NEW YORK, July 29, 2024 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE:GTY) (the "Company") today announced the launch of an underwritten public offering of an aggregate of 3,500,000 shares of its common stock in connection with the forward sale agreements described below. The forward purchasers (or their affiliates) and the Company intend to grant the underwriters of the offering a 30-day option to purchase up to an additional 525,000 shares of common stock. BofA Securities, J.P. Morgan and KeyBanc Capital M ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-13777 GETTY REALTY CORP. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) FORM 10-Q incl (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period end ...

Financial Data and Key Metrics Changes - The company reported a 15% year-over-year increase in annualized base rent (ABR), reaching $185 million compared to $160 million in the previous year [12][34] - Adjusted funds from operations (AFFO) per share increased by 3.6% year-over-year to $0.58 for Q2 2024, with a six-month period AFFO per share of $1.15, up 2.7% compared to the prior year [12][39] - The company raised its full-year 2024 AFFO guidance to a range of $2.30 to $2.32 per share, implying growth at the midpoint of 2.7% over 2023 [39] Business Line Data and Key Metrics Changes - The company completed nearly $62 million of investments in Q2 2024 across 23 properties, focusing on convenience stores, express tunnel car washes, auto service centers, and drive-thru quick service restaurants [13][24] - The investment activity for the year-to-date totaled $103.8 million at an initial cash yield of 7.9%, with an aggregate initial yield on Q2 investments at 8.1% [25][39] Market Data and Key Metrics Changes - The convenience store industry saw total inside store sales grow more than 8% to a record $328 billion, with foodservice sales gross profit averaging over 10% [16] - The car wash sector demonstrated resilience, with coverage ratios increasing for nearly all tenants operating for at least one year, driven by unlimited wash memberships [18] Company Strategy and Development Direction - The company aims to create value for shareholders through a targeted investment strategy, leveraging industry relationships and strict underwriting criteria [15] - The investment pipeline includes over $53 million of assets under contract at a blended cap rate approaching the mid-8% area, with ongoing efforts to source new investment opportunities [14][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges in the transaction and capital markets, citing a strong balance sheet and reliable rental income [19][21] - There is considerable uncertainty regarding interest rates and geopolitical factors, but the company remains well-positioned to execute its growth strategy [20][21] Other Important Information - The company's lease portfolio included 119 net lease properties with an occupancy rate of 99.7% and a weighted average lease term of 9.2 years [23] - The trailing 12-month tenant rent coverage ratio was 2.6 times, indicating strong tenant performance despite macroeconomic volatility [23] Q&A Session Summary Question: What is the pricing landscape across investment segments? - The pipeline is well distributed across all asset classes, with quick service restaurants at the lower end of the pricing range [50] Question: Is there increased competition in the investment space? - The competitive landscape has remained stable, with challenges in sourcing opportunities aligning with the company's value perspective [51] Question: How do current deal spreads compare to historical norms? - Closed deals are around a 100 basis point spread, with assets under contract wider than that, reflecting recent market dynamics [55] Question: What is the company's approach to funding mix? - The company maintains a 65-35 equity-to-debt capital funding model and does not anticipate significant changes [60] Question: Are there any tenant credit concerns? - There are no notable credit concerns within the portfolio, with a consistent tenant rent coverage ratio [91][92]

Over the last four quarters, the company has surpassed consensus FFO estimates two times. Getty Realty (GTY) came out with quarterly funds from operations (FFO) of $0.58 per share, beating the Zacks Consensus Estimate of $0.57 per share. This compares to FFO of $0.56 per share a year ago. These figures are adjusted for non-recurring items. Getty Realty, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $48.72 million for the quarter ended June 2024, surpassing the Zacks C ...

Exhibit 99.1 FOR IMMEDIATE RELEASE GETTY REALTY CORP. ANNOUNCES SECOND QUARTER 2024 RESULTS - Reports $104 Million of Year-to-Date Investment Activity - - Increases 2024 Full Year Earnings Guidance - NEW YORK, NY, July 24, 2024 — Getty Realty Corp. (NYSE: GTY) ("Getty" or the "Company") announced today its financial and operating results for the quarter ended June 30, 2024. Second Quarter 2024 Highlights All per share amounts are presented on a fully diluted per common share basis, unless stated otherwise. ...

– Reports $104 Million of Year-to-Date Investment Activity – – Increases 2024 Full Year Earnings Guidance – NEW YORK, July 24, 2024 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) ("Getty" or the "Company") announced today its financial and operating results for the quarter ended June 30, 2024. Second Quarter 2024 Highlights Net earnings: $0.30 per share Funds From Operations ("FFO"): $0.55 per share Adjusted Funds From Operations ("AFFO"): $0.58 per share Invested $61.7 million across 23 properties at a ...

If you cannot participate in the live event, a replay will be available on Thursday, July 25, 2024, beginning at 11:30 a.m. EDT through 11:59 p.m. EDT, Thursday, August 1, 2024. To access the replay, please dial 1-844- 512-2921, or 1-412-317-6671 for international participants, and reference pass code 13747423. Contact: Investor Relations (646) 349-0598 ir@gettyrealty.com NEW YORK, June 27, 2024 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) will release its financial results for the second quarter ende ...

1 198 - i 1181 jax10289 Getty Realty's (NYSE:GTY) fundamentals and market price have diverged. Specifically, its AFFO/share has consistently grown at a healthy pace while its market price has fallen. Consequently, the stock has moved from fair value to materially undervalued. As it stands today, Getty is trading at an 8.3% implied cap rate and 11.5X AFFO multiple while having a clear runway of steady earnings growth. I believe the AFFO multiple substantially undervalues the company's reliability and growth, ...

Core Viewpoint - GTY Realty Corp. (GTY) is a triple-net lease REIT focusing on retail/service-oriented properties, particularly in the convenience-gas and automotive sectors, with a strong occupancy rate and solid weighted average lease term (WALT) but faces challenges due to high tenant concentration and upcoming debt maturities [4][16]. Group 1: Business Metrics - GTY has a weighted average annual rent escalation of 1.7%, which is on the higher end compared to peers like NNN at approximately 1.5% [2]. - The company's WALT is 9.2 years, with recent investments yielding a WALT of over 15 years for new acquisitions [7]. - GTY boasts a high occupancy rate of 99.7%, outperforming the median occupancy rate of 94.8% for S&P 500 REITs [7]. Group 2: Financial Health - GTY has a BBB- rated balance sheet with a coverage ratio of 3.9x and a weighted average debt maturity of 5.8 years [8]. - The company faces significant debt maturities in 2025, totaling $175 million, which constitutes nearly 22% of its total debt outstanding [8]. - GTY's AFFO per share growth from 2019 to 2023 was 5.6%, but its 2024 guidance suggests a modest growth of 2.2% [10]. Group 3: Tenant Concentration - Approximately 68.6% of GTY's annual base rent (ABR) comes from its top 10 tenants, indicating a high tenant concentration risk [9]. - This level of tenant concentration is significantly higher than peers like EPRT (19.1%), ADC (37%), and NTST (52.3%) [21]. Group 4: Dividend and Yield - GTY offers an attractive dividend yield of approximately 6.6%, with a dividend per share compound annual growth rate (CAGR) of 5.8% from 2019 to 2023 [11]. - However, upcoming debt maturities may negatively impact the company's financial situation and its ability to sustain dividend growth [11]. Group 5: Valuation - The forward-looking price-to-FFO multiple for GTY stands at 12.6x, which is lower than peers like NTST (14.2x), EPRT (14.7x), and ADC (15.1x) [23]. - Given the high AFFO payout ratio of 78.3%, GTY is considered riskier compared to its peers, which may limit its potential for multiple appreciation [23].

Core Insights - Getty Realty Corp. has published its 2024 Corporate Responsibility Report, emphasizing its commitment to environmental, social, and governance (ESG) 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][2] Company Overview - Getty Realty Corp. is a publicly traded net lease REIT that focuses on the acquisition, financing, and development of convenience, automotive, and other single-tenant retail real estate [3] - As of March 31, 2024, the company's portfolio consists of 1,108 freestanding properties located in 42 states and Washington, D.C. [3] ESG Commitment - The 2024 Corporate Responsibility Report reflects Getty's ongoing efforts to strengthen relationships with key stakeholders and enhance its ESG practices [2] - The company aims to engage with its team, tenants, and other stakeholders while improving its understanding of climate risks and environmental impacts related to its portfolio [2]