in the range of $2.38 to $2.41, factoring in the anticipated resolution of the ZiPS situation [23] - Management noted that the economic and political uncertainty has created headwinds for closing deals but remains optimistic about sourcing new opportunities [10][23] Other Important Information - The company has no debt maturities until June 2028, with a weighted average debt maturity of 5.4 years and a cost of debt at 4.5% [21][22] - The company received all rent due through April 2025 from ZiPS, except for the period surrounding its bankruptcy filing [22] Q&A Session Summary Question: Can you describe the cadence of capital deployment in the next nine to twelve months for the $110 million investment pipeline? - Management indicated that about two-thirds of the pipeline consists of development funding, typically taking nine to twelve months for completion, while sale leaseback activity is expected within the next quarter [25][26] Question: Given the macro uncertainty, what is the current development demand? - Management noted ongoing discussions with operators looking to accelerate new store growth programs in 2025, but clarity on the situation is still developing [27] Question: How should we think about the timing of ZiPS rent income hitting the income statement? - Management expects the resolution of the ZiPS situation by the end of the second quarter, with continuity of rent for sites remaining with ZiPS [36][37] Question: Have you seen any impact from tariffs on your existing tenant base? - Management stated that the impact of tariffs is still uncertain, but their assets are not heavily reliant on manufacturing, which may mitigate direct effects [42] Question: What is your appetite for QSR investments going forward? - Management indicated that while QSRs currently represent a small portion of the portfolio, they are pleased with the progress made in developing relationships in this sector [75]

Financial Data and Key Metrics Changes - Getty Realty reported an annualized base rent (ABR) of approximately $199 million, reflecting an increase of 11.2% compared to $179 million in the prior year [7][18] - The company generated adjusted funds from operations (AFFO) per share of $0.59, marking a 3.5% increase from the previous year's quarterly result [17][23] - General and administrative expenses (G&A) as a percentage of total revenue improved by 40 basis points to 13.2% [18] Business Line Data and Key Metrics Changes - The convenience and automotive retail sectors showed resilience, with strong performance from tenants despite macroeconomic challenges [7][8] - Rent coverage for convenience store assets remained consistent, while car wash sector rent coverage increased [8] - The company invested $10.9 million across six properties with an initial cash yield of 7.8% during the quarter [13] Market Data and Key Metrics Changes - The portfolio included 1,115 net leased properties with an occupancy rate of 99.7% and a weighted average lease term of ten years [12] - Approximately 61% of ABR came from the top 50 metropolitan statistical areas (MSAs) [12] Company Strategy and Development Direction - Getty Realty remains committed to a disciplined acquisition strategy, focusing on high-density metro areas and creditworthy operators under long-term leases [11] - The company aims to increase its investment pipeline, which currently exceeds $110 million, with a focus on development funding transactions [10][15] - The strategic focus includes diversifying into new sectors such as quick-service restaurants (QSR) while maintaining a small percentage of the overall portfolio [75] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the macroeconomic uncertainty affecting transaction and capital markets but expressed confidence in sourcing opportunities that align with their investment thesis [10][23] - The company reaffirmed its AFFO per share guidance for 2025, anticipating a range of $2.38 to $2.41 [23] Other Important Information - The company has no debt maturities until June 2028, with a weighted average debt maturity of 5.4 years and a weighted average cost of debt at 4.5% [21][22] - The company has received all rent due through April 2025 from Zips, which filed for bankruptcy in February [22] Q&A Session Summary Question: Can you describe the cadence of capital deployment in the next nine to twelve months for the $110 million investment pipeline? - Management indicated that about two-thirds of the pipeline consists of development funding, typically taking nine to twelve months from signing to completion [25][26] Question: Given the macro uncertainty, what is the current development demand? - Management noted ongoing discussions with operators looking to accelerate new store growth programs in 2025, but clarity is still needed as the year progresses [27] Question: How should we think about the timing of ZiPS rent income hitting the income statement? - Management expects the resolution of ZiPS to be completed by the end of the second quarter, with continuity of rent for sites remaining with ZiPS [36][37] Question: What impact have tariffs had on the existing tenant base? - Management stated that the impact of tariffs is still uncertain, but discussions with tenants are ongoing to assess potential effects [41] Question: What is the credit profile of new car wash tenants? - Management confirmed that the new tenants are established operators familiar with the markets of the properties [49][50] Question: How does the outcome of the ZiPS situation compare to underwriting new investments? - Management expressed confidence in their underwriting process, stating that the recovery from the ZiPS event does not alter their approach to future investments [80][82]

Getty Realty (GTY) came out with quarterly funds from operations (FFO) of $0.59 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.57 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this real estate investment trust would post FFO of $0.59 per share when it actually produced FFO of $0.60, delivering a surprise of 1.69%.Over the last four quarters, the company has surpassed consensus FFO estimates three times.Getty Rea ...

Financial Performance - Net earnings for Q1 2025 were $0.25 per share, down from $0.30 per share in Q1 2024[7] - Funds From Operations (FFO) increased to $0.56 per share, compared to $0.53 per share in the same period last year[7] - Adjusted Funds From Operations (AFFO) rose to $0.59 per share, up from $0.57 per share in Q1 2024[7] - The Company reported total revenues of $52,330,000 for the three months ended March 31, 2025, an increase of 6.9% compared to $48,970,000 for the same period in 2024[44] - Funds from operations (FFO) for the first quarter of 2025 were $31,668,000, up from $29,611,000 in the first quarter of 2024, representing a 6.9% increase[45] - Adjusted Funds from Operations (AFFO) increased to $33,797,000 in Q1 2025 from $31,403,000 in Q1 2024, reflecting an increase of 7.6%[45] - The Company’s net earnings for Q1 2025 were $14,786,000, a decrease of 11.6% from $16,723,000 in Q1 2024[44] - Basic net earnings per common share decreased to $0.25 in Q1 2025 from $0.30 in Q1 2024[44] Revenue and Income Growth - Base rental income grew by 13.0% to $49.6 million, driven by revenue from recently acquired properties and contractual rent increases[9] Investment and Capital Management - The company has a committed investment pipeline exceeding $110 million for the development and/or acquisition of 29 properties[5][17] - The company invested $10.9 million in Q1 2025 at a 7.8% initial cash yield across six properties[5] - The company sold two properties for gross proceeds of $0.5 million, recording a gain of $0.3 million[20] Debt and Cash Position - Total outstanding indebtedness as of March 31, 2025, was $907.5 million, with no debt maturities until June 2028[21] - As of March 31, 2025, the company had $6.3 million in available cash and $7.4 million in 1031 disposition proceeds in escrow[22] - Total assets as of March 31, 2025, were $1,969,635,000, slightly down from $1,973,680,000 as of December 31, 2024[42] - Total liabilities decreased to $1,008,515,000 as of March 31, 2025, compared to $1,011,597,000 at the end of 2024[42] - The Company’s cash and cash equivalents decreased to $6,292,000 as of March 31, 2025, from $9,484,000 as of December 31, 2024[42] Guidance and Future Outlook - The company reaffirmed its 2025 AFFO guidance of $2.38 to $2.41 per diluted share[27] - Forward-looking statements include guidance for 2024 AFFO per share, reflecting management's current beliefs and assumptions[39] - The Company emphasized the importance of AFFO as a measure of core operating performance and its utility in comparing sustainability with other real estate companies[38]

- Committed Investment Pipeline Exceeds $110 Million - - No Debt Maturities Until June 2028 - - Reaffirms 2025 Earnings Guidance - NEW YORK, April 23, 2025 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”), a net lease REIT focused on convenience and automotive retail real estate, announced today its financial and operating results for the quarter ended March 31, 2025. First Quarter 2025 Highlights Net earnings: $0.25 per shareFunds From Operations (“FFO”): $0.56 per shareAdjuste ...